重大发布。 鸿蒙6是原生鸿蒙的第二个版本，余承东介绍，鸿蒙6将带来全新的互联和智能体验，全场景体验更易用，时 延更低；鸿蒙智能再进化，AI能力更开放。同时，HMAF鸿蒙智能体框架赋能鸿蒙应用和元服务智能化升级， 让人机交互更自然、强大、高效和协同。 据悉，训练超大规模和极高稀疏性的MoE模型极具挑战，训练过程中的稳定性往往难以保障。针对这一难 题，华为盘古团队在模型架构和训练方法上进行了创新性设计，成功地在昇腾平台上实现了准万亿MoE模型 的全流程训练。 在模型架构上，盘古团队提出Depth-Scaled Sandwich-Norm（DSSN）稳定架构和TinyInit小初始化的方法， 在昇腾平台上实现了超过18TB数据的长期稳定训练。此外，他们还提出了EP loss负载优化方法，这一设计不 仅保证了各个专家之间的能保持较好的负载均衡，也提升了专家的领域特化能力。同时，盘古Ultra MoE使用 了业界先进的MLA和MTP架构，在预训练和后训练阶段都使用了Dropless训练策略，实现了超大规模MoE架 构在模型效果与效率之间的最佳平衡。 在训练方法上，华为团队首次披露在昇腾CloudMatrix 384超节 ...

My research argues that Florida-based BK Technologies (NYSE: NYSE: BKTI ) is moving decisively from its roots as a maker of rugged two-way radios to an architect of full-spectrum communications ecosystems, and that this shift uniquely positions the company toI focus on producing objective, data-driven research, mostly about small- to mid-cap companies, as these tend to be overlooked by many investors. From time to time, though, I also look at large-cap names, just to give a fuller sense of the broader equit ...

Financial Data and Key Metrics Changes - Fiscal Q2 net sales increased by 17% to $18.9 million year over year, with gross profit margin at 31.5%, exceeding the target of 30% [6][21] - Operating profit was $106,000 compared to an operating loss of $415,000 in Q2 2024, and adjusted EBITDA was over $1.1 million with a 6% margin [6][22] - Consolidated net loss was $245,000 or $0.02 per diluted share, while non-GAAP net income was $701,000 or $0.07 per diluted share, a significant improvement from a net loss of $4.3 million or $0.41 per diluted share in the prior year [22] Business Line Data and Key Metrics Changes - The company is diversifying its product offerings, with growth in wireless, aerospace, public safety, and industrial sectors [7][8] - Custom cabling projects from aerospace clients have led to repeat business, enhancing credibility in precision-demanding industries [9] - Direct air cooling (DAC) systems are gaining traction, with innovations aimed at reducing energy consumption and costs compared to traditional HVAC systems [10][11] Market Data and Key Metrics Changes - The company has over 100 opportunities in its sales pipeline for wireless DAS build-outs in stadiums and venues, indicating a recovery in this market post-COVID [12][13] - The DAC systems are expanding into wireline telecom, edge data centers, and energy applications, driven by AI demand for data centers [11][12] - The backlog increased from $15 million to $18.4 million, reflecting strong demand across various product lines [6][25] Company Strategy and Development Direction - The company is transitioning from a product-focused model to an integrated solutions provider, enhancing its market diversity [7][18] - There is a focus on operational efficiency, cost management, and leveraging prior acquisitions to create new opportunities [14][19] - The company is actively working to diversify its supply chain to mitigate tariff impacts, with most production domestically sourced [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the second half of fiscal 2025, despite uncertainties related to tariffs and supply chain impacts [15][17] - The company anticipates Q3 sales to be in line with Q2, representing a significant increase over the previous year's Q3 sales of $16.8 million [20] - Management highlighted a strong team and platform for growth, with a focus on penetrating new markets and increasing customer engagement [20][18] Other Important Information - The company is managing its working capital effectively, with cash and cash equivalents at $3.6 million and a current ratio of approximately 1.6:1 [23] - Inventory levels decreased to $12.6 million from $14.7 million, reflecting improved procurement and supply chain processes [24] Q&A Session Summary Question: What is credited for the backlog growth? - The backlog growth is spread across several product areas, indicating a healthy mix of short and long-term opportunities [28][30] Question: Can you provide a revenue contribution breakdown for products like small cells and DAS systems? - The company does not disclose specific contributions but notes that small cells and DAS systems are significant growth areas, particularly in wireless applications [34][36] Question: What is the expected contribution timeline for DAS opportunities? - DAS opportunities are contributing continuously, with expectations for increased performance in the second half of the year [40][41] Question: What is the outlook for the wireless provider contributing 11% of revenue? - The company sees potential for growth with multiple customers contributing to sales, indicating a diverse customer base [44][46] Question: Can you elaborate on the credit facility and expected savings? - The company expects to finalize a new credit agreement in Q3, anticipating meaningful interest rate reductions [53][54] Question: How will the company achieve its 10% EBITDA target? - The company aims to improve product mix, reduce costs, and enhance operational efficiency to reach the EBITDA target [56][58] Question: What is the growth outlook for DAC and small cell products? - Both DAC and small cell products are expected to continue driving growth, supported by diverse customer bases and regional budgets [60][61]

Financial Data and Key Metrics Changes - Fiscal second quarter net sales grew 17% to $18.9 million year over year, with gross profit margin at 31.5%, exceeding the target goal of 30% [6][21] - Operating profit was $106,000 compared to an operating loss of $415,000 in the second quarter of 2024, and adjusted EBITDA was over $1.1 million with a 6% margin [6][22] - Consolidated net loss was $245,000 or $0.02 per diluted share, while non-GAAP net income was $701,000 or $0.07 per diluted share, a significant improvement from a net loss of $4.3 million or $0.41 per diluted share in the prior year [22] Business Line Data and Key Metrics Changes - The company is diversifying its revenue sources across various markets, including wireless, aerospace, public safety, and industrial customers [7][10] - The small cell solutions and direct air cooling (DAC) systems are gaining momentum, with DAC systems expected to reduce operating expenses by up to 70% compared to traditional HVAC systems [10][11] - The backlog increased significantly from $15 million to $18.4 million, indicating strong demand across multiple product lines [6][25] Market Data and Key Metrics Changes - The company is seeing growth opportunities in wireless DAS build-outs in stadiums and venues, with over 100 opportunities in the sales pipeline [10][13] - The demand for DAC systems is driven by the need for efficient cooling solutions in data centers and edge applications, particularly influenced by AI [11][12] - The company has successfully penetrated new markets, including energy, transportation, and wireline telecom, contributing to a more diverse customer base [7][14] Company Strategy and Development Direction - The company is transitioning from a products company to an integrated solutions provider, focusing on diversified end markets [7][18] - There is an emphasis on operational efficiency, cost management, and innovation in product development to drive profitability [19][20] - The management is actively working to diversify the supply chain to mitigate risks associated with tariffs and supply chain disruptions [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current economic environment, highlighting the company's ability to adapt to tariff impacts and supply chain challenges [15][17] - The company anticipates third-quarter sales to be in line with the second quarter, representing a significant increase over the previous year [20] - Management believes the company is well-positioned for growth, with a strong team and a robust platform to capitalize on market opportunities [20][19] Other Important Information - The company has a strong balance sheet with $3.6 million in cash and cash equivalents, and a current ratio of approximately 1.6:1 [23] - Inventory levels decreased to $12.6 million, reflecting improvements in procurement and supply chain processes [24] Q&A Session Summary Question: What would you credit for the backlog growth? - The backlog growth is spread across several product areas, indicating a healthy mix of short and long-term opportunities [28][30] Question: Can you provide a refresher on revenue contributions from different product lines? - The company does not disclose specific contributions but notes that small cell and DAS systems are significant growth areas, with increasing contributions from aerospace and industrial markets [34][36] Question: What is the expected contribution from the distributed antenna systems (DAS)? - DAS opportunities are diverse, including various venues, and the company expects continued contributions from this market [40][41] Question: Can you elaborate on the wireless provider making up 11% of revenue? - The top customer varies each quarter, reflecting a project-based nature of sales, with expectations for repeat purchases and a growing list of customers contributing to sales [44][46] Question: Can you provide more details on the credit facility and expected savings? - The company expects to finalize a new credit agreement in Q3, which should result in meaningful interest rate savings [52][53] Question: How will the company achieve its 10% EBITDA target? - The company aims to improve product mix, reduce costs, and enhance operational efficiency to reach the EBITDA target [54][56] Question: What is the growth outlook for DAC and small cell products? - Both product lines are expected to continue contributing significantly to sales, with a diverse customer base supporting growth [58][60]

Core Viewpoint - The surge of A-share companies listing in Hong Kong is driven by the desire to access international financing and expand into global markets, supported by favorable policies from both the Hong Kong Stock Exchange and mainland China [1][2]. Group 1: A-share Companies Listing in Hong Kong - In the first five months of 2025, Hong Kong IPO fundraising reached 77.68 billion yuan, nearing the total for the entire year of 2024 [1]. - At least 37 A-share companies have listed in Hong Kong this year, indicating a strong trend [1]. - The dual policy benefits from the Hong Kong Stock Exchange's reforms and mainland China's expanded overseas listing channels are facilitating this trend [1]. Group 2: ZTE Corporation Overview - ZTE Corporation, the first A-share company to list on the Hong Kong Stock Exchange, has been a leader in the telecommunications sector since its establishment in 1985 [2][4]. - The company has a significant global presence, operating in over 160 countries and regions, serving more than a quarter of the world's population [6]. Group 3: Financial Performance and R&D Investment - ZTE's overseas revenue accounted for over 30% in both 2023 and 2024, highlighting its successful international market penetration [3][7]. - From 2015 to 2024, ZTE invested a total of 168.87 billion yuan in R&D, with annual investments exceeding 10 billion yuan [9]. - The company has applied for 93,000 patents globally, with approximately 48,000 patents granted, placing it among the top in global patent filings [9]. Group 4: Profitability and Market Position - Since its A-share listing, ZTE has accumulated profits of approximately 60.63 billion yuan and distributed cash dividends totaling 17.14 billion yuan [11]. - The company's net profit for the years 2021 to 2024 showed a consistent upward trend, with figures of 6.81 billion yuan, 8.08 billion yuan, 9.33 billion yuan, and 8.43 billion yuan respectively [10].

促就业与培养联动 打开毕业生就业新通道 从2021年起，教育部启动校企供需对接就业育人项目，组织高校与用人单位开展项目对接，通过校企联 合开展定向人才培养、就业实习基地建设、重点领域校企合作、重点群体就业帮扶等合作，帮助用人单 位培养和招聘更多创新型、复合型和应用型人才。目前，前三期项目已累计组织2000余所高校与2300余 家用人单位开展项目对接，立项4.5万个。第四期项目正在对接过程中，全国共有3387家企业提供合作 项目11.5万项，已有1771所高校，申报合作项目1.3万项。 同时，今年3月，教育部部署面向企事业单位和行业协会征集一批"人工智能应用"领域供需对接就业育 人项目，帮助高校提升学生人工智能领域岗位认知、实习实践和就业能力，促进更好就业。目前，全国 已有347家企业提供"人工智能应用"领域合作项目1.1万项。 "订单式"协同培养 人才供需精准对接 在供需对接就业育人项目的实施过程中，各地高校以"学科专业优化+定向人才培养"为主线，打造以就 业为导向的"订单式"校企协同培养机制，实现人才供需的精准对接。 在中兴通讯西安研发中心，毕业于西安交通大学的申宁有一个笔记本，记录着他从加入校企共建的"菁 ...

Core Viewpoint - The article discusses the escalating technological competition between the U.S. and China, particularly focusing on Huawei's challenges and strategic responses to U.S. sanctions and restrictions on its operations, especially regarding software and hardware supply chains [1][2][3]. Group 1: U.S.-China Technological Competition - The U.S. has adopted a "America First" approach, leading to a series of sanctions against Chinese companies like Huawei and ZTE, marking a significant escalation in tech competition [1][2]. - Huawei has been preparing for potential sanctions for nearly a decade, initially underestimating the severity of U.S. actions, but has since recognized the need for a robust response [2][3]. Group 2: Huawei's Strategic Response - In response to the looming threat of sanctions, Huawei's leadership convened to discuss the development of an independent operating system, recognizing the risks of dependency on Android [2][3]. - The company assessed that while it could rely on older versions of Android for a limited time, the long-term viability of its overseas smartphone business was at risk without a new operating system [2][3]. Group 3: Market Dynamics and Huawei's Growth - Despite the challenges, Huawei's market presence grew significantly, with a reported revenue of 858.8 billion RMB in 2019, a 19.1% increase year-on-year, and a consumer business revenue of 467.3 billion RMB, up 34% [12]. - Huawei's smartphone shipments exceeded 240 million units in 2019, marking a 17% increase, and it became the largest supplier of 5G phones globally, with 6.9 million units shipped [12]. Group 4: Impact of U.S. Sanctions - The cancellation of Huawei's partnership with AT&T was a significant setback, highlighting the impact of U.S. government actions on Huawei's business prospects in the U.S. market [4][7]. - The political climate in the U.S. has increasingly influenced the relationship between Huawei and American companies, leading to a more hostile environment for Huawei's operations [7][15]. Group 5: Future Outlook and Development - Huawei's development of its operating system, HarmonyOS, is seen as a critical step in achieving technological independence and countering U.S. sanctions [16][17]. - The company aims to create a system that can run Android applications while maintaining its unique features, reflecting a strategic pivot in response to external pressures [16][17].

证券代码：688387 证券简称：信科移动 公告编号：2025-025 中信科移动通信技术股份有限公司 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、准确性和完整性依法承担法律责任。 中信科移动通信技术股份有限公司（以下简称"信科移动"或"公司"）2025 年 6 月 12 日召开了第二届董事会第六次会议及第二届监事会第五次会议，审议 通过了《关于募投项目延期的议案》，同意公司将首次公开发行募集资金投资项 目"5G 无线系统产品升级与技术演进研发项目"、"5G 行业专网与智能应用研发 项目"和"5G 融合天线与新型室分设备研发项目"的实施期限延长至 2026 年 12 月 31 日。上述事项在董事会审批权限范围内，无需提交股东大会审议。保荐机 构申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"）对上 述事项出具了明确的核查意见。 本次变更仅涉及募投项目实施期限，未改变募集资金投资用途、投资总额和 实施主体，不会对募投项目的实施造成实质性影响，不存在变相改变募集资金用 途或损害公司和股东利益的情形。 一、募集资金基本情况 根据中国证券监督管理 ...

Core Viewpoint - Ren Zhengfei, the founder of Huawei, recently gave an interview to People's Daily, marking his return to the public eye amid significant geopolitical tensions, particularly the ongoing US-China trade negotiations and the impact on China's chip industry [4][5]. Group 1: Huawei's Response to External Pressures - Huawei is facing a full-chain blockade from the US on its chip industry, which has forced China to rebuild an independent chip supply chain [4]. - In the interview, Ren emphasized a proactive approach to external pressures, stating, "Just do it, step by step" [4]. - Ren acknowledged the exaggeration of Huawei's achievements by the US and expressed that external criticism helps Huawei remain vigilant [4]. Group 2: Research and Development Focus - Huawei's R&D expenditure for 2024 is projected to be 179.7 billion yuan, accounting for approximately 20.8% of its total revenue, with cumulative R&D investment exceeding 1.249 trillion yuan over the past decade [5][6]. - Ren highlighted that around 60 billion yuan of the R&D budget is allocated to fundamental theoretical research, which is not subject to performance evaluation, while about 120 billion yuan is focused on product development [6]. - The company employs a significant number of R&D personnel, with approximately 54.1% of its total workforce dedicated to research and innovation [10]. Group 3: Intellectual Property and Innovation - Huawei leads in global patent applications, with 6,600 applications in 2024, significantly outpacing competitors like Samsung and Qualcomm [10]. - The company has transformed its patent portfolio into a revenue-generating asset, earning 560 million USD from intellectual property in 2023 [10]. - Ren's commitment to innovation is rooted in Huawei's history, where he emphasized the importance of having proprietary technology over merely acting as a reseller [8]. Group 4: Broader Implications for Chinese Technology - The interview reflects a broader trend among Chinese companies prioritizing independent R&D and innovation, which is reshaping global industry dynamics [11][12]. - China's stance in international negotiations, particularly regarding technology and resources, indicates a firm commitment to maintaining its position without concessions [12]. - Ren's assertion that "the era of begging for survival is over" signifies a shift in mindset towards self-reliance and resilience in the face of external challenges [10][12].

Group 1 - Shenzhen has attracted top global talent, with 920 scholars selected as top 2% scientists, leading the nation in R&D personnel [1][6] - The recent policy document emphasizes the integration of education, technology, and talent reform as a priority for Shenzhen's development [1][2] - Shenzhen's R&D expenditure intensity reached 6.46% in 2023, with corporate R&D investment consistently above 90%, peaking at 93.3% [6][7] Group 2 - The new policy aims to create a collaborative network among government, industry, academia, and research, enhancing the role of enterprises in innovation [2][9] - Shenzhen's educational institutions are rapidly evolving, with 17 universities established and a focus on aligning higher education with economic needs [6][11] - The establishment of the Shenzhen Medical Academy, led by renowned scientist Yan Ning, reflects the city's commitment to innovative research and talent cultivation [9][10] Group 3 - The policy encourages a market-oriented approach to research management, allowing for greater autonomy in project selection and funding allocation [9][10] - Young researchers and teams are highlighted as key drivers of innovation, with a significant proportion of research personnel being under 40 years old [8][11] - Shenzhen's experience in integrating education and industry serves as a model for national talent development strategies [11][12]