Core Viewpoint - The company has developed a multi-modal field network communication technology that integrates various communication technologies at the link layer, which effectively meets the requirements for reliability, real-time performance, and coverage in virtual power plant IoT communications [1] Company Research - The company confirmed its research and development efforts in multi-modal field network communication technology, which supports flexible micro-application loading and offers better security isolation [1] - The company does not currently engage in energy storage-related business [1]

Core Insights - In the first three quarters of this year, 98.2% of the 8,172 comparable mixed funds experienced an increase in net value, with only 142 funds showing a decline [1] - The top-performing mixed funds, primarily focused on technology investments, saw returns exceeding 130%, with Yongying Technology Smart Mixed Fund A and C leading at 194.49% and 193.09% respectively [1] - The mixed funds with significant returns are primarily investing in sectors such as cloud computing and AI, indicating a strong market trend towards technology-driven investments [1][3] Fund Performance - Yongying Technology Smart Mixed Fund A and C achieved year-to-date returns of 187.86% and 186.44%, respectively, since their establishment on October 30, 2024, with cumulative net values of 3.2643 and 3.2451 [1][2] - The fund's top ten holdings include companies like Xinyi Technology, Zhongji Xuchuang, and Tianfu Communication, reflecting a focus on the global cloud computing industry [1] - Another notable fund, the China Europe Digital Economy Mixed Fund A and C, reported returns of 140.86% and 139.79%, with a focus on six core AI sectors [3] Underperforming Funds - The fund with the largest decline was the GF Value Advantage Mixed Fund, which recorded a return of -15.37% for the year, with a cumulative net value of 1.2180 [4] - This fund is managed by Jin Wangmingxu, who has extensive experience in investment management [4] Fund Management - The current manager of Yongying Technology Smart Mixed Fund is Ren Jie, who has been with Yongying Fund Management since 2018 and has a background in TMT research [2] - The China Europe Digital Economy Mixed Fund is managed by Feng Ludan, who has been with the company since 2016 and has held various roles in research and investment [3]

Group 1 - ZTE Corporation (000063) has filed an international patent application titled "Method, Node, Device, System, and Medium for Handling Changes or Additions of Main and Auxiliary Cells," with application number PCT/CN2024/132977, published internationally on October 9, 2025 [1] - In 2023, ZTE has announced a total of 884 international patent applications, representing a decrease of 13.59% compared to the same period last year [4] - For the first half of 2025, ZTE's investment in research and development amounted to 12.665 billion yuan, showing a slight decrease of 0.48% year-on-year [4]

证券之星消息，根据企查查数据显示中兴通讯（000063）公布了一项国际专利申请，专利名为"一种通 信方法及装置"，专利申请号为PCT/CN2024/140089，国际公布日为2025年10月9日。 专利详情如下： 图片来源：世界知识产权组织（WIPO） 今年以来中兴通讯已公布的国际专利申请884个，较去年同期减少了13.59%。结合公司2025年中报财务 数据，今年上半年公司在研发方面投入了126.65亿元，同比减0.48%。 数据来源：企查查 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

本报记者 毛艺融 A股公司赴港上市步伐加快。 Wind数据显示，截至10月13日，年内已有11家A股公司完成"A+H"上市，数量上仅次于2015年的15家、1997年的13家。另 外，仅10月份以来，已有三一重工股份有限公司、上海剑桥科技股份有限公司、深圳市广和通无线股份有限公司、赛力斯集团 股份有限公司等4家A股公司的H股上市聆讯通过，即将加入"A+H"阵营。 市场方面，年初至今，港股股权融资累计约4350.73亿港元，同比增长262.79%。南向资金也为港股市场注入更多流动性， 增强了市场活力。截至10月13日收盘，年内恒生指数累计涨幅为29.06%，恒生科技指数累计涨幅为37.54%。港交所官网数据显 示，2025年9月底香港证券市场市价总值为49.9万亿港元，比去年同期上升35%。 AH股溢价指数收敛也为A股公司赴港上市提供机遇。Wind数据显示，截至10月13日收盘，恒生AH股溢价指数为118.33， 处于近一年的低位。同时，部分公司在港股获得了更高估值，如宁德时代H股上市首日溢价7.4%，H股表现优于A股。 Wind数据显示，截至10月13日，港股IPO项目中，状态为"处理中"的上市申请企业达27 ...

Core Viewpoint - The A-share market is experiencing a short-term correction due to U.S.-China tariff news, but the long-term upward trend remains intact, providing good investment opportunities for long-term investors [1][3][4]. Market Performance - On October 13, the Shanghai Composite Index fell by 0.19% to 3889.5 points, while the Shenzhen Component and ChiNext Index dropped by 0.93% and 1.11%, closing at 13231.47 points and 3078.76 points respectively [3][4]. - Year-to-date, the Shanghai Composite Index has increased by 16.04%, with the Shenzhen Component and ChiNext Index rising by 27.05% and 43.76% respectively [6]. Fund Performance - The average return of actively managed equity funds has exceeded 30% year-to-date, with over 40 funds achieving "doubling" returns [5][6]. - Notable funds include Yongying Technology Select Mixed A/C with a return of 187.86%, and China Europe Digital Economy Mixed A/C with returns of 132.39% [6][7]. Investment Strategy - Analysts suggest that the current market correction is a technical adjustment, providing a good opportunity for long-term investors to enter the market through systematic investment plans [4][9]. - It is recommended that investors maintain a neutral position and avoid excessive concentration in equity assets, while focusing on high-quality funds with stable long-term performance [9].

富士达 20251013 摘要 富士达传统 5G 业务保持稳定增长，高端工业装备和精密仪器贡献显著， 量子计算和高速通信等新兴领域虽有布局但尚未起量，与头部企业合作 的低空无人机与智能网联业务预计未来将产生正向影响。 富士达参与千帆和星网星链项目，已交付 100 多颗卫星，四季度计划交 付 18 颗，G60 项目按季度滚动交付。二代星网方案沟通中，目标保持 射频连接器组件市场份额 50%-60%以上，并努力提升至 70%-80%。 二代芯片技术难度增加，但受成本压力影响，预计单颗芯片价值量与一 代持平。公司在一代星和增强星极轨星项目中积累了丰富经验，预计在 二代星招标中能取得较好结果。 2025 年上半年房屋订单显著复苏，同比增长 20%，三季度延续增长趋 势，在手房屋订单约 2.5 亿元。防务业务恢复明显支撑毛利率，预计全 年毛利率优于去年，上半年毛利率增长 1-2 个百分点。 与华为合作超过 20 年，传统 5G 基站等产品合作紧密，占比达 80%- 90%，毛利率约 10%-15%。与华为新业务合作包括高端装备、精密仪 器及卫星通信领域，毛利率较高，预计 2025 年订单规模约为四五千万 元，78%-8 ...

Core Viewpoint - The report from Industrial Securities indicates that the third quarter earnings disclosure period has begun in October, with an increase in the effectiveness of investment in economic prosperity. Economic advantages will continue to be a significant variable guiding market structure in the near future [1]. Industry Summary - Since September, the industries with upward revisions in profit expectations are concentrated in AI (gaming, computer equipment, communication devices, components), advanced manufacturing (motorcycles, aerospace and marine equipment, home appliance components, batteries, medical services), cyclical sectors (non-ferrous metals, glass fiber, steel, agricultural chemicals), consumption (beverages, dairy products, jewelry), and finance (brokerage insurance, city commercial banks) [4][5]. Profit Revision Data - The following sectors have seen significant profit revisions since September: - **AI**: Gaming II (39% of companies revised upwards), Computer Equipment (45%), Communication Equipment (22%), Components (17%) - **Advanced Manufacturing**: Motorcycles (89%), Aerospace Equipment II (76%), Marine Equipment II (72%), Home Appliance Components II (65%), Batteries (46%), Medical Services (27%) - **Cyclical**: Non-ferrous Metals (96% for precious metals), Glass Fiber (74%), Steel (56%), Agricultural Chemicals (42%) - **Consumption**: Beverages (77%), Agricultural Products Processing (42%), White Goods (24%) - **Finance**: City Commercial Banks (38%), Insurance (25%) [5]. Market Performance - Since September, sectors with lower price increases include advanced manufacturing (aerospace and marine equipment, medical services, motorcycles), consumption (agricultural products processing, breeding, beverages, jewelry), cyclical (glass fiber, chemical raw materials), AI computing power (communication devices, components), and finance (brokerage insurance, city commercial banks) [5].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300627 | 华测导航 | 33.33 | -5.93% | 25.22万 | 8.51亿 | | 002796 | 世嘉科技 | 18.94 | -4.58% | 24.28万 | 4.61 乙 | | 603118 | 并进股份 | 12.68 | -4.37% | 51.27万 | 6.40 Z | | 300563 | 神宇股份 | 41.15 | -4.28% | 9.38万 | 3.84亿 | | 301205 | 联特科技 | 98.13 | -3.70% | 6.08万 | 5.86 Z | | 603236 | 移远通信 | 100.07 | -3.59% | 12.08万 | 11.92亿 | | 603421 | 鼎信通讯 | 8.13 | -3.56% | 38.61万 | 3.12亿 | | 300628 | 亿联网络 | 35.77 | -3.32% | 11.05万 | 3.94亿 | | 300308 | 中际旭 ...

Core Insights - The company is currently focusing on its main business in vehicle-mounted terminals and public security information technology [2] Group 1: Business Focus - The primary automotive communication products include T-BOX, OBD, and automotive-grade module products [2]