南方财经12月8日电，通信设备板块持续走高，天孚通信涨超14%，通宇通讯涨停，烽火通信、德科立 跟涨。 ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating expected performance above the market benchmark by over 10% [6][46]. Core Insights - The communication industry is experiencing significant growth driven by advancements in AI infrastructure and cloud computing technologies, particularly with the introduction of new AI chips and optical interconnect technologies [5][11][18]. - Companies like Marvell and Credo are leading the charge with substantial revenue growth and strategic acquisitions aimed at enhancing their capabilities in AI and data center technologies [2][3][21]. - The successful launch of the "Zhuque-3" rocket marks a pivotal moment in China's commercial space endeavors, further stimulating interest and investment in the aerospace sector [4][31]. Summary by Sections Industry News Tracking - AWS successfully hosted its annual re:Invent cloud computing conference, unveiling the next-generation AI chip Trainium 4, which supports NVLink Fusion technology for high-speed chip interconnects [11][12]. - Marvell reported a 37% year-over-year revenue increase for FY2026 Q3, driven by data center demand and operational efficiency, and announced a $3.25 billion acquisition of Celestial AI to enhance its optical interconnect technology [2][18]. - Credo's FY2026 Q2 revenue reached $268 million, reflecting a 20.2% quarter-over-quarter growth, with expectations for continued growth driven by AI training and inference infrastructure [3][21]. Market Performance Review - The communication sector index increased by 3.69% this week, outperforming the CSI 300 index by 2.41%, ranking second among primary industries [4][36]. - Notable performers in the sector included satellite internet, optical devices/chips, and IoT controllers, with respective increases of 9.85%, 5.93%, and 4.35% [36]. Investment Recommendations - The report emphasizes the importance of AI computing infrastructure development, recommending investments in optical devices, communication equipment, and liquid cooling technologies [5][43]. - It suggests long-term investment in the three major telecom operators due to their stable operations and increasing dividend payouts, highlighting companies such as China Mobile and ZTE [5][43].

每经AI快讯，12月8日，6G概念走高，天银机电涨超13%，达华智能、通宇通讯、中瓷电子涨停。 （文章来源：每日经济新闻） ...

本报记者 黄 鑫 工业和信息化部最新数据显示，截至目前，我国"5G+工业互联网"建设项目已超2万个，迈入规模化应 用新阶段。下一步，我国将实施工业互联网和重点产业链"链网协同"行动，打造"5G+工业互联网"升级 版，加强6G与工业融合的前瞻研究，推动工业互联网向更高质量、更广范围发展。 向优布局基础设施 中国电信总经理刘桂清介绍，中国电信通过构建算力、平台、数据、模型、应用五位一体的智能云能力 体系，自主研发星辰大模型和MaaS（模型即服务）平台，为2万多家企业客户提供智能化服务。与中车 携手打造"斫轮"大模型及13个高价值场景应用，打造国资委首批"AI+制造业"标杆。 中国铁塔总经理陈力表示，依托全国统一的平台、算法，以及公司自研的业界首款空间治理行业大模型 －－经纬大模型，中国铁塔推动"人工智能+"融合发展，为加快推进"5G+工业互联网"规模化应用赋能 赋智。 "我们以自主开发的知业大模型为核心引擎，形成了智缆、农业、化工、皮革等15个垂直行业大模型， 并在此基础上落地了43个行业智能体，覆盖产线管控、工艺优化、节能降耗等多个场景。"浪潮云洲工 业互联网副总经理李明明介绍，浪潮云洲将AI大模型技术确立为平 ...

日前，华为发布Mate 80系列手机，该系列机型业内首发700M无网应急通信功能，可实现最远13公里、 穿透3层楼板的救援通信。 无网通信功能如何实现？其背后有何技术支撑？ 实现"点对点"直连 在重大灾害中，通信是影响救援效率的关键因素。面对极端灾害造成的通信中断，现有通信解决方案各 有不足，如卫星通信需要GPS覆盖；受地理位置和天气影响，传统应急通信设备便携性差，不利于救灾 抢险；2.4GHz直连技术距离和穿透力都有限，无法应对人员被房屋废墟掩埋的极端情况。这些通信最 脆弱的关卡，往往是最需要连接的时刻。 无网通信技术则有望解决上述难题。它不依赖蜂窝网络、Wi-Fi或卫星等外部基础设施，直接通过设备 间点对点连接实现语音、文字或位置信息传输，让手机从依赖基站的"中心化"通信，切换为终端间直接 对话的"去中心化"自组网模式。 赛迪顾问通信产业研究中心分析师徐畅在接受科技日报记者采访时说，无网通信技术的核心是去中心化 的自组网技术，这主要通过两大关键技术实现：一是利用覆盖广、穿透力强的700MHz黄金频段传递信 号；二是采用Mesh（网状网络）智能自组网技术，让每部手机都能成为一个智能节点。 业内专家认为，70 ...

证券研究报告 | 公司点评 | 通信设备 美利信(301307) 报告日期：2025 年 12 月 07 日 控股股东增持彰显发展信心，公司"液冷+半导体"有望超预期 ——美利信点评报告 投资要点 ❑ 近期公司催化密集： 1）控股股东拟增持公司股份 0.5~1 亿元。2025 年 12 月 5 日，公司发布公告： 公司控股股东美利信控股有限公司计划在未来 6 个月内增持 0.5~1 亿元。 2）公司拟定向增发不超过 12 亿元，投入可钎焊压铸（液冷）、半导体等项目。 2025 年 12 月 4 日，公司发布公告，拟向特定对象募集资金总额不超过 12 亿 元，计划分别用于半导体装备精密结构件建设项目（5 亿元）、通信及汽车零部 件可钎焊压铸产业化项目（5 亿元）、补充流动资金（2 亿元）。 3）公司通过合资方式正式布局服务器液冷。2025 年 11 月 22 日，公司与钜量创 新绿能股份有限公司（中国台湾）签署合作协议，双方拟新设立合资公司，共同 开拓服务器液冷关键零部件市场，为国内、国际优质客户提供高效水冷板设计、 相关液冷服务器套件的开发量产服务。 ❑ 点评：未来公司在液冷、半导体设备板块的业绩释放均有望超 ...

本周全球大类资产表现一览： 核心观点 2024年开始，日债走向公众视野，频繁引发市场关注。因为日债利率影响日本套息交易，进而影响美国资产。 尤其在美股脆弱之际，日债波动放大担忧，加剧美国资产高波动。2024年三季度和2025年二季度，市场已经历了两轮日本套息交易逆转叙事引发的美 股"崩溃"。 结束了20年低利率的日债，近年波动加大，最终是否会引发一轮全球范围内的资产震荡？ 日债是境外美元流动性非常重要的观测指标，日本在全球中的定位，决定了日债本身不可能成为全球资产波动的决定因素，但全球美元流动性转向一定会 在日债上得到反馈。与其关注日债，我们更需要跟踪的是美国经济和政策周期。 下周需要关注： 国内中央政治局会议，出口、社融、通胀数据；海外关注美联储议息会议。 摘要 本周A股和港股在震荡中收涨，上证重回3900。宽松预期修正影响下，空头情绪较强，债市延续回调。 本周风险资产波动加大，总体收涨。日本央行鹰派发言，引发全球风险资产调整；随后美国披露就业和通胀数据，美联储降息预期走高，股票和大宗走 强。 一、中国股市：A股、H股震荡反复，总体收涨。 中国AH股回顾： A股：本周市场反复震荡，周五沪指重返3900点，创 ...

Group 1 - The core viewpoint emphasizes increasing the allocation ratio to the computer sector from a medium-term perspective, especially as the market shifts focus towards annual report performance expectations and cross-year opportunities [1][2] - It is suggested to avoid high-valuation stocks with uncertain future performance and instead increase investment in leading companies that are expected to benefit from policy dividends and have supportive valuations [1][2] Group 2 - The launch of the Doubao AI phone marks the beginning of a significant transformation in the AI era, with ByteDance collaborating with ZTE to release a technology preview that redefines human-computer interaction [2] - The Doubao AI phone is expected to have a profound impact on the mobile internet landscape due to its super entry point attribute, and the upcoming 2025 Original Power Conference on December 18 may unveil a series of product updates [2] - The continuous iteration of AI large models is driving a deep disruption in the IT industry, indicating a major shift in the industry landscape and potential significant investment opportunities [2]

Market Performance - The Sci-Tech 50 Index decreased by 0.08% over the last five trading days, while the ChiNext Index increased by 1.86%. The large-cap value index rose by 0.74%, and the large-cap growth index increased by 1.61%. The Shanghai 50 Index gained 1.09%, and the small-cap index represented by the CSI 2000 rose by 0.19%. The metals and communications sectors performed well, while media and real estate lagged behind [1]. Risk Premium and Valuation Levels - As of December 5, 2025, the risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, stands at 2.81%. The two-standard deviation boundary is 4.72% [1]. - The valuation level indicates that the CSI All Share Index's PETTM is at the 80th percentile, with the Shanghai 50 and CSI 300 at 75% and 72%, respectively. The ChiNext Index is close to 49%, while the CSI 500 and CSI 1000 are at 61% and 57%, respectively. The ChiNext Index's valuation is relatively at the historical median level [1]. ETF Fund Flow - Over the last five trading days, ETF funds experienced an outflow of 1.4 billion yuan, while margin trading increased by approximately 11.5 billion yuan. The average daily trading volume across both markets was 168.24 billion yuan [2]. Thematic Indexes - The latest thematic allocations include the CSI Communication Equipment Index, the CSI Chengdu-Chongqing Economic Circle Index, the CSI Low Volatility Dividend 100 Index, the ChiNext Momentum Growth Index, and the National Food Index [2][3][11]. Market Sentiment and Risk Appetite - The report includes observations on market sentiment based on the proportion of stocks above the 200-day moving average and tracks the risk appetite between equity and bond assets [12][13]. Financing Balance - The financing balance statistics indicate trends in margin trading and overall market leverage [15]. Individual Stock Performance - The report provides a distribution of individual stock performance based on year-to-date return ranges, highlighting the performance of various stocks in the current market environment [17]. Oversold Indices - An analysis of indices that are currently considered oversold is included, providing insights into potential investment opportunities [19].

金融工程 证 券 研 究 报 告 市场情绪监控周报（20251201-20251205） 本周热度变化最大行业为通信、食品饮料 本周市场估值跟踪 本周宽基和行业估值： 沪深 300、中证 500、中证 1000 的滚动 5 年历史分位数分别为 85%、95%、 94%。 申万一级行业中，从 2015 年开始回溯，当前估值处于历史分位数 80%以上的 一级行业有：电力设备、轻工制造、银行、电子、商贸零售、钢铁、计算机、 国防军工、煤炭、环保、建筑材料、医药生物；位于估值历史 20%以下的有食 品饮料、综合、非银金融； 申万二级行业中，从 2015 年开始回溯，目前处于历史分位数 80%以上的二级 行业有航天装备、软件开发、国有大型银行、冶钢原料、生物制品、风电设备、 化学制药、环保设备、服装家纺、普钢、旅游及景区、橡胶、航空机场、专业 连锁、装修建材、半导体、商用车、照明设备、互联网电商、数字媒体、化学 纤维、汽车服务、多元金融、工程机械。 本周市场热度跟踪 本周宽基热度变化方面：热度变化率最大的为"其他"，相比上周提高 1.54%， 最小的为中证 1000，相比上周降低 1.98%。 本周申万行业热度变化方面 ...