Core Viewpoint - The Ministry of Industry and Information Technology and six other departments have jointly issued the "Implementation Plan for Deepening the Innovation and Development of Service-Oriented Manufacturing (2025-2028)", aiming to enhance the role of service-oriented manufacturing in high-quality development by 2028 [1] Group 1: Objectives and Tasks - The plan aims to complete 20 standard formulations, create 50 leading brands, and establish 100 innovation development hubs by 2028 [1] - It identifies seven main tasks and three special actions to promote the innovation and development of service-oriented manufacturing [1] Group 2: Challenges and Solutions - Current challenges in service-oriented manufacturing include weak supply capacity of key technologies, an incomplete standard system, uneven application of typical models across industries, and difficulties in statistical monitoring [1] - The plan proposes to strengthen technological innovation by focusing on key common technology breakthroughs and model innovations, and to publish a list of key common technologies for service-oriented manufacturing [1] Group 3: Support for Productive Services - The plan emphasizes the need to cultivate and expand key productive service industries, including technology services, industrial design, software and information services, productive financial services, intellectual property services, energy-saving and environmental protection services, and quality management services [2] - It aims to promote the application of service-oriented manufacturing models across various sectors, including raw materials, equipment manufacturing, electronics, and consumer goods [2] Group 4: Infrastructure and Technology Integration - The plan calls for strengthening new information infrastructure, deepening the integration of "5G + Industrial Internet", and enhancing the supply of industrial data elements [2] - It also emphasizes the integration of artificial intelligence technology with service-oriented manufacturing to foster innovation [2] Group 5: Brand and Platform Development - The plan includes actions to enhance shared manufacturing, develop shared manufacturing platforms and factories, and promote resource sharing in inspection and testing [3] - It aims to cultivate leading enterprises and brands in service-oriented manufacturing, along with strengthening brand evaluation and promotion [3] Group 6: Policy Support and Implementation - The plan requires robust policy support to ensure the implementation of related initiatives, including incorporating key common technology breakthroughs into the scope of technical transformation support [3] - It encourages local governments to increase support for manufacturing enterprises' service businesses and guides financial institutions to enhance financial services based on market principles [3]

Group 1 - The core viewpoint of the article is that Shanghai Cambridge Technology Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange, with significant revenue fluctuations and high dependency on major clients and overseas markets posing risks to its revenue stability [1][2] Group 2 - Cambridge Technology primarily engages in the design, development, and sales of connectivity and data transmission devices, generating revenue from broadband, wireless, and optical module technology products [1] - The company's revenue declined in 2023 due to an industry-wide destocking cycle and sluggish demand, but is projected to rebound to 3.65 billion yuan in 2024 due to deferred demand release and strong sales [1] - In the first half of this year, the company's revenue exceeded 2 billion yuan, reflecting a year-on-year growth of 15.48% [1] Group 3 - The company has a high reliance on major clients, with the revenue share from the top five clients increasing from 63.5% in 2022 to 76.1% in 2024, indicating a significant concentration risk compared to industry peers [1] - The overseas market has become increasingly important, with its revenue share rising from 82.9% in 2022 to 94% in the first half of this year [1] Group 4 - Shareholders of Cambridge Technology have been frequently reducing their holdings, raising concerns among investors, particularly the actual controller, who has sold over 400 million yuan since the end of 2022 [2]

10月11日，工业和信息化部、人力资源社会保障部、商务部等七部门联合印发《深入推动服务型制造创 新发展实施方案（2025—2028年）》（以下简称《方案》），明确提出到2028年，服务型制造在制造业 高质量发展中的作用进一步增强，完成20项标准制定，打造50个领军品牌，建设100个创新发展高地。 建设100个创新发展高地 服务型制造是以客户需求为导向、以数智技术为支撑，通过创新优化生产组织形态、运营管理方式和商 业发展模式，将服务深度嵌入制造业产品全生命周期和各环节，延伸产业链、重塑价值链、构建新生 态，实现制造与服务融合发展的新型产业形态。 《方案》从企业、行业、区域和生态四个维度，提出体系化推动服务型制造创新发展的任务措施。 《方案》围绕构建以先进制造业为骨干的现代化产业体系、促进信息化和工业化深度融合，以深化改革 为动力，以推动科技创新和产业创新深度融合为引领，坚持应用牵引、创新驱动、融合发展，强化技术 创新、模式创新和成果推广应用，增强生产性服务业支撑能力，激发经营主体活力，夯实发展底座，优 化产业生态，打造服务型制造升级版，促进先进制造业与现代服务业深度融合，发展壮大新质生产力， 塑造制造业发展新动 ...

Core Viewpoint - Cambridge Technology is set to list on the Hong Kong Stock Exchange, with a strong global market position in the optical and wireless connectivity device industry, ranking fifth with a market share of 4.1% in 2024 [1][3]. Company Overview - Cambridge Technology specializes in the design, development, and sales of connectivity and data transmission devices, generating significant revenue from broadband, wireless, and optical module technology products [3]. - The company is one of the few globally that offers all three types of technology products, with overseas market revenue accounting for 82.9% to 94.0% of total revenue during the historical record period [3][4]. - The company has established a joint headquarters in the United States and has R&D centers in the U.S. and Japan, along with manufacturing bases in the U.S., Germany, and Malaysia [3]. Product and Technology - Cambridge Technology's optical module product range includes interconnect speeds of 100G, 400G, 800G, and 1.6T, compatible with various industry-standard packaging formats [3]. - The company is among the first to deploy 800G and 1.6T optical module products and is conducting pioneering research in silicon photonic modules to achieve high transmission rates at low costs [3]. - The company is advancing linear pluggable optical device (LPO) technology, which is characterized by low power consumption, low latency, and high performance, making it suitable for AI models and data centers [3][4]. - Cambridge Technology is also working on co-packaged optics (CPO) technology, integrating network and optical engine into a single slot, ideal for AI training and inference [4]. Financial Performance - For the six months ending June 30, 2022, 2023, 2024, and 2025, the company's revenues were approximately RMB 3.78 billion, RMB 3.08 billion, RMB 3.65 billion, and RMB 2.03 billion, respectively [4][5]. - The net profits for the same periods were approximately RMB 171 million, RMB 94.97 million, RMB 167 million, and RMB 117.55 million, respectively [4][5]. - The gross profit margins for the years 2022, 2023, 2024, and 2025 were 18.2%, 21.5%, 20.9%, and 21.9%, respectively, indicating a stable profitability trend [5].

任正非是在生活所迫，人生路窄的时候创办华为公司的。 当时他43岁，人到中年不仅一无所有，还丢了工作，背负巨债，从深圳南海石油后勤服务基地离职后，身无着落，只能被逼上梁山，通过自己创业来养家糊 口。 注册公司需要钱，任正非就找几个人一起凑了21000元于1987年创立华为公司，真正是白手起家。 后来这家"个体户"一样的公司能够发展成为有20.8万员工，业务遍及170多个国家和地区，服务全球30多亿人口的世界级企业，是谁也不曾想到的。 所以华为对深圳而言是一个巨大的"惊喜"，对中国通信产业来说也是一个惊喜。 看任正非的创业史，我确信了一个真理：成功要在成功之前做好准备 "那时我已领悟到个人才是历史长河中最渺小的，这个人生真谛。"这是《一江春水向东流》中的一句话，什么意思呢？ 就是说普通人通常都是以自我为中心，因此难免自高自大，自恋自怜，往好的方向走就是个人英雄主义，往不好的方向走就容易变得自以为是，自我感觉良 好，乃至自私自利，心胸狭隘化了。 在现实中我们经常遇到那种自视甚高、自命不凡的人，他们总是觉得自己很特别，实际上平平无奇而不自知，因此不能客观看待自己和别人，潜意识里就是 居高临下，不承认别人跟自己一样是平 ...

闻库在致辞中指出，数字经济已成为推动我国经济高质量发展的关键引擎，5G-A与AI作为数字经济的重要基石，正以蓬勃态势深刻改变生产生活、引领产 业变革与社会进步。当前，5G-A与AI融合已进入实质性突破阶段，在网络运维、自动驾驶、低空经济等领域成效显著，未来需聚焦三方面持续发力：一是 坚持创新、不断探索。加大基础研究投入，鼓励科研机构、企业联合攻关，在通感一体、AI大模型训练框架、异构算力调度等核心技术领域持续突破。二 是推动技术与市场紧密结合。以市场需求牵引技术研发，开发实用解决方案，打通技术落地"最后一公里"，形成"技术突破—市场验证—迭代优化"良性循 环。三是主动拥抱国际化发展。积极参与国际技术标准制定，推动我国技术方案成为全球共识，加强全球技术交流与产业合作。 智联万物方面，中国移动联合中国船舶、国家电网、中信科、华为、中兴、爱立信等产业合作伙伴共同发起成立"数智供应链无源物联网开放创新平台"，依 托"一码到底"供应链管理体系与"中移百灵"无源物联网端到端系列产品，创新供应链全流程解决方案，加速供应链数智化转型发展。 智联空天方面，中国移动联合中电科、南航数科、华为、中兴、中信科、亿航、高德、商飞、银河 ...

Core Insights - Hunan Yihe Anhao Supply Chain Management Co., Ltd. has been established with a registered capital of 200 million RMB [1] - The company is involved in a wide range of activities including supply chain management services, optical fiber manufacturing, and electronic materials research and development [1] Company Overview - The legal representative of the company is Li Haishu [1] - The registered capital is 200 million RMB [1] - The company operates under general projects such as supply chain management, optical fiber manufacturing, and electronic materials R&D [1] Business Scope - The business scope includes manufacturing and sales of optical fibers, electronic materials, and communication equipment [1] - The company is also engaged in the development of new materials and energy-efficient technologies for the power industry [1] - It has the capability to conduct import and export activities for goods and technology [1] Licensing and Regulatory Compliance - The company requires approval for specific projects such as wire and cable manufacturing and special equipment manufacturing [1] - Operations are subject to relevant departmental approvals and licenses [1]

证券研究报告 | 2025年10月12日 港股市场速览 优于大市 应估值压力回调，贸易冲击尚待定价 股价表现：估值压力带动市场整体回调 本周，恒生指数-3.1%（周五夜盘期货进一步-5.0%），恒生综指-3.4%。风 格方面，中盘（恒生中型股-1.8%）＞小盘（恒生小型股-3.2%）＞大盘（恒 生大型股-3.7%）。 主要概念指数普遍回调，表现较优的有：恒生公用事业（+1.3%），恒生高 股息（+0.8%）；跌幅较大的有：恒生生物科技（-7.1%）、恒生互联网（-5.8%）。 国信海外选股策略均有所回撤，表现较弱的是 ROE 策略全天候型（-6.6%）。 14 个行业上涨，16 个行业下跌。涨幅居前的行业有：煤炭（+2.8%）、建材 （+2.7%）、建筑（+2.1%）、电力及公用事业（+1.8%）、综合（+1.3%）； 跌幅居前的行业有：电子（-7.2%）、医药（-6.3%）、电力设备及新能源（-6.1%）、 商贸零售（-6.1%）、农林牧渔（-5.0%）。 估值水平：整体表现较弱，钢铁煤炭亮眼 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）-2.9%至 12.2x； 恒生综指估值-2.6%至 1 ...

证券研究报告|宏观点评报告 [Table_Date] 2025 年 10 月 12 日 [Table_Title] 新一轮关税，新一轮 TACO 10 月 11 日，美国总统表示，自 11 月 1 日起对中国额外征收 100%关税，并对"全部关键软件"实施出口 管制。关税威胁再起，海外市场"risk-off"。标普 500 跌 2.7%，创近六个月最大跌幅；国际铜价和油价跌幅超 过 4%。贸易摩擦风险再起，后续怎么看？ 一、新一轮关税的可能走向 我们预计 100%关税落地的概率不高，因为 4-5 月的经历已指向高关税之路行不通。今年 4 月，在美国加征 关税后，美国对中国商品的税率一度升至 145%（4 月 10 日提升至 125%，5 月 14 日下调到 30%，100%以上 的税率未能完整持续 1 个月），使得中美经贸一度短暂脱钩。事后来看，美国从中国进口在 5 月下降超 40%，并 且其很难找到商品供给的替代方，这也促成了 5 月 10-11 日的中美经贸谈判。此次美国再度威胁加征 100%关 税，如果落地，这一税率足以使得中美贸易再次中断。而 11 月正值美国圣诞节的备货季，面临如此高的关税， 部分商 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the acceleration of capital expenditure by global AI giants, with domestic players like ByteDance, Alibaba, and Tencent entering a phase of large-scale investment in AI computing and applications [19] - The report highlights the importance of self-controlled computing power in the AI sector, suggesting that the computing power supply chain is a core focus area for investment [19] - The report recommends focusing on seven major industry directions, including network equipment, IT equipment, AIDC data center construction, computing power leasing, cloud computing platforms, AI applications, and satellite internet & 6G [19] Summary by Sections 1. Weekly Investment Insights - Global AI computing power is resonating, with a focus on self-controlled computing power [10] - OpenAI has released Sora2, a video and voice generation model, marking a significant advancement in video modeling capabilities [13][14] - OpenAI's DevDay 2025 introduced several tools and updates, positioning ChatGPT as a potential "operating system" for the AI era [15] - OpenAI has formed a strategic partnership with AMD to deploy 6GW of AMD GPU computing power for its next-generation AI infrastructure [16] - The report notes the acceleration of domestic computing power development with the release of new models [17][18] 2. Communication Data Tracking - As of August 2025, China has 4.646 million 5G base stations, with a net increase of 395,000 stations since the end of 2024 [29] - The number of 5G mobile phone users reached 1.154 billion, a year-on-year increase of 19.46% [29] - In June 2025, 5G mobile phone shipments were 18.436 million units, accounting for 81.6% of total shipments, with a year-on-year decrease of 16.7% [29] 3. Operator Performance - The report highlights strong growth in innovative business development among major operators, with revenue from cloud services showing significant increases [40][44] - In the first half of 2025, China Mobile's cloud revenue reached 56.1 billion yuan, up 11.3% year-on-year [44] - China Telecom's cloud revenue was 57.3 billion yuan, up 3.8% year-on-year, while China Unicom's cloud revenue reached 37.6 billion yuan, up 4.6% year-on-year [44]