Group 1 - The Ministry of Industry and Information Technology and seven other departments issued a plan for the non-ferrous metals industry, aiming for an average annual value-added growth of around 5% and an average annual production growth of about 1.5% from 2025 to 2026 [2] - The plan includes measures such as exploration actions, product breakthroughs, and consumption upgrades, with a target of exceeding 20 million tons in recycled metal production [2] - The non-ferrous metals sector has rebounded nearly 60% since April, with brokerages optimistic about the price increases for industrial and energy metals [2] Group 2 - Huawei released the open-source HarmonyOS 6.0, which supports various terminal devices and has gathered over 9,200 community contributors, with more than 130 million lines of code [2] - Huawei plans to invest 150 billion yuan annually over the next five years to develop its ecosystem, providing 1.5 petaflops of computing power and mobilizing 15,000 participants [2] - The company is expanding its presence in chips, operating systems, and cloud services to attract developers and build a global developer community [2] Group 3 - International silver prices surged to over $46 per ounce, marking a 14-year high, with a 30% increase over the past six months and a 59% rise year-to-date, outpacing gold [2] - The price increase is attributed to a combination of macroeconomic factors, supply-demand dynamics, and the restoration of the gold-silver ratio [2] - Industry insiders caution investors about price volatility risks, recommending a strategy of buying on dips while managing positions carefully [2] Group 4 - Domestic air ticket prices for popular routes have significantly increased ahead of the National Day holiday, with pre-sale prices up 9.1% compared to 2024 [3] - Factors such as rising demand, airline price hikes, and reduced supply have contributed to the price surge, making it unlikely for prices to drop [3] - Consumers are advised to book early to secure stable prices, as airlines refine their revenue management strategies [3] Group 5 - The controlling shareholder of Zhongji Xuchuang plans to reduce its stake by up to 5.5 million shares, representing 0.49% of the total share capital [3] - The company's stock has seen a remarkable increase of over 515% year-to-date, despite a recent pullback following a peak increase of 580% from April to September [3] - The actions of the controlling family and board members to reduce their stakes may indicate a shift in sentiment among institutional shareholders [3] Group 6 - Avita plans to apply for a listing on the Hong Kong Stock Exchange in the fourth quarter, aiming for completion by the second quarter of next year [3] - The company has raised over 19 billion yuan through multiple financing rounds from 2021 to 2024 but continues to face a cycle of financing and losses, with net losses reaching 9.726 billion yuan during this period [3] - Despite a change in leadership and the release of a development plan, the company faces significant challenges in a competitive market and evolving technology landscape [3] Group 7 - The U.S. government faces a potential shutdown due to a lack of consensus on fiscal appropriations for the 2026 fiscal year, which could lead to the closure of non-essential government departments [4] - The White House has requested agencies to prepare for potential layoffs, highlighting the urgency of the situation [4] - A government shutdown would impact federal employees, government services, and the release of economic data, increasing market uncertainty [4] Group 8 - The new energy storage market is experiencing rapid growth, with plans to reach an installed capacity of over 180 million kilowatts by 2027, driving an investment of approximately 250 billion yuan [5] - There is strong demand for energy storage cells, with orders extending into next year, and energy storage power stations are participating in the electricity market, creating diversified revenue models [5] - The price of lithium carbonate, a key component in lithium battery storage, is expected to stabilize, and technological advancements are driving down costs, indicating a promising industry outlook [5]

Investment Rating - Industry rating: Recommended [4] Core Insights - The report emphasizes the potential growth of the Beidou satellite navigation system and its applications in various sectors, including telecommunications, smart grid, and emergency response, indicating a multi-faceted development landscape [1][6] - The report highlights the increasing focus on domestic AI computing power, driven by significant growth in companies like Alibaba Cloud and Huawei, suggesting a robust acceleration in the scale and application of domestic AI computing [2][11] - The telecommunications operators are positioned to leverage their natural advantages in network operations and customer integration to promote satellite technology penetration, with a stable profit outlook supported by AI empowerment and cost reduction [8][9] Summary by Sections Beidou and Satellite Applications - The Beidou system is expected to upgrade significantly, with a projected annual growth rate of over 3% in applications, leading to an estimated 420 million new devices by 2028 [6] - The report notes that the telecommunications operators are crucial in expanding satellite applications, with traditional mobile business revenues under pressure but new opportunities arising from AI and satellite communications [7][8] AI Computing Power - The report recommends focusing on domestic AI computing power, with key beneficiaries including Cambrian, Moer Thread, and SMIC, as the industry anticipates accelerated growth in AI applications [2][11] - The demand for optical modules and components is expected to rise due to AI computing needs, with companies like LightSpeed Technology and Huagong Technology positioned to benefit [12][13] Telecommunications Sector - The report identifies telecommunications operators as key players in the AI and computing infrastructure space, with a focus on cloud and smart upgrades, benefiting from the "East Data West Computing" strategy [9][18] - The report suggests that the telecommunications sector is at a turning point, with traditional revenue streams under pressure but new growth areas emerging in satellite and IoT applications [8][18] Edge Computing and Security - The edge computing sector is anticipated to see renewed growth opportunities, with companies like Wangsu Technology and Yuke Technology highlighted as beneficiaries [20][21] - The report also emphasizes the importance of information security, recommending companies like Unisplendour and Qihoo 360 as key players in this space [21]

Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [5][53]. Core Viewpoints - The global cloud service providers (CSP) are accelerating the AI arms race, benefiting the computing infrastructure development, which is considered the main track for investment [4][50]. - The report highlights the importance of the three major telecom operators as significant assets for dividend allocation, emphasizing their stable operations and increasing dividend payout ratios [4][50]. - Key recommended stocks for the upcoming week include China Mobile, Zhongji Xuchuang, ZTE Corporation, and Guanghetong [4][50]. Summary by Sections Industry News Tracking - Alibaba Cloud launched the new generation of the "Panjun 128" ultra-node AI server, which supports various AI chips and has a power density of up to 350kW [2][12]. - ZTE Corporation showcased a super-node server supporting 64 GPUs and introduced its self-developed 51.2T switching chip [3][29]. - NVIDIA announced a $100 billion investment in OpenAI, with plans to deploy at least 10GW of NVIDIA systems [3][29]. Market Performance Review - The communication index decreased by 0.28% this week, while the Shanghai and Shenzhen 300 index increased by 1.07%, resulting in a relative return of -1.35% [3][41]. - Among the sub-sectors, fiber optic cables, communication equipment manufacturers, and IDC performed relatively well [3][41]. Key Company Earnings Forecast and Investment Ratings - China Mobile: Outperform the Market, with an estimated EPS of 6.72 in 2025 and a PE ratio of 15.74 [5]. - Zhongji Xuchuang: Outperform the Market, with an estimated EPS of 8.08 in 2025 and a PE ratio of 51.18 [5]. - ZTE Corporation: Outperform the Market, with an estimated EPS of 1.79 in 2025 and a PE ratio of 24.83 [5].

Core Viewpoint - Guanghetong (300638.SZ) is in the process of applying for the issuance of overseas listed foreign shares (H shares) and listing on the main board of the Hong Kong Stock Exchange [1] Group 1 - The Hong Kong Stock Exchange Listing Committee held a hearing on September 25, 2025, to review the company's listing application [1] - The sponsor of the company's issuance and listing received a letter from the Hong Kong Stock Exchange on September 26, 2025, indicating that the Listing Committee has reviewed the application [1] - The letter does not constitute approval for the listing and does not guarantee that approval will be granted; the Hong Kong Stock Exchange may provide further comments or additional conditions if necessary [1]

格隆汇9月28日丨广和通(300638.SZ)公布，公司正在进行申请发行境外上市外资股（H股）并在香港联 合交易所有限公司（简称"香港联交所"）主板挂牌上市的相关工作，香港联交所上市委员会于2025年9 月25日举行上市聆讯，审议公司本次发行上市的申请。公司本次发行上市的保荐人已于2025年9月26日 收到香港联交所向其发出的信函，其中指出香港联交所上市委员会已审阅公司的上市申请，但该信函并 不构成对上市的批准，也不表示将获得批准。如有需要，香港联交所可能会对申请提出进一步意见或附 加条件。 ...

广和通晚间公告，公司正在申请发行境外上市外资股（H股）并在香港联合交易所有限公司主板挂牌上 市。香港联交所上市委员会于2025年9月25日举行上市聆讯，审议公司本次发行上市的申请。公司本次 发行上市的保荐人已于2025年9月26日收到香港联交所向其发出的信函，其中指出香港联交所上市委员 会已审阅公司的上市申请，但该信函并不构成对上市的批准，也不表示将获得批准。如有需要，香港联 交所可能会对申请提出进一步意见或附加条件。 ...

2025年9月25日，香港联交所上市委员会举行上市聆讯，审议深圳市广和通无线股份有限公司发行境外 上市外资股（H股）并在港交所主板挂牌上市申请。9月26日，公司本次发行上市保荐人收到港交所信 函，显示上市委员会已审阅申请，但该信函不构成上市批准，也不代表将获批准，港交所或提进一步意 见或附加条件。 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [5][50]. Core Views - The global cloud service providers (CSP) are accelerating the AI arms race, benefiting the computing infrastructure development, which is considered the main track for investment [4][50]. - The three major telecom operators are still important assets for dividend allocation, with stable operations and increasing dividend ratios, suggesting a long-term investment strategy [4][50]. - Key recommended stocks for the upcoming week include China Mobile, Zhongji Xuchuang, ZTE Corporation, and Guanghetong [4][50]. Summary by Sections Industry News Tracking - Alibaba Cloud launched the new generation of the Pangu 128 ultra-node AI server, which supports various AI chips and has a power density of up to 350kW [2][12]. - ZTE Corporation showcased a super-node server supporting 64 GPUs and introduced its self-developed 51.2T switching chip [3][29]. - Nvidia announced a $100 billion investment in OpenAI, with plans to deploy at least 10GW of Nvidia systems [3][29]. Market Performance Review - The communication index fell by 0.28% this week, while the Shanghai and Shenzhen 300 index rose by 1.07%, resulting in a relative return of -1.35% [3][41]. - In terms of sector performance, fiber optic cables, communication equipment manufacturers, and IDC showed relatively strong performance [3][41]. Key Company Earnings Forecast and Investment Ratings - China Mobile: Outperform the Market, with a projected EPS of 6.72 in 2025 and a PE ratio of 15.74 [5]. - Zhongji Xuchuang: Outperform the Market, with a projected EPS of 8.08 in 2025 and a PE ratio of 51.18 [5]. - ZTE Corporation: Outperform the Market, with a projected EPS of 1.79 in 2025 and a PE ratio of 24.83 [5].

Core Viewpoint - Since September 24 of last year, the A-share market has experienced significant growth, with funds established around that time achieving notable returns [1][4]. Group 1: Fund Performance - Funds established at low points have not produced "doubling funds" this year, with average returns lagging behind the Shanghai and Shenzhen stock indices [2][8]. - Nearly 50 actively managed equity funds were "precisely established" during this period, with all included funds showing positive performance and an average return rate of 35.94% [5][6]. Group 2: Market Dynamics - The investment logic in the A-share market has shifted, with sectors like innovative pharmaceuticals and artificial intelligence leading the charge, resulting in several funds performing exceptionally well [4]. - The issuance of new equity funds was significantly impacted by market conditions, with only 50 billion units issued in July and August 2024, compared to 355 billion and 472 billion units in the same months this year [4]. Group 3: Fund Strategy and Holdings - Many funds that were established during low market conditions adopted a cautious investment strategy, focusing on high-dividend and value stocks, which limited their ability to capitalize on the subsequent market rally [8][9]. - For instance, the Allianz China Select fund initially invested in high-dividend stocks but later shifted to high-growth stocks to capture better returns [8]. Group 4: Dividend Resilience - Despite the recent market adjustments, high-dividend stocks have shown resilience, with expectations for increased dividend payouts as companies move past capital expenditure peaks [11][12]. - The long-term outlook for dividend assets remains positive, with a focus on stable cash flow companies that can provide consistent returns to investors [12].

Core Viewpoint - ZTE Corporation is a leading global provider of integrated information and communication technology solutions, accelerating its transformation towards "connectivity + computing power" as 5G network construction enters a platform phase [1] Financial Performance - In the first half of 2025, the company achieved revenue of 71.553 billion yuan, representing a year-on-year increase of 14.51% [1] - The revenue from government and enterprise business, particularly in servers and storage products, doubled [1] Growth Potential - The company's performance is expected to return to a growth trajectory, supported by its position as the fourth largest telecommunications equipment supplier globally [1] - The operator network business remains stable, while the computing power and terminal business is showing significant results as a second growth curve [1] Technology Development - The company has self-developed and reserved core underlying technologies, which enhances its competitive edge in the market [1] - The report initiates coverage of the company with a "buy" rating [1]