铜缆高速连接概念股持续上扬，沃尔核材直线触及涨停，金信诺此前20cm涨停，华丰科技、兆龙互 连、神宇股份跟涨。 ...

Investment Rating - The industry rating is "Overweight" and has been maintained from the previous rating [4] Core Insights - The communication industry showed steady growth in revenue and net profit in the first half of 2025, with total revenue of 1,969.54 billion yuan, a year-on-year increase of 11.2% [9][39] - In Q2 2025, the revenue of the communication industry reached 1,032.68 billion yuan, with a year-on-year growth of 10.8% [15] - The demand for AI computing infrastructure is driving growth in related sectors, particularly in optical devices and modules, as well as IoT [2][40] Summary by Sections 1. Communication Industry 25H1 Performance - Total revenue for 226 listed companies was 1,969.54 billion yuan, with a net profit of 164.58 billion yuan, reflecting a year-on-year increase of 11.2% and 9.4% respectively [9] - Excluding the three major operators and Industrial Fulian, revenue grew by 20.4% to 595.39 billion yuan, and net profit increased by 15.3% to 38.86 billion yuan [9] 2. Communication Industry 25Q2 Performance - In Q2 2025, total revenue was 1,032.68 billion yuan, with a year-on-year growth of 10.8% [15] - Excluding the three major operators and Industrial Fulian, revenue increased by 17.6% to 320.57 billion yuan, and net profit rose by 13.3% to 22.20 billion yuan [15] 3. Communication Industry 25H1 Individual Stock Performance - Companies with over 25% revenue and net profit growth were primarily in the IoT and optical device sectors [39] - Key growth drivers included rapid overseas AI computing infrastructure development and increased domestic investment in intelligent computing centers [40] 4. Investment Recommendations - Focus on companies benefiting from AI computing investments, including those in North America and domestic markets [3] - Continued attention to sectors like edge AI and satellite internet, with specific companies highlighted for their potential [3]

记者丨肖潇 编辑丨王俊 苹果昨天发布了号称"史上最薄"的新一代 iPhone Air，其中最受关注的一大变化，是国行版首次启用的 eSIM 设计。这意味着国内用户不再需要SIM卡，可以在手机上直接写入 eSIM。 为此，苹果中国区官网专门发布了一份指南《在中国大陆将 eSIM 与 iPhone 搭配使用》。其明确提到， iPhone Air 仅可通过eSIM激活，中国联通是目前国内唯一支持的运营商，用户需要前往联通营业厅办理 激活。 eSIM（嵌入式 SIM 卡）可以理解为一种虚拟电话卡，作为芯片内嵌在手机中，省去了插拔步骤，能同 时配置多个运营商套餐。"不再需要实体SIM卡，非常适合旅行者使用。"苹果官方介绍。 事实上，eSIM早在全球市场铺开，但国内一直未完全放开。2023年三大运营商称业务维护升级，全面 叫停了 eSIM 办理业务。今年中国联通率先重启了eSIM业务，并更新了禁止跨境写卡、精准校验地理 位置等eSIM手机技术规范。昨日，中国移动和中国电信也接连表态eSIM手机业务全面就绪，将很快开 放办理。 IDC中国助理研究总监崔凯向21记者分析，之所以此前国内eSIM没普及，关键还是在运营商和监管环 ...

Core Viewpoint - The launch of the new iPhone Air, touted as the "thinnest ever," introduces eSIM technology in the Chinese market, allowing users to activate their devices without a physical SIM card, marking a significant shift in mobile connectivity in China [1][4][10]. Group 1: eSIM Technology - eSIM is a virtual SIM card embedded in the device, allowing multiple carrier plans without the need for physical cards, which is particularly beneficial for travelers [1][8]. - The eSIM technology has been globally adopted, with 240 countries and regions offering eSIM services, and the number of supporting operators increasing from 45 in 2018 to 441 by 2024 [10]. - The eSIM's remote configuration capability poses regulatory challenges in China, as it allows for multiple numbers on a single card, which could be exploited for fraud [2][11]. Group 2: Market Dynamics - The iPhone Air represents a strategic shift for Apple, moving towards ultra-thin products to attract more users, especially in markets like China and India where previous models struggled [6]. - The current eSIM offering is limited to China Unicom, requiring users to activate their eSIM in-store, which may hinder widespread adoption [3][9]. - The success of eSIM in China will depend on the willingness of carriers to embrace the technology and the regulatory environment surrounding it [2][14]. Group 3: Regulatory Environment - The Chinese government has previously halted eSIM services due to security concerns, but recent developments indicate a potential reopening of the market as carriers prepare to offer eSIM services [10][12]. - New regulations have been introduced to ensure eSIM activation is secure, including prohibiting cross-border activation and requiring precise location verification [13][14]. - The balance between convenience and regulatory compliance will be crucial for the future of eSIM technology in China [14].

Group 1 - The company, Xintian Technology, confirmed its communication products primarily consist of radio frequency devices, radio frequency metal components, and radio frequency structural components, which are applied in the mobile communication base station sector [2] - There was an inquiry from investors regarding potential collaborations with Huawei and Xiaomi, indicating interest in partnerships within the industry [2] - The company's focus on radio frequency technology aligns with the growing demand for mobile communication infrastructure [2]

Core Viewpoint - The company has established a long-term strategic partnership with Huawei in the field of urban safety and is the first external customer to obtain authorization for the Balong 5G RedCap platform in its vehicle terminal business [2]. Group 1 - The company is the first external customer to receive authorization for the Balong 5G RedCap platform [2]. - The company has maintained a strategic partnership with Huawei for several years in the urban safety sector [2]. - The company is recognized as a leading ISV and ecosystem partner in collaboration with Huawei [2].

9月8日，山西省长治市政府与华为技术有限公司（以下简称"华为"）就数字化建设签署战略合作协议。 次日，以"数智世界 太行有为"为主题的华为中国行2025·山西新质生产力大会在长治市成功举办。大会期间，华为ICT（信息与通信技术）学院揭牌仪式成 功举行，助力长治数字经济相关人才培养。 01、华为多个项目落地长治 9月8日，长治市政府与华为签署战略合作协议。 次日，以"数智世界 太行有为"为主题的华为中国行2025·山西新质生产力大会在长治市成功举办。 此次大会旨在通过政府、企业、科研机构等多方合作，推动数据要素、数智技术与产业深度融合，助力长治乃至山西能源转型、产业升级。 作为国家资源型经济转型综合配套改革试验区，目前山西在用算力中心机架规模达到51.4万标准机架，综合算力指数全国第八，发展新质生产力潜力巨 大。 02、全球矿山军团后又一大动作 长治市委书记丁小强表示，近年来，长治坚持把数字经济作为转型发展的重要抓手，加快数实融合、数智赋能。华为公司是全球领先的信息与通信基础设 施和智能终端提供商，是我国企业自主创新的标杆。 9月8日，市政府与华为技术有限公司签署战略合作协议 希望以此次合作为契机，与华为公司及 ...

Market Overview - The A-share market experienced a collective rise in the early session, with the Shanghai Composite Index closing at 3855.10 points, up 1.12% [1] - The Shenzhen Component Index closed at 12887.73 points, up 2.63% [1] - The ChiNext Index closed at 3029.58 points, up 4.31% [1] Sector Performance - The components, semiconductor, and communication equipment sectors led the gains, with the components sector increasing by 6.54% [2] - Other notable gainers included the semiconductor sector, which rose by 4.54%, and the communication equipment sector, which increased by 4.03% [2] - In contrast, the precious metals, oil and gas extraction and services, and tourism and hotel sectors saw declines, with precious metals down by 2.48% [2]

Group 1 - ZTE Corporation's stock increased by 5.06% on September 11, reaching a price of 43.17 CNY per share, with a trading volume of 6.297 billion CNY and a turnover rate of 3.71%, resulting in a total market capitalization of 206.505 billion CNY [1] - ZTE Corporation, established on November 11, 1997, and listed on November 18, 1997, is located in Shenzhen, Guangdong Province. The company's main business includes investment in industrial ventures and sales of electronic and communication equipment components. The revenue composition is as follows: 49.00% from carrier networks, 26.91% from government and enterprise business, and 24.09% from consumer business [1] Group 2 - From the perspective of major fund holdings, one fund under Guotai Haitong Asset Management has ZTE Corporation as a significant holding. The Guotai Junan CSI 300 Index Enhanced Fund A (018257) held 662,900 shares in the second quarter, accounting for 1.23% of the fund's net value, ranking as the ninth largest holding. The estimated floating profit today is approximately 1.3788 million CNY [2] - The Guotai Junan CSI 300 Index Enhanced Fund A (018257) was established on April 19, 2023, with a current scale of 0.952 billion CNY. Year-to-date returns are 15.02%, ranking 2952 out of 4222 in its category; the one-year return is 39.39%, ranking 2602 out of 3798; and since inception, the return is 21.24% [2]

Group 1 - The core viewpoint is that the company is leveraging opportunities in AI across various sectors, including network infrastructure and computing power, which is expected to accelerate revenue growth [3] - The company is focusing on expanding its market share among domestic and overseas operators while enhancing its AI edge products [3] - The company is anticipated to maintain steady performance due to its leadership in the ICT industry and its strategic focus on large-scale networks and computing power [3] Group 2 - The traditional communication network sector is expected to remain a competitive strength for the company [3] - The company's self-developed chips, domestic solutions, and intelligent computing systems are projected to help increase market share in servers and switches [3] - The growth trend in the company's mobile phone segment is viewed positively, indicating potential for a second growth curve [3]