Core Viewpoint - The company, Jiaxun Feihong (300213.SZ), did not participate in the current 6G Development Conference [1] Group 1 - The company made a statement on the investor interaction platform regarding its absence from the 6G Development Conference [1]

Core Viewpoint - The company is currently supplying 5G base station PCB mainboard products to ZTE Corporation and is actively researching 6G technology in response to customer demand [1] Group 1 - The company is primarily focused on supplying 5G base station PCB mainboard products to ZTE Corporation [1] - The company is actively laying out research for 6G technology, with some products already in the sample stage [1] - The company plans to deepen collaboration with customers and continue R&D efforts based on market demand and technological trends [1]

Core Insights - The global communication service providers' total revenue is projected to reach $5.6 trillion by 2030, with a compound annual growth rate (CAGR) of 6.2% starting from 2025, driven by technological innovation, infrastructure expansion, and strategic investments in 6G and AI [1][3] - Traditional telecom business revenue is expected to grow at a moderate CAGR of 2.7%, while the tech sector, led by major platforms like Amazon, Google, Apple, Meta, and Microsoft, is anticipated to expand at a robust CAGR of 9.4%, accounting for 55.9% of total revenue by 2030 [1][3] Capital Expenditure Trends - Global telecom capital expenditure (capex) is forecasted to reach $395 billion by 2030, with a CAGR of 3.6%, while tech sector capex is expected to surge to $545 billion, with a high CAGR of 9.3% [3] - Investment focus is predicted to shift back to mobile network construction starting in 2028 in preparation for 6G deployment, as fixed broadband markets become saturated [3] - AI infrastructure, cloud services, and digital sovereignty policies are driving telecom operators to expand data center construction and invest in dedicated hardware [3] Market Trends - Per capita capital expenditure for communication service providers is projected to increase from $74 in 2024 to $116 by 2030, with total capex accounting for 2.5% of global GDP investment [4] - Telecom capital expenditure intensity is expected to gradually decline until 2027, followed by a resurgence due to mobile network upgrades [4] - Leading regions in revenue and capital expenditure include North America, Oceania, East Asia, and Western Europe, with Central and South Asia showing the strongest growth potential [4]

Core Insights - The global communication service providers' total revenue is projected to reach $5.6 trillion by 2030, with a compound annual growth rate (CAGR) of 6.2% starting from 2025 [1] Revenue Growth - Traditional telecom business revenue is expected to grow at a moderate annual rate of 2.7% [1] - The technology sector, dominated by major platforms such as Amazon, Alphabet, Apple, Meta, and Microsoft, is anticipated to expand at a robust annual growth rate of 9.4% [1] - By 2030, the technology sector is expected to account for 55.9% of the total revenue of communication service providers [1] Investment Drivers - The growth is primarily driven by technological innovation, infrastructure expansion, and strategic investments in 6G and artificial intelligence (AI) [1]

Core Insights - The global communication service providers' total revenue is projected to reach $5.6 trillion by 2030, with a compound annual growth rate (CAGR) of 6.2% starting from 2025 [1] Group 1: Revenue Growth - The robust growth in revenue is primarily driven by technological innovations, infrastructure expansion, and strategic investments in 6G and artificial intelligence (AI) [1]

Group 1 - The AI industry revolution is ongoing, with strong demand for computing power and promising applications [1] - The "14th Five-Year Plan" emphasizes the acceleration of a new round of technological revolution and industrial transformation, implementing the "Artificial Intelligence +" initiative [1] - The telecommunications operators' capital expenditure is expected to decline, but the research on 6G technology has commenced, indicating potential recovery in the future [2] Group 2 - The focus on quantum technology is increasing in both China and the U.S., with significant developments such as NVIDIA's NVQLink for connecting GPUs to quantum processors [3] - The report highlights several companies with investment potential, including Zhongji Xuchuang, Xinyi Sheng, Yuanjie Technology, and others, as key recommendations for 2026 [4]

Core Insights - Ericsson showcased its latest advancements in AI-enabled networks, differentiated connectivity, and energy-efficient network products at the 8th China International Import Expo, addressing the telecom industry's revenue growth challenges and proposing differentiated connectivity as a solution [1] Group 1: 5G Commercial Challenges - The current 5G technology has strong capabilities, but operators are still using traditional revenue models from the 4G era, primarily focused on selling data, leading to homogenized services [2] - Global operators are facing stagnant ARPU (Average Revenue Per User) growth, with major Chinese operators' ARPU values also remaining flat despite high network infrastructure maturity [2] - Ericsson's solution to this challenge is differentiated connectivity, which involves packaging 5G capabilities to provide customized services for various application scenarios, shifting from "selling connectivity" to "selling services" [2] Group 2: AI and Network Integration - Despite the monetization challenges, Ericsson sees significant opportunities from AI, emphasizing that AI is essential for the industry [3] - The concept of "Networks for AI" and "AI for Networks" aims to enhance network adaptability for AI applications while leveraging AI to tackle increasing network complexities [3] - AI can predict over 95% of network faults, improve spectrum and capacity efficiency by approximately 15%, and reduce energy consumption by 14% [3] Group 3: Future Outlook on 6G - Ericsson executives indicated that the timeline for 6G is around 2030, with differentiated connectivity being a necessity not only for 5G but also for future 6G [4] - The evolution of 6G will be based on an independent 5G SA core network, and operators are encouraged to transition from NSA to SA to maximize network value and prepare for 6G [4]

Core Viewpoint - The company is leveraging its traditional product and technology advantages to engage in long-term technical exchanges and collaborations with leading communication equipment manufacturers in the 5G and 6G application fields [1] Group 1: Company Developments - The company has initiated forward-looking layouts in the research, design, and material processing of high-end PCBs for 6G communication through industry-academia-research collaborations [1] - The deep technical experience and customer resources accumulated in the 5G communication sector provide a solid foundation for the company to enter the 6G market [1] - The company identifies 6G communication PCBs as one of its main development directions for the future [1] Group 2: Market Position and Future Outlook - Currently, 6G technology is in the early stages of research and standard definition, with a considerable distance to commercialization [1] - The company plans to closely follow technological development trends and actively seize market opportunities [1]

Core Viewpoint - The company is actively engaging in the research and development of 6G products, aligning with customer demands and has reached the sample stage for some products [1] Group 1 - The company is closely following customer needs and has made significant progress in relevant technology research for 6G [1] - Some of the company's 6G products are currently in the sample stage, indicating advancement in development [1] - The company plans to deepen collaboration with customers and continue to push forward the R&D process based on market demands and technological trends [1]

Group 1 - The company is actively engaged in the research and development of 6G technology, aligning with customer demands and market trends [2] - Some of the company's 6G products are currently in the sample stage, indicating progress in their development [2] - The company plans to continue deepening collaboration with customers to advance its R&D efforts in the 6G field [2]