Core Viewpoint - Nokia has decided to apply for delisting its shares from the Euronext Paris stock exchange due to an assessment of trading volume, costs, and administrative requirements [1] Group 1 - The delisting application is expected to take effect within three months if approved by the exchange [1] - Nokia's shares will continue to be listed on the Helsinki Nasdaq and its American Depositary Receipts will remain on the New York Stock Exchange [3] - As of the close on the announcement date, Nokia's stock was priced at €5.962, down nearly 2.9% from the previous trading day, but has seen an increase of over 40% year-to-date [1] Group 2 - Recently, Nvidia announced a $1 billion investment in Nokia, equivalent to approximately 71 million RMB, and the two companies have formed a strategic partnership to develop next-generation 6G technologies [5]

Core Insights - The eighth China International Import Expo (CIIE) has officially opened, showcasing 461 new products, technologies, and services, indicating China's commitment to global trade and economic cooperation [2][3] - The event has attracted over 2,000 exhibitors, marking the largest scale in its history, with a significant focus on food products and innovative technologies [3][6] Group 1: Event Overview - The CIIE serves as a platform for global leaders from politics, business, and academia to discuss opportunities in the Chinese market, particularly in light of the recently approved "14th Five-Year Plan" [2] - The exhibition area spans 430,000 square meters, with a diverse range of products and services aimed at enhancing international trade relations [2] Group 2: Exhibitor Highlights - Major companies like Bayer and Qualcomm are showcasing their latest innovations, with Bayer presenting 26 highlight products and Qualcomm emphasizing its role in 5G and future 6G technologies [5][6] - The event has seen high engagement from attendees, with significant business discussions taking place, particularly in the technology and healthcare sectors [7][8] Group 3: Market Opportunities - The expo has highlighted the growing interest in China's service industry and consumer market, with foreign companies eager to explore new business directions [2][4] - The presence of high-level executives and government representatives at the event underscores the importance of CIIE as a networking and business development opportunity [7]

Core Insights - Qualcomm has participated in the China International Import Expo for eight consecutive years, showcasing its continuous innovation in technology and collaboration with Chinese industry partners [3][14] - The theme of Qualcomm's exhibition this year is "Together, We Achieve Progress for Everyone," highlighting its commitment to enhancing China's innovation ecosystem through technological advancements [3][14] Qualcomm's Product Showcase - At the expo, 12 flagship smartphones from Chinese manufacturers featuring the fifth-generation Snapdragon 8 Gen 2 mobile platform were displayed, marking the first large-scale offline exhibition of these products [5] - Qualcomm's collaboration with leading Chinese smartphone brands such as Xiaomi, Honor, and iQOO demonstrates the rapid innovation and performance breakthroughs in AI, imaging, gaming, and connectivity [5][9] - The Snapdragon X series platform has expanded to nearly 150 PC designs, showcasing Qualcomm's strong presence in the multi-device ecosystem [5] Automotive Innovations - Qualcomm partnered with Chery to develop the intelligent connected vehicle, the Zongheng G700, utilizing the Snapdragon digital chassis to create a mobile intelligent space [7] - Since 2023, Qualcomm's digital chassis has supported over 210 models from Chinese automotive brands, facilitating the transition from electrification to intelligence in the automotive industry [7] AI and IoT Applications - The launch of the "Qualcomm Leap" brand emphasizes the integration of AI and connectivity across various industries, with applications showcased at the expo including humanoid robots and retail terminals [9] - Qualcomm has released the "2025 Qualcomm IoT Innovation Case Collection," highlighting over 170 digital transformation practices in collaboration with more than 90 Chinese partners since 2019 [9] Future Technologies and Collaborations - Qualcomm's chairman in China, Meng Pu, emphasized the importance of AI, 5G, IoT, and edge computing in transforming lifestyles and industries during a forum at the expo [14] - The "AI Acceleration Program," launched in September, aims to scale AI deployment on devices in collaboration with Chinese telecom operators and terminal manufacturers [18] - Qualcomm is actively researching 6G technology, with expectations for commercial terminal availability by 2028, positioning itself as a leader in future connectivity solutions [16][18]

Core Insights - Qualcomm showcased a variety of new terminals at the China International Import Expo, featuring 12 flagship smartphones equipped with the fifth-generation Snapdragon 8 Gen 2 chip, marking their first large-scale offline exhibition in China [1] - The exhibition highlighted innovative technologies across different platforms, including advanced automotive interfaces and AI-powered devices, demonstrating the integration of technology into daily life [1] - The immersive experience zone attracted significant attention, featuring augmented reality (AR) projects that provided interactive experiences, showcasing the potential of future technologies like 6G [1] Group 1 - Qualcomm's booth featured 12 flagship smartphones with the Snapdragon 8 Gen 2 chip, representing their debut at a major offline event in China [1] - The exhibition included various "black technologies," such as multi-screen collaboration in vehicles and AI glasses for payment and communication [1] - The immersive experience area offered AR experiences, allowing visitors to engage with virtual environments and characters [1] Group 2 - The demonstration of 6G technology at the booth illustrated Qualcomm's vision for the future and its collaboration with operators and ecosystem partners [1] - The diverse scenarios presented at Qualcomm's booth showcased the integration of smart technologies across multiple sectors, from mobile devices to automotive solutions [1]

Group 1: 6G Technology Development - The 2025 6G Development Conference will be held on November 13-14 in Beijing, focusing on key scenarios such as intelligent integration and immersive communication [1] - By 2040, the number of 6G terminal connections is expected to increase over 30 times compared to 2022, highlighting the importance of infrastructure development for communication upgrades [2] - Companies like Segar Technology and Guolai Testing are actively involved in the research and development of 6G technology and related products [2] Group 2: Winter Tourism in Heilongjiang - Heilongjiang Province will launch a "100-day action" for winter ice and snow tourism from November 8, 2025, aiming to create a comprehensive ice and snow tourism system [3] - The ice and snow industry is projected to exceed 1 trillion yuan in value by 2025, driven by policy and supply incentives [3] - Investment opportunities are identified in infrastructure construction, ice and snow equipment production, and training for ice and snow sports [3] Group 3: Green Hydrogen Energy - Over 60 countries have announced hydrogen energy strategies, with green hydrogen accelerating its application in industrial, chemical, and transportation sectors [6] - The hydrogen energy industry is expected to grow due to favorable policies and increased investment in hydrogen production technologies [6] - Companies like Meijin Energy and Yihua Tong are developing comprehensive hydrogen energy solutions, including production, storage, and application in various fields [7] Group 4: Quantum Communication - China Telecom is rapidly expanding its "quantum metropolitan area network" in multiple cities, indicating a strong focus on quantum communication infrastructure [8] - China has established a complete technology system in quantum communication, achieving significant milestones such as the world's first large-scale quantum network [8] - Companies like Dipu Technology and Fujida are involved in key quantum communication projects and product development [8] Group 5: Virtual Power Plants - The largest thermal storage virtual power plant in China has been launched, demonstrating the integration of energy and information technology [10] - The government aims for a mature operational mechanism for virtual power plants by 2027, with a target capacity of over 20 million kilowatts [10] - Companies like Guodian Nanzi and GCL Energy are actively developing virtual power plant solutions and expanding their operations across various regions [11]

Core Insights - Nokia's Board of Directors has decided to apply for the delisting of its shares from Euronext Paris, which was initially listed in November 2015 [1][2] - The delisting follows a review of trading volume, costs, and administrative requirements, with the primary listing remaining on Nasdaq Helsinki and ADRs continuing on the New York Stock Exchange [2] - This decision reflects Nokia's transformation from a mobile phone leader to a business-to-business technology company, focusing on network infrastructure [3] Financial Performance - Nokia reported a 31.58% year-on-year increase in net profit for the first half of 2025 [4] - The company's extensive patent portfolio generates nearly €500 million in stable annual revenue, covering technologies from 2G to 5G [4] Strategic Partnerships - Nokia has entered a strategic partnership with NVIDIA, which includes a $1 billion equity investment aimed at accelerating innovation in AI-native mobile networks and transitioning from 5G to 6G [5]

Group 1: Company Overview and Activities - The company conducted an investor relations activity on November 5, 2025, involving a site visit and discussions with various investment institutions [2][3]. - Participants included representatives from multiple investment firms and individual investors [2]. Group 2: Market Conditions and Business Performance - The domestic communication equipment market is facing challenges due to slowed operator investments and increased product price competition, leading to pressure on profit margins [3]. - The company's overseas business has become a core growth driver, with overseas revenue surpassing domestic revenue for the first time this year, primarily through expansion in "Belt and Road" countries, the Middle East, and Southeast Asia [3][4]. Group 3: Product Development and Innovations - The MACRO WIFI product features long-range coverage and high user capacity, with a recent order of 1,000 units from an Australian client, marking significant overseas market penetration [3][4]. - The filter business focuses on compact and lightweight products, primarily for export, with Ericsson as a core client, while the microwave antenna business achieved approximately 119 million yuan in revenue in the first half of 2025, a year-on-year increase of about 84% [5]. Group 4: Future Outlook and Strategic Initiatives - The company has established a comprehensive satellite communication product system and aims to participate in the national low-orbit satellite internet construction, anticipating growth from new market opportunities [6]. - The transition from 5G to 6G is underway, with the company positioning itself in key areas such as multi-beam communication and microwave technology, aligning with the development of satellite internet [7].

Core Viewpoint - Nokia has decided to apply for delisting its shares from the Euronext Paris stock exchange due to an evaluation of trading volume, costs, and administrative requirements [1] Group 1: Delisting Decision - The application for delisting is expected to take effect within three months if approved by the exchange [1] - Nokia was listed on the Euronext Paris stock exchange on November 19, 2015 [1] - As of the close on the announcement date, Nokia's share price was €5.962, down nearly 2.9% from the previous trading day, but has increased over 40% year-to-date [1] Group 2: Continued Listings - Nokia's shares will continue to be listed on the Nasdaq Helsinki in Finland [1] - The company's American Depositary Receipts will remain listed on the New York Stock Exchange [1] Group 3: Strategic Partnership - Recently, Nvidia announced a $1 billion investment in Nokia, approximately 71 million RMB, and both companies have formed a strategic partnership to develop next-generation 6G technologies [1]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company reported a reduction in losses for the first three quarters of 2025, with a revenue of 3.763 billion yuan, a year-on-year decrease of 9%, and a net profit attributable to shareholders of -165 million yuan, a reduction in loss of 5 million yuan [1] - The company has improved its market share in system equipment, winning bids for major 5G projects, with a 43.7% increase in 2.6G share compared to the existing network [2] - The company is actively participating in the construction of domestic satellite constellations and has signed new contracts to meet customer demands in the satellite internet market [3] - The company is focusing on the standardization of 5G-A and 6G technologies, contributing to over 10 Rel-20 technical proposals and conducting research on 17 key 6G technologies [4] - The profit forecast has been adjusted, with expected net profits for 2025-2027 being -38.24 million yuan, 98 million yuan, and 223 million yuan respectively, while maintaining the "Accumulate" rating due to potential growth from satellite, 5G-A, and 5G-R sectors [5] Financial Summary - For 2023, the company expects revenue of 7.848 billion yuan, with a growth rate of 13.43%, and a net profit of -357.31 million yuan [6] - The projected revenue for 2025 is 6.178 billion yuan, with a decrease of 4.81% compared to 2024 [6] - The company’s EBITDA for 2025 is estimated at 307.68 million yuan, with a significant increase in net profit expected by 2027 [6][12]

Core Insights - The company, Lian Technology, provides communication network technology services and system solutions primarily for major telecom operators in China, including China Mobile, China Telecom, China Unicom, and China Tower [2] Group 1 - The company is actively monitoring the development and application of 6G-related technologies and is looking to expand its business in this area [2]