Core Viewpoint - The recent visit by the Vice President and Chief Scientist of China Unicom Group to Zhenyou Technology highlights potential collaboration opportunities in advanced technologies and application scenarios, particularly in satellite communication, optical networks, low-altitude economy, and cybersecurity [1] Group 1 - The meeting focused on key areas such as satellite communication and optical networks [1] - Discussions also included the low-altitude economy and cybersecurity, indicating a broad interest in emerging technologies [1] - The research visit is seen as a valuable opportunity for both parties to explore cooperation in cutting-edge technology [1]

Group 1 - Honor Technology recently applied for a patent related to satellite communication methods and devices, which can improve the management and scheduling of low Earth orbit satellite systems, enhancing system performance and reliability [2] - XPeng Heitech's "land aircraft carrier" X3-F has received a special flight permit in the UAE, marking the first time a Chinese flying car company has obtained such a permit for manned flight testing abroad [2] - SK Hynix has begun supplying a new high-performance NAND solution to meet the demands of AI-enabled smartphones, with the new product ZUFS 4.1 based on regional storage technology, offering higher operating speeds and improved data management efficiency [2] - Elon Musk stated that SpaceX's Starship is expected to achieve full reusability next year, capable of delivering 100 tons of payload into orbit, with the upgraded version V3 anticipated to begin flights next year [2]

Investment Rating - The report maintains a "Buy-A" rating for China Telecom (601728.SH) [1] Core Views - The company's fundamental operations remain robust, with significant growth in smart revenue [1] - In H1 2025, China Telecom achieved revenue of CNY 269.4 billion, a year-on-year increase of 1.3%, with service revenue at CNY 249.1 billion, up 1.2% [2] - The net profit attributable to shareholders reached CNY 23.0 billion, reflecting a year-on-year growth of 5.5% [2] Summary by Sections Basic Business Performance - Mobile communication service revenue grew to CNY 106.6 billion, up 1.3% year-on-year, with a mobile user base of 433 million and an ARPU of CNY 46.0 [3] - Fixed-line and smart home service revenue reached CNY 64.1 billion, a slight increase of 0.2% year-on-year, with broadband users totaling 199 million and a broadband ARPU of CNY 48.3 [4] Digital and AI Business Growth - The digital industry revenue reached CNY 74.9 billion, up 1.5% year-on-year, with Tianyi Cloud revenue at CNY 57.3 billion and smart revenue soaring by 89.4% to CNY 6.3 billion [6] - The company launched over 80 industry-specific large models and 30 intelligent agents, indicating a strong push in the "AI+" initiative [6] Capital Expenditure and Infrastructure - Capital expenditure decreased to CNY 34.2 billion, down 28% year-on-year, with investments focused on mobile networks and digital industry [12] - The company has established a robust computing infrastructure with a total computing power of 77 EFLOPS, enhancing its capabilities in AI and cloud services [12] Financial Forecast and Valuation - The report forecasts net profit for 2025-2027 at CNY 34.77 billion, CNY 36.57 billion, and CNY 38.25 billion, representing year-on-year growth rates of 5.3%, 5.2%, and 4.6% respectively [13] - The estimated EPS for the same period is projected to be CNY 0.38, CNY 0.40, and CNY 0.42, with corresponding P/E ratios of 20.0, 19.0, and 18.2 [13]

Market Overview - The A-share market experienced a significant rally, with the Shanghai Composite Index rising by 1.65%, the Shenzhen Component increasing by 3.36%, the ChiNext Index up by 5.15%, and the North China 50 gaining 1.59% [1] - The total trading volume across Shanghai, Shenzhen, and Beijing reached 24,646 billion yuan, an increase of 4,606 billion yuan compared to the previous day [1] - Over 4,200 stocks in the market saw an increase [1] Sector Performance - Technology stocks, particularly in CPO, copper cable high-speed connections, semiconductors, photolithography machines, and satellite communications, led the gains [1] - Conversely, sectors such as precious metals, oil and gas, film and television, tourism, dairy, and CRO concept stocks lagged behind [1] Notable Stocks - The computing hardware sector, including CPO and semiconductors, saw widespread gains, with Haiguang Information hitting a 20% limit up and achieving a new high [1] - Industrial Fulian experienced consecutive limit-up days, while stocks like Zhongji Xuchuang, Shenghong Technology, Xinyisheng, and Tianfu Communication surged over 10% [1] - More than 20 stocks in the computing hardware sector reached their daily limit [1] - Pork stocks showed high volatility, with Jin Xin Nong, Bang Ji Technology, and Tian Kang Biological hitting the limit up [1] - The securities sector rebounded, with Guohai Securities reaching the limit up [1] - On the other hand, the precious metals sector saw most stocks adjust, including Western Gold and Sichuan Gold [1] - Innovative drug concept stocks experienced a sharp decline in the morning, with stocks like Tigermed, Zhaoyan New Drug, and Hengrui Medicine falling [1]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-09-11 股市继续缩量，债市情绪偏空 股指期货：事件催化，超额收益持续性不佳 股指期权：⽇线仍是降波趋势 国债期货：债市情绪偏空 股指期货方面，事件催化，超额收益持续性不佳。周三沪指震荡收 平，继续缩量至2万亿元，市场交易围绕局部热点，超额收益的持续性不 佳。周二领跌的AI算力硬件股，周三集体反弹，而此前上涨的PEEK材料、 固态电池概念股跌幅居前，主要催化来自海外，其一是甲骨文预计2026财 年云基础设施营收增长77%，其二是微软达成174亿美元AI算力采购协议， 叠加工信部颁发卫星移动通信业务经营许可，推动通信、电子、传媒领 涨。另外，午间报道发改委将召开生猪产能调控企业座谈会，催化"反内 卷"相关板块异动。由于利好聚焦在点状板块，难构成月度主线，市场等 待下一事件催化，高低切换盘整，获利盘止盈环境中，建议以哑铃结构应 对市场分歧，短期建议配置红利ETF+IM多单。 股指期权方面，日线仍是降波趋势。昨日现货市场波动放缓，期权端 交易型资金观望，昨日期权市场成交金额和前一个交易日基本一致。波动 率方面，昨日尽管盘中 ...

Market Performance - The three major A-share indices collectively surged in the morning session on the 11th, with the Shanghai Composite Index rising by 1.12%, the Shenzhen Component Index increasing by 2.63%, and the ChiNext Index climbing by 4.31% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 1,496.2 billion yuan, an increase of 193.4 billion yuan compared to the previous day [2] - Over 3,300 stocks in the market experienced gains [2] Sector Performance - CPO, PCB, and semiconductor stocks, categorized as computing hardware, led the market rally [2] - Gold, oil and gas, tourism, gaming, and sports sectors saw the largest declines [2] - Notable stocks included Industrial Fulian, which hit the daily limit for two consecutive days, and Haiguang Information, which reached a new high with a 20% increase [2] Notable Stocks - Several stocks in the robotics sector, including Chongda Technology, Zhaowei Electromechanical, and New Era, also hit the daily limit [2] - 6G and satellite communication concept stocks performed well, with Dongfang Communication, Huiyuan Communication, and Xingwang Ruijie showing significant gains [2] - Most gold stocks adjusted downwards, with Xibu Gold dropping over 7% during the session [2] - The tourism and film industry sectors, which had seen gains the previous day, experienced corrections, with Xingfu Lanhai falling over 10% [2]

Group 1 - The core viewpoint of the article is that Meiansen (300275) is actively promoting its subsidiary Zhiyuxing's satellite communication business, which is currently in the development phase [1] - Zhiyuxing is collaborating with a mobile communication equipment company to develop satellite payload-related products, including satellite baseband processors, phased array antennas, and satellite power supplies [1] - The company is also independently developing superior satellite communication terminal products, which have a broad market outlook [1] Group 2 - There is a certain level of uncertainty regarding the future product development progress and market expansion effectiveness [1]

人民财讯9月11日电，企查查APP显示，近日，荣耀终端股份有限公司申请公布"卫星通信方法和卫星通 信装置"专利。专利摘要显示，本申请提供了一种卫星通信方法和卫星通信装置，示例地，该方法能够 适用于GEO卫星。该方法能够协作式低轨卫星系统的管理和调度，提高系统性能和可靠性。 ...

港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周三港股延续强势，收盘香港恒生指数涨 1.01% 报 26200 点，恒生科技指数涨 1.27%报 5903 点， 恒生中国企业指数涨 0.93%报 9328 点。大市成交 2882.09 亿港元，南向资金净买入 75.66 亿港 元。金融、地产业续涨；科网股持续活跃，其中 哔哩哔哩涨超 7%；医药股逆势下挫，三生制药跌 超 8%；新消费行业普跌，老铺黄金跌逾 7%，泡泡 玛特跌 4%。 美股市场 1. 美股周三收盘涨跌不一，道指下跌 220 点，纳指 与标普 500 指数再创新高。8 月生产者价格意外 下降 0.1%，使市场预计 ...

Core Viewpoint - The article discusses the growth and challenges faced by China's RF front-end companies in the context of U.S. sanctions and the competitive landscape dominated by foreign firms, highlighting both opportunities and risks in the industry. Group 1: Market Dynamics - Following U.S. sanctions in 2019, China's RF front-end companies experienced significant growth, with many emerging firms like Zhaoshengwei, Weijiechuangxin, and others contributing to the sector [1] - In 2023, domestic smartphone manufacturers successfully launched flagship models using fully domestic chips, allowing local RF front-end manufacturers to achieve mass production of a full range of RF front-end chips [1] - Despite initial growth, by 2025, many domestic RF front-end companies faced a growth bottleneck, with notable declines in revenue and profitability among key players [1][2] Group 2: Competitive Landscape - The top five global RF front-end companies are predominantly American, with Qualcomm, Broadcom, Skyworks, and Qorvo leading the market, while domestic companies collectively generate less than 20 billion yuan in sales [2] - The new U.S. tariff policies since April 2025 have prompted Chinese smartphone brands to seek domestic RF front-end solutions, creating a second wave of opportunities for local manufacturers [2] - The article anticipates that by 2026, domestic RF front-end companies could overcome current challenges and see revenue growth, particularly in the high-integration module segment [2] Group 3: Technological Challenges - Domestic RF front-end companies face significant hurdles in patent accumulation, particularly in filter and SOI switch technologies, where foreign competitors have a stronghold [3] - The need for customized high-integration modules for different smartphone brands requires substantial R&D investment, posing a challenge for domestic firms [4] - The article emphasizes the importance of innovation and patent accumulation for domestic companies to compete effectively against established foreign players [3][5] Group 4: Future Outlook - The increasing demand for advanced communication technologies, such as 6G and satellite communication, necessitates ongoing investment in RF front-end technology development [5] - The article suggests that while domestic RF front-end companies have made progress, they must remain vigilant and committed to long-term development to close the gap with leading global firms [6]