"航天给人类社会带来的变化就像半导体革命一样，它是我们人类开辟的'第三疆土'。从最早的陆地疆 域，到航海时代，每一次疆域的探索都给世界带来了持续百年的繁荣，而如今，商业航天的蓬勃发展标 志着我们已经逐渐迈入太空时代。"国际宇航科学院院士、国家高分专项应用系统总设计师顾行发将近 年商业航天的发展看作一场"技术革命"。 2026年，被业内称为"商业航天大年"。《锋面》记者梳理发现，刚刚过去的一月，全球至少已有24次航 天器发射，其中，中国发射8次、入轨航天器25颗。 加速升空的火箭，标志着商业航天进入规模化发展的阶段。在早期商业航天领域创业者、南京某通信技 术公司创始人郭正标看来，作为商业航天基建发展的卫星通讯等技术，只有具备更广泛的应用场景，才 会有商业模式产生，也才可能具备长久发展的生命力。 郭正标认为，商业航天的上半场聚焦火箭与卫星，面向下游应用市场的下半场才刚刚开始。 问题也来了，这场技术革命如何从"天上高地"走向"普惠人间"？作为新兴技术，商业航天如何为即将到 来的6G与低空经济赋能？距离太空旅行的普及还有多久？在科幻场景逐渐走向现实的道路上，商业航 天还面临哪些困境？ "空天地一体化"的6G时代 部分 ...

Core Insights - The 10th International Carbon Materials Conference and Exhibition (Carbontech 2026) will take place from June 10-12, 2026, at the Shanghai New International Expo Center, reflecting the acceleration of strategic emerging industries and high-end manufacturing systems in China [1][2] - Carbon materials, including carbon fiber, carbon nanotubes, graphene, and silicon-carbon anodes, are becoming essential materials for future industries due to their unique physical and chemical properties [1][3] Group 1: Event Overview - Carbontech 2026 will merge with the iTherM2026 and AMTE2026 exhibitions to form the FINE2026, aiming to establish a benchmark exhibition in the new materials sector with a focus on future industries [2] - The exhibition will cover an area of 50,000 square meters, featuring over 800 participating companies, 200+ research institutions, and attracting more than 100,000 professional visitors [2] Group 2: Industry Significance - Carbon materials have maintained their strategic importance throughout various stages of industrial civilization, evolving from graphite and activated carbon to advanced materials like diamond semiconductors and carbon fiber [3] - The conference serves as a vital platform for academic exchange and industry collaboration, showcasing the strategic value and enduring vitality of carbon materials in energy, information, and advanced technology sectors [3] Group 3: Recent Developments - The 2025 Carbontech event attracted over 10,000 professional visitors and featured nearly 400 exhibitors, highlighting the industry's growth and the increasing interest in carbon materials [6][8] - The event included specialized areas focusing on diamond and superhard materials, as well as carbon materials for energy and equipment, demonstrating the innovative applications and solutions in strategic fields [8][11] Group 4: Future Trends - With the rapid development of emerging industries such as artificial intelligence, semiconductors, and new energy vehicles, carbon materials are expected to experience significant growth and application expansion [11] - The conference will feature a dedicated area for new product launches, allowing companies to showcase technological breakthroughs and connect with potential customers [14]

Core Viewpoint - Keysight Technologies (KEYS.N) has shown a rising stock price trend over the past week, closing at $236.18 on February 11, with a cumulative increase of 6.58% [1] Stock Performance - As of February 11, the stock price closed at $236.18, with a cumulative increase of 6.58% and a volatility of 11.13%. The highest price reached was $239.16 on February 11, while the lowest was $214.49 on February 5. The total trading volume during this period was approximately $10.29 billion. On February 11, the stock price increased by 0.50% [2] Institutional Insights - Keysight Technologies has attracted attention from multiple institutions, with 16 institutions providing insights in February 2026. Among these, 63% recommend buying or increasing holdings, 31% suggest holding, and 6% recommend reducing or selling. The average target price set by 12 institutions is $223.25, with a highest target of $243.00 and a lowest of $195.00, indicating that the current stock price is above the average target. Institutions are optimistic about the company's positioning in artificial intelligence infrastructure and 6G technology [3] Recent Events - On February 11, 2026, Keysight Technologies released a forecast on 6G development trends, with the management team and technical experts sharing insights on the critical role of AI and Integrated Sensing and Communication (ISAC) technologies in the evolution of 6G. This event highlights the company's strategic positioning in future communication technologies, which may positively influence market sentiment [4]

Market Overview - Major indices showed positive performance with the STAR 50 up by 1.78%, ChiNext Index up by 1.32%, Shenzhen Component Index up by 0.86%, North Star 50 up by 0.50%, and Shanghai Composite Index up by 0.05% [1] - TMT sector led the gains with SW discrete devices up by 4.23%, SW digital chip design up by 3.52%, and SW passive components up by 3.10% [1] - TMT sector faced declines with SW film and animation production down by 6.56%, SW mass publishing down by 4.04%, and SW educational publishing down by 1.54% [1] Domestic News - Semiconductor packaging and testing company Moer Thread announced hardware parameters for S5000, supporting full precision computing from FP8 to FP64, with a single card AI computing power (FP8) reaching up to 1 PFLOPS and memory capacity of 80GB [2] - Huahong's revenue reached $2.4021 billion with a gross margin of 11.8%, benefiting from AI-related product demand and recovering domestic consumption, maintaining an average capacity utilization rate of 106.1% [2] - Counterpoint Research predicts a 23% year-on-year decline in China's smartphone sales in January 2026, primarily due to high base effects from early 2025 subsidies and changes in the Lunar New Year timing [2] - China Electronics Technology Group's 14th Research Institute completed the tape-out and testing of its first AI chip, marking a significant step into the RISC-V high-end processor and AI processor fields [2] Overseas News - EssilorLuxottica reported a threefold increase in sales of AI smart glasses in collaboration with Meta, with total sales exceeding 7 million pairs for the year [3] - The U.S. Department of Commerce announced a settlement of $1.739 billion with Applied Materials for illegally exporting chip manufacturing equipment to China's largest chipmaker, SMIC [3] - Micron clarified that its HBM4 memory has entered mass production, with overall progress exceeding previous expectations and HBM supply for the year already sold out [3] - Sharp announced the cancellation of its plan to transfer the K2 factory to Foxconn, proceeding with the shutdown plan for the K2 plant, which was known for its leading oxide backplane technology [3] AI Insights - Weimi Intelligence proposed a new sparse-linear mixed attention architecture (SALA) that effectively reduces computational complexity for long sequence processing, successfully running a 9B parameter model on a consumer-grade GPU [4] - Bloomberg reported that Google is accelerating the commercialization of its AI services, allowing consumers to shop through AI modes in Google Search and the Gemini chatbot [4] - Zhiyuan AI released and open-sourced the new general model GLM-5, significantly increasing parameter scale from 355B to 744B and pre-training data from 23T to 28.5T tokens [4] - Ant Group open-sourced the first full-modal model Ming-flash-omni 2.0, capable of generating voice, environmental sound effects, and music simultaneously in the same audio track [4] Industry Tracking - Space Economy: Space Zhi Hang completed the full system test of its ZH-1 liquid launch vehicle, validating various systems and completing a full process rehearsal [5] - Brain-Computer Interface: Zhongke Yixiang completed its first round of financing, focusing on brain science and AI to develop new interactive systems for patients with movement disorders and neurological diseases [5] - 6G: The International Telecommunication Union released the IMT-2030 air interface technology performance indicators report, laying a foundation for future standardization efforts [5] - New Materials: Henkel announced an agreement to acquire Dutch specialty coatings company Stahl for €2.1 billion, which provides high-performance coatings for various industries [5]

Core Insights - The commercial aerospace sector has officially entered a construction phase, marking the beginning of a new "constellation-level Capex" cycle in the communication industry, which is identified as the most certain core theme for 2026. The transition from technology validation to large-scale constellation deployment is driven by national strategic priorities and the "14th Five-Year Plan" [4][6] - The investment logic in commercial aerospace has shifted from thematic drivers to a focus on network construction, emphasizing the need for faster, cheaper, and more frequent satellite launches. Key constraints such as rocket capabilities, launch facilities, and ground communication systems are being gradually lifted [4][6] - The demand for high-speed optical connections is increasing as a critical component of AI computing infrastructure upgrades, with optical module port rates evolving towards 800G and 1.6T, indicating strong visibility and early realization of orders [4][6] - Liquid cooling technology is becoming a key structural increment in AI computing infrastructure upgrades, as traditional air cooling solutions face efficiency and space constraints. The penetration rate of liquid cooling is expected to rise alongside capital expenditures in computing [4][6] Industry Review - The communication sector maintained a positive revenue growth of 2.9% year-on-year, reaching a total revenue of 19.5 trillion yuan in the first three quarters of 2025, supported by the 5G-A construction cycle and positive impacts from optical modules and liquid cooling [20][19] - Profit levels in the communication sector improved, with total profits reaching 193.76 billion yuan, a year-on-year increase of 9.1%, indicating a positive trend in profitability [21][19] - The overall expense control was effective, with a sales expense ratio of 6.5% and a management expense ratio of 5.1% in the first three quarters of 2025, both showing a decrease compared to the previous year [26][25] Key Strategies - The first main strategy focuses on the construction phase of commercial aerospace, which is expected to drive a new "constellation-level Capex" cycle in the communication industry [6][36] - The second main strategy emphasizes the ongoing demand for AI computing, which will continue to drive upgrades in communication infrastructure [6][36] Investment Focus - Key stocks to watch include Kunheng Shunwei (688283), Aofei Data (300738), and Guanghuan Xinwang (300383), which are positioned to benefit from the trends in commercial aerospace and AI computing [4][6]

Group 1 - The stock price of Guangha Communication (300711) has shown volatility, closing at 28.06 yuan on February 12, 2026, with a daily increase of 0.61% and a trading volume of 2.23 billion yuan, resulting in a turnover rate of 3.18% [1] - Over the past five trading days, the cumulative increase in stock price is 0.57%, with notable single-day increases of 2.14% on February 9 and 1.15% on February 10, followed by a decline of 3.93% on February 11 [1] - On February 12, there was a net outflow of 2.1282 million yuan in main funds, with large single purchases accounting for 3.70% of the total [1] Group 2 - Institutional attention towards Guangha Communication is moderate, with a neutral sentiment in recent discussions; the company has been surveyed 32 times, ranking well within the industry, but there have been no new ratings recently [2] - Profit forecasts indicate a projected net profit growth of 24.46% and revenue growth of 26.91% for 2025, with expected net profit growth of 27.72% and revenue growth of 27.43% for 2026 [2] - The company's focus areas, such as 6G and artificial intelligence, may present long-term thematic opportunities, although the current valuation appears high with a TTM price-to-earnings ratio of 79.13 [2]

Core Viewpoint - The company is positioned to benefit from increased demand in AI and 6G technologies, with upcoming financial results and strategic initiatives being key focus areas for investors [2][4][7]. Financial Performance - The company is expected to announce Q1 FY2026 results in late February 2026, with revenue guidance between $1.53 billion and $1.55 billion, reflecting a year-over-year growth of approximately 10% after excluding acquisitions. Non-GAAP EPS guidance is set between $1.95 and $2.01 [2]. - Management anticipates that the impact of new tariffs introduced in August 2025 will be fully offset in Q1 FY2026, with total tariff costs projected to remain at the lower end of the $150 million to $175 million range for the year [6]. Project Progress - The company completed the acquisition of Spirent and others in 2025, aiming for integration within 12 to 18 months, targeting cost savings of $100 million and contributing approximately $375 million in revenue for FY2026. Investors should monitor the efficiency of this integration and any regulatory impacts [3]. Business and Technology Development - The company continues to invest in AI data center simulation and 6G channel modeling, with its "AI Data Center Builder" gaining industry recognition. Increased capital expenditure plans from clients like Meta and Microsoft are expected to drive demand for high-speed optical modules and semiconductor testing [4]. Capital Movements - In November 2025, the company announced a new $1.5 billion stock repurchase plan, in addition to approximately $375 million in repurchases for FY2025, indicating strong confidence in cash flow. If free cash flow remains robust, this buyback strategy may support stock prices [5]. Current Operating Status - The company is currently operating with a profit margin of approximately 26%, with a long-term target of 31% to 32%. Achieving this target could enhance market sentiment [6]. Industry and Risk Analysis - The testing and measurement industry is significantly influenced by client capital expenditure cycles. There is a need to be cautious of potential order growth suppression due to macroeconomic conditions or a slowdown in technology sector investments. The company must maintain technological differentiation in cutting-edge fields like 6G and quantum computing against competitors [7].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its stock performance [3][6]. Core Insights - The company, Kingboard Laminates (1888.HK), is a leading manufacturer of copper-clad laminates with a vertically integrated supply chain, maintaining a global market share of 14.4% in 2024, the highest in the industry [2][3]. - The demand for copper-clad laminates is expected to grow due to the robust expansion of the PCB industry, driven by applications in AI servers, consumer electronics, automotive electronics, and communication devices [1][41]. - The company is well-positioned to benefit from rising copper prices and a tight supply environment, which are expected to enhance both pricing and profitability [2][3]. Company Overview - Kingboard Laminates was established in 1988 and has evolved into a major player in the copper-clad laminate market, with over 60 factories globally and a strong presence in South China and East China [1][16]. - The company specializes in various types of copper-clad laminates, including FR-4 epoxy glass fiber laminates, which are crucial for mainstream markets such as computers and communications [2][25]. Market Position - The copper-clad laminate market is characterized by high concentration, with the top four manufacturers holding approximately 50% of the market share, indicating significant barriers to entry and strong pricing power for established players [2][70]. - The report highlights that the company has a strong bargaining power due to its diversified customer base, with the top five customers accounting for less than 30% of total sales [2][3]. Financial Projections - The company is projected to achieve net profits of HKD 2.17 billion, HKD 3.95 billion, and HKD 4.84 billion for the years 2025, 2026, and 2027, respectively, reflecting growth rates of 64%, 82%, and 22% [3][5]. - The report indicates that the company's stock is currently undervalued compared to its peers, with projected P/E ratios of 27x, 15x, and 12x for the years 2025 to 2027 [3][5]. Industry Analysis - The PCB industry is expected to see a compound annual growth rate (CAGR) of 5.2% from 2024 to 2029, with the total market value projected to reach USD 94.66 billion by 2029 [1][44]. - The demand for high-frequency and high-speed copper-clad laminates is increasing, particularly in the AI server sector, which requires advanced materials to support higher data transmission rates [2][67].

Industry Overview - The semiconductor industry experienced significant growth in 2025, with sales reaching $791.7 billion, marking a year-over-year increase of 25.6% from $630.5 billion [3][4] - The fourth quarter of 2025 saw sales of $236.6 billion, up 37.1% year over year and 13.6% sequentially [3] - Global semiconductor sales in December 2025 were $78.9 billion, reflecting a sequential increase of 2.7% [3] - The demand for logic and memory products drove sales, with logic product sales surging to $301.9 billion (up 39.9%) and memory products totaling $223.1 billion (up 34.8%) [4] - The global semiconductor industry is projected to reach nearly $1 trillion in sales in 2026 [4] Investment Opportunities - Semiconductor stocks such as Analog Devices (ADI), Silicon Laboratories Inc. (SLAB), Taiwan Semiconductor Manufacturing Company Limited (TSM), and ASML Holding N.V. (ASML) are highlighted as having strong growth potential [2] - Analog Devices is expected to have an earnings growth rate of 28% for the current year, with earnings estimates improving by 2.7% over the past 60 days [7][8] - Silicon Laboratories anticipates earnings growth of over 100% this year, driven by rising demand in AI and IoT [10][8] - Taiwan Semiconductor Manufacturing Company Limited expects a 33% earnings growth rate, with estimates improving by 15.7% over the past 60 days [12] - ASML Holding is projected to have an earnings growth rate of 18.8%, with estimates increasing by 8% over the past 60 days [14] Market Drivers - The semiconductor market is being propelled by robust demand for microchips in various sectors, including IoT, 6G, and AI, as well as the automotive industry [4][5] - Specialized AI chips are becoming essential as their applications expand from data centers to consumer devices, supporting complex computing needs and AI-intensive workloads [5]

Financial Data and Key Metrics Changes - T-Mobile is growing four times faster in service revenue than competitors and twice as quickly on EBITDA, with over $20 billion returned to shareholders [8][9] - Free cash flow generation remains strong, serving as an industry benchmark [8] Business Line Data and Key Metrics Changes - T-Mobile has added over 1 million new prepaid relationships annually, with an ARPA growth of 13% since 2020 [9][10] - The company has successfully transitioned to a 5G standalone core, providing a significant lead over competitors [14][15] Market Data and Key Metrics Changes - T-Mobile's median download speeds are twice as high as the nearest competitor, with a significant lead in network quality as recognized by J.D. Power [17][18] - The company has gained share in markets where competitors have built fiber, indicating strong performance in network seeker demographics [45] Company Strategy and Development Direction - T-Mobile aims to maintain its differentiation by providing the best network, best value, and best customer experience, which is seen as a key driver for growth opportunities [12][40] - The company is focused on expanding its broadband business, targeting 15 million customers by 2030, with significant growth potential in small markets and rural areas [43][55] Management's Comments on Operating Environment and Future Outlook - Management expresses confidence in T-Mobile's growth trajectory, emphasizing the importance of widening differentiation to unlock unparalleled growth opportunities [40][49] - The company is committed to leveraging AI and digital technologies to enhance customer experience and operational efficiency [30][32] Other Important Information - T-Mobile has introduced Live Translate, a real-time voice translation service built into its network, showcasing its commitment to innovation [34][36] - The company is exploring new growth areas such as advertising and financial services, indicating a strategic expansion beyond traditional telecommunications [56][57] Q&A Session Summary Question: What is T-Mobile's strategy for maintaining competitive advantage? - Management highlighted the importance of no trade-offs between network quality, value, and customer experience as a core strategy [12][22] Question: How does T-Mobile plan to grow its broadband business? - The company aims for 15 million broadband customers by 2030, leveraging its ultra-capacity network and focusing on incremental growth [43][55] Question: What role does AI play in T-Mobile's future? - AI is seen as a critical component for personalizing customer experience and improving operational efficiency, with ongoing investments in AI technologies [30][32]