诺基亚(NOK.US)盘前涨1.19%报5.94美元。有市场消息称，诺基亚首席执行官Justin Hotard表示，公司 正在评估的四大业务单元——包括其私有无线网络解决方案——与整体战略方向不符，预计将在2026年 推进相关业务的剥离或出售。此外据悉，诺基亚正押注人工智能热潮，精简业务以聚焦连接AI数据中 心的网络基础设施。该公司周三举办资本市场日。诺基亚宣布，到2028年其年度营业利润预计将在27亿 欧元至32亿欧元。(格隆汇) | NOK 诺基亚 | | | | --- | --- | --- | | 5.8704-0.160 -2.65% | | 收盘价 11/20 16:00 美东 | | 5.940 + 0.070 +1.19% | | 盘前价 11/21 04:20 美东 | | 一 5 24 9 ~ 9 日 ♥ 白选 | | ● 快捷交易 | | 最高价 6.210 | 开盘价 6.180 | 成交量 5583.44万 | | 最低价 5.860 | 昨收价 6.030 | 成交额 3.35亿 | | 平均价 6.000 | | 市盈率TTM 29.95 总市值 315.75亿 … | | 振 ...

Group 1 - The company, Zhaolong Interconnect (300913), plans to continuously follow the development trends of computing networks and artificial intelligence [1] - The company will increase research and development investment in the optical product field [1] - The company aims to expand product application scenarios and enhance core technological competitiveness [1]

Core Viewpoint - The company emphasizes the importance of collaborating with suppliers that have a stable and continuous bulk supply capability to ensure supply chain security [2] Group 1 - The company announced on November 21 that it is committed to maintaining a secure supply chain [2] - The company is actively engaging with suppliers that can provide consistent and reliable bulk supplies [2]

Core Viewpoint - The company emphasizes technology innovation as its core driving force for development, closely following global technology trends and focusing on potential areas such as CPO [1] Group 1: Company Strategy - The company is committed to reasonable allocation and investment of R&D resources based on market and business needs [1] - The company has released a single-chip 51.2T800G CPO silicon photonic switch, integrating CPO silicon technology, innovative cooling, and intelligent lossless network design [1] Group 2: Product Highlights - The single-chip bandwidth of the new product reaches 51.2T, supporting 64 ports of 400G/800G [1]

智通财经APP讯，摩比发展(00947)发布公告，于2025年11月21日，该公司斥资304港元回购2000股股 份，每股回购价格为0.152港元。 ...

Investment Rating - Maintain Outperform rating with a target price of 99.0 RMB based on a 43.8x PE for 2026 [4][8] Core Insights - Significant growth in performance with Q3 2025 revenue of 8.53 billion RMB, up 58.65% YoY, and net profit of 719 million RMB, up 54.95% YoY [9] - The increase in 800G product proportion is expected to enhance profitability, with domestic demand for 800G anticipated to rise rapidly in 2026 [9][10] - Positive outlook for domestic computing power chips and cloud providers, with major companies planning to expand data center capacities significantly [10] Financial Summary - Total revenue projections for 2023A to 2027E are 6,061 million RMB, 8,272 million RMB, 11,718 million RMB, 17,362 million RMB, and 21,522 million RMB respectively, with growth rates of -12.3%, 36.5%, 41.7%, 48.2%, and 24.0% [3] - Net profit attributable to shareholders is projected to grow from 619 million RMB in 2023A to 2,331 million RMB in 2027E, with corresponding EPS increasing from 0.77 RMB to 2.89 RMB [3][4] - The gross profit margin for Q3 2025 was reported at 24.14%, reflecting a 4 percentage point increase QoQ [9] Industry Outlook - The domestic data center construction is expected to benefit from localization efforts, with optimism surrounding the growth of domestic chip manufacturers [10] - The overall industry is projected to experience high growth driven by increasing demand for advanced data communication technologies [9][10]

Market Overview - The market experienced significant fluctuations, with the Shanghai Composite Index falling over 2% and the ChiNext Index dropping more than 4%. Nearly 5,100 stocks declined, with 99 hitting the daily limit down [1] - The Shanghai Composite Index closed down 2.45%, the Shenzhen Component Index down 3.41%, and the ChiNext Index down 4.02% [1] Sector Performance - AI application concepts showed resilience, with Rongji Software achieving five consecutive limit-up days [1] - The military industry sector was active, with Jiuzhiyang hitting the limit up and companies like Jianglong Shipbuilding and Tianhai Defense also experiencing significant gains [1] - Conversely, the lithium battery supply chain faced a collective adjustment, with stocks like Shengxin Lithium Energy hitting the limit down [1] Trading Volume - The total trading volume of the Shanghai and Shenzhen markets reached 1.97 trillion yuan, an increase of approximately 257.47 billion yuan compared to the previous trading day [2] - The Shanghai market's trading volume was 824.93 billion yuan, while the Shenzhen market's was 1.14 trillion yuan [2] Notable Stocks - Zhongji Xuchuang had the highest trading volume at 19.48 billion yuan, followed by Xinyi Sheng, Ningde Times, Sunshine Power, and Industrial Fulian with trading volumes of 13.41 billion yuan, 11.85 billion yuan, 11.76 billion yuan, and 11.71 billion yuan respectively [2]

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].