Industry Overview - China has conducted 6G technology trials for four consecutive years, completing the first phase and establishing over 300 key technology reserves [1] - As the 6G standard development progresses, there is an increasing consensus in the industry regarding the 6G standards [1] - The decision on the system architecture that will determine the long-term development direction of 6G is expected to be made in a relatively short time [1] Market Outlook - By 2025, the telecommunications industry is anticipated to experience a period of technological iteration and policy dividends, with new productivity directions such as AI, quantum communication, and low-altitude economy continuing to drive growth [1] - The recovery of cellular IoT modules from inventory adjustments is expected, alongside ongoing construction of communication facilities like base stations, optical cables, and data centers, which will create new demands for devices, equipment, and service operations [1] Company Developments - Xinke Mobile is actively conducting 6G wireless technology research and has established a Sub-7GHz verification platform, along with launching a prototype verification system for 6G ultra-large-scale MIMO cloud-based wireless networks [1] - Sanwei Communication's subsidiary, Haiwei Tong, specializes in providing satellite broadband internet services, offering one-stop full-scenario satellite broadband access and industry vertical application services directly to end customers [1]

Core Viewpoint - The company intends to acquire a 19.4293% stake in Beijing Baicai Bang Technology Co., Ltd. for 694 million yuan, aiming to enhance its business development strategy and explore new fields and technologies aligned with national strategic development [1][2]. Group 1: Acquisition Details - The acquisition involves purchasing 28,876,041 shares of Baicai Bang, representing 19.4293% of its total share capital, at a transaction price of 694 million yuan [1]. - Baicai Bang, established in 2014, specializes in 4G/5G/6G communication solutions, focusing on migrating traditional telecom network equipment to the cloud and providing SaaS services [1]. Group 2: Business Strategy - The acquisition is part of the company's strategy to maintain operational growth while cautiously exploring business transformation [2]. - The company aims to enhance its potential in new business areas that correspond with national strategic development, technologies, or models [2].

Group 1 - The 2025 6G Development Conference announced that the international organization "3rd Generation Partnership Project" (3GPP) has initiated research projects on network architecture, wireless air interface, and security technologies for 6G, establishing a timeline and roadmap for 6G standardization [1] - Research on 6G service requirements has been completed by 77%, focusing on architecture studies related to artificial intelligence integration, computing, and perception [1] - China has established the IMT-2030 (6G) Promotion Group, which has released research results such as the "Overall Vision and Potential Key Technologies for 6G" and is conducting testing and validation of key technologies like integrated sensing and wireless AI to accelerate technological maturity [1] Group 2 - The IMT-2030 (6G) Promotion Group is promoting the construction of various 6G system architectures, including intelligent agent-assisted networks and native intelligent agent networks, aiming to enable AI-as-a-service network capabilities [1] - The industry anticipates that 6G networks will begin deployment around 2030, with the number of 6G connections expected to exceed 5 billion by 2040, accounting for half of the total global mobile connections [1]

Core Viewpoint - The company is a significant strategic supplier for ZTE Corporation, which plays a crucial role in the future 6G infrastructure development. The company aims to enhance collaboration with ZTE through service optimization and technological synergy [1]. Group 1: Company Relationship with ZTE - ZTE is recognized as an important strategic customer for the company, which has been awarded the "Best Delivery Support Award" by ZTE again in 2025 [1]. - The company primarily supplies ZTE with PCB mainboards for 5G base stations and server products [1]. Group 2: Future Collaboration and Strategy - The company plans to strengthen its service system and enhance technological collaboration to address industry changes alongside ZTE [1]. - There is a focus on reinforcing technological accumulation and innovation capabilities in high-end communication and server PCB sectors to seize market opportunities [1].

Core Insights - Advantest Corporation will showcase its latest semiconductor test solutions at SEMICON Europa 2025, highlighting its advanced technologies for applications in AI, HPC, 6G, industrial, and automotive sectors [1][4] - The event marks the 50th anniversary of SEMICON Europa, and Advantest will also participate in the technical program with a presentation on advanced packaging test requirements [2] Product and Solution Highlights - Advantest's booth will feature a comprehensive portfolio of test solutions addressing industry challenges in complex semiconductor testing [2] - The new scalable MTe test platform is designed for next-generation wide-bandgap technologies, offering ultra-fast signal capture and dynamic testing capabilities up to 10kA [5] - The V93000 EXA Scale test system will include advanced components like the Wave Scale RF20ex test card and the PMUX02 power multiplexer, enhancing its capabilities for high-volume production [5] - AI-powered tools integrated into the V93000 test system aim to improve productivity and efficiency for test engineers [5] - SiConic™ is introduced as a scalable solution for automated silicon validation, facilitating faster design verification and silicon validation processes [5]

Core Insights - The company has achieved significant R&D milestones in the 6G technology sector, including developments in active phased array antennas for Ku/Ka bands, reconfigurable metasurface array antennas, and millimeter-wave radar [1] Group 1 - The company's 6G business is currently in the industrial exploration phase [1]

Core Viewpoint - The UAE has launched a national initiative for 6G mobile communication, demonstrating its strategic positioning in the global telecommunications and information technology landscape [1] Group 1: Initiative Details - The Telecommunications and Digital Government Regulatory Authority (TDRA) has initiated the 6G national initiative and established a "6G Committee" [1] - The meeting was chaired by TDRA Deputy Director General Mohammed Al Ramssi, with participation from government agencies, telecom operators, universities, and research centers [1] Group 2: Strategic Implications - This initiative reflects the UAE's forward-looking planning and strategic layout in the development of global communication and information technology [1]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market saw a net inflow of funds through the Hong Kong Stock Connect, totaling 484 million, with 283 million from Shanghai and 201 million from Shenzhen [1] - The US stock market showed mixed performance, with the Dow Jones Industrial Average closing above 48,000 points for the first time, driven by gains in major bank stocks [2] Real Estate Sector - The Hong Kong real estate sector has shown strong performance, with New World Development's new project pricing 29% higher than the previous phase [3] - Hong Kong property prices have rebounded by 4% from their lows, benefiting from strong rental demand and easing sales pressure [3] - The report emphasizes the potential for local real estate developers to capitalize on these trends [3] Technology Sector - The report highlights the importance of self-reliance in technology as a core theme for future Hong Kong stock performance, particularly in AI, semiconductors, and industrial software [3] - Companies in the technology sector are expected to present new investment opportunities following recent volatility [3] Investment Recommendations - The report suggests focusing on sectors with undervalued companies and high dividend yields, particularly state-owned enterprises [3] - It also recommends monitoring upstream non-ferrous metals companies that may benefit from anticipated interest rate cuts by the Federal Reserve [3] - The report encourages attention to companies benefiting from AI integration across various industries [3] Key Company Performances - New World Development's stock has shown significant gains, with a notable increase in its project pricing [3] - The report mentions specific companies like ZTE Corporation and China Communications Services as leaders in computing power construction [9] - The report also highlights the performance of various stocks, including those in the technology and real estate sectors, indicating a mixed performance trend [15]

Core Insights - The UAE Telecommunications and Digital Government Regulatory Authority (TDRA) has launched a national initiative for 6G and established a "6G Committee" [1] - The initiative reflects the UAE's strategic positioning and forward-looking planning in the global communications and information technology landscape [1] Group 1 - The meeting was chaired by TDRA Deputy Director General Mohammed Al Ramsi [1] - Participants included government agencies, telecom operators, universities, and research centers [1] - The initiative aims to place the UAE at the forefront of global communication technology development [1]

Core Viewpoint - The investment strategy outlook for 2026 by CITIC Securities emphasizes the profound impact of the AI industry revolution, likening it to the Industrial Revolution, and suggests a long-term perspective is necessary for analysis [1] Group 1: AI and Computing Demand - CITIC Securities expresses optimism regarding the demand for computing power driven by AI, highlighting sectors such as optical modules, optical devices, optical chips, switches, liquid cooling, IDC, and edge AI [1] Group 2: Traditional Communication Industry - The traditional communication industry is facing challenges due to decreased capital expenditure from telecom operators, leading to low market expectations [1] - Despite the current challenges, the development of key technologies for 6G has commenced, and the increased focus on AI by operators is noteworthy [1] Group 3: Quantum Technology - Both China and the United States are placing significant emphasis on quantum technology, with related companies in the U.S. stock market experiencing substantial gains [1] - It is recommended to pay close attention to segments such as dilution refrigeration machines and low-temperature coaxial cables [1]