丨证券研究报告丨 %% %% %% %% research.95579.com 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：Oracle 云业务高歌猛进，CPX 聚焦超长上下文处理 报告要点 [Table_Summary] 2025 年第 37 周，通信板块上涨 3.00%，在长江一级行业中排名第 7 位；2025 年年初以来， 通信板块上涨 63.01%，在长江一级行业中排名第 1 位。Oracle 云业务高速扩张，AI 订单爆 发，全球多云布局推进，资本开支高增。英伟达 Rubin CPX 聚焦超长上下文推理，显著增强 LLM 长语境应用表现，Vera Rubin NVL144 CPX 分离式推理架构亮相。持续看好 AI 与算力主 线。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 Oracle FY26Q1 营收 149.3 亿美元，同比+12.2%；GAAP 净利润 29.3 亿美元，同比持平。 AI 驱动订单爆发，截至季度末，Oracle 剩余履约义务同比大增 359%突 ...

Group 1 - The core viewpoint is that China's low Earth orbit satellite launches have entered a multi-site collaborative phase, with 8 successful launches completed by August 13, indicating a maturing commercial space industry in satellite manufacturing and launch capabilities [1] - The low Earth orbit satellite constellation network is set to start in December 2024, with a total of 65 official satellites expected to be launched, reflecting a high-density launch trend in the second half of the year [1] - The global demand for optical communication and AI computing power is strong, as evidenced by significant year-on-year revenue growth in data center businesses reported by Lumentum and Coherent [1] Group 2 - The communication industry has seen a year-to-date increase of 30.73%, driven by AI and computing power as core growth factors, indicating sustained upward momentum in the industry chain [1] - The communication ETF (515880) tracks the communication equipment index (931160), which includes listed companies involved in the research, production, and sales of communication network infrastructure and terminal devices [1] - The index constituents possess high technical content and innovation capabilities, effectively reflecting the overall development trend of the communication equipment industry [1]