Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector experienced a decline of 0.39% in the 39th week of 2025, ranking 15th among primary industries in the Yangtze River region. However, since the beginning of 2025, the sector has risen by 62.96%, ranking 1st among primary industries [2][4]. - OpenAI and NVIDIA plan to jointly build a 10GW AI computing cluster with a maximum investment of $100 billion, announcing a long-term infrastructure blueprint valued at $1 trillion, with an initial phase adding approximately 7GW of capacity [5][7]. - Alibaba is advancing its AI infrastructure investment of 380 billion yuan, unveiling the "Panjun 128 Card Super Node" and the UPN Scale-Up architecture, with optical interconnect expected to be a core component for super node expansion [6][7]. Summary by Sections Market Performance - In the 39th week of 2025, the communication sector fell by 0.39%, while it has increased by 62.96% since the start of the year, leading the primary industries [2][4]. - Among companies with a market capitalization above 8 billion yuan, the top three gainers this week were Yongding Co. (+23.9%), Chaoxun Communication (+22.6%), and Cambridge Technology (+18.8%). The top three decliners were Dekeli (-22.3%), Changxin Bochuang (-14.8%), and Changfei Optical Fiber (-14.6%) [4]. Major Developments - OpenAI and NVIDIA's collaboration includes the construction of a 10GW AI computing cluster, with the first phase expected to be operational by the second half of 2026 [5]. - The initial phase of the AI infrastructure will involve the construction of five data centers in the U.S. with a total planned capacity of approximately 7GW [5]. - Alibaba's new AI infrastructure includes a super node with 128 GPUs and a high-performance network card, aiming for significant scalability and low latency [6]. Investment Recommendations - The report suggests continued optimism for AI and computing power, recommending operators such as China Mobile, China Telecom, and China Unicom. It also highlights specific companies in various segments, including optical modules, liquid cooling, and satellite applications [7].

Market Overview - The A-share market experienced a significant rebound with a trading volume of 2.18 trillion yuan, and 3,576 stocks rose, driven by strong performances in brokerage and power equipment sectors [1][2][4] - The market is expected to maintain a "slow bull" trend post-holiday, with structural opportunities primarily in technology sectors [1][12][18] Sector Performance - The non-bank financial sector saw a notable increase, with stocks like GF Securities and Huatai Securities hitting the daily limit [4][6] - Power equipment stocks performed well, with a rise of over 3%, and several companies in this sector reached their daily trading limits [6][7] - Traditional sectors such as coal, banking, and oil showed weaker performance, indicating a divergence in market sentiment [8][9] Investment Sentiment - Investors are leaning towards holding stocks during the holiday due to a favorable policy environment and ample liquidity, with a significant percentage of private equity managers favoring high positions [13][15][17] - There is a cautious optimism regarding the market's recovery post-holiday, with many expecting a balanced market style that includes both growth and value stocks [17][18] Economic Indicators - Recent economic data showed a 20.4% year-on-year increase in profits for industrial enterprises, suggesting a potential turning point in corporate earnings [12] - The liquidity environment remains supportive, with expectations of further easing from the Federal Reserve, which could enhance market conditions [13][15] Future Outlook - The technology sector, particularly in areas like AI and high-end manufacturing, is anticipated to continue attracting investment, supported by government policies favoring innovation [14][18] - The market is expected to exhibit structural opportunities, with a focus on sectors benefiting from domestic demand and technological advancements [18]

2025.09. 29 作者 | 第一财经 李娜 据知情人士透露，华为公司今天任命余承东为公司产品投资评审委员会（IRB）主任，任命文件由任 正非亲自签发。 投资评审委员会的核心职能是对公司重大战略方向的资源投入、项目立项、预算审批等关键决策进行 评估与把控，确保资源向核心战略目标高效倾斜。 微信编辑 | 小羊 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 推荐阅读 捷豹路虎3.3万名员工被告知"停工停产" t查询行者 2 代 H t a a 二十 11 - - . . 7 图 ND ROVER the state res HDR W a a 内部人士分析，余承东增任IRB主任，主要使命是带领华为打赢人工智能（AI）关键战役，取得全球 领先地位。多名受访内部人士表示，看好余承东掌管AI。余承东仍然担任华为常务董事、终端 BG 董事长，掌管华为终端、鸿蒙智行等业务。 ...

Core Viewpoint - The company, HaiNengDa (002583), announced that it and its controlling subsidiaries have no overdue external guarantees, no external guarantees involved in litigation, and no losses incurred from being judged against external guarantees [1] Group 1 - The company confirmed the absence of overdue external guarantees [1] - There are no external guarantees currently involved in any litigation [1] - The company has not incurred any losses due to being judged against external guarantees [1]

人民财讯9月29日电，记者从权威渠道获悉，华为内部最新发布任命文件，华为常务董事、终端BG董事 长余承东被任命为华为产品投资评审委员会(IRB)主任，任命文件由任正非亲自签发，这意味着余承东 又多了一个管理职位。截至发稿，华为官网仍未更新余承东最新职位，仍为"华为常务董事、终端BG董 事长"。 ...

Core Points - The company, Jin Yi Technology, announced on September 30, 2025, that it will repurchase and cancel 648,000 restricted stocks due to unmet performance targets in the 2022 incentive plan [1][2] Group 1: Performance and Stock Repurchase - The repurchase of restricted stocks was approved during the board and supervisory meetings held on August 1, 2025, and subsequently confirmed in the shareholder meeting on September 29, 2025 [2] - The portion of restricted stocks that could not be released from restrictions was 30%, corresponding to the 648,000 shares that will be repurchased and canceled [2] Group 2: Changes in Capital Structure - Following the cancellation of the restricted stocks, the registered capital of Jin Yi Technology will decrease from RMB 179,556,341 to RMB 178,908,341, a reduction of RMB 640,000 [3] - The total number of shares will also decrease from 179,556,341 shares to 178,908,341 shares [3] Group 3: Creditor Notification - Due to the reduction in registered capital, the company has notified creditors that they have 45 days from the announcement date (September 30, 2025) to claim their debts or request guarantees [4] - Creditors must provide valid documentation to prove their claims, and the submission period is from September 30 to November 13, 2025 [4]

摘要： 在AI与硬科技主线放量、政策与流动性共振的背景下，2025年主观多头策略整体实现"高胜率+高收益"的进攻性行情，且在6—8月出现 明显的收益加速 。风格层面，中小盘与TMT高景气板块成为主要超额来源。对比量化多头，主观多头在8月的相对韧性来自"自上而下+自下而 上"的择时与行业切换，但产品分化亦同步放大。 展望四季度，或可保持对"AI算力—半导体—通信设备—应用落地"的主线跟踪，同时对高换 手策略的回撤控制与止盈纪律提出更高要求。 一、今年以来怎么走：6—8月收益显著加速 数据来源：私募排排网；截止日期：2025年9月19日，统计范围仅限于我司代销产品，指数表现仅供参考。 今年三季度，A股与港股科技主线表现突出，申万一级行业中通信、电子、计算机等领涨板块较为集中，恒生科技年内涨幅显著，强化"中式科 技贝塔"。在这一背景下，主观多头策略得以搭上科技成长主线的列车，尤其是中小盘及高弹性赛道更易获取Alpha空间，使得收益曲线斜率抬 升，带来年度表现的关键增量。（可参考： 最新主观私募公司榜出炉！日斗投资居前！梁宏、但斌、林园、陈宇旗下私募上榜！ ） 图1：排排网主观多头策略指数月度收益表现 | 数据来源: ...

证券日报网讯中际旭创9月29日在互动平台回答投资者提问时表示，公司在专注主营业务的同时也会围 绕数据中心产业链做布局，具体以公司披露的信息为准。 ...

（文章来源：证券时报网） 证券时报·数据宝统计显示，中际旭创今日收盘价为416.75元，上涨0.74%，日换手率为3.88%，成交额 为180.30亿元，全天主力资金净流出4.15亿元，近5日该股累计下跌0.30%，近5日资金合计净流出18.53 亿元。 两融数据显示，该股最新融资余额为165.43亿元，近5日增加21.85亿元，增幅为15.22%。（数据宝） 9月29日中际旭创大宗交易一览 | 成交量 | 成交金 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | | | | | 0.74 | 259.00 | 350.00 | -16.02 | 东方财富证券股份有限公司上 | 中信证券股份有限公司 | | | | | | 海宝山区共和新路证券营业部 | 北京呼家楼证券营业部 | 中际旭创9月29日大宗交易平台出现一笔成交，成交量0.74万股，成交金额259.00万元，大宗交易成交价 为350.00元，相对今日收盘价折价16 ...

Core Insights - Huawei's HarmonyOS 5 has surpassed 20 million terminal devices, showcasing rapid growth in user adoption and ecosystem expansion [1][6][10] - The transition from 10 million to 20 million devices occurred in just two months, indicating a significant acceleration in user acquisition [1][6] - HarmonyOS is expected to expand beyond smartphones and tablets to various sectors, including automotive, healthcare, and aerospace, with a potential scale of billions of devices [3][4] Ecosystem Acceleration - 2025 is identified as a pivotal year for HarmonyOS 5, marking the transition from initial breakthroughs to large-scale expansion [4] - The launch of multiple devices, including the Huawei Pura X and nova 14 series, has enriched the HarmonyOS 5 ecosystem, with over 40 products now utilizing the system [4][6] - The ecosystem has seen a surge in applications, with over 9,000 HarmonyOS applications participating in system-level innovations, and more than 30,000 applications and services in development [6][7] Differentiated User Experience - HarmonyOS 5 focuses on innovative, scenario-based experiences to retain users and create a unique competitive advantage [8][10] - The system enhances everyday activities, such as dining and travel planning, by streamlining processes and integrating AI for smarter decision-making [9][10] - The rapid iteration of HarmonyOS applications has led to improved user experiences, exemplified by the HarmonyOS version of popular apps like WeChat and Douyin [7][10]