Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index decreased by 1.46% as of November 5, 2025, with mixed performance among constituent stocks [3] - Jinpan Technology led the gains with an increase of 6.89%, while Sangfor Technologies saw a decline of 9.04% [3] - The Sci-Tech 100 Index ETF (588030) fell by 1.44%, with a latest price of 1.3 yuan, but has seen a cumulative increase of 18.88% over the past three months [3] Group 2 - The number of companies listed on the Sci-Tech Innovation Board has surpassed 590, raising over 900 billion yuan in IPO funds [3] - The first three new registered companies in the Sci-Tech Growth Layer have been introduced, bringing the total to 35, with a year-on-year revenue growth of 35.1% and a net profit reduction of 45.4% for these companies in the first three quarters of the year [3] Group 3 - AMD reported third-quarter revenue of $9.25 billion, a 36% year-on-year increase, with adjusted earnings per share of $1.20, exceeding Wall Street expectations [4] - The company anticipates fourth-quarter revenue of approximately $9.6 billion, indicating a 25% year-on-year growth [4] - AI business growth remains strong, with OpenAI planning to deploy a total of 6 gigawatts of AMD Instinct series GPUs in the coming years [4] Group 4 - The latest scale of the Sci-Tech 100 Index ETF reached 5.731 billion yuan, ranking second among comparable funds [4] - The Sci-Tech 100 Index closely tracks the performance of 100 selected securities from the Sci-Tech Innovation Board, reflecting the overall performance of companies with medium market capitalization and good liquidity [5] - As of October 31, 2025, the top ten weighted stocks in the Sci-Tech 100 Index accounted for 25.77% of the index [5]

5日早盘，光模块CPO等算力硬件再陷回调，"易中天"（新易盛、中际旭创、新易盛）均跌超2%。热门 ETF方面，重仓光模块龙头的创业板人工智能ETF（159363）场内下挫逾2%，失守20日均线，实时成 交额快速接近2亿元，资金实时净申购5000万份。 数据来源：沪深交易所等。注："全市场首只"是指首只跟踪创业板人工智能指数的ETF。 风险提示：创业板人工智能ETF华宝被动跟踪创业板人工智能指数，该指数基日为2018.12.28，发布日 期为2024.7.11。创业板人工智能指数2020-2024年年度涨跌幅分别为：20.1%、17.57%、-34.52%、 47.83%、38.44%，指数成份股构成根据该指数编制规则适时调整，其回测历史业绩不预示指数未来表 现。文中指数成份股仅作展示，个股描述不作为任何形式的投资建议，也不代表管理人旗下任何基金的 持仓信息和交易动向。基金管理人评估的本基金风险等级为R4-中高风险，适宜积极型（C4）及以上的 投资者，适当性匹配意见请以销售机构为准。任何在本文出现的信息（包括但不限于个股、评论、预 测、图表、指标、理论、任何形式的表述等）均只作为参考，投资人须对任何自主决定的投 ...

通信行业三季报综述 20251104 摘要 2025 年前三季度通信板块营收同比增长 8.8%，达 1,937.62 亿元，净 利率提升 0.56 个百分点至 10.58%，费用率显著下降，表明盈利能力 增强。 2025 年第三季度，通信板块营收同比增长 3.7%至 6,305 亿元，归母 净利润同比增长 11.68%至 564 亿元，环比提升 3.42 个百分点，算力 板块盈利能力显著提升。 光器件、光模块营收同比增长 65%至 662 亿元，连接器营收同比增长 19%至 100 亿元，ICT 设备营收同比增长 15%至 2,313 亿元，受益于 AI 发展，成为通信行业增长亮点。 中国移动、中国电信和中国联通前三季度合计营收 1.48 万亿元，同比 增长 0.57%，利润端保持稳健，但主营业务收入增速压力依然存在。 北美四大云厂商 2025 年资本开支逐季创新高，三季度达 1,133 亿美元， 同比增长 75%，亚马逊、微软、谷歌和 Meta 均大幅上调全年资本开支 预算，并预计 2026 年继续增长。 Q&A 2025 年通信行业前三季度的总体收入和盈利情况如何？ 2025 年前三季度，通信板块合计营收 ...

Core Viewpoint - Shunwang Technology is actively seeking high-quality investment projects that align with its strategic development while emphasizing investment risk control [1] Group 1 - The company has been continuously investing in computing power and artificial intelligence businesses in recent years [1] - Shunwang Technology plans to maintain its investment in these areas moving forward [1]

Core Insights - The market capitalization of the seven major U.S. tech giants has surpassed $22.2 trillion, highlighting a significant shift in global economic power dynamics [1][2] - Nvidia's market value has exceeded $5 trillion, surpassing Japan's GDP, symbolizing a new economic paradigm [5][8] - The combined market capitalization of these tech giants exceeds China's GDP by approximately 15% [3][8] Group 1: Economic Disparities - The market values of China, Japan, and European economies lag behind those of tech companies, revealing a disconnect between national growth logic and technological innovation returns [8][12] - Japan's economic stagnation is characterized by an aging population and a lack of global network effects, leading to a situation where corporate valuations surpass GDP [9] - China possesses a wealth of tech talent but lacks platform-level enterprises, exacerbated by Huawei's restrictions and a deficiency in AI computing ecosystems [10][11] Group 2: The Rise of Digital Sovereignty - The "tech seven" have established a new form of power based on global data control, computational dominance, and capital accumulation, which transcends traditional national boundaries [3][4] - The competition is shifting from "nation against nation" to a coalition of "nations plus tech giants" [4] Group 3: Nvidia's Dominance - Nvidia's rise is attributed to three core factors: the critical importance of computational power in the AI era, the establishment of software barriers that create a global moat, and the capital frenzy surrounding AI investments [6][7] - Nvidia is positioned not merely as a chip manufacturer but as a new global infrastructure entity, controlling the "world's cognitive engine" [7] Group 4: Systemic Risks and Inequality - The misalignment between tech giants and national economic power introduces both unprecedented innovation and potential dangers, such as financialization risks and the concentration of wealth among super enterprises [13][14] - The increasing capital returns compared to labor income may exacerbate social inequality, leading to heightened risks of societal fragmentation [14] - The future of global competition and fairness is at stake, as the dominance of tech giants raises questions about governance and economic security [14]

Group 1 - The article highlights the importance of tracking major announcements in the stock market, including suspensions, investments, acquisitions, and performance reports, to identify investment opportunities and mitigate risks [1] - The company is involved in various advanced nuclear technologies, including thorium molten salt reactors and controlled nuclear fusion, positioning itself as a key player in the nuclear power sector [1] - The company participates in the International Thermonuclear Experimental Reactor (ITER) project, contributing significant technological equipment for nuclear power [1] Group 2 - The company has signed a memorandum of understanding for a 5GWh grid-level battery energy storage system, indicating its engagement in energy storage solutions [1]

1. Report Industry Investment Rating - There is no information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - In Q3 2025, the overall scale of public - offering funds continued to rise, with a 6.61% increase compared to the previous quarter and a 14.36% increase year - on - year. QDII and stock - hybrid funds were the main drivers of the scale growth [1][11]. - The scale of active equity funds increased significantly in Q3 2025, with the scale of active stock - biased funds rising by 20.57% quarter - on - quarter. Their stock positions continued to rise, and they increased their allocation to the STAR Market and ChiNext, while reducing their allocation to the Main Board [1][21]. - The reform of the performance comparison benchmark has been implemented, and the performance deviation of funds in Q3 has shown a convergence trend [3][61]. 3. Summary According to the Directory 3.1 2025 Q3 Public - Offering Fund Quarterly Report Analysis 3.1.1 Public - Offering Funds - The overall scale of public - offering funds reached 36.7 trillion yuan by the end of Q3 2025, with QDII, stock - type, and hybrid - type funds driving the growth, while the growth of fixed - income products was limited [11]. - After stripping out the impact of fund net value increases, some bond - type products maintained high allocation willingness, the enthusiasm for overseas asset allocation remained high, passive equity products in stock - hybrid funds were more attractive, and the shares of active equity funds shrank [15]. 3.1.2 Active Stock - Biased Funds - **Asset Allocation**: The median stock position of active stock - biased funds continued to rise, reaching 91.45%, at the 97.70% quantile since 2015 and the 96.40% quantile since 2019 [24]. - **Holding Sectors**: Active funds increased their allocation to the STAR Market and ChiNext and mainly reduced their allocation to the Main Board [28]. - **Industry Allocation**: They mainly increased their positions in the TMT and new energy sectors, with strong active allocation willingness in the electronics, communication, and retail sectors. After excluding market impacts, the sectors with the most obvious increase in positions were electronics, communication, etc., while the sectors with more reductions were banks, automobiles, etc. [30][32]. - **Concept Hotspots**: The allocation market value in the AI and computing power fields increased significantly, while the main directions of reduction were banks, cross - border payments, etc. [35]. - **Heavy - Holding Stocks**: The top 5 companies with the highest market value of holdings were CATL, Tencent Holdings (H), etc. The concentration of the top 20 holdings increased significantly, and the holdings tended to be concentrated. Industrial Fupeng, Zhongji Innolight, etc. were favored by investors [38]. - **Degree of Herding**: The investment main line was clear, and the herding trend of active stock - biased funds increased significantly [42]. 3.1.3 Asset Allocation Views of Active Fund Managers at the End of Q3 - **Balanced Allocation**: Future investment may focus on stock selection to find alpha, and pay attention to both dividend value and quality growth styles [46]. - **Technology Growth**: Be optimistic about the long - term semiconductor industry trend, but also pay attention to the mean - reversion pressure after the valuation expansion cycle [48]. - **Dividend Low - Volatility**: The trough of the cycle often corresponds to low valuations and good long - term returns, and be optimistic about undervalued assets and dividend stocks [51]. - **Cyclical Resource Products**: Pay attention to the supply - demand contradictions brought about by "resource nationalism" and focus on resource - themed investments [53]. - **Consumption and Medicine**: The improvement of the consumption situation needs positive signals, and innovative drugs are still the main line of pharmaceutical investment [55]. - **Gold**: The price is expected to remain high under the background of resource protectionism [58]. 3.1.4 Performance Comparison Benchmark Reform - The reform of the performance comparison benchmark for public - offering funds has been implemented, and active stock - biased funds in Q3 showed the characteristics of "diversified benchmarks and concentrated performance" [61]. 3.2 Market Performance Overview 3.2.1 Performance of Major Asset Classes - In the week of October 27 - 31, 2025, the domestic equity market index fluctuated and diverged, with the CSI 500 rising 1% and the gold price correcting [68]. 3.2.2 Industry Index Performance - In the same week, the power equipment, non - ferrous metals, and steel industries led the gains, while the communication, beauty care, and banking industries led the losses [72]. 3.2.3 Fund Market Performance - In the same week, the net values of all types of funds rose, with first - level hybrid bond funds performing the best [74]. 3.3 Fund Product Issuance Situation 3.3.1 Newly Established Funds - In the week, 64 new funds were established in the domestic market, with a total issuance share of 45.52 billion shares. The fund with the largest issuance share was Huatai - Peregrine Yingtai Stable 3 - Month Holding A [79].

Core Viewpoint - The A-share market experienced a volume contraction and a pullback in the artificial intelligence (AI) sector, with the ChiNext AI index falling by 0.89%, while other AI indices showed resilience [1] Group 1: Market Performance - The ChiNext AI ETF (159363) saw a decline of 0.91% with a trading volume of 581 million yuan, despite a net subscription of 14 million units on the same day, accumulating over 250 million yuan in the past five days, leading among similar products [1][3] - The AI application sector showed localized activity, with BlueFocus leading gains over 3%, while Mango Excellent Media and Runhe Software also saw increases [1] Group 2: Industry Developments - A significant development in the computing power sector occurred with Amazon Web Services (AWS) signing a $38 billion (approximately 270 billion yuan) partnership with OpenAI, marking a historic collaboration between a leading cloud computing company and an AI giant [3] - The North American cloud service providers (Microsoft, Amazon, Meta, and Google, collectively known as MAMG) reported a 68% year-on-year increase in capital expenditures, reaching $96.4 billion in Q3 2025, with an expected annual capital expenditure of $363.3 billion, a 63% increase [3][4] Group 3: Future Outlook - Despite short-term performance fluctuations, the long-term outlook for computing power hardware remains positive, driven by key indicators such as CAPEX, token consumption, and ARR [4] - The light communication industry is expected to maintain a high level of prosperity in the AI era, with leading companies likely to strengthen their positions through technological innovation and next-generation technology research [4] - The ChiNext AI ETF (159363) is highlighted as a key investment opportunity, with over 70% of its portfolio allocated to computing power and over 20% to AI applications, effectively capturing AI market trends [4]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [11]. Core Insights - In the 44th week of 2025, the communication sector experienced a decline of 3.77%, ranking 32nd among primary industries in the Yangtze River region. However, since the beginning of 2025, the sector has risen by 61.65%, ranking 2nd among primary industries [2][6]. - NVIDIA announced that it expects to ship approximately 20 million units of its Blackwell and Rubin series GPUs, raising its sales guidance for GPUs to over $500 billion for the next five quarters. The company also revealed several collaborations for computing power development [2][9]. - The financial performance of the four major cloud service providers in North America was strong, with continued increases in capital expenditures and accelerated global computing investments [2][8]. Summary by Sections Market Performance - The communication sector's performance in the 44th week of 2025 showed a decline of 3.77%, while it has increased by 61.65% since the start of the year [2][6]. - Among companies with a market capitalization above 8 billion, the top three gainers were Guodun Quantum (+38.4%), LianTe Technology (+20.7%), and Kesi Technology (+13.5%). The top three decliners were Kehua Data (-17.3%), Dekeli (-13.9%), and Huafeng Technology (-13.7%) [6]. NVIDIA's GPU Forecast - At GTC 2025, NVIDIA projected that the combined shipments of its Blackwell and Rubin series GPUs would reach around 20 million units, significantly higher than the 4 million units of the previous Hopper series. The company is also collaborating with Oracle and the U.S. Department of Energy to build supercomputing systems with a total computing power of approximately 2200 EFLOPS, expected to be operational in the first half of 2026 [7][9]. North American Cloud Providers' Financials - Google reported Q3 2025 revenue of $102.35 billion, a year-on-year increase of 16%, with cloud revenue up 34% to $15.16 billion. Capital expenditures were raised to $91-93 billion [8][24]. - Meta's Q3 2025 revenue was $51.24 billion, up 26% year-on-year, with capital expenditures adjusted to $70-72 billion [8][24]. - Microsoft's Q3 2025 revenue reached $77.67 billion, a year-on-year increase of 18%, with Azure services growing by 40% [8][24]. - Amazon's Q3 2025 revenue was $180.17 billion, up 13% year-on-year, with AWS revenue increasing by 20% [8][24]. Investment Recommendations - The report recommends several companies based on their sectors: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid Cooling: Yingweike - Hollow Core Fiber: Fenghuo Communication, Hengtong Optic-Electric - Domestic Computing: Runze Technology, Guanghuan New Network - AI Applications: Boshi Jie, Heertai - Satellite Applications: Huace Navigation, Haige Communication [9].

Core Viewpoint - The communication industry is experiencing an upward trend driven by the powerful engine derived from the AI wave, with significant performance differentiation across various segments [1]. Communication Industry Summary - In Q3 2025, the total revenue reached 632.1 billion yuan, representing a year-over-year increase of 3.7% [2]. - The net profit for the same quarter was 60.305 billion yuan, showing a year-over-year growth of 12.3% [2]. - Profitability metrics for Q3 2025 indicated a gross margin of 27.97% and a net margin of 9.54%, with a gross margin decrease of 0.40 percentage points and a net margin increase of 0.73 percentage points year-over-year [2]. Optical Module Industry Summary - The Wind Optical Module Concept Index reported a revenue of 29.590 billion yuan in Q3 2025, reflecting a year-over-year increase of 56.0% [5]. - The net profit for the optical module sector in Q3 2025 was 7.336 billion yuan, which is a remarkable year-over-year increase of 118.8% [6]. - Profitability for the optical module sector showed a gross margin of 39.07% and a net margin of 24.79%, with increases of 5.59 percentage points and 7.12 percentage points year-over-year, respectively [7]. Inventory Insights - As of the end of Q3 2025, the inventory balance stood at 33.212 billion yuan, marking a year-over-year increase of 47.6% and a quarter-over-quarter increase of 7.44% [8]. Investment Opportunities - Investors are encouraged to consider the communication ETF (515880) and the ChiNext AI ETF (159388) as potential investment vehicles in light of the strong performance in the optical module sector [1].