示范项目以铜川市核心区域"华原东线—华正线"联络线路为场景，应用5G技术探索提升信息安全水平 及供电可靠性。通过在调度端建设SPN设备接入移动5G传输网，以硬切片方式打通终端到主站数据通 道，构建无线、高速、安全的通信链路；在网络层部署下沉UPF设备、AR路由器实现端到端数据直 连，为终端间建立高速的本地信息通道；改进5G配电终端的功能要求、性能指标、控制逻辑、维护手 段及管理规范。该公司突破传统级差保护、重合识别故障的传统模式，100毫秒内精准切除和隔离故 障，1秒内实现转供负荷，系统故障处置速度大幅提升。 此次测试为基于5G的配电自动化智能分布式FA系统方案设计、运行方式、实用化运维、管理规范等方 面积累了宝贵经验，为后续系统性推广配电网故障自愈功能打下了基础。 9月10日，陕西省首个基于5G通信的智能分布式馈线自动化（FA）示范项目，在国网陕西铜川供电公司 完成现场测试。馈线自动化测试系统显示"案例执行完成，实测结果合格"，标志着该公司配电自动化应 用在故障处置效率上成功实现从"秒级隔离"向"秒内自愈"的突破，为配电网高质量发展实现新突破提供 支撑。 ...

Core Viewpoint - Shenzhen Feixiang Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to raise funds primarily for enhancing R&D capabilities and optimizing product performance, particularly in high-performance and ultra-compact PA integrated modules [1] Group 1: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 1.022 billion to 2.458 billion, with a compound annual growth rate (CAGR) of 55.1%, significantly outpacing the overall growth rate of the global RF front-end industry [2] - The company is expected to achieve a net profit of 76.3 million for the first time in 2024, with gross margin increasing from 13.3% to 19.0% [2] - As of May 31, 2025, the company's R&D expenditure is projected to reach 135 million, accounting for 17.8% of revenue [3] Group 2: R&D and Innovation - The company has continuously increased its R&D investment, achieving breakthroughs in key technologies such as GaAs/SOI and high-integration modules, holding a total of 331 patents as of May 31, 2025 [3] - The R&D expenditures for 2022, 2023, and 2024 are projected to be 163 million, 194 million, and 272 million respectively, with R&D investment consistently exceeding 10% of revenue [3] Group 3: Sales and Distribution - The company primarily sells through distributors, who then resell to end customers, including smartphone manufacturers and ODMs, while also engaging in direct sales to select brand manufacturers [4] - The number of distributors has decreased from 39 at the end of 2022 to 32, with revenue per distributor increasing from 25 million to 73 million [4] Group 4: Industry Outlook - The global RF front-end chip market is expected to grow from 159.5 billion in 2024 to 234.3 billion in 2029, with a CAGR of 10.1%, driven by the widespread application of 5G technology and the expansion into new fields [5] - The domestic RF front-end chip market in China is projected to grow from 33.6 billion in 2024 to 53 billion in 2029, with a CAGR of 12.1%, supported by government policies and increasing domestic technological capabilities [5] Group 5: Competitive Position - As a leading company in PA and PA integrated module shipments globally, Feixiang Technology is well-positioned to seize opportunities in the market [6] - The company aims to focus its fundraising efforts on areas such as BAW filters and millimeter-wave modules, where international giants currently hold technological barriers [6]

Summary of American Tower Conference Call - September 16, 2025 Company Overview - **Company**: American Tower (NYSE: AMT) - **Industry**: Communications Infrastructure Key Metrics and Guidance - **Organic Tenant Billings Growth**: Updated guidance for the U.S. is approximately **4.3%** for the year, indicating stable demand driven by 5G deployments [4][20] - **Applications Growth**: Increased applications by **50%** in the first half of 2025 compared to 2024, reflecting strong carrier spending on network improvements [4][5] Strategic Focus - **Operational Efficiency**: Emphasis on driving organic growth and maintaining operational efficiencies to enhance shareholder value [6] - **Cost Management**: Proactive reduction of SG&A costs over the past two years, aiming to expand margins [7] - **Capital Investments**: Increased focus on developed markets (U.S. and Europe) while decreasing investments in emerging markets [7][8] Balance Sheet Management - **Credit Rating**: Upgraded to **BBB+** by S&P, indicating strong balance sheet quality [9] - **Refinancing Strategy**: No refinancing needs for the current year, allowing focus on future planning [9][10] Market Dynamics - **Impact of DISH Spectrum Sale**: Minimal expected impact on revenue; only minimum contracted payments from DISH are included in forecasts [12][16] - **Spectrum Deployment**: More spectrum availability is beneficial for the industry, leading to increased deployment and demand for tower infrastructure [13][14] Growth Drivers - **Mobile Data Consumption**: Continued growth in mobile data consumption is a key driver for the tower industry, especially with the rise of AI applications [5][15] - **5G and AI Integration**: Anticipated growth in demand as 5G applications become more prevalent on mobile devices [15][28] Geographic Insights - **Europe Market**: Mid-single-digit organic growth rates expected, with a focus on high-quality economies and partnerships [22][23] - **Latin America**: Potential challenges noted, but overall demand backdrop remains robust [20][21] Data Center Strategy - **CoreSite Performance**: CoreSite data center business is performing well with **double-digit growth** expected, driven by strong demand and interconnection services [31][33] - **Investment Focus**: Emphasis on high-quality, distributed data centers rather than large-scale hyperscale facilities [34][35] Conclusion - **Long-term Outlook**: Strong long-term growth prospects for the tower industry driven by mobile data consumption, 5G deployment, and strategic investments in data centers [28][29]

Core Insights - The report provides a comprehensive analysis of the Chinese financing leasing fintech industry, focusing on its development from 2025 to 2031, including market trends, investment opportunities, and challenges [1]. Group 1: Industry Overview - The financing leasing fintech industry is defined and categorized, with distinctions made between similar concepts [3][4]. - The report outlines the authoritative data sources and statistical standards used for the research [3]. Group 2: Macro Environment Analysis - A PEST analysis is conducted, examining the policy, economic, social, and technological environments affecting the financing leasing fintech industry in China [4]. - The regulatory framework and institutional structure governing the industry are detailed, including self-regulatory organizations and standardization efforts [4]. - The impact of national policies and planning on the industry's development is summarized [4]. Group 3: Global Market Insights - The report investigates the global financing leasing fintech industry's historical development and current state, including market size and regional dynamics [6]. - It highlights the competitive landscape and key players within the global market, along with merger and acquisition activities [6]. Group 4: Market Supply and Demand - An overview of the current state of the Chinese financing leasing fintech industry is provided, including the number of enterprises and market scale [4][5]. - The report identifies pain points in the industry and the influence of fintech on addressing these challenges [4][5]. Group 5: Competitive Landscape - The competitive dynamics within the Chinese financing leasing fintech industry are analyzed, including market concentration and the strategic positioning of key players [5]. - The report discusses the entry and exit barriers in the industry, along with investment trends and merger activities [5][6]. Group 6: Application of Fintech - The application of fintech in various business areas, such as customer acquisition, risk management, and business management, is explored [6][7]. - Trends in fintech applications within the financing leasing sector are identified, showcasing the industry's adaptation to technological advancements [6][7]. Group 7: Future Outlook - The report provides a SWOT analysis of the financing leasing fintech industry, assessing its development potential and forecasting trends for the next five years [9]. - It emphasizes the importance of regulatory compliance, risk management, and talent development for sustainable growth in the industry [9][10].

Core Viewpoint - Apple is set to unveil the iPhone 17 series and a new Apple Watch, with MediaTek entering the supply chain for the first time by providing 5G baseband chips, marking a significant milestone for the company [1][2]. Group 1: Apple Watch Updates - The new Apple Watch lineup will see comprehensive upgrades across all models, including the high-end Ultra and the budget SE, with the Ultra model introducing 5G and satellite communication features [1][2]. - Apple aims to increase the number of its proprietary baseband chips, reducing reliance on Qualcomm and Intel [1]. - The Apple Watch series is expected to have an annual shipment volume of at least 30 million units, capturing over 50% of the global smartwatch market [2]. Group 2: MediaTek's Role - MediaTek has been working on 5G separated chip technology for years and has successfully entered Apple's ecosystem after extensive testing and validation [2]. - The 5G functionality in the new Apple Watch will utilize low-power Redcap technology, combined with satellite communication capabilities [1][2]. - MediaTek has committed to supplying at least 5 million chipsets to meet customer demand, with potential for additional orders if Apple products are in high demand [2]. Group 3: Transition from Qualcomm - Apple is gradually moving away from Qualcomm's technology, with plans to integrate its own C1 modem into products, although the initial step involves using MediaTek's technology [3][4]. - The Apple Watch Ultra will be the first model to support 5G RedCap services, optimized for wearables and IoT devices [4]. - Apple's long-term goal includes developing its own wireless modems, with significant investments made over the past seven years [5].

供应链传出，联发科将供应新款Apple Watch的5G分离式Modem芯片，是联发科首度以高价芯片打进苹 果生态系，其中5G功能以相对低功耗的Redcap技术，再结合卫星通讯功能，获得苹果青睐，目前联发 科5G Modem芯片已量产出货，出货动能预料将延续年底。 联发科获得苹果认可后，象征联发科无线通讯技术已达顶级水准，在经过超过四年测试验证及设计导入 后，联发科开始大啖苹果订单。 苹果美国时间9日举办秋季新品发表会，市场聚焦iPhone 17系列新机之余，新款Apple Watch可望同步亮 相，也是一大亮点。业界传出，联发科打入新款Apple Watch供应链，供货5G Modem芯片，是联发科 （2454）5G产品首度获得苹果青睐，意义非凡。 5G技术为过去2G、3G及4G LTE等相关技术的累积叠加，联发科在无线通讯市场耕耘超过15年，不论矽 智财（IP）、研发团队经验等都相当丰厚，是全球除高通、华为、三星等大厂之外，有能力独立开发 5G数据机芯片的IC设计大厂，过去联发科旗下立锜已是苹果产品的电源管理IC供应商，扩大攻入苹果 市场也成为联发科的长期目标。 业界人士透露，这次苹果秋季发表会，Appl ...

Core Viewpoint - The company has not yet ventured into 6G technology but is currently focused on developing a new generation of mining wireless communication systems based on 4G, 5G, and WiFi6 technologies [1] Group 1 - The company is currently utilizing 5G technology for its mining wireless communication systems [1] - The existing system is developed with core technologies including 4G, 5G, and WiFi6 [1] - The company plans to leverage 6G integrated communication technology in the future based on market demand [1]

Group 1: 5G Network Development - As of July 2023, China has built 4.598 million 5G base stations and over 30.53 million gigabit network capability ports, achieving the goal of "gigabit access in every county and 5G access in every village" [1] - Nearly 65,000 5G industry virtual private networks have been deployed, with over 100 types of 5G industrial gateways and routers launched [3] - China's declared essential patents for 5G account for 42% of the global total, leading in the research and development of 5G-A and 6G technologies [3] Group 2: Capital Market Performance - Cambrian's stock price surged nearly 10% on August 27, briefly surpassing Kweichow Moutai to become the new "king of A-shares" [3] - Cambrian's stock has increased over 100% in August and has an astonishing year-to-date increase of over 2500%, with a total market value exceeding 600 billion yuan [3] Group 3: Corporate Services and AI Technology - Feishu announced significant progress by signing cooperation agreements with several South China enterprises, enhancing its overseas solutions for different stages of international expansion [3] - Meitu upgraded its AI image restoration technology, improving image and video processing efficiency across various verticals [4] Group 4: Digital Printing Market - In the first half of 2025, China's digital industrial printer market revenue reached 3.94 billion yuan, a year-on-year increase of 10.7% [4] - The industrial digital textile printing machine and digital packaging and labeling printing machine markets grew by 76.6% and 9.3% respectively [4] Group 5: Retail Sector Developments - Amazon announced the extension of its employee benefits program, including salary structures and benefits, to its Whole Foods employees in the U.S. [5]

齐鲁晚报·齐鲁壹点记者 张頔 张志恒 尹睿 在通信运营商的参与下，智慧渔港和渔业渔船监管一体化平台项目逐步建设完善。该项目通过采用信息化手段和人工智能技术，打通国家、省市及协管部门 权威数据和服务，融合北斗、AIS、雷达、渔港视频监控等技术，基于日照市电子政务云服务，为89艘重点渔船安装卫星宽带和船载视频AI识别监控系统， 为1800余艘渔船安装自主供电北斗定位终端，建设区级指挥中心和三个重点渔业镇指挥中心大屏监控系统，大幅提升岚山渔业的监管水平。 "平台融合新旧北斗和AIS 数据进行数据融合处理，在GIS地图上可以呈现渔船唯一的最新位置，并实时更新，具备船舶搜索定位和轨迹回放功能。"黄胜伟 在指挥中心的大屏幕前介绍说，融合AIS 网络、省市局的数据，可以实现对外地进入本地渔船、本地进入外地渔船的综合管控，实现对过境商货船实时船位 显示、轨迹回放功能。融合小目标雷达监控，可以实现对辖区海域海上移动目标的实时监控、身份比对、尾迹分析功能。海图还能同时支持渔船实时位置、 尾迹显示，具备按渔船类型、终端类型、管辖范围等控制显示的功能，具备尾迹开关控制，具备聚合开关控制。 从安全生产的角度来说，这套系统还可以对渔船作 ...

Core Viewpoint - Shenzhen Feixiang Technology Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange, marking its entry into the capital market as a leading player in the RF front-end chip sector [1] Company Overview - Feixiang Technology is a fabless semiconductor company based in China, focusing on the design, research, and sales of RF front-end chips, with applications in mobile smart devices, Wi-Fi products, smart homes, IoT, automotive communication, and satellite communication [1] - The company ranks fifth globally and first among Chinese companies in terms of revenue from power amplifiers (PA) and PA integrated transceiver modules for 2024, and it holds the top position in global shipment volume for these products [1] Product Line and Innovation - The product line covers various communication standards including 5G, 4G, 3G, 2G, Wi-Fi, and NB-IoT, compatible with mainstream cellular baseband communication platforms and Wi-Fi platforms [2] - In 2020, Feixiang Technology became the first domestic company in China to launch a fully 5G RF front-end solution supporting all frequency bands [2] - The company has a high-value product line in the connectivity sector, including Wi-Fi series, satellite communication, and automotive communication, and is recognized as a qualified supplier for leading ODM manufacturers [2] Financial Performance - Feixiang Technology reported revenues of approximately 1.021 billion RMB, 1.717 billion RMB, and 2.458 billion RMB for the fiscal years 2022, 2023, and 2024, respectively, achieving a compound annual growth rate (CAGR) of 55.1% [2] - The company turned a profit in 2024 with a net profit of approximately 76.295 million RMB after losses in the previous two years [2] - For the first five months of 2025, the company achieved revenues of 756 million RMB and a net profit of 13.317 million RMB, with a gross margin increasing from 13.3% in 2022 to 20.0% in early 2025 [2] Business Model - Feixiang Technology operates a fabless business model, outsourcing wafer manufacturing, packaging, and testing to third-party manufacturers, allowing the company to focus on high-value activities such as chip R&D, sales, and marketing [3] - The company’s advanced RF technology focuses on PA, LNA, high-power tuning switches, filters, integrated modules, and advanced packaging, with research outcomes aimed at reducing power consumption and enhancing performance [3] Market Trends - The global RF front-end chip industry is experiencing accelerated growth and transformation due to the widespread adoption of 5G technology and the expansion of application scenarios beyond traditional mobile devices [4] - The global RF front-end chip market is projected to grow from 159.5 billion RMB in 2024 to 234.3 billion RMB in 2029, with a CAGR of 10.1%, while the Chinese market is expected to grow from 33.6 billion RMB to 53 billion RMB during the same period, with a CAGR of 12.1% [4] IPO Context - Feixiang Technology's IPO in Hong Kong represents another attempt to access capital markets, following a previous application for the Sci-Tech Innovation Board that was withdrawn in September 2024 [4] - The success of this IPO could further solidify the company's market position and is worth monitoring [4]