通信行业 2025 年 8 月 22 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 全球首批支持 NB-NTN 卫星通信的可穿戴平台面世 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（8/8-8/21）累计上 涨14.81%，跑赢沪深300指数10.59个百分点，涨幅在31个申万一级行业 中位列第1位；申万通信板块8月累计上涨15.25%，跑赢沪深300指数 10.04个百分点；申万通信板块今年累计上涨39 ...

Group 1 - Tian Tie Technology's wholly-owned subsidiary signed a procurement order worth 400 million yuan with Zhuhai Xinjie Energy Technology [1] - Shenli Co., Ltd. announced the termination of a share transfer agreement due to the buyer's failure to pay [1] - *ST Tianwei expects a net profit of 30.06 million yuan for the first half of 2025, a significant increase compared to the previous year [2] Group 2 - Weisheng Information reported a net profit of 305 million yuan for the first half of 2025, up 12.24% year-on-year [3] - Fudan Microelectronics anticipates a net profit decline of 39.67% to 48.29% for the first half of 2025 [3] - Jinbei Electric achieved a net profit of 296 million yuan for the first half of 2025, a 7.46% increase year-on-year [4] Group 3 - Huaneng International reported a net profit of 9.262 billion yuan for the first half of 2025, a 24.26% increase year-on-year [4] - Quzhou Development is planning to issue shares to acquire assets, leading to a temporary stock suspension [4] - Huaye Fragrance's controlling shareholder plans to reduce their stake by up to 3% [5] Group 4 - Zhongbei Communication's subsidiary terminated a planned acquisition due to a lack of consensus on key issues [6] - Saiwei Electronics' major shareholder reduced their stake by 1.06% [7] - Suzhou Planning's shareholders plan to collectively reduce their stake by up to 4.5% [7] Group 5 - *ST King Kong received court approval for a new 100 million yuan debt during its pre-restructuring period [8] - Anche Detection's controlling shareholder is planning a change in control, resulting in a temporary stock suspension [9] - Ruishun Technology's shareholders plan to reduce their stake by up to 3.0013% [11] Group 6 - Guanghuan New Network's controlling shareholder's associates plan to reduce their stake by up to 0.08% [13] - Shanghai Auto Parts' shareholders plan to reduce their stake by up to 1.75% [14] - Aosaikang's shareholder plans to reduce their stake by up to 1.48% [14] Group 7 - Edifier's director plans to reduce their stake by up to 850,810 shares [14] - Xintian Pharmaceutical elected a new chairman and vice chairman [15] - Sanbaisuo adjusted its investment plan to increase investment in its subsidiary in Vietnam by 20.52 million USD [17]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][41]. Core Viewpoints - In the first half of 2025, China's telecommunications business revenue reached CNY 905.5 billion, showing a year-on-year growth of 1% [20]. - The communication industry is experiencing a period of technological iteration and policy dividends, with growth drivers from AI, quantum communication, and low-altitude economy [38]. - The report suggests focusing on companies that align with the themes of "technology commercialization + policy catalysis + performance certainty" [38]. Summary by Sections 1. Industry Market Review - The communication sector index increased by 6.78% from July 11 to July 24, outperforming the CSI 300 index by 3.31 percentage points, ranking 7th among 31 sectors [11]. - Year-to-date, the communication sector has risen by 17.04%, surpassing the CSI 300 index by 11.60 percentage points [11]. 2. Industry News - Dell'Oro report indicates a 6% CAGR for the global 5G core network market from 2024 to 2029, driven by accelerated deployment of 5G SA architecture [16]. - China Mobile's procurement for data center switches includes major players like Huawei and ZTE, with an estimated procurement of approximately 33,300 units [18]. - The Ministry of Industry and Information Technology reported that the number of mobile phone users reached 1.81 billion, with 5G users at 1.118 billion, accounting for 61.8% of mobile users [20]. 3. Company Announcements - Zhongji Xuchuang expects a net profit increase of 53%-87% for the first half of 2025, driven by strong demand for high-end optical modules [22]. - New Yisheng anticipates a net profit growth of 328%-385% for the same period, benefiting from AI-related investments [24]. - StarNet Ruijie forecasts a net profit increase of 43.81%-91.75% due to accelerated orders for data center switch products [26]. 4. Industry Data Updates - As of June 2025, the length of optical cable lines reached approximately 73.77 million kilometers, a year-on-year increase of 9.91% [29]. - The total number of 5G base stations reached 4.549 million, with a net increase of 298,000 from the end of the previous year [34]. 5. Weekly Perspective on the Communication Sector - The report emphasizes the stable operation of the communication industry, with ongoing growth in telecommunications business volume and new infrastructure construction [38]. - It recommends focusing on companies such as China Telecom, FiberHome, and Changfei Fiber for potential investment opportunities [39].

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (July 14-20, 2025) saw the Shanghai Composite Index rise by 0.69%, the Shenzhen Component Index by 2.04%, and the ChiNext Index by 3.17%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 7.56% [2][10]. - Within the telecommunications sub-sectors, the highest increase was seen in communication network equipment and devices, which rose by 15.82%. Conversely, the communication engineering and services sector experienced a slight decline of -0.14% [12][13]. - Notable individual stock performances included Xinyi Technology with a rise of 39.01%, followed by Zhongji Xuchuang at 24.33% and Shijia Guangzi at 22.43% [14][15]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high growth phase, with significant contributions from AI and advanced communication technologies [2][3]. - The report highlights the strong performance of the telecommunications index and individual stocks, indicating a positive market sentiment [10][12]. Sub-sector Performance - The communication network equipment and devices sub-sector showed the most significant growth, while communication engineering and services faced minor setbacks [12][13]. - The report emphasizes the importance of the computing power supply chain, particularly in hardware segments benefiting from domestic and international demand [3]. Company Announcements - Key announcements from companies in the telecommunications sector include significant earnings forecasts, with some companies like Xinyi Technology expecting a substantial increase in net profit by 327.68% to 385.47% [21][22]. - Other companies, such as Yiwai Communication, are forecasting a decline in earnings due to global economic slowdowns and trade tensions [21][22]. Future Outlook - The report suggests that the demand for computing power will continue to expand, driven by advancements in AI and related technologies, which will positively impact hardware sales and services [4][3]. - The anticipated recovery of H20 GPU sales in the Chinese market is expected to alleviate supply bottlenecks and accelerate data center construction [3][19].

Group 1: Company Performance Forecasts - Zhongshe Co., Ltd. expects a net loss of 6 to 8 million yuan for the first half of 2025, compared to a profit of 18.83 million yuan in the same period last year [1] - Jiangfeng Electronics anticipates a net profit of 247 to 267 million yuan for the first half of 2025, representing a growth of 53.29% to 65.70% year-on-year [1] - Naipu Mining forecasts a net profit of 15 to 22.5 million yuan for the first half of 2025, a decline of 73.32% to 82.21% compared to the previous year [7] - Runjian Co., Ltd. expects a net profit of 35 to 52.5 million yuan for the first half of 2025, a decrease of 78% to 85% year-on-year [13] - Kanglong Chemical predicts a net profit of 679 to 713 million yuan for the first half of 2025, down 36% to 39% from the previous year [14] Group 2: Shareholder Actions - Tianyuan Co., Ltd. plans to reduce its shareholding by up to 0.76% through a concentrated bidding process [2] - Sanwei Tiandi intends to reduce its shareholding by up to 4.07% through concentrated bidding or block trading [3] - Zhongfu Shenying plans to reduce its shareholding by up to 1% due to personal funding needs [4] - Hengfeng Information intends to reduce its shareholding by up to 3% through concentrated bidding or block trading [6] - *ST Yanzhen's stock will be suspended for inspection due to abnormal trading fluctuations [9] Group 3: Corporate Transactions - *ST Weir plans to acquire 51% of Shanghai Zijiang New Materials Technology Co., Ltd. for 546 million yuan [10] - Greenland plans to introduce overseas strategic investors for its subsidiary QINGMEI to enhance global competitiveness [12] - Taihe Co., Ltd. intends to acquire the remaining 51% stake in Guangdong Haode Crop Technology Co., Ltd. for 22.083 million yuan [13] - Weichai Heavy Machinery is planning to acquire 100% of Changzhou Fiberglass Shipyard Co., Ltd. [15] - Guolian Aquatic plans to introduce a new shareholder through capital increase for its subsidiary [16]

Group 1 - Dongfang Shenghong's controlling shareholder plans to increase its stake by 500 million to 1 billion yuan within six months [1] - Aiwei Electronics is set to mass-produce a low-power high-voltage piezoelectric micro-pump liquid cooling product, marking a breakthrough in domestic chip technology [1] - *ST Jiuyou received a decision from the Shanghai Stock Exchange to terminate its stock listing, which will transition to the national SME share transfer system [2] Group 2 - Hangzhou Garden plans to invest up to 450 million yuan to build a smart ecological design R&D headquarters [2] - Tiancheng Self-Control intends to invest 20 million yuan to establish a subsidiary [3] - Leidi Ke is acquiring a 30% stake in a partnership fund for 40 million yuan, indirectly holding 20% equity in Beifang Machinery [5] Group 3 - Jiangbolong's subsidiary signed a memorandum of cooperation with Sandisk to develop customized UFS products for the mobile and IoT markets [6] - Tongda Co. announced plans for its directors and executives to reduce their holdings by a total of 0.029% [7] - Yinlun Co.'s subsidiary completed the counseling acceptance for its public offering and listing on the Beijing Stock Exchange [8] Group 4 - Hongli Zhihui's controlling shareholder obtained a special loan of up to 45 million yuan for stock buyback [9] - Fengshan Group's shareholders plan to reduce their holdings by a total of 983,000 shares [11] - Kuai Ke Electronics' shareholder plans to reduce their holdings by up to 2% [13] Group 5 - Zhongdian Xinlong's director plans to reduce their holdings by up to 0.81% [15] - Maihe Co.'s shareholder intends to reduce their holdings by up to 1.5% [17] - Yuandao Communication's shareholder plans to reduce their holdings by up to 1.01% [19] Group 6 - Muyuan Co. submitted its H-share issuance application to the China Securities Regulatory Commission [21] - Jiechuang Intelligent won a police equipment procurement project worth 11.2362 million yuan [21] - Chongqing Steel signed an asset transfer contract worth 1.081 billion yuan with the Heavy Steel Group [22]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting it to outperform the market index by more than 10% over the next six months [2][47]. Core Insights - The communication industry index has shown a cumulative increase of 4.42% over the past two weeks, outperforming the CSI 300 index by 3.55 percentage points, ranking fifth among 31 primary industries [3][10]. - The report highlights that the industry is currently in a phase of technological iteration and policy benefits, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors [3][43]. - The report suggests focusing on companies that align with the themes of "technology commercialization + policy catalysis + earnings certainty" for investment opportunities [3][43]. Summary by Sections Industry Market Review - The communication sector has seen a 5.64% increase in June, outperforming the CSI 300 index by 4.29 percentage points [10]. - The sector has recorded a year-to-date increase of 1.29%, surpassing the CSI 300 index by 2.37 percentage points [10]. Industry News and Company Announcements - China Mobile has announced a procurement for 400,000 5G main equipment stations, with five major equipment manufacturers winning the bid [15]. - IDC reports a 10.5% year-on-year growth in the global wearable device market for Q1 2025 [19]. - The successful launch of low-orbit satellites for internet connectivity marks a significant advancement in satellite communication [21]. Industry Data Updates - As of April 2025, the mobile phone user base in China reached approximately 1.803 billion, reflecting a year-on-year increase of 2.75% [27]. - The internet broadband access user base reached about 680 million, with a year-on-year growth of 5.05% [30]. - The total number of 5G base stations in China reached 4.439 million by April 2025, with a net increase of 188,000 from the previous year [39]. Investment Recommendations - The report recommends focusing on companies such as China Telecom (601728.SH), FiberHome (600498.SH), and Yangtze Optical Fibre (601869.SH) for potential investment opportunities [43][44].

Group 1 - Libet has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, valid for 12 months [1] - Dinglong plans to acquire an additional 8% stake in its subsidiary, increasing its ownership from 91.35% to 99.35% for a total price of 240 million yuan [1] - Longyuan Donggu has been designated as a supplier for a major automotive project, with an expected total sales amount of 450 to 500 million yuan over five years [14] Group 2 - Luoniushan reported a sales revenue of 100 million yuan in May, a year-on-year decrease of 11.45% [2] - Baoming Technology has secured a loan commitment of up to 7 million yuan for stock repurchase [2] - Xinhua Pharmaceutical has received approval for the listing of a new chemical raw material used in treating chronic heart failure and hypertension [3] Group 3 - China Minmetals announced a new contract amount of 396 billion yuan for the first five months of the year, a decrease of 22.2% year-on-year [7] - Zhongbei Communication's application for a specific stock issuance has been accepted by the Shanghai Stock Exchange [8] - Rongfa Nuclear Power plans to issue bonds not exceeding 1 billion yuan to repay debts and supplement working capital [9] Group 4 - Phoenix Optical plans to invest 8.5 million USD to establish a wholly-owned subsidiary in Vietnam for manufacturing optical products [11] - Xiamen Airport reported a passenger throughput of 2.4752 million in May, a year-on-year increase of 8.34% [12] - Weilan Biological has received a new veterinary drug registration certificate for a product aimed at treating canine allergies and inflammation [13] Group 5 - Shouxiangu has completed the registration of a health food product that claims to enhance immunity [13] - Xingye Yinxin's subsidiary has passed a resource reserve verification report, confirming significant mineral reserves [16] - Shaanxi Construction has won two major projects with a total contract value exceeding 2.8 billion yuan [18] Group 6 - Huari received a cash dividend of 50 million yuan from its subsidiary [20] - Zhongchu's deputy general manager has resigned due to governance arrangements [21] - Kexin Pharmaceutical's core product has received breakthrough therapy designation from the National Medical Products Administration [39]

Group 1 - Northern Long Dragon is planning to acquire the controlling stake of Henan Zhongsheng and raise matching funds, leading to a stock suspension [1] - The company specializes in the research, design, production, and sales of non-metal composite materials for military vehicle equipment [1] - Koyuan Pharmaceutical's major shareholder plans to reduce their stake by up to 3%, amounting to 324.87 million shares [2] Group 2 - Jiaste Technology's shareholder intends to reduce their stake by up to 3%, totaling 1,428.75 million shares [2] - Chengdi Xiangjiang's subsidiary has won a bid for a data center project with China Mobile, valued at 492 million yuan [3] - Zhongchao Holdings' actual controller sold 223 million shares during a period of stock price fluctuation, representing 0.16% of total shares [4] Group 3 - ST Yushun's stock will resume trading after confirming no significant changes in its operational environment [6] - Xing Shuai Er's shareholder plans to reduce their stake by up to 0.37%, equating to 130 million shares [7] - Weiguang Co. intends to reduce its stake by up to 1.32%, totaling 300 million shares [8] Group 4 - Zhongsheng Pharmaceutical's subsidiary has received ethical approval for two Phase III clinical trials for its innovative peptide drug RAY1225 [9][10] - Nongxin Technology's major shareholder plans to reduce their stake by up to 1.35%, amounting to 135 million shares [12] - Mintai Aluminum has signed a strategic cooperation agreement with Penghui Energy for collaboration in battery technology [14] Group 5 - Youyan Powder's controlling shareholder plans to reduce their stake by up to 1%, totaling 103 million shares [16] - Runjian Co. has been shortlisted for a procurement project with China Mobile, valued at 374 million yuan [17] - Bangyan Technology has terminated its plan to issue shares and raise funds for asset acquisition [18] Group 6 - Xianggang Technology's controlling shareholder intends to reduce their stake by up to 3%, equating to 648.42 million shares [19] - Zhongke Shuguang is undergoing a stock suspension due to a planned share swap merger with Haiguang Information [20]

Group 1 - Yitong Century won a bid for a communication engineering construction service project from China Mobile, with a total bid amount of 228 million yuan (including tax) [1] - Zhiyuan New Energy plans to repurchase shares worth between 33 million and 66 million yuan, with a maximum repurchase price of 22.00 yuan per share [1] - GAC Group reported April automobile sales of 116,400 units, a year-on-year decrease of 12.66% [2] - JAC Motors reported April automobile sales of 30,764 units, a year-on-year decrease of 3.55% [3] Group 2 - Fosun Pharma's subsidiary received FDA approval for a clinical trial of a live biotherapeutic product aimed at treating androgenetic alopecia [4] - Liangxin Co. obtained multiple patent certificates, including 2 invention patents and 32 utility model patents [5] - Sainuo Medical's two products received medical device registration certificates in Mexico and Ecuador [5] - Huayu Pharmaceutical's two products received marketing approvals in France and Spain [6] Group 3 - Shengnong Development reported April sales revenue of 1.533 billion yuan, a year-on-year increase of 0.68% [6] - Hasi Lian's potassium chloride and sodium chloride injection passed the consistency evaluation [7] - Shapuaisi received approval for a supplemental application for levofloxacin eye drops [9] - Tianyu Biological reported April sales revenue of 59.32 million yuan from pig sales [10] Group 4 - *ST Weihai was pre-awarded a project worth 108 million yuan [12] - Luoniushan reported April sales revenue of 125 million yuan from pig sales, a year-on-year increase of 12.72% [13] - Minhe Co. reported April sales revenue of 68.30 million yuan from chick sales, a year-on-year increase of 0.51% [14] Group 5 - Double Ring Technology's application for a specific stock issuance was approved by the Shenzhen Stock Exchange [15] - Hualu Hengsheng plans to repurchase shares worth between 200 million and 300 million yuan [16] - Baolong Technology plans to repurchase shares worth between 100 million and 200 million yuan [17] Group 6 - Huasheng Technology's subsidiary plans to sell shares of a company for 200 million yuan [24] - *ST Gengxing's controlling shareholder plans to increase holdings worth between 30 million and 60 million yuan [25] - Ruihuatai's shareholder plans to reduce holdings by up to 1% of the company's shares [26] Group 7 - Foton Motor reported April commercial vehicle sales of 54,816 units, a year-on-year increase of 21.63% [20] - China Merchants Bank plans to invest 15 billion yuan to establish a financial asset investment company [22] - Jinchengxin plans to invest approximately 231 million USD in the Alacran copper-gold-silver mine project [23] Group 8 - Zhongji United's controlling shareholder plans to reduce holdings by up to 2% of the company's shares [30] - Ningbo Huaxiang signed a strategic cooperation agreement to strengthen collaboration in various areas [31] - SMIC reported a net profit of 1.356 billion yuan for Q1 2025, a year-on-year increase of 166.5% [32] Group 9 - FAW Fuwi received a project notification to develop seat products for a luxury brand, with a total sales amount expected to be 1.39 billion yuan [33] - Huakang Clean won a bid for a purification project worth 64.425 million yuan [34] - Lihua Co. reported April sales revenue of 1.125 billion yuan from chicken sales [35]