Core Insights - The report maintains a "stronger than market" investment rating for the communication industry, highlighting its growth potential and favorable valuation levels [1][5][12] - The communication industry index has shown significant performance, ranking second among 30 major industry indices with a 60.87% increase as of November 20, 2025 [12][14] - The report emphasizes the optimistic outlook for AI-related developments, particularly in AI computing and cloud services, which are expected to drive industry growth [4][5][45] Market Review and Industry Performance - In the first three quarters of 2025, the communication industry achieved a total revenue of CNY 19,753.67 billion, representing a year-on-year growth of 2.30%, while net profit reached CNY 1,886.40 billion, up 6.95% [18] - The overall gross margin for the communication industry was 28.45%, with a net margin of 10.19% for the first three quarters of 2025, indicating stable profitability [19] - The telecommunications operators segment reported a revenue of CNY 14,819.21 billion, growing by 0.57%, and a net profit of CNY 1,548.98 billion, increasing by 4.30% [35] Segment Performance - The optical communication segment (including optical modules, devices, and chips) saw a revenue of CNY 795.38 billion, a year-on-year increase of 56.14%, with net profit soaring by 116.86% [41] - The telecommunications equipment segment recorded a revenue of CNY 1,390.0 billion, growing by 11.2%, while the consumer electronics components segment also grew by 11.1% [21] - The cable segment achieved a revenue of CNY 464.54 billion, reflecting a growth of 6.99%, driven by increasing demand across multiple applications [46] Investment Recommendations - The report suggests focusing on companies within the optical module/device/chip sector, such as NewEase, Huagong Technology, and Guangxun Technology, due to their strong growth prospects [5][41] - For AI mobile phones, companies like Xunwei Communication and ZTE are highlighted as key players to watch [5][41] - The telecommunications operators, including China Mobile, China Telecom, and China Unicom, are recommended for their stable operations and high dividend yields [5][41]

Core Viewpoint - The company is actively developing new products and technologies in the communication industry, leveraging its expertise in electromagnetic shielding, thermal management, and base station antennas to meet customer demands [1] Group 1: Company Developments - The company is continuously aligning its product development with customer needs, focusing on new product development and technology reserves [1] - The company's products, including antenna resonators, base station antennas, special heat sinks, thermal materials, and electromagnetic shielding products, are applicable in 5G and 6G technologies [1] Group 2: Industry Trends - 6G communication technology is still in the exploratory research phase, and the company is committed to monitoring developments in this area [1] - The company aims to keep pace with industry technological advancements and provide products and solutions that adapt to industry development, enhancing its overall competitive advantage [1]

Core Viewpoint - Western Securities reports that Unisplendour's Q3 2025 revenue shows both year-on-year and quarter-on-quarter growth, while net profit attributable to shareholders has decreased both year-on-year and quarter-on-quarter [1] Financial Performance - Unisplendour's subsidiary, H3C, achieved a 15% year-on-year profit increase in the first three quarters [1] - The company anticipates net profits of 1.8 billion, 2.0 billion, and 2.6 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 38, 34, and 26 [1] Business Outlook - Server Business: The company is actively collaborating with domestic AI chip manufacturers, with the promotion of super-node servers expected to enhance server business gross margins by 2026 [1] - Optical Communication: Continuous investment in silicon photonics-based CPO, NPO technologies, and OCS optical switching technology is expected to improve the gross margin of the switching business through enhanced internal R&D and manufacturing efficiency [1] - High-speed switches and AI servers are projected to remain the core drivers of the company's performance growth [1] Strategic Advantages - The company is well-positioned to benefit from the Scale Up trend due to its software and hardware coordination advantages, ICT integration solution capabilities, supply chain integration, and expansion into overseas markets [1]

Core Insights - The report emphasizes the construction of a strategy portfolio based on industry and thematic ETFs, leveraging insights from previous strategy reports on industry rotation and ETF market overview [2][3]. Strategy Update - The strategy portfolio includes various ETFs, with notable holdings in Aerospace Equipment (59.16%), Automation Equipment (47.2%), and Communication Equipment (75.3%) [3]. - The weekly timing signals indicate a bearish outlook for several ETFs, with signals of -1 for Aerospace, Industrial Mother Machine, and Communication ETFs [3]. - The strategy's cumulative net return from October 14, 2024, to November 14, 2025, is approximately 18.16%, outperforming the CSI 300 ETF by 0.57% [3][4]. Performance Tracking - During the period from November 10 to November 14, 2025, the strategy recorded a cumulative net return of about -3.78%, with an excess return of -0.04% compared to the CSI 300 ETF [3][12]. - The average return of the ETF portfolio was -3.73%, with specific ETFs like the Communication ETF and Gaming ETF continuing to hold positions despite recent declines [12][13]. Recommended Holdings - For the upcoming week, the strategy recommends increasing positions in Securities ETF, Satellite Industry ETF, and Grid Equipment ETF, while maintaining existing positions in Aerospace and Industrial Mother Machine ETFs [13].

今日A股市场探底回升，三大指数集体收红。沪深两市成交额1.73万亿，较上一个交易日缩量2379亿。 两市成交额:1.73万亿 较上一日:-2379亿 今日预测量能: 1.73万亿 -2379亿 创业板指 上证指数 深证成指 -3836.76 ▲2929.04 -12585.08 +1.88 +0.05% +47.01 +0.37% +8.96 +0.31% 市场概况 2353 1290 822 350 156 132 120 79 103 57 27 42 34 大于 +8% 小于 涨停 跌停 +8% +6% 0% -2% -4% -6% -8% +4% +2% -8% 上涨 4228家 持平 120家 下跌 1104家 涨停 79家 停牌 12家 跌停 34家 市场热度: 71 0 0 50 100 盘面上，市场热点轮番活跃，全市场超4200只个股上涨。从板块来看， 商业航天概念持续拉升 ，航天发展等10股涨停。 军工板块爆发 ，中船防务4 天2板，江龙船艇6天3板。 AI应用概念股快速走强 ，久其软件、省广集团等多股涨停。下跌方面，锂矿概念股下挫，盛新锂能跌停。算力硬件概念 走弱，权重工业富联触及跌停。 ...

11月24日，创业板50ETF华夏（159367）上涨0.48，持仓股蓝色光标涨超7%，南大光电涨超4%， 长盈精密涨超3%。 近期，创业板50ETF华夏（159367）三个交易日净流入超1500万元，中长期配置价值凸显。 创业板50指数选取创业板指市值前100只流动性靠前的前50股票，代表了创业板大盘公司，精选市 值较高、流动性较好的龙头公司，指数具备较强的成长潜力。指数集中覆盖电池、证券、通信设备等行 业，主要体现为"三创（创新、创造、创意）四新（新技术、新产业、新业态、新模式）"。 创业板50ETF华夏（159367），该产品具备两大核心优势：一是20%涨跌幅限制，相较于传统宽基 指数，交易弹性更强；二是管理费0.15%、托管费0.05%，处于同类产品最低费率档，有效降低投资成 本。 每日经济新闻 （责任编辑：贺翀 ） 【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 ...

Core Viewpoint - Hainengda's stock price increased by 5.05% to 12.06 CNY per share, with a trading volume of 721 million CNY and a turnover rate of 4.74%, resulting in a total market capitalization of 21.933 billion CNY [1] Group 1: Company Overview - Hainengda Communication Co., Ltd. is located in Nanshan District, Shenzhen, Guangdong Province, and was established on May 11, 1993, with its listing date on May 27, 2011 [1] - The company specializes in the research, production, and sales of professional wireless communication equipment, including intercom terminals and cluster systems, and provides comprehensive solutions, making it a leading provider in the global professional wireless communication equipment market and in China [1] - The revenue composition of Hainengda is as follows: terminals 44.36%, systems 42.37%, and OEM and others 13.27% [1] Group 2: Shareholder Information - Among Hainengda's top ten circulating shareholders, one fund from Huaxia Fund is notable. The Huaxia CSI 1000 ETF (159845) reduced its holdings by 8,100 shares in the third quarter, now holding 5.9298 million shares, which accounts for 0.46% of the circulating shares [2] - The Huaxia CSI 1000 ETF (159845) was established on March 18, 2021, with a current scale of 45.469 billion CNY. It has achieved a return of 20% this year, ranking 2071 out of 4209 in its category, and a return of 14.26% over the past year, ranking 2451 out of 3982 [2]

Group 1 - The core viewpoint of the news is that Gaoling Information Technology Co., Ltd. has seen a stock price increase of 5.07%, reaching 24.86 CNY per share, with a total market capitalization of 3.215 billion CNY [1] - Gaoling Information was established on December 29, 1999, and went public on March 15, 2022. The company specializes in the research, production, and sales of information communication network equipment, network and information security products, and environmental IoT application products [1] - The main revenue composition of Gaoling Information includes: Environmental IoT applications (44.43%), Network content security (35.51%), Military telecommunications equipment (16.71%), Network space endogenous security (3.27%), and Others (0.08%) [1] Group 2 - According to data, Huashang Fund has one fund heavily invested in Gaoling Information, specifically the Huashang Quality Selection Mixed A Fund (014558), which holds 67,700 shares, accounting for 1.25% of the fund's net value [2] - The Huashang Quality Selection Mixed A Fund has achieved a return of 50.84% this year, ranking 471 out of 8,209 in its category, and a return of 42.46% over the past year, ranking 677 out of 8,129 [2] - The fund manager of Huashang Quality Selection Mixed A is Deng Mo, who has a tenure of 10 years and 80 days, with the fund's total asset size at 2.285 billion CNY [3]

Core Insights - The 2025 China 5G + Industrial Internet Conference emphasized the theme of "Intelligent Navigation of All Things Connected," highlighting the need for an upgraded version of "5G + Industrial Internet" [1][4] - The Ministry of Industry and Information Technology (MIIT) aims to accelerate the integration of industrial applications and promote the construction of 10,000 5G factories by 2027 [1][7] Group 1: Current Developments - The "5G + Industrial Internet" has achieved significant progress, covering nearly 90% of industrial categories and establishing over 3,500 basic-level and 1,260 5G factories [1][6] - As of September 2025, China has built 4.705 million 5G base stations and has 1.167 billion 5G mobile phone users, with over 300 cities deploying 5G-A networks [2][5] Group 2: Future Directions - The transition from 5G to 5G-A is expected to enhance industrial applications with six key technologies, including ultra-reliable low latency and large uplink/downlink capabilities [3][5] - The MIIT plans to implement actions for industrial internet and key industry chain collaboration, aiming for a comprehensive upgrade of capabilities in network infrastructure, technology products, and application integration [7][8] Group 3: Economic Impact - The investment in 5G factories is projected to reach 59.13 billion yuan, with improvements in product quality by 5.5%, operational costs reduced by 1.8%, and production capacity increased by 1.6% [6][7] - The distribution of 5G factories across various economic sectors has expanded from 25 to 48, with leading industries including electronics, equipment manufacturing, and chemicals [7]

这项多年期的美国投资计划，是在该公司早前通过收购Infinera所承诺的23亿美元，以及该光网络专业 企业投入的4.56亿美元制造设施投资之外的额外投资。约35亿美元资金将用于美国本土的研发，涵盖网 络技术、国防应用、自动化、量子安全网络及半导体技术。另有5亿美元将用于支持在德克萨斯州、新 泽西州和宾夕法尼亚州的制造与研发扩张。 诺基亚将此次投资定位为构建更安全、高能效且AI就绪网络的关键，并称此举将有助于美国及其盟友 在AI蓬勃发展的背景下保持竞争力。 C114讯 11月24日消息（岳明）据Mobile World Live报道，诺基亚与美国特朗普政府达成了一项价值40 亿美元的投资协议，旨在扩大其在美国的研发与制造布局，并加速AI就绪网络基础设施的建设。 美国商务部长Howard Lutnick表示："诺基亚的40亿美元投资是特朗普政府为美国取得的又一项成 就。"他指出，该计划确保了"驱动AI、数据中心及关键国家安全应用的最具创新性技术将在美国本土进 行开发与建设"。 诺基亚首席执行官Justin Hotard表示，该项目将巩固公司在关键网络基础设施领域的地位，并称其将"通 过大规模AI优化连接，助力提升 ...