1 、 《 DeepSeek：开启AI"安卓时刻"》摘要 ■ AI技术赋能硬件，带动智能设备升级，应用于AI眼镜、自动驾驶、机器人、AIPC（AI个人电脑）、 AI玩具等领域。 ■ AI模型训练和推理需要强大的网络与存储支持，带动5G、IDC（数据中心）、光通信等相关投资机 会。 2、 《 我国AI算力增速高于预期》 摘要 ■ 中国移动 助力中国石油完成 DeepSeekV3/R1 国产化适配与私有化部署，推动AI在能源化工领域落 地。 ■ 中兴通讯2024年营收 1213 亿元 ，归母净利润 84.2 亿元 （扣非 61.8 亿元 ），在电信资本开支下滑 背景下保持稳健增长。 ■ 华为发布 星河通信系统 ，首个 智能车载通信系统 ，融合 卫星通信+地面通信 ，助力卫星通信市场 发展。 3、 《债市 配置性价比已现》摘要 ■ 10年期国债收益率（10Y）上行 9BP （1.63% → 1.72%），1年期国债收益率上行 16BP （1.30% → 1.46%），期限利差收缩 7BP （26BP）。 ■ 若两会政策超预期 （财政更积极，经济目标更高），长端利率或短期上冲（1.75%以上），但幅度 受限。 ■ 2 ...

Industry Overview - The Zacks Computer - Networking industry is experiencing growth driven by increased focus on cloud computing, network security, big data, and cloud storage, particularly with the rise of AI technology [1] - Companies are capitalizing on the multi-billion-dollar AI infrastructure opportunity, with the accelerated deployment of 5G enhancing the demand for robust networking infrastructure [1][4] - The industry is characterized by a diverse range of products, including wireless, Ethernet, and powerline solutions, catering to the evolving needs of consumers and businesses [2] Trends Influencing the Industry - Innovation in networking technologies is opening new business avenues, driven by the proliferation of smart home devices and the increasing adoption of cloud computing [3] - The rapid deployment of 5G technology is expected to boost growth prospects, necessitating substantial investments in infrastructure upgrades [4] - The upcoming Wi-Fi 7 upgrade cycle is anticipated to drive demand for advanced networking products, addressing issues related to Wi-Fi spectrum shortages [5] Economic Conditions - Global macroeconomic weakness and volatile supply-chain dynamics pose challenges for the industry, potentially affecting spending and business visibility [6] Industry Performance - The Zacks Computer - Networking industry ranks 25, placing it in the top 10% of over 246 Zacks industries, indicating bright near-term prospects [7][8] - The industry has outperformed the S&P 500 Composite and the broader Zacks Computer and Technology sector, gaining 28% over the past year compared to the sector's 12.4% and the S&P 500's 15.6% [9] Valuation Metrics - The industry is currently trading at a forward 12-month price-to-earnings (P/E) ratio of 20.12X, which is below the S&P 500's 21.53X and the sector's 24.41X [11] Company Highlights - **Cisco Systems, Inc. (CSCO)**: Benefiting from strong demand for AI infrastructure solutions, with orders exceeding $700 million in the first half of fiscal 2025, and a growth rate of over 40% in orders [14][16] - **NETGEAR, Inc. (NTGR)**: Experienced a 14.9% revenue increase in the NFB segment, driven by strong demand for ProAV managed switch products, and a successful destocking plan leading to improved revenue predictability [19][20] - **RADCOM Ltd. (RDCM)**: Reported record revenues of $16.3 million, a 16.1% year-over-year increase, and provided revenue guidance for 2025 expecting growth between 12% and 15% [24][25]

Comcast (CMCSA) shares have plunged 15.8% over the past year, underperforming the Zacks Consumer Discretionary sector’s appreciation of 11.2% and the Zacks Cable Television industry’s decline of 5.1%.CMCSA shares’ underperformance can be attributed to its recently reported decline in broadband subscribers, further negative impact anticipated on the subscriber base due to the end of the Affordable Connectivity Program and long-term competition from fiber and fixed wireless operators like AT&T (T) and Verizon ...

Core Viewpoint - ASML Holding is a leading semiconductor equipment maker and remains a strong long-term investment despite a recent stock decline of 25% over the past year, which presents a potential buying opportunity due to its monopolized technology, temporary cyclical slowdown, and reasonable valuation [3][11]. Group 1: Monopolized Technology - ASML is the only producer of high-end extreme ultraviolet (EUV) lithography systems, essential for manufacturing the world's smallest and most efficient chips, used by top foundries like TSMC, Samsung, and Intel [2]. - The company has developed its EUV technology over more than two decades, with current low-NA systems costing approximately $180 million and new high-NA systems around $380 million, creating a high barrier to entry for competitors [4][5]. Group 2: Cyclical Slowdown - ASML experienced significant revenue growth from 2020 to 2023, driven by increased PC shipments, the launch of new 5G smartphones, and a booming AI market, with revenue growth rates of 30% in 2023 [6]. - A slowdown in revenue and earnings growth is expected in 2024 due to various factors, including tighter restrictions on sales to Chinese chipmakers and a transition to high-NA EUV systems, but gross margins have remained stable [7]. - For 2025, ASML anticipates revenue growth between 6% to 24% and gross margins of 51% to 53%, with analysts projecting revenue and EPS growth of 15% and 23%, respectively, indicating the end of the cyclical downturn [8][9]. Group 3: Reasonable Valuation - ASML's stock is currently valued at 29 times this year's earnings, which is considered reasonable following a period of overheating [11]. - The company is expected to navigate challenges such as tariff uncertainties and export restrictions while maintaining its dominance in the lithography market, making it an attractive investment as the semiconductor market continues to expand [12].

Group 1 - Khaveen Investments is a Macroquantamental Hedge Fund managing a globally diversified investment portfolio across various asset classes, countries, sectors, and industries [1] - The investment approach combines top-down and bottom-up methodologies, integrating global macro, fundamental, and quantitative strategies [1] - The fund serves accredited investors globally, including high-net-worth individuals, corporations, associations, and institutions [1] Group 2 - The strategic focus of Khaveen Investments is on transformative fields such as Artificial Intelligence, Cloud Computing, 5G, Autonomous & Electric Vehicles, FinTech, Augmented & Virtual Reality, and the Internet of Things [1] - The company possesses specialized expertise in cutting-edge technologies that are reshaping numerous industries [1]

Core Insights - Palo Alto Networks introduced Prisma SASE 5G to enhance security for enterprise 5G deployments, collaborating with seven industry leaders to provide comprehensive security solutions [1][4][6] - The rise of 5G connectivity necessitates robust security measures due to increased cyber threats, particularly those leveraging AI for sophisticated attacks [2][3] - The company emphasizes the importance of Zero Trust security and AI-powered solutions to protect against evolving threats in the 5G landscape [6][12] Group 1: Product and Service Offerings - Prisma SASE 5G enables service providers to deliver seamless security for enterprise customers, integrating with existing 5G networks to enhance security and reliability [4][6] - The solution offers SIM-based authentication for secure connectivity across all 5G devices, maintaining granular policies and visibility [6][11] - Palo Alto Networks' partnerships with companies like Singtel and NTT DATA aim to enhance enterprise security and performance through integrated solutions [5][11] Group 2: Industry Trends and Challenges - The demand for 5G connectivity is growing rapidly, driven by the hybrid workforce and the need for secure connections in various sectors, including autonomous AI applications and manufacturing [2][8] - Cybersecurity teams prefer to apply familiar technologies to 5G networks, indicating a need for service providers to bridge traditional security practices with new 5G demands [8] - The evolving threat landscape, characterized by AI-driven attacks, requires continuous innovation in security solutions to protect critical infrastructure [3][7]

Core Insights - The successful integration of Nokia's military-grade 5G solutions with Lockheed Martin's 5G.MIL Hybrid Base Station enhances the interoperability of commercial 5G connections with military communications systems, crucial for national defense [1][2][3] Group 1: Strategic Collaboration - Lockheed Martin, Nokia, and Verizon are collaborating to ensure seamless data routing in military operations, enhancing situational awareness and decision-making [2][6] - The integration demonstrates Nokia's flexibility in meeting defense demands while ensuring security and efficiency [2][3] Group 2: Technical Integration - Recent demonstrations showcased the interoperability of Nokia's 5G solutions with Verizon's network management, allowing for rapid integration of advanced capabilities into Lockheed Martin's systems [3][4] - The integration allows users to switch between commercial 5G and tactical LPx waveforms without interruption, enhancing operational capabilities [5] Group 3: Future Developments - The collaboration will continue to evolve with the incorporation of new technology advancements at Lockheed Martin's 5G.MIL Experimental Network site in Florida, enhancing military and national security operations [6][7] - Future efforts will focus on expanding hybrid network testing and improving interoperability across various tactical communication systems [6][7]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 increased by 17% to $61.2 million compared to $52.4 million in the prior year [8] - Service revenue rose by 18%, primarily driven by wholesale capacity revenue, while commercial IoT increased by 8% due to higher average subscribers and ARPU [8] - Adjusted EBITDA for Q4 2024 increased by 21% to $30.4 million, with an adjusted EBITDA margin of 54%, up 190 basis points from 52% in 2023 [9][11] Business Line Data and Key Metrics Changes - The Commercial IoT business achieved record annual service revenue in 2024, reflecting growth from existing and new customers [10] - The company expects revenue for 2025 to be between $260 million and $285 million, representing a 9% year-over-year growth at the midpoint [15] Market Data and Key Metrics Changes - The company ended 2024 with $391.2 million in cash, with significant cash inflows from updated service agreements totaling $913 million [12][13] - The company anticipates that the extended MSS network will double total revenue in its first full year of service, reaching $500 million [16] Company Strategy and Development Direction - The company successfully completed its uplisting to the NASDAQ Global Select Market and implemented a 1 for 15 reverse stock split to enhance stock liquidity [5][6] - The focus is on expanding product offerings, including the launch of a QA device and further development of the XCOM RAN terrestrial solution [11][16] - The company aims to maintain 100% of terrestrial, MSS, and other revenue while allocating 85% of network capacity for satellite services to its wholesale customer [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's positioning within satellite and terrestrial connectivity markets, highlighting significant growth opportunities [22] - The company is focused on balancing growth investments while maintaining healthy margins, with expectations for adjusted EBITDA margins to improve over time [19][58] Other Important Information - The company has achieved a major milestone in partnership with Parsons Corporation, demonstrating a software-defined communication solution using its lower orbit constellation [38] - The company completed the first 5G data call on its Band n53 spectrum, achieving download speeds of 100 megabits per second [39] Q&A Session Summary Question: Can you explain the capabilities of the Aurora satellites? - The Aurora satellites have beam forming capabilities, allowing for controlled power and signal direction [45] Question: What is the timeline for the launch of the new satellites? - No specific update on the launch timing was provided [47] Question: Can you provide updates on the XCOM RAN and customer progress? - The company is focused on cost reduction and is awaiting customer decisions on rollout [54] Question: What are the expectations for EBITDA margins? - EBITDA margins are expected to face short-term pressures but should improve over the next 12 to 18 months [58] Question: When will the 2-way IoT become material to the numbers? - The company expects to start seeing material contributions from the 2-way IoT in 2025, with a ramp-up beginning this year [70][73] Question: Can you provide more details on the new satellite constellation? - The new constellation will work in conjunction with existing satellites, providing optionality for future expansions [115] Question: What are the use cases for the 2-way communication? - Use cases include remote asset control and monitoring, enabling commands to be sent back to devices [120][122]

Group 1 - Khaveen Investments is a Macroquantamental Hedge Fund managing a globally diversified investment portfolio across various asset classes, countries, sectors, and industries [1] - The investment approach combines top-down and bottom-up methodologies, integrating global macro, fundamental, and quantitative strategies [1] - The firm focuses on transformative fields such as Artificial Intelligence, Cloud Computing, 5G, Autonomous & Electric Vehicles, FinTech, Augmented & Virtual Reality, and the Internet of Things [1] Group 2 - The firm serves accredited investors globally, including High Net Worth Individuals, Corporates, Associations, and Institutions [1] - Specialized expertise in cutting-edge technologies is a core component of the firm's investment strategy [1]

Financial Data and Key Metrics Changes - Service revenue grew 2% year-on-year to PHP 194.7 billion driven by Fiber Mobile data and Enterprise ICT [9] - Gross revenue rose by 3% to PHP 208.4 billion [9] - EBITDA expanded by 4% to PHP 108.5 billion, with an EBITDA margin of 52% [10][19] - Telco Core income increased by 2% to PHP 35.1 billion, reinforcing earnings stability [10][19] - Reported income surged 21% to PHP 32.3 billion, up PHP 5.7 billion year-on-year [20] Business Line Data and Key Metrics Changes - Individual segment revenues rose by 2% to PHP 83.5 billion, with Mobile Data up by 5% [12] - Home revenues hit PHP 60.7 billion, with Fiber-only revenues growing by 6% to PHP 56 billion [14] - Enterprise revenues grew 3% to PHP 48.4 billion, with ICT services up 15% to PHP 35 billion [17] Market Data and Key Metrics Changes - Active data users reached 41.3 million, with average monthly mobile data usage per user growing by 5% [12] - PLDT's ARPU of PHP 1,488 remains at a premium to the industry [15] - Maya Bank's customer base grew 71% year-on-year to 5.4 million [28] Company Strategy and Development Direction - Focus on expanding revenues, managing costs, and improving cash flow generation in 2025 [10] - Strategic investments in network leadership, AI-driven marketing, and digital transformation [36] - Commitment to sustainability with a target of running data centers on at least 40% renewable energy by 2030 [72] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining profitability amid competitive pressures [10] - Anticipated continued growth in mobile data and enterprise ICT segments [36] - Plans to enhance customer experience and retention through improved service and innovative offerings [92] Other Important Information - CapEx for 2024 totaled PHP 78.2 billion, with guidance for 2025 between PHP 68 billion and PHP 73 billion [21][22] - Net debt-to-EBITDA currently stands at 2.52 times, with a target to reduce it to 2.0 times in the mid-term [23] - PLDT retained investment-grade ratings from S&P and Moody's [25] Q&A Session Summary Question: What is PLDT's stand on the Konektadong Pinoy Act? - PLDT supports the government's effort to provide open access and requests equal treatment with data transmission providers [79][81] Question: What initiatives are driving customer retention in the Home segment? - PLDT Home focuses on competitive offers, increasing speeds, and improving service to maintain a low churn rate of 1.7% [92] Question: Can you clarify the 11% increase in Fixed Line from 2023 to 2024? - The increase is attributed to bundled products, with voice services growing as part of these bundles [115] Question: Any preliminary guidance for 2025? - Management is not comfortable providing specific guidance for core income for 2025 but expects increases in revenues and profitability [123] Question: Why did PLDT see subscriber losses on prepaid in the fourth quarter? - The losses were due to a year-end cleanup of subscribers [127] Question: What has demand been like for GPU-as-a-Service? - Demand is growing, and PLDT is in discussions with enterprises to explore use cases for this service [133]