Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (June 29 - July 5, 2025) saw the Shanghai Composite Index rise by 1.40%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 1.50%. However, the telecommunications sector experienced a slight decline of 0.10% [2][10]. - Within the telecommunications sub-sectors, the highest increase was seen in the communication cables and accessories, which rose by 1.02%, while other communication equipment faced the largest decline of 2.49% [2][13]. - Notable individual stock performances included Nanling Technology with a rise of 17.08%, *ST Gaohong at 15.06%, and Yongding Co., Ltd. at 10.65% [2][15]. Summary by Sections Market Overview - The telecommunications sector's index experienced a minor decline of 0.10% during the reporting week, contrasting with the overall market's positive performance [10]. - The communication cables and accessories sub-sector led the gains with a 1.02% increase, while other communication equipment saw a decline of 2.49% [13][14]. Key Developments - Oracle's CEO announced a strong start to the 2026 fiscal year, with multi-cloud database revenue maintaining over 100% growth and a significant cloud service agreement expected to generate over $30 billion annually starting in the 2028 fiscal year [3]. - The AI technology's maturation is accelerating the growth of cloud services, which is expected to expand the demand for computing hardware and cloud infrastructure [3]. - The U.S. has lifted restrictions on chip design software exports to China, which may impact the EDA market and the competitive landscape for domestic EDA companies [21]. Company Announcements - No significant announcements were reported for the telecommunications sector during the week of June 29 - July 5, 2025 [22]. - Upcoming announcements for the week of July 6 - July 12, 2025, include no major events or unlocks for the telecommunications companies [23].

Core Insights - The successful completion of the 5G + Industrial Internet factory project marks a significant milestone in the agricultural machinery industry's smart transformation [1][3] - The project aims to enhance the production line's intelligence through a customized 5G smart factory solution, developed by Beijing Boshan Network Technology Co., Ltd. in collaboration with Hunan Nongyou Machinery Group [1][3] Group 1: Project Overview - The factory upgrade covers an area of 10,560 square meters and involves four spans [3] - The deployment of a 5G independent private network is expected to increase production capacity by 270%, improve production efficiency by 30%, and raise the first-pass inspection acceptance rate to 99% [3] - The project aims to shorten the production cycle by 50% and achieve a 10% energy-saving and carbon reduction target, with an estimated 20% reduction in overall operating costs [3] Group 2: Technological Advancements - The introduction of 5G technology not only promotes the development of the industrial internet but also provides a controllable 5G core network solution for various vertical industry clients [3] - The 5.5G technology enables real-time remote control of production lines and key equipment, ensuring low latency for remote operations and allowing real-time collection of production parameters and operational data [3] - The integration of 5G with industrial internet enhances the security of production information and technical privacy [3] Group 3: Broader Implications - The project demonstrates the vast potential of 5G technology in the industrial sector and offers valuable experience for smart upgrades in other industries [5] - Supported by the Beijing Oriental Beautiful Countryside Development Fund, the project opens new development paths for public welfare by introducing mature and reliable technology into agricultural enterprises [5] - The initiative aims to reduce costs and improve efficiency while providing more economical and effective services to rural areas, agriculture, and farmers [5]

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Viewpoints - The overall market performance for the week (June 22-28, 2025) shows the Shanghai Composite Index rising by 1.91%, the Shenzhen Component Index by 3.73%, and the ChiNext Index by 5.69%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 5.53% during the same period [2][10]. - Within the telecommunications sector, the highest increase was seen in the communication application value-added services, which rose by 10.06%. The lowest increase was in communication cables and supporting services, which rose by 4.97% [2][13]. - Notable individual stock performances included Zhongguang Fanglei with a rise of 47.26%, Hengbao Co. with 30.27%, and Youfang Technology with 22.85% [2][15]. Summary by Sections Weekly Market Overview - The telecommunications industry index increased by 5.53% during the week [10]. - The communication application value-added services sector had the highest weekly increase at 10.06% [13]. - The top three individual stock performers in the telecommunications sector were Zhongguang Fanglei (47.26%), Hengbao Co. (30.27%), and Youfang Technology (22.85%) [15]. Industry News - China Mobile announced a centralized procurement project for G.654E optical fiber cables, with an estimated procurement scale of approximately 2.29 million kilometers, equivalent to 314 million core kilometers [17]. - As of the end of May, the total number of 5G base stations in China reached 4.486 million, reflecting a net increase of 235,000 from the previous year [17][19]. Company Announcements - Key announcements from the telecommunications sector for the week included: - Shijia Photon is in the process of acquiring control of Dongguan Fuke Xima Communications Technology Co., Ltd. through a combination of issuing shares and cash payments [18]. - Robotech signed a significant contract with a leading U.S. company, with a total contract value of approximately €17.1 million (over 100 million RMB), which exceeds 12.82% of Robotech's audited revenue for 2024 [18].

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the telecommunications sector shows a weekly increase of 1.58%, while the broader indices experienced declines [2][10]. - The report highlights a significant upward adjustment in the Total Addressable Market (TAM) for data centers by Marvell, from $75 billion to $94 billion, with a compound annual growth rate (CAGR) of approximately 35% from 2023 to 2028 [3]. - The customized computing market is identified as the largest and fastest-growing segment within the data center hardware market, projected to reach $55.4 billion with a CAGR of about 53% [3]. Summary by Sections Market Overview - The telecommunications sector index increased by 1.58% during the week of June 16-20, 2025, while the Shanghai Composite Index fell by 0.51% [10]. - Among the sub-sectors, communication network equipment and devices saw the highest increase of 3.99%, while communication engineering and services experienced the largest decline of 3.58% [13][14]. Stock Performance - Notable stock performances include Chutianlong with a 36.59% increase, followed by Dongxinheping at 29.68%, and Hengbao Co. at 20.99% [15]. Industry News - LightCounting forecasts a 10% quarter-over-quarter growth in optical module sales, driven primarily by 800G Ethernet modules [17]. - YOLE Group reports that the rapid development of AI is driving the widespread adoption of Co-Packaged Optics (CPO), with the market expected to grow from $46 million in 2024 to $8.1 billion by 2030, reflecting a CAGR of 137% [22]. Key Announcements - The report notes significant corporate announcements, including East Mountain Precision's acquisition of Solstice Optoelectronics for up to $629 million to enhance its optical communication business [33].

Group 1: Company Performance and Orders - The company is currently operating normally with rolling order demands [2] - The company will disclose its semi-annual performance in the upcoming semi-annual report [2] - In April and May, the company's operational status remained stable compared to the first quarter [2] Group 2: Market and Technology Developments - The global RAN market is expected to improve in 2025 after a prolonged downturn, with the company experiencing year-on-year growth in overseas sales in Q1 2025 [2] - The company has products that support 5.5G technology and is actively tracking developments in 5.5G and 6G technologies [2][3] Group 3: Investment Activities - The company invested RMB 100 million in Guangju Microelectronics Co., Ltd. on March 25, 2025 [3] - The company will fulfill its information disclosure obligations regarding the investment progress [3]

Core Insights - Nokia has secured a four-year contract extension with Elisa to enhance the capacity, coverage, and speed of its network in preparation for the Advanced 5G era [1][8] - The partnership aims to support ultra-fast speeds and low latency, essential for applications such as AI, virtual reality, augmented reality, and industrial automation [1][8] Network Enhancements - Nokia will provide its energy-efficient AirScale Radio Access Network (RAN) portfolio, including Advanced 5G-ready Habrok 32 Massive MIMO radios and Pandion multi-band remote radio heads [2] - The deployment will also include high-capacity baseband solutions like Tuuli 26e and ultra-performance Ponente, Lodos, and Levante [2] Advanced Technologies - Introduction of AirScale Dual Boost base station technology to maximize base station asset potential, enhancing uplink and downlink processing [3] - Deployment of Nokia's cloud-native Voice Core solution, Cloud Native Communication Suite (CNCS), which improves operational efficiencies and energy efficiency by 10% to 20% compared to standard IMS Voice Core [4] Data Center Solutions - Nokia will supply a modern data center fabric solution, including SR Linux-based switches and the Event-Driven Automation (EDA) platform for interconnection between telco cloud locations [5] - Additional core solutions include Subscriber Data Management and Cloud Signaling Director for enhanced security and data centralization [6] Future Innovations - Elisa is already utilizing 5.5G features in its network, with plans to expand access to this technology in collaboration with Nokia [7] - The Advanced 5G era is expected to drive innovation across various industries, creating new jobs and economic opportunities [8][9]

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, reflecting the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [1][2]. Core Insights - The overall market performance for the week (June 2-6, 2025) saw the Shanghai Composite Index rise by 1.13%, the Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 5.27% during the same period, indicating a strong upward trend across various sub-sectors [1][10]. - The highest increase among the telecommunications sub-sectors was in communication network equipment and devices, which rose by 8.33%. Other sub-sectors also showed positive growth, with the lowest increase being 1.55% [11][12]. - Notable individual stock performances included Huamai Technology, which surged by 33.74%, followed by Zhongjia Bochuang at 33.33% and Taicheng Guang at 30.31% [14]. Summary by Relevant Sections Market Overview - The telecommunications sector experienced a significant increase in stock prices, with a weekly rise of 5.27% [10]. - The sub-sector of communication network equipment and devices led the gains with an 8.33% increase [11]. Key Developments - The report highlights the successful launch of the fourth batch of "GW Constellation" satellites, which accelerates the establishment of satellite internet networks [26][27]. - The introduction of Broadcom's Tomahawk 6 switch chip, which offers a capacity of 102.4 Tbps, is expected to enhance AI network capabilities significantly [23][24]. - The Ministry of Industry and Information Technology's issuance of the "Computing Power Interconnection Action Plan" aims to improve the efficiency and service level of public computing resources [21][22]. Investment Opportunities - The report suggests focusing on the computing power industry chain and satellite internet as key areas for investment, given the positive developments and government support in these sectors [2].

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [1][4]. Core Insights - The overall market performance for the week (May 19-23, 2025) saw a decline in major indices, with the Shanghai Composite Index down 0.57%, the Shenzhen Component Index down 0.46%, and the ChiNext Index down 0.88%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 2.31% [1][10]. - In the telecommunications sub-sectors, "Other Communication Equipment" had the highest increase at 1.81%, while "Communication Network Equipment and Devices" saw the largest decline at 3.87%. Overall, most sub-sectors exhibited a downward trend [1][13][14]. - Notable individual stock performances included Dongtu Technology with a rise of 14.45%, Mengwang Technology at 11.67%, and *ST Tianyu at 7.67%, leading the gains in the telecommunications sector [1][15]. Summary by Sections Market Overview - The telecommunications sector's index declined by 2.31% during the week, reflecting a broader market trend of declines across major indices [1][10]. - The highest gain in sub-sectors was seen in "Other Communication Equipment" with a 1.81% increase, while "Communication Network Equipment and Devices" faced a 3.87% decline [1][13][14]. Key Developments - The launch of Kunlun Wanwei's Tian Gong Super Intelligent Agent received positive market feedback, ranking first in deep research capabilities on the GAIA list. However, the service faced user overload, leading to throttling measures due to high demand [2][22][23]. - The deployment of 5G-A is expected to accelerate, particularly in light of the easing of EU restrictions on Chinese communication equipment manufacturers, which is anticipated to positively impact industry scale [2]. Company Announcements - Significant announcements from the telecommunications sector included Gansu Unicom's launch of a dual 10G network, aiming to enhance F5G-A commercial applications [17][19]. - Shanghai's plan to achieve comprehensive communication signal coverage for low-altitude flight routes by 2027 was outlined, with ambitious targets for 5G base station deployment [20]. - AT&T's acquisition of Lumen's consumer fiber business for $5.75 billion was announced, aimed at expanding its fiber service coverage across the U.S. [21][22].

Group 1: Research and Development Achievements - The company has a strong focus on mold design and manufacturing, successfully testing the world's first 13,000T dual-chamber super-large body mold [3] - In the telecommunications sector, the company has extensive experience in designing molds for large structural components for 4G and 5G base stations, and was awarded "Best Supplier" by Ericsson in 2024 [3] - The company is actively developing products for the new energy vehicle sector, covering components such as battery enclosures and control heat sinks, with four major product platforms established [4] Group 2: Market Expansion and New Ventures - The company is expanding into the energy storage and semiconductor industries, which will enhance its technological capabilities and product competitiveness [4] - The company is closely monitoring the automotive industry and has established a factory in North America to strengthen collaboration with key clients [7][8] - The company is also exploring opportunities in the robotics sector, although specific collaborations cannot be disclosed due to confidentiality agreements [10] Group 3: Financial Performance and Client Relationships - In 2024, the company's sales of new energy vehicle products saw significant growth, with new client information available in periodic reports [6] - The telecommunications product revenue experienced a substantial decline in 2024 due to industry cyclicality, but is now stabilizing [9] - The company plans to maintain its technological advantage in telecommunications by synchronizing research and development with major clients in 5.5G and 6G technologies [9] Group 4: Future Development Plans - The company aims to continue focusing on new energy vehicles and telecommunications while expanding into energy storage and semiconductor markets [10] - A new company has been established in Chongqing to develop the semiconductor industry, focusing on specialized equipment manufacturing and precision manufacturing [10] - The company is committed to enhancing its cooling technology expertise for application in new products for core clients [10]

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][6]. Core Viewpoints - The overall market performance for the week (May 12-16, 2025) saw the Shanghai Composite Index rise by 0.76%, the Shenzhen Component Index by 0.52%, and the ChiNext Index by 1.38%. However, the Shenwan Communications Index fell by 0.12% during the same period [2][11]. - The report highlights that the telecommunications industry remains in a high prosperity phase, with significant developments in AI, 5.5G, and satellite communications driving growth [2][3]. - In the telecommunications sector, the highest increase was seen in communication network equipment and devices, which rose by 1.16%, while the communication application value-added services experienced the largest decline at 3.27% [2][14]. Summary by Sections Market Overview - The telecommunications sector index decreased by 0.12% during the week, contrasting with the overall market indices which showed positive growth [11][13]. - The report notes a general downward trend across various sub-sectors within telecommunications, with communication network equipment and devices being the exception [14][15]. Key Investment Directions - **Computing Power Industry Chain**: Domestic internet giants are increasing capital expenditures year-on-year, with significant growth in revenue from cloud computing services. The report suggests focusing on undervalued overseas targets and leading domestic suppliers [3]. - **Satellite Internet**: The successful launch of China's first fully interconnected space computing satellite constellation marks a significant milestone, with a total computing power of 1000POPS expected upon completion. This development is anticipated to enhance data utilization efficiency and reduce operational costs [4][21]. Company Highlights - Notable stock performances include *ST Tianyu with a rise of 14.78%, Youfang Technology at 12.20%, and Yongding Co. at 9.60% during the week [2][16]. - The report mentions key announcements from companies in the telecommunications sector, including new executive appointments and share buybacks [28]. Upcoming Announcements - The report outlines significant upcoming announcements for the telecommunications sector, including share placements and executive changes scheduled for the following week [29].