Core Viewpoint - The Chinese communication industry has transformed from reliance on foreign technology to establishing a complete domestic industrial chain, significantly reducing dependency on imports and enhancing self-sufficiency in key technologies [3][4][8]. Industry Development - The industry has evolved from a situation where high-end communication equipment was entirely imported to a robust domestic production capability, exemplified by the development of the first domestically produced large-capacity switching machine [3]. - The domestic chip industry has made significant breakthroughs, with companies like China Mobile's Chip Technology achieving over 90% localization in their new satellite and cellular dual-mode communication chip [4]. - The market size of China's chip industry is projected to reach 1.43 trillion yuan in 2024 and 1.62 trillion yuan in 2025, indicating strong growth and confidence in domestic chip production [4]. Equipment Manufacturing - Huawei and ZTE together hold approximately 40% of the global 5G base station market, showcasing their technological leadership [4]. - The market for optical modules in base stations is expected to reach 60.6 billion yuan in 2024 and nearly 70 billion yuan in 2025, highlighting the competitive strength of domestic companies [4]. - The PCB (Printed Circuit Board) market is projected to reach 433.3 billion yuan by 2025, reflecting a complete domestic supply chain from raw materials to manufacturing processes [4]. Network Infrastructure - China Tower's base station sharing model has reduced construction costs by over 30%, setting a global benchmark for efficiency [6]. - The total length of optical cable lines in China has exceeded 72 million kilometers, with widespread 5G base station deployment supporting various applications [6]. Application and Impact - Domestic communication technology has penetrated various aspects of life and production, including satellite communication features in smartphones and smartwatches, enhancing connectivity in remote areas [6][8]. - In industrial settings, 5G private networks have improved production efficiency by 20% and reduced equipment failure rates by 40% [6]. - The closed-loop nature of the domestic communication industry ensures resilience against international competition and potential supply chain disruptions [7]. Future Outlook - The formation of a closed-loop communication industry chain not only secures national information safety but also serves as a core support for the digital economy [8]. - With ongoing advancements in 5G-A and 6G technologies, the Chinese communication industry is expected to strengthen its global influence and competitive edge [8].

中兴通讯深圳科技园总部 中兴通讯滨江工厂，机械臂正在进行自动化测试 中兴通讯坚持技术创新，用四十年的时间，实现了从跟随者到引领者、从"单打冠军"到"全能选手"、从 国内市场到全球布局的跨越，为全球通信网络的升级换代贡献了关键力量 2G跟随、3G突破、4G并跑、5G领跑，围绕"连接"主航道，中兴通讯坚持技术创新，用四十年的时间， 实现了从跟随者到引领者、从"单打冠军"到"全能选手"、从国内市场到全球布局的跨越，不仅成长为我 国通信行业的领头羊，也成为全球通信设备市场的重要参与者，为全球通信网络的升级换代贡献了关键 力量。 "1995年，中兴通讯首次参加国际电信展，是最早走出国门的中国通信制造企业。当前，全球主流通信 网络设备供应商主要包括中兴通讯、华为、爱立信和诺基亚。在产品竞争力上，中兴通讯核心产品位居 行业前列。"陈志萍说。 中兴通讯2019年开始全面发力5G领域，并在2023年后积极布局5G-A(5G-Advanced)技术。根据第三方咨 询机构最新数据，中兴通讯5G基站、5G核心网累计发货量保持全球第二。目前，中兴通讯与全球主流 运营商紧密合作，积极部署5G商用网络，推动5G技术在工业互联网、智慧医疗、 ...

华为携手中国电信国际助力阿联酋 5G-A 与数字化升级 阿联酋电信及数字服务运营商 du 接连与中国科技企业达成合作，加速 5G-Advanced（5G-A）及数字化网络建设。12月17日，华为与 du 签署三年战略合作 协议，并完成全球首个 25 Gbps E-band 微波回传与 5G-A 网络的现网融合部署，实现光纤受限区域超大容量回传。方案依托 2T2R E-band 设备、智能波束跟 踪天线及全频段融合平台，有效支撑 5G-A 规模化建设，并面向阿联酋2030年 6G 愿景。此前，中国电信国际（CTG）于12月15日与 du 签署合作谅解备忘 录，将在自智网络、AI 视频、车联网、高级语音、漫游服务及旅行 eSIM 等领域展开合作。（新浪财经） 长城汽车联合阿联酋 Al Naboodah 推出 TANK 700 旗舰 SUV 12月17日，长城汽车（GWM）阿联酋总代理 Saeed Juma Al Naboodah Group 在阿玛尼酒店举行 TANK 700 首发仪式，并通过点亮哈利法塔吸引公众关注。 该车型发布标志着双方合作迈出关键步伐，将引入更多先进车型并完善售后服务体系，为阿联酋客户提供高 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the liquid cooling industry, including Zhongji Xuchuang, Xinyi Sheng, and Yingweike, among others [10]. Core Insights - The liquid cooling industry is transitioning from a phase driven by expectations to one focused on performance realization, marked by the mass production of NVIDIA's GB300 and the upcoming Vera Rubin platform [1][19]. - The market is expected to see a significant shift as high-power cabinets (100kW+) become the norm, with major companies like AWS and Meta adopting liquid cooling solutions for their self-developed ASICs starting in 2026 [2][20]. - The competitive landscape is evolving from component-level competition to a focus on comprehensive system capabilities, emphasizing the importance of integrated thermal management systems [3][21]. Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication and liquid cooling, highlighting companies like Zhongji Xuchuang and Yingweike as key players [24][13]. Industry Trends - The liquid cooling industry is entering a second development phase characterized by confirmed orders and capacity realization, with a strong emphasis on system integration and operational capabilities [6][22]. - The competitive focus has shifted to complete thermal management systems, increasing customer reliance on solution providers [3][21]. Key Companies and Recommendations - Recommended companies include Zhongji Xuchuang, Xinyi Sheng, and Yingweike, which are positioned to benefit from the industry's growth and the shift towards liquid cooling solutions [10][24]. - The report also highlights the importance of upstream and downstream partnerships within the liquid cooling supply chain, indicating a trend towards comprehensive solutions rather than standalone components [23][24].

（文章来源：证券日报） 证券日报网讯 12月19日，三安光电在互动平台回答投资者提问时表示，公司建立了稳定量产的HBT、 pHEMT代工平台，已为5G-A时代提供射频功放/低噪放、晶圆级/芯片级封装滤波器等差异化解决方 案，以满足5G-A对设备紧凑性和高性能的双重要求。 ...

格隆汇12月19日丨三安光电(600703.SH)在互动平台表示，公司建立了稳定量产的HBT、pHEMT代工平 台，已为5G-A时代提供射频功放/低噪放、晶圆级/芯片级封装滤波器等差异化解决方案，以满足5G-A 对设备紧凑性和高性能的双重要求。 ...

格隆汇12月19日丨三安光电(600703.SH)在互动平台表示，公司建立了稳定量产的HBT、pHEMT代工平 台，已为5G-A时代提供射频功放/低噪放、晶圆级/芯片级封装滤波器等差异化解决方案，以满足5G-A 对设备紧凑性和高性能的双重要求。 ...

Core Insights - The report by Kroll indicates that the price-to-earnings (P/E) ratio of China's communication services sector has risen to 23.7 times as of September 30, 2025, up from 20.1 times in 2024, marking the highest level in nearly five years, driven primarily by the rapid deployment of 5G-A technology [1][4]. Group 1: 5G-A Technology Impact - The 5G-A network is expected to enhance speeds by ten times compared to existing 5G standards, becoming a critical infrastructure for emerging fields such as industrial automation, autonomous driving, and the low-altitude economy [2][5]. - Major operators are heavily investing in upgrades: China Mobile has allocated $1.4 billion to upgrade 400,000 base stations to 5G-A technology, while China Telecom and China Unicom have announced plans to deploy 5G-A technology in over 300 cities by the end of the year [2][5]. Group 2: Market Performance - The MSCI China Communication Services Index has seen a cumulative increase of 96.8% since September 2023, significantly outperforming the broader market [2][5]. - The communication sector has shown particularly strong performance in the first three quarters of 2025, serving as a key driver for the overall index's rise [2][5].

内容概况：中国无线通信系统行业正从规模建设转向质量与效能提升的关键转型期。在5G广泛覆盖的 基础上，行业致力于增强网络能力、降低成本并深化与工业制造、智慧能源等生产领域的融合，产业链 协同创新水平显著提高。市场规模从2020年的1.5万亿元增长至2024年的2.35万亿元，年复合增长率达 11.92%。未来，随着5G-A商用加速和6G研发持续推进，新技术红利将持续释放，进一步巩固其作为数 字经济关键基础设施的地位，为经济社会高质量发展提供核心支撑。 相关上市企业：大富科技（300134）、武汉凡谷（002194）、三维通信（002115）、亨通光电 （600487）、*ST奥维（002231）、吴通控股（300292）、硕贝德（300322）、兆易创新（603986）、 澜起科技（688008）、北京君正（300223）等。 相关企业：中天通信技术有限公司等。 关键词：无线通信系统行业发展历程、无线通信系统行业产业链、射频前端芯片行业市场规模、无线通 信系统行业市场规模、无线通信系统行业发展趋势 一、无线通信系统行业概述 1、定义及组成 无线通信系统是指利用无线电波等无线信号进行信息传输的通信系统。它不需要通 ...

Core Insights - China Mobile is launching a special promotion for international roaming packages during the "Double 12" shopping festival, aimed at enhancing the travel experience for users with affordable and convenient internet access abroad [1][4] Group 1: Promotion Details - The promotion allows Wuhan Mobile users to purchase international roaming packages starting at a minimum price of 8.8 yuan per day, providing all-day internet service while traveling abroad [1] - Users can also receive a travel benefits package worth 20 yuan for each purchase, with no limit on the number of times it can be redeemed [1] - The European roaming package includes various discounts such as shopping coupons, car rental vouchers, and reductions on tickets and hotel bookings [1] Group 2: Security Features - China Mobile offers comprehensive security measures for Global Communication users, including AI-based fraud call alerts and high-frequency spam call prevention to protect users from scams while abroad [2] - Emergency services such as quick card replacement and activation are available to ensure uninterrupted communication in case of lost or deactivated SIM cards [2] Group 3: Technological Advancements - The promotion leverages China Mobile's advanced 5G-A network, which covers over 330 cities in China, providing high-speed, low-latency connectivity for international roaming [3] - Users can experience peak speeds of up to 10 Gbps while abroad, facilitating seamless activities like live streaming, HD video calls, and large file transfers [3] - The integration of AI and 5G-A technology reflects China Mobile's commitment to enhancing user experience and supporting the development of a digital China [3] Group 4: Brand Development - In 2025, China Mobile's Global Communication brand will undergo a significant upgrade, transitioning from a three-tier reward system to a comprehensive five-tier system that includes service, network, benefits, security, and identity [4] - This upgrade aims to redefine high-end communication services and demonstrates China Mobile's dedication to high-quality development and the establishment of a new service paradigm for digital China [4]