Group 1 - The core viewpoint of the article is that China Telecom has initiated a project focused on developing a new charging model for 6G services, which is the first of its kind approved by 3GPP [1][3] - The project aims to explore new commercial charging models and dimensions for 6G, as well as to research the charging architecture and mechanisms that span across networks, services, and resources [1][3] - The initiative will provide feasible charging solutions for key 6G services such as AI, sensing, and integrated terrestrial and space communication [1]

Group 1 - The core point of the article is that China Telecom's "6G System Charging Research" project has been officially approved at the 109th TSG SA plenary meeting of 3GPP, marking it as the first 6G charging project within 3GPP [2] - The project aims to design new charging models for 6G services, exploring new commercial charging models and dimensions specific to 6G [2] - It will research the charging architecture and mechanisms that span across networks, services, and resources, providing feasible charging solutions for key 6G services such as AI, sensing, and integrated space-ground systems [2]

Macro Strategy - The A-share market is still in a minor adjustment phase, with new structures and catalysts maintaining market interest, but overall profitability is still contracting [1] - Emphasis on structural market trends, particularly in the AI computing power industry chain, breakthroughs in self-controlled lithography machines, and the release of market demand in the energy storage sector [1] - Short-term focus on event-driven themes and price increase themes, while mid-term structural bull market transformation is crucial, with optimism for revaluation opportunities in photovoltaic and chemical sectors [1] - Hong Kong stocks have seen relative return recovery, and may continue to benefit from "Trump's interest rate cut bullish options" and the new economic industry trend [1] Industry Tracking - Quantum computing is expected to accelerate commercialization, with related companies likely to benefit [2] - On September 19, U.S. quantum computing stocks surged, with Quantum Computing up nearly 27%, D-Wave Quantum Inc. up over 11%, Rigetti Computing up over 15%, and IONQ Inc. up over 5% [2] - Psi Quantum announced completion of a $1 billion Series E funding round, with a valuation of $7 billion post-funding, indicating strong investor interest [2][3] - Nvidia has been actively investing in quantum computing companies, indicating a multi-faceted strategy to capture opportunities in the quantum computing space [3] - The UK and US signed a "Technology Prosperity Agreement" focusing on developing fast-growing technologies, including quantum technology, which will establish standards and a joint testing group [3] - Domestic and international companies are accelerating exploration of quantum computing solutions in fields like weather forecasting and financial analysis, pushing forward the commercialization process [3]

Core Viewpoint - The extension of the cobalt export ban by the Democratic Republic of the Congo (DRC) until October 15, 2025, is expected to significantly impact the global cobalt supply chain, potentially leading to a sharp increase in cobalt prices due to supply shortages and rising demand from industries such as electric vehicles and consumer electronics [4][5][7]. Cobalt Export Ban - The DRC's strategic mineral regulatory authority announced the extension of the cobalt export ban until October 15, 2025, with a quota system to be implemented thereafter [5][6]. - The annual export limit for cobalt is set at 18,125 tons for the remainder of 2025, with limits of 96,600 tons for 2026 and 2027 [5]. Price Trends - Cobalt prices have surged significantly this year, with the latest price exceeding 270,000 yuan per ton, marking a 62.7% increase since the beginning of the year [7][9]. - The price increase is attributed to the DRC's export ban and the rising demand from the electric vehicle and consumer electronics sectors [7][9]. Demand Outlook - Cobalt is a critical component in lithium-ion batteries, enhancing energy density and stability [9]. - The global cobalt consumption is projected to reach approximately 200,200 tons in 2024, reflecting a year-on-year increase of 7.15%, with China's consumption expected to grow by 5.6% [9][10]. Market Sentiment - Analysts maintain an optimistic outlook on cobalt prices, predicting a potential upward cycle from 2025 to 2027, with price levels possibly exceeding 350,000 yuan per ton [10]. - The stock performance of leading cobalt companies in the A-share market has been strong, with significant year-to-date gains reported [10].

Core Viewpoint - The extension of the cobalt export ban by the Democratic Republic of the Congo (DRC) until October 15 is expected to significantly impact the global cobalt supply chain, potentially leading to a sharp increase in cobalt prices [1][2][5]. Summary by Sections Cobalt Export Ban - The DRC's strategic mineral regulatory agency announced the extension of the cobalt export ban until October 15, with a planned lifting on October 16 and the implementation of annual export quotas [1][5]. - The export quotas allow mining companies to export a maximum of 18,125 tons of cobalt for the remainder of 2025, with annual limits of 96,600 tons for 2026 and 2027 [5]. Price Impact - The ban's extension is likely to create a supply gap, accelerating the consumption of existing inventories and leading to a significant short-term increase in cobalt prices [5]. - As of September 18, cobalt prices have surged to over 270,000 yuan per ton, reflecting a 62.7% increase since the beginning of the year [2][7]. Long-term Outlook - Analysts maintain an optimistic view on cobalt prices for the year, with expectations that the DRC's export quotas will enhance its pricing power, potentially raising the price center [3][12]. - Projections indicate that cobalt prices could reach over 350,000 yuan per ton between 2026 and 2027 [10]. Demand Drivers - Cobalt is a critical component in lithium-ion batteries, particularly in electric vehicles and consumer electronics, with demand expected to rise due to advancements in technology such as 5G, AI, and IoT [9][11]. - Global cobalt consumption is projected to increase by 7.15% in 2024, with China's consumption expected to grow by 5.6% [9]. Market Performance - The DRC's export ban has led to a significant improvement in the global cobalt market's supply-demand dynamics, with prices rebounding sharply [7]. - Major players in the cobalt industry, such as Luoyang Molybdenum and Huayou Cobalt, have seen substantial stock price increases, reflecting the positive market sentiment [12].

证券研究报告 |行业周报 gszqdatemark 2025 09 21 年 月 日 通信 OCS：光网络的下一个"战场" 光学电路交换（Optical Circuit Switching,OCS）技术代表光网络从传统"连接" 功能向智能"交换"功能的战略演进，作为解决传统电交换带宽瓶颈和功耗问题 的关键路径，正成为光厂商竞相布局的新战场。 【OCS 技术概述：光域直接交换的实现】 光路交换机（OCS）：不同于传统交换机，直接光路交换，无需做光电转换。 OCS 的设计理念是光纤信号进入交换机后，不再进行光电转换，而是通过光 信号的波分复用、交叉连接等进行转发等操作，光电转换在服务器端进行； 同时配合 3D 环状的网络拓扑结构，OCS 有效降低了通信硬件成本和功耗。光 交换的优势包括：低时延、低网络代价、低硬件成本、路由可重配、易于集 群布局等。 光交换有多种实现技术，主要包括以下几种： 【发展现状：头部厂商积极抢占制高点】 随着 OCS 技术的潜力得到广泛认可，光通信厂商纷纷将其视为新的"演武场"， 积极布局备战，基于自身技术优势选择不同的切入路径。 增持（维持） 行业走势 0% 28% 56% 84% 11 ...

Core Viewpoint - The advancements in submarine optical cable technology by companies in Wuhan, such as Changfei and FiberHome, are crucial for enhancing global communication infrastructure and ensuring data security, thereby contributing to China's strategic goals in becoming a maritime power [1][3][6]. Group 1: Technological Breakthroughs - Changfei has successfully laid the world's first 7-core optical fiber submarine experimental cable, providing a revolutionary solution for expanding submarine cable capacity without increasing size [3]. - FiberHome, in collaboration with China Mobile and other institutions, achieved a transmission speed of 254.7 Tb/s over a 200 km standard single-mode fiber, supporting long-distance signal transmission [5]. - These technological advancements break the physical limitations of capacity and distance, allowing for enhanced data transmission capabilities [6]. Group 2: Strategic Importance - The developments in submarine optical cable technology are seen as a strategic response to international technological competition, particularly against monopolies held by companies from the US, France, and Japan [3][6]. - The strategic value of these breakthroughs includes enhancing security by ensuring self-sufficiency in technology, reducing costs through improved transmission efficiency, and preparing for future communication technologies like 6G and quantum communication [6]. Group 3: Industry Impact - FiberHome's investment of nearly 3 billion yuan in building Asia's largest marine communication industrial park aims to produce 10,000 km of submarine cables annually, enhancing China's capabilities in marine network solutions [9]. - The establishment of a complete industrial ecosystem in Wuhan, despite its non-coastal location, demonstrates the city's ability to innovate in deep-sea technology and contribute to national maritime strategies [10]. - Collaborations between companies and academic institutions in Wuhan are fostering a sustainable innovation model, enabling rapid conversion of technological breakthroughs into industrial capabilities [10].

移动互联网丨研究报告 核心摘要： 中国移动互联网发展总览 截至 202 5 年 6 月，中国移动互联网月独立设备数接近 14.5 亿台，用户基数持续扩 大，但增长动能已从人口红利转向 6G 、 AI 及新兴非手机类智能终端（如 XR 设备、 车联网） 。 用户画像显示， 25-45 岁中青年群体为核心用户； 46 岁及以上中老年渗透显著；下沉 市场（新一线至三线城市）用户占比高，成为主要增长来源。用户行为呈现"量降质 升"趋势：有效使用时间从 303 分钟降至 273 分钟，使用次数从 73 次降至 61 次，反 映用户从被动消耗转向主动获取价值。 分行业中，通讯、视频、电商等 9 类行业用户规模超十亿， AI 与智能穿戴爆发增长， 成为新增量战场。使用时长方面，短视频（ 137 分钟）、游戏（ 97 分钟）、视频 / 通 讯（ 80 分钟）位居前三，人工智能同比增长 40.7% ，办公管理增 25.5% ，显示 AI 与远程办公驱动高粘性增长。 重点细分行业详情 视音频娱乐行业： 长视频用户规模步入低增长成熟期 ，优酷 APP 依靠精品内容战略逆 势强势增长，并吸引高知高收入群体 ；短视频用户规模进入存量阶 ...

Group 1: Economic Impact and Investment - The US is the largest trading partner of the UK, with significant employment contributions from companies like BP, GSK, Rolls-Royce, and AstraZeneca in the US, and American firms like Microsoft and Amazon in the UK, supporting over 2.5 million jobs across both economies [2] - A record-breaking investment package of £250 billion is being announced, marking the largest investment in British history, expected to create 15,000 jobs across various UK cities [4][5] - The partnership is expected to generate substantial economic value, with investments from major tech firms like Nvidia, OpenAI, and Google, which will support British jobs for years to come [11] Group 2: Trade Agreements and Economic Policies - The UK and US have established the lowest tariffs in vital sectors, facilitating trade and benefiting both economies [8] - A historic trade deal was made in May, marking the first trade agreement during the current US administration, aimed at reducing trade barriers and enhancing access to the UK's aerospace supply chain [18][19] - The new technology partnership, termed the tech prosperity deal, aims to foster cooperation in areas such as AI, quantum computing, and civil nuclear energy, with a projected wave of private sector deals worth over $350 billion [10][22] Group 3: Job Creation and Sectoral Growth - The deployment of modular nuclear reactors across the UK is expected to generate over $50 billion in economic value, creating up to 2,500 jobs and powering 1.5 million homes [24] - The partnership is designed to enhance the industrial capacity of both countries, crucial for defense and economic growth [20] - The agreement is anticipated to create billions of dollars in opportunities for American farmers and improve access for US manufacturers to the UK's aerospace sector [18][19]

Group 1 - The article discusses a historic agreement aimed at enhancing cooperation in science and technology partnerships, particularly in areas such as artificial intelligence [1] - There is an emphasis on the importance of innovation and deregulation, which are expected to drive advancements in various sectors including quantum computing, fusion, 6G technology, and civil nuclear energy [2]