卖五 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券 营业部 2112.38 盛洋科技(603703)今日下跌4.78%，全天换手率29.04%，成交额18.91亿元，振幅17.31%。龙虎榜数据显 示，营业部席位合计净卖出1278.39万元。 上交所公开信息显示，当日该股因日振幅值达17.31%、日换手率达29.04%上榜，营业部席位合计净卖 出1278.39万元。 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交2.31亿元，其中，买入成交额为1.09亿 元，卖出成交额为1.22亿元，合计净卖出1278.39万元。 具体来看，今日上榜营业部中，第一大买入营业部为中信证券股份有限公司上海分公司，买入金额为 2803.29万元，第一大卖出营业部为华安证券股份有限公司涡阳时代广场证券营业部，卖出金额为 3003.86万元。 资金流向方面，今日该股主力资金净流出3.42亿元，其中，特大单净流出2.29亿元，大单资金净流出 1.14亿元。近5日主力资金净流出2.72亿元。 10月28日公司发布的三季报数据显示，前三季度公司共实现营业收入6.44亿元，同比增长13.39%，实现 净利润713.47万元， ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：国际金融报 12月19日，A股指数微红，量能微增，近4500只个股收涨，大消费股亮眼。 受访人士表示，普涨说明短期卖盘已衰竭，市场情绪有所回暖；但成交量未见放大，显示做多信心依旧 不足，观望情绪浓厚。短期内缺乏强力利好刺激，叠加流动性压力与海外政策不确定性，市场尚不具备 大幅上攻条件，预计下周仍以震荡为主。 量能微增至1.75万亿元 沪指收涨0.36%报3890.45点，创业板指收涨0.49%报3122.24点，深证成指收涨0.66%。科创50、沪深 300、上证50、北证50涨幅均不超1%。 市场观望情绪较重 对于今日A股"量价微涨、个股普涨"的表现，龙赢富泽资产董事长童第轶向记者分析，核心驱动力在于 悲观情绪后的技术性修复与政策预期的边际改善。在经历前期连续调整、情绪触及短期冰点后，市场本 身具备超跌反弹的技术需求。盘中地产、地方债等领域再传温和稳增长信号，观望资金试探性回补，带 动指数与个股同步回升。 "成交量仅微幅放大，表明主导反弹的仍是存量资金，增量资金大规模进场的意愿仍然不足，行情性质 属于'跌多了反弹'，而非趋势逆转 ...

Group 1 - The China Securities Regulatory Commission (CSRC) has issued a notification regarding the overseas issuance and listing of Megvii Technology Co., Ltd. [1] - The company plans to issue no more than 75,006,100 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1]

本次交易通过将与公司形成互补和协同的射频业务资产组注入公司，运用市场化手段，优化和调整产业 布局，助力国有资产的高效配置。 智通财经APP讯，四川九洲(000801.SZ)发布公告，公司拟通过新设全资子公司以现金方式购买四川九洲 电器集团有限责任公司旗下的射频业务相关资产、负债、业务及人员等，交易金额为7.57亿元。 ...

智通财经APP获悉，香港联交所最新资料显示，12月15日，瑞银减持中兴通讯(00763)192.5574万股，每 股作价28.0651港元，总金额约为5404.14万港元。减持后最新持股数目约为6715.04万股，持股比例为 8.89%。 ...

Group 1: Company Updates - ShuoBeide denied rumors about securing a mass production order for phased array antennas from SpaceX's Starlink, stating the information is not true [1] - Zhongyuan Neipei's subsidiary signed a strategic cooperation framework agreement with Ningbo Puzhi Future Robotics for humanoid robot-related business, with the Shanghai subsidiary expected to become a core supplier [2] - Pinduoduo announced an upgrade to its governance structure, implementing a co-chairman system with Zhao Jiazhen and Chen Lei serving as co-chairmen and co-CEOs [3] - Pinduoduo responded to EU inquiries regarding Temu, highlighting its rapid market growth and the understandable scrutiny it faces [4] - McDonald's China reported over 7,500 stores nationwide and plans to implement bio-based new packaging, aiming to reduce approximately 5,800 tons of petroleum-based plastic annually [5] - Anta officially integrated over 1,000 offline stores into Taobao Flash Sale, with plans to expand to over 4,000 stores by 2026 [6] - Lenovo is reportedly maintaining close communication with ByteDance regarding AI phone collaborations, focusing on smart terminal cooperation [7] Group 2: Industry Developments - TikTok's CEO announced the establishment of a new joint venture for data security in the U.S., with ByteDance retaining control over e-commerce and advertising operations [8] - A new venture capital fund was established in Wuhan with a total investment of 200 million RMB, focusing on private equity and venture capital management [9] - Japan's Toyama Prefecture plans to build the country's largest data center hub with a total power capacity of 3.1 gigawatts, aiming to become a global data center leader [10] - South Korea plans to begin nuclear fusion power generation tests as early as 2030, advancing its timeline by nearly 20 years [11] - The journal "Science" named global renewable energy growth as the top scientific breakthrough for 2025, indicating a significant shift led by China [12] - The first high-altitude rock cave computing power cabin in China has been put into operation, featuring an investment of 350 million RMB and capable of performing 60 billion billion floating-point operations per second [13] - Disney's "Zootopia 2" has become the largest box office success in China, surpassing 3.6 billion RMB and highlighting the strategic value of the Chinese film market [14]

2025 年 12 月 19 日 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 周 报 超配（维持） 通信行业双周报（2025/12/5-2025/12/18） 行 业 光模块市场规模持续增长 分析师：罗炜斌 S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：东莞证券研究所，iFind 相关报告 通信行业 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 通信行业指数近两周涨跌幅：申万通信板块近2周（12/5-12/18）累计上 涨5.92%，跑赢沪深300指数5.79个百分点，涨幅在31个申万一级行业中 位列第2位；申万通信板块12月累计上涨8.49%，跑赢沪深300 ...

Core Network Overview - The core network serves as the "central control system" of mobile communication networks, managing user authentication, service processing, data forwarding, and network connectivity [1] - It addresses fundamental questions regarding user identity and data management within the network [1] Importance of Core Network in Satellite Communication - The core network is essential for satellite communication, facilitating user management, data forwarding, and network connectivity, similar to its role in terrestrial networks [3][4] - It must tackle additional technical challenges due to the dynamic nature of satellites and the extreme conditions of space [3] Integration of Satellite and Terrestrial Networks - The core network enables seamless integration of satellite networks into existing communication systems, avoiding the need for separate accounts and management for satellite communication [4][5] - Users can maintain the same SIM card, phone number, and billing account while switching between terrestrial and satellite networks [5] Protocol Compatibility and Global Communication - The core network addresses multi-network protocol compatibility, ensuring efficient data flow between satellite networks and terrestrial 4G/5G networks [7] - It supports global communication by managing regulatory compliance and roaming across different countries and regions [7] Components of the Core Network - The core network consists of a 5G core network, IMS core network, operational support systems, and a cloud platform, providing unified operational capabilities for multi-track satellite communication [7][8] - The 5G core network manages user access, session management, authentication, and data processing, while the IMS core network handles voice, video, and messaging services [7] Addressing Latency in Satellite Communication - The onboard core network enhances inter-satellite communication by providing network-level capabilities, allowing data to be routed optimally through multiple satellites without returning to the ground [9][10] - This capability reduces latency and improves the overall user experience for high-demand applications like video and real-time communication [9] Large-Scale Operation of Satellite Internet - The core network is crucial for managing user access, billing, and resource allocation as satellite internet scales from thousands to millions of users [11] - It prevents network fragmentation and ensures stable service quality through centralized management and distributed deployment [12] Future of Core Network in Satellite Internet - The core network is evolving towards a model that emphasizes collaboration between space and ground systems, incorporating AI and big data for intelligent network management [16] - As the satellite internet user base is projected to grow significantly, the ability to manage core network capabilities will determine the operational and commercial success of satellite communication [16]

Core Viewpoint - The company has extensive experience in the switch sector and is focused on expanding its product offerings and customer base in the server business, particularly in liquid cooling technology [2]. Group 1: Company Experience and Product Range - The company has years of experience in the switch field, covering various products including campus, SMB switches, and data center switches with 100G, 400G, and 800G capabilities [2]. - The company aims to strengthen its core advantages in mass production for key customer server businesses while expanding its customer reach and product scale [2].

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ■ 一、回购审批情况和回购方案内容 烽火通信科技股份有限公司（以下简称"公司"）于2025年9月23日、2025年10月15日，分别召开第九届 董事会第八次临时会议、2025年第一次临时股东大会，审议通过了《关于以集中竞价交易方式回购股份 的议案》，同意公司自股东大会审议通过本次回购股份预案之日起6个月内（即2025年10月15日至2026 年4月14日），使用自有资金或自筹资金以集中竞价交易方式回购公司股份，回购的资金总额不低于人 民币7,500万元（含）且不超过15,000万元（含），回购价格不超过人民币40.53元/股（含），依照回购 价格上限测算，回购的数量不低于1,850,482股（含）且不超过3,700,962股（含），最终回购使用资金总 额、回购数量以回购期间的具体实施结果为准。本次回购股份将全部用于注销并减少公司注册资本。具 体内容详见公司于2025年10月21日在上海证券交易所网站（www.sse.com.cn）、《中国证券报》《上海 证券报》《 ...