Core Viewpoint - Public QDII funds are leveraging their positions in the US stock market to enhance net value defense and differentiate their product offerings amidst the recent pullback in the Hong Kong stock market [1][2]. Group 1: Performance of QDII Funds - Despite an overall decline in net value for public QDII funds in recent months, those with a focus on US stocks have shown strong performance, ranking among the top in net value gains during market adjustments [2][4]. - Notable QDII funds such as CICC Global Healthcare and E Fund Global Growth Select have reported significant gains of 11.78% and 7.22% respectively over the past month, making them some of the few active equity QDIIs to achieve positive returns [2]. Group 2: Stock Selection and Market Strategy - Core stocks from the US market have bolstered the net value defense of these funds, with examples like Cidara, which saw a 105% increase in a single day due to a major acquisition announcement [3]. - The strategy of reallocating from Hong Kong stocks to US stocks has been evident, with some funds increasing their US stock positions significantly, such as CICC Global Healthcare, which shifted from 3% to 71% in US stocks within a quarter [6]. Group 3: Differentiation and Market Trends - The trend of increasing US stock positions among public QDIIs has been apparent since the end of Q3, as funds seek to distinguish themselves in a competitive market [4][5]. - The E Fund Asia Select QDII, managed by a prominent fund manager, has benefited from a 40% annual return, attributed to a 32.24% allocation in US stocks, significantly higher than earlier in the year [5]. Group 4: Impact of AI and Technology - The demand for computing power driven by AI technology has significantly enhanced the attractiveness of US QDIIs, with fund managers optimistic about the long-term investment value in leading tech companies [7][8]. - The rapid growth in AI applications has led to increased expectations for the scale of computing infrastructure, with funds like Jianxin Emerging Markets QDII holding 50% in US stocks, reflecting a strategic focus on this sector [8].

Group 1: Company Developments - Jiuqi Software is a leading domestic report management software provider, with its new generation application management platform, Nuwa GPT, offering capabilities for large model management and intelligent orchestration, already implemented in multiple intelligent scenarios [2] - Yidian Tianxia has reached a framework cooperation agreement with Alibaba Cloud to jointly create the first AI comic overseas acceleration engine [2] - Longxi Co., a leader in the joint bearing industry, is widely applied in aviation and military fields, and is a major supplier for robotics [2] - Seagull Home focuses on high-end sanitary ware and has established two manufacturing service bases in Vietnam [2] - Huakai is a custom home solution provider and one of the few brands in China with full trademark protection [2] Group 2: Market Trends and Economic Indicators - The People's Daily states that Taiwan's recovery signifies the inevitable unification of the motherland [2] - The October CPI increased by 0.2% year-on-year, with the Ministry of Finance indicating continued implementation of measures to boost consumption [3] - The real estate market is seeing multiple local governments release notifications to promote stable and healthy development [2][3] Group 3: Strategic Partnerships and Investments - Pingao Co. plans to invest 400 million yuan to acquire a 15.4182% stake in Jiangyuan Technology, which specializes in computing power cards [3] - Shenzhen State-owned Assets Supervision and Administration Commission controls Te Fa Group, which focuses on the optical communication industry [2] - The company Shida Group intends to acquire 95% of Shuchuan Ming Shang, which specializes in computing power and data services [4]

Core Insights - The city of Changshu is undergoing a "computing power revolution," transitioning from traditional manufacturing to becoming a hub for artificial intelligence (AI) [1] - A strategic cooperation agreement was signed between the Changshu Municipal Government and China Telecom Jiangsu to establish the first county-level "AI+" innovation application demonstration zone in the Yangtze River Delta [1] Group 1: Computing Power as a Driver - The launch of the "Xiangran" computing power scheduling platform in Changshu will unify local computing resources and connect to the national "East Data West Computing" project, enabling efficient cross-regional collaboration [2] - Changshu has a solid industrial foundation with 33 industrial categories and an industrial output value of 490 billion yuan, providing a fertile ground for AI applications [2] - The city has over 200 AI-related companies generating more than 40 billion yuan in revenue, with 33 large models and 71 typical application scenarios developed [2] Group 2: AI Empowering Various Industries - AI is deeply integrated into the manufacturing chain in Changshu, enhancing efficiency and reducing costs across various sectors, including cross-border e-commerce and intelligent logistics [3] - AI applications are also being utilized in urban governance, such as agricultural subsidy calculators and intelligent water network risk warnings, improving public services [3] - China Telecom's "Xingchen" large model will support industry-specific model training and applications, fostering new AI-driven business models in Changshu [3] Group 3: Collaborative Ecosystem Development - The establishment of three key platforms, including the "Six Degrees Space" AI cluster and joint laboratories, aims to create a collaborative environment for AI enterprises [4] - The "Zhiyun STORE" initiative will allow businesses to select AI capability modules, facilitating rapid development of intelligent systems [4] - The focus is on building a self-evolving and diverse AI industrial ecosystem, avoiding isolated projects and promoting integrated development [5] Group 4: Changshu's Unique Advantages - Changshu's success in establishing a city-level AI brand is attributed to its robust manufacturing base, proactive government initiatives, and strong collaboration with central enterprises [6] - The city is actively inviting major tech companies to invest, with China Telecom providing a stable digital foundation for this transformation [6] - Changshu aims to become a model for intelligent transformation in county-level economies, showcasing its ambition and future potential [6]

1.【黄仁勋称英伟达有大量新型Blackwell芯片可供销售】英伟达公司首席执行官黄仁勋表示，他的 公司拥有足够的新型Blackwell芯片来满足不断增长的需求，且业务"非常、非常强劲"。黄仁勋对英 伟达第三季财报发布会上的一些言论做出了新的解释。他表示，先前提到Blackwell产品线"售罄"是 指现有芯片已被客户充分使用。黄仁勋说，我们的供应链规划得非常周全。 我们还有很多Blackwell 可供销售 。这些评论延续了英伟达周三早些时候发布财报时展现的乐观基调。该公司驳斥了有关AI领 域支出激增会造成泡沫的担忧。（财联社） 欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 2.【IDC：预计2026年中国智能眼镜市场迎来规模化拐点】IDC发文称，在AI的赋能下，智能眼镜市 场正从通用型产品向场景化解决方案转变，有望成为手机、汽车、智能家居等终端的关键信息输入端 口。IDC预计，2026年智能眼镜市场将迎来规模化拐点，全球智能眼镜市场出货量预计将突破 2368.7万台，其中中国智能眼镜市场出货量将突破491.5万台。（腾讯网） 3.【马斯克：当前AI发展的真正瓶颈既不 ...

Investment Rating - The report maintains a "Strong Buy" rating for the communication industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The communication industry has shown continuous growth in performance, with a revenue increase of 3.3% year-on-year for the first three quarters of 2025, reaching a total of 19,549 billion yuan, while net profit grew by 9.0% to 1,943 billion yuan [9][24]. - The North American AI sector has led the growth, with a staggering revenue increase of 265% since the beginning of 2025, highlighting significant investment potential in this area [15][23]. - The report suggests focusing on specific segments such as optical modules, copper interconnects, switches, temperature control and power supply equipment, IDC rooms, edge AI, and robotics for potential investment opportunities [2]. Summary by Sections 1. Industry Performance - The communication industry index has increased by 58.8% since the beginning of 2025, outperforming major indices like the Shanghai Composite [15][21]. - The North American AI sector has shown exceptional growth, with revenue and net profit increasing by 71.5% and 129.5% respectively in Q3 2025 [45]. 2. Overall Performance - The overall revenue growth has slowed, but profit growth remains strong, with Q3 2025 showing a 3.7% increase in revenue and a 12.1% increase in net profit [24][29]. - The communication sector's overall gross margin and net margin have shown slight improvements, indicating better profitability management [29][32]. 3. Key Segment Analysis 3.1. Operators - The operators' segment has shown stable growth, with a revenue increase of 0.6% and a net profit increase of 4.3% in the first three quarters of 2025 [39][40]. 3.2. 5G - The 5G segment has maintained low growth rates, but there was a marginal improvement in Q3 2025, with revenue growth of 3.6% [41]. 3.3. North American AI - The North American AI segment has experienced rapid growth, with significant increases in both revenue and net profit, driven by high demand and product optimization [45][47]. 3.4. Domestic Computing Power - The domestic computing power segment has shown overall positive performance, with a revenue increase of 22.0% and net profit growth of 38.8% in the first three quarters of 2025 [48].

国信证券指出，通信行业受益于全球算力高景气度延续，北美光模块等公司业绩指引强劲。 Tower2025Q3营收同比增长7%，硅光子业务收入同比大增70%，预计产能将提升3倍以上；AMD预计未 来3-5年数据中心业务年复合增长率超60%，其硅锗平台需求强劲；思科FY2026Q1营收同比增长8%， AI基础设施订单达13亿美元，全年相关收入预计超30亿美元。国内方面，百度发布昆仑芯超节点技 术，单卡性能提升95%，卫星互联网加速推进，第13组低轨卫星成功发射。运营商板块经营稳健，分红 比例持续提升，高股息价值凸显。整体来看，AI基础设施建设和算力需求驱动通信设备、光模块、液 冷等细分领域持续受益。 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 创业板人工智能ETF国泰（159388）跟踪的是创业板人工智能指数（970070），单日涨跌幅达 20%，该指数从创业板市场中选取涉及人工智能技 ...

AI赋能，智能化突飞猛进，汽车正在奔向"高级智能体"的路上。 11月20日，在美沙投资论坛上，特斯拉CEO马斯克在演讲中强调，当前人工智能发展的真正瓶颈既不是资金，也不是算法，而是算力和电 力。而在这背后，AI基础设施的建设也在很大程度上将为汽车智能化带来新的支撑和动能。 从"马力"到"算力" 马斯克弦外之音，是对于算力的焦虑，而这种焦虑根源来源于汽车智能化及自动驾驶的发展。 目前，在全球汽车行业，智能化浪潮正以前所未有的速度席卷而来，而自动驾驶技术则是这场浪潮中的核心驱动力。随着自动驾驶从L2级辅 助驾驶逐渐向L3、L4等越来越高级别的高度自动驾驶和完全自动驾驶迈进，对算力的需求呈现出爆发式的增长。这种增长并非是简单的线性上 升，而是如同火箭升空一般，呈现出指数级的攀升态势。 从数据看这种变化，会更加直观。2018年，L2+级辅助驾驶单车算力需求仅为2.5TOPS，这个数值在当时或许已经能够满足车辆在一些简单场 景下的辅助驾驶需求。然而，进入2025年，这一需求已经飙升至200TOPS，短短7年间增长了近80倍。而对于L4级自动驾驶而言，更是需要千 TOPS级别的算力才能支撑其复杂的运算任务。目前，量产车型 ...

Core Insights - Nvidia has proposed an 800VDC outdoor solution, utilizing medium voltage rectifiers or solid-state transformers (SST) to address the increasing computational power demands driven by the transition from quantitative to qualitative advancements in large models [1] - The high voltage direct current (HVDC) system aims to tackle the exponential growth in GPU computing power and power density, effectively reducing power loss [1] - Medium voltage rectifiers and SSTs are more efficient compared to traditional uninterruptible power supply (UPS) solutions and conventional HVDC systems [1] Market Developments - Major domestic and international companies are advancing the commercialization of HVDC technology, with Alibaba starting its bidding process in 2018 and Tencent planning to bid in 2025; internationally, Meta's Prometheus project may launch in 2026, while Google is working on standardizing ±400V [1] - The core difference in the industry chain lies in the type of transformers used, with medium voltage rectifiers housing phase-shifting transformers and solid-state transformers containing high-frequency transformers [2] Investment Opportunities - Key beneficiaries among terminal manufacturers include Zhongheng Electric, Kehua Data, and Sunshine Power [3] - The transformation of transformers is critical, with companies like Jingquanhua, Igor, New Special Electric, and Jinpan Technology positioned to benefit [3] - PCB suppliers for Delta Power are expected to see increased volume, including Weirgao and Zhongfu Circuit [3] - Attention is recommended on changes within cabinets, particularly for New Ray Energy [3] - Server OEMs such as Industrial Fulian, Huaqin Technology, and Lenovo Group are also highlighted as potential beneficiaries [3]

机构分析认为，光模块"量价齐增"受益于供需两端的多重因素共振：需求侧，全球云厂商资本开支持续 上修，算力建设需求旺盛；供给侧，技术迭代加速，头部厂商积极扩产满足增长需求。随着全球算力投 资规模不断扩大、技术迭代持续加速，光通信产业链将维持高景气度。 把握光模块等算力、AI应用核心机会，建议重点关注全市场首只创业板人工智能ETF（159363）及场 外联接（A类023407、C类023408），标的指数重点布局光模块龙头"易中天"，光模块含量超54%。从 赛道分布看，逾七成仓位布局算力，超两成仓位布局AI应用，能够高效捕捉AI主题行情。（截至 2025.10.31） 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 ...

Group 1 - Guangdong Province aims to maintain the top position in digital economy development by 2027, with the core industry's added value accounting for over 16% of GDP and creating three trillion-level digital industry clusters [1] - Nvidia's strong revenue outlook of approximately $65 billion for the fourth fiscal quarter, surpassing analyst expectations, indicates robust demand for AI accelerators [1] - The State Council emphasizes the need for breakthroughs in key AI technologies and their application to promote large-scale implementation [1] Group 2 - Alibaba launched the "Qianwen" project, a personal AI assistant based on its self-developed Qwen model, while Ant Group introduced a multimodal AI assistant "Lingguang" [2] - ByteDance's Doubao app saw a 22.2% month-on-month increase in active users, reaching 159 million, while Tencent's Yuanbao experienced a 55.2% year-on-year growth in active users [2] - McKinsey predicts the global AI To C market will reach $1.3 trillion by 2030, with an annual growth rate exceeding 35% [2] Group 3 - CITIC Securities expresses a long-term positive outlook on domestic computing power demand, anticipating growth to surpass overseas markets by 2030 [3] - Zhongyou Securities highlights the dual-driven approach of To C branding and To B commercialization as a consensus in the industry, focusing on user retention and platform transformation [3] Group 4 - Baidu showcased multiple AI achievements at the 2025 Baidu World Conference, including the release of the Wenxin model 5.0 and new AI chips [4] - Alibaba's cloud provided over 10 million CPU cores for the Double 11 shopping festival, supporting various AI applications [4] Group 5 - SenseTime is expected to benefit from revenue growth in generative AI and operational cost reductions, with a target price increase from HKD 1.85 to HKD 3 [5] - SenseTime's partnership with Cambricon is anticipated to enhance its AI computing capabilities [5] Group 6 - ZTE is focusing on AI investments, offering end-to-end intelligent computing solutions to support enterprise digital transformation [6]