Core Insights - The renewable energy industry has entered the "network construction era," with the National Energy Administration issuing guidelines to promote the integration of renewable energy and energy storage systems [1] - Significant infrastructure projects, such as the Gansu Wuwei North 750 kV transmission project and the Southeast Tibet to Guangdong-Hong Kong-Macao ultra-high voltage direct current transmission project, are underway to enhance cross-regional power transmission capabilities [1] - A unified national electricity market system is being accelerated, with policies aiming to establish a multi-level renewable energy consumption regulation system by 2030, addressing an annual demand for over 200 million kilowatts of new energy consumption [1] - The transition of renewable energy development from "grid-driven" to a new phase focused on "consumption capacity, safety regulation, and market mechanisms" is highlighted, with grid investment and technological innovation supporting efficient allocation and consumption of renewable energy [1] Industry Summary - The electric grid ETF (561380) tracks the Hang Seng A-share electric grid equipment index (HSCAUPG), which consists of up to 100 listed companies related to electric grid equipment, covering the entire industry chain of grid construction [1] - The index's constituent stocks are primarily concentrated in the electric grid equipment and communication equipment sectors, reflecting a high level of industry representation and overall performance of listed companies related to electric grid equipment [1]

Market Overview - The market experienced a decline on November 20, with the Shanghai Composite Index falling by 0.4%, the Shenzhen Component down by 0.76%, and the ChiNext Index decreasing by 1.12%[2] - The total trading volume was 1.72 trillion, a decrease of approximately 20 billion compared to the previous trading day[1] Sector Performance - Most sectors declined, with notable increases in construction materials and comprehensive banking, while coal, oil, chemicals, and power equipment sectors faced significant declines[1] - The technology sector, particularly semiconductor and communication equipment, saw major capital outflows, indicating a shift in investor sentiment[3] Technical Indicators - The market is showing signs of short-term weakness, with the ChiNext Index breaking below the 60-day moving average, and the Shenzhen and Shanghai indices also facing similar tests[1] - A five-day consecutive decline in the daily K-line pattern suggests a bearish trend, necessitating caution in trading strategies[1] Fund Flows - On November 20, net outflows from the Shanghai Stock Exchange amounted to 4.557 billion, while the Shenzhen Stock Exchange saw net outflows of 6.478 billion[3] - The top three sectors for capital inflows were IT services, energy metals, and joint-stock banks, while the semiconductor, communication equipment, and photovoltaic equipment sectors experienced the largest outflows[3] Economic Indicators - The October consumption market showed stable growth, with new energy vehicle retail sales increasing by 7.3%[4] - The November Loan Prime Rate (LPR) remained unchanged at 3.5% for five years and 3% for one year, indicating a stable monetary policy environment[5] Industry Trends - The Chinese chip design industry is projected to achieve sales of 835.73 billion in 2025, reflecting a year-on-year growth of 29.4%[8] - The smart glasses market is expected to reach a significant turning point in 2026, with global shipments projected to exceed 23.687 million units, and China's market expected to surpass 4.915 million units[7]

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].

Group 1 - The core point of the news is that Wanlong Optoelectronics experienced a stock price increase of 5.03%, reaching 25.90 CNY per share, with a trading volume of 160 million CNY and a turnover rate of 8.60%, resulting in a total market capitalization of 2.577 billion CNY [1] - Wanlong Optoelectronics, established on May 13, 2001, and listed on October 19, 2017, specializes in the research, production, sales, and technical services of broadcasting network equipment and data communication systems [1] - The company's main business revenue composition includes: 51.99% from wired television optical transmission equipment, 25.79% from telecom value-added services, 13.98% from wired television cable transmission equipment, 7.17% from other services, and 1.08% from intelligent monitoring equipment [1] Group 2 - Among the top circulating shareholders of Wanlong Optoelectronics, a fund under Nuoan Fund, specifically Nuoan Multi-Strategy Mixed A (320016), entered the top ten shareholders in the third quarter, holding 742,200 shares, which accounts for 1% of the circulating shares [2] - The estimated floating profit for Nuoan Multi-Strategy Mixed A today is approximately 920,300 CNY, with the fund having a total scale of 1.855 billion CNY and a year-to-date return of 73.37%, ranking 205 out of 8,136 in its category [2] - The fund has achieved a return of 234.6% since its inception, with a one-year return of 70.11%, ranking 214 out of 8,056 in its category [2]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][43]. Core Insights - The number of global operators launching 5G-A commercial networks has reached 12, indicating a shift in industry focus from initial non-independent networking to more substantial investments in standalone (SA) networks, marking a deepening phase in 5G independent networking development [3][39]. - The communication industry is entering a period of technological iteration and policy dividends, with new productivity directions such as AI, quantum communication, and low-altitude economy expected to drive growth [3][39]. - The report suggests focusing on three main lines of opportunity: "technology commercialization + policy catalysis + performance certainty" [3][39]. Industry Performance Review - The communication sector index fell by 3.26% over the past two weeks (11/7-11/20), underperforming the CSI 300 index by 0.53 percentage points, ranking 25th among 31 first-level industries [10][11]. - For November, the communication sector index has decreased by 1.88%, again underperforming the CSI 300 index by 0.25 percentage points [10][11]. - Year-to-date, the communication sector index has risen by 58.84%, outperforming the CSI 300 index by 42.83 percentage points [10][11]. Industry News and Company Announcements - In September, domestic mobile phone shipments reached 27.93 million units, a year-on-year increase of 10.1%, with 5G phones accounting for 86.3% of total shipments [15][18]. - Dell'Oro Group reported that 12 mobile network operators have launched 5G-Advanced commercial networks, indicating a global trend towards standalone network deployment [18]. - The IDC reported a recovery in China's video cloud market, with a market size of $5.23 billion in the first half of 2025, reflecting an 8.9% year-on-year growth [20]. Industry Data Updates - As of September 2025, the mobile phone user base reached approximately 1.828 billion, a year-on-year increase of 2.78% [26]. - The internet broadband access user base was about 695 million, up 5.35% year-on-year [28]. - The total number of 5G base stations reached 4.705 million, with a net increase of 455,000 from the end of the previous year [34].

通信ETF（515880）近20日净流入超37亿元，光模块行业长期景气度获市场关注，回调或可布局 （责任编辑：董萍萍 ） 国信证券指出，全球算力高景气度延续，北美光模块、光芯片等公司业绩指引强劲，Tower半导体 2025Q3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%，思科FY2026Q1营收同比增长8%，AI基础设施订单达13亿美元。 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。通信设备行业受益于AI算力基础设施需求，光器件、液冷等细分领域持续景气，运营商经营 稳健且分红比例提升，具备长期配置价值。 【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 通信ETF（515880）跟踪的是通信设备指数（931160），该指数从市场中选取涉及通信网络基础设 施、通信终端 ...

Market Overview - The market experienced a volatile adjustment in the early session, with all three major indices opening lower and continuing to decline, particularly the ChiNext index which fell over 3% [1] - By the end of the morning session, the Shanghai Composite Index dropped by 1.88%, the Shenzhen Component Index fell by 2.72%, and the ChiNext Index decreased by 3.18% [1] Stock Performance - Nearly 5,000 stocks across the market saw declines, indicating a broad-based sell-off [2] - Specific sectors showed mixed performance, with the military industry experiencing a partial rebound, exemplified by Jiuzhiyang hitting the daily limit up [3] - The agriculture sector was active, with Qianyinhigh Technology also reaching the daily limit up [3] - AI application concepts showed strength, with Rongji Software achieving five consecutive limit ups [3] - The aquaculture sector maintained its strong performance, as Zhongshui Fishery recorded six consecutive limit ups [3] Declining Sectors - The lithium mining sector faced collective adjustments, with stocks like Shengxin Lithium Energy hitting the daily limit down [4] - The storage chip sector continued to weaken, with companies such as Demingli and Shikong Technology also hitting the daily limit down [4] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 1.31 trillion yuan, an increase of 197.5 billion yuan compared to the previous trading day [5] - Among individual stocks, Zhongji Xuchuang led with a trading volume exceeding 13.5 billion yuan, followed by Xinyi Sheng and Yangguang Electric Power [5]

Group 1 - The core point of the news is that Datang Telecom's stock price increased by 5.1%, reaching 8.65 CNY per share, with a total market capitalization of 11.276 billion CNY [1] - Datang Telecom, established on September 21, 1998, primarily engages in the development, production, and sales of various communication network systems, terminals, software, and microelectronics [1] - The company's main business revenue composition includes 77.71% from security chips, 17.59% from special communications, and 4.69% from other sources [1] Group 2 - Datang Telecom's top circulating shareholder is a fund under Guotai Fund, specifically the Guotai CSI All-Share Communication Equipment ETF (515880), which entered the top ten circulating shareholders in Q3 with 3.9432 million shares, accounting for 0.3% of circulating shares [2] - The Guotai CSI All-Share Communication Equipment ETF has a current scale of 11.552 billion CNY and has achieved a year-to-date return of 90.4%, ranking 1st among 4208 peers [2] - The fund has a one-year return of 84.59%, ranking 7th among 3972 peers, and a cumulative return since inception of 159.57% [2]

Core Points - The Chinese Academy of Engineering elected 71 new academicians for 2025, with 9 from the Information and Electronic Engineering Division [6][5]. Group 1: New Academicians - Deng Zhongliang, a prominent expert in wireless network positioning and communication, has made significant contributions to indoor wireless navigation systems and high-precision navigation standards [1]. - Fan Zhongwei, a professor at the University of Chinese Academy of Sciences, specializes in solid-state laser technology and engineering applications [2]. - Lu Minghua, a director at the Naval Submarine Academy, focuses on submarine command control and information systems [3]. - Wang Jianhua, a captain in the People's Liberation Army, recognized for his achievements in military competitions and engineering excellence [4]. - Wang Xiaoyun, Chief Engineer at China Mobile Communications Group, contributed significantly to TD-LTE technology development [4]. - Wu Feng, a professor at the University of Science and Technology of China, has expertise in artificial intelligence and multimedia content analysis [4]. - Yun Xiaochun, Deputy Director of the National Computer Network Emergency Technology Processing Coordination Center, has led national cybersecurity projects [4]. - Zhang Wenjun, a professor at Shanghai Jiao Tong University, has made pioneering contributions to digital television and wireless transmission technologies [4]. - Zhou Jianhua, a researcher in satellite navigation technology, has improved the performance of the BeiDou system [4].

Core Viewpoint - The High-Speed Copper Connection Index experienced a decline of 2% during intraday trading, with most constituent stocks showing a downward trend [1] Company Performance - Changxin Bochuang saw a significant drop of 9.03% [1] - Changfei Optical Fiber decreased by 7.15% [1] - Ruikeda fell by 6.81% [1] - Dingtong Technology declined by 4.45% [1] - Luxshare Precision dropped by 4.22% [1]