Investment Rating - The report indicates a positive investment outlook for the communication industry, suggesting an "overweight" rating, expecting the industry index to outperform the market index by more than 10% in the next six months [42]. Core Insights - The communication industry has shown stable performance in the first ten months of the year, with telecom business volume and revenue continuing to grow. New infrastructure construction is progressing steadily, and user scales for 5G, gigabit, and IoT are expanding. The report anticipates that the industry will experience a period of technological iteration and policy dividends, with new growth drivers emerging from AI, quantum communication, and low-altitude economy [3][37]. - The report highlights the significant increase in mobile internet access traffic and the recovery of cellular IoT module inventories, suggesting ongoing demand for communication facilities such as base stations, optical cables, and data centers [3][37]. Summary by Sections 1. Communication Industry Market Review - The communication sector has seen a cumulative increase of 6.31% over the past two weeks, outperforming the CSI 300 index by 6.72 percentage points, ranking first among 31 primary industries. Year-to-date, the sector has risen by 68.87%, surpassing the CSI 300 index by 53.32 percentage points [10][12]. 2. Industry News - TikTok plans to invest $38 billion in building a data center in Brazil, marking its first project in Latin America [16]. - In the first ten months, China's telecom business revenue reached 1.467 trillion yuan, a year-on-year increase of 0.9% [17][18]. - The global shipment of foldable smartphones reached a record high, with a 14% year-on-year increase in Q3 2025 [19]. 3. Company Announcements - China Mobile announced the approval of a state-owned share transfer, involving the transfer of 41.98 million A-shares to China National Petroleum Corporation [23]. - Meixin Technology reported the redemption of idle raised funds, yielding an investment return of 180,830 yuan [22]. 4. Industry Data Updates - As of October 2025, the number of mobile phone users in China reached approximately 1.83 billion, a year-on-year increase of 2.47% [25]. - The total number of 5G base stations reached 4.758 million, with a net increase of 507,000 from the previous year [34]. 5. Weekly Perspective on the Communication Sector - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and performance certainty," recommending stocks such as China Mobile, China Telecom, and FiberHome [37][39].

市场探底回升，创业板指涨超1%，早盘一度跌超0.5%。盘面上，市场热点轮番活跃，全市场近4400只个股上涨。截至收盘，沪指涨0.7%，深成指涨 1.08%，创业板指涨1.36%。 从板块来看，福建板块持续爆发，海欣食品8天7板，厦门港务、太阳电缆等10余股涨停。 大金融板块大幅拉升，瑞达期货、中银证券涨停，赢时胜20cm涨停。 下跌方面，医药板块表现疲软，广济药业、粤万年青下挫。 沪深两市成交额约17257.71亿元，较前一个交易日放量约1768.11亿元。 个股方面，摩尔线程成交额153.1亿元居首，中际旭创、新易盛、天孚通信、东方财富等成交额靠前。 | 还 容 代码 名称 | | 最高 | 最低 | 现价 | 金额; | 昨收 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 688795 N摩尔-U 次 +425.46% 1 | | 688.00 | 556.00 | 600.50 | 153.1亿 | | 6 | | 2 300308 中际旭创 『 | | 545.00 | 525.00 | 537.05 | 151.7亿 | 535.50 ...

数据宝统计，截至14:34，天孚通信成交额119.04亿元，超上一日全天。最新股价上涨5.86%，换手率 7.85%。上一交易日该股全天成交额为118.52亿元。 据天眼查APP显示，苏州天孚光通信股份有限公司成立于2005年07月20日，注册资本77741.5891万人民 币。（数据宝） ...

格隆汇12月5日丨新劲刚(300629.SZ)在投资者互动平台表示，公司核心专业优势聚焦于各类无线通信高 可靠射频前端组件的研发与产业化，卫星无线通信是公司重点布局的业务板块之一。目前，公司在卫星 通信领域的核心产品为卫通收发前端系列模块，主要包括块上变频器（BUC）、低噪声下变频器 （LNB）等关键组件，可满足卫星通信系统中信号收发、变频放大等核心功能需求。上述产品已广泛适 配机载、舰载、弹载、地面固定、车载等多种专用装备载体，覆盖通信、对抗、雷达、导航等各大领 域，公司在卫星通信领域已形成成熟的技术积累与配套服务能力。 ...

（编辑 丛可心） 证券日报网讯 12月4日晚间，光迅科技发布公告称，公司本次回购注销的限制性股票数量为176，000 股，占回购前公司总股本806，851，752股的0.0218%；本次回购注销的14.00万股限制性股票的回购价 格为10.99元/股，3.60万股限制性股票的回购价格为28.27元/股；本次回购注销涉及2022年限制性股票激 励计划9人，2025年限制性股票激励计划4人，因2022年限制性股票激励计划回购注销人员与2025年限制 性股票激励计划回购注销人员中有3人发生重叠，故实际涉及人员为10人；公司应就本次限制性股票回 购支付价款共计255.6320万元，全部为公司自有资金；截至本公告披露日，公司已在中国证券登记结算 有限责任公司深圳分公司办理完成本次限制性股票的回购注销手续；本次回购注销完成后，公司总股本 由806，851，752股减少为806，675，752股。 ...

商业航天板块强者恒强，航天动力、超捷股份、航天机电、西部材料等多股涨停。东吴证券表示，大运 力、低成本、高可靠的可回收火箭迫在眉睫，2025年底开始，一批新型号商业火箭将按计划发射，这批 可复用火箭如果实现可回收，有望助力国内低轨卫星星座组网加速落地。 从个股看，两市上涨4387家，下跌975家，94家涨幅持平。两市共79股涨停，共12股跌停。 截至收盘，沪指涨0.7%报3902.81点，成交7168亿元；深成指涨1.08%报13147.68点，成交10090亿元。 创业板指上涨1.36%，报3109.30点。 资金动向 今日主力资金重点抢筹通信设备、电网设备、光学光电子等板块，主力净流入居前的个股包括实达集 团、永鼎股份等。 今日市场放量反弹，三大指数午后在大金融板块的带领下快速拉升，沪指收复3900点。市场全天成交 1.7万亿，较上个交易日放量超千亿，两市上涨个股超4300只。 值得关注的是，午后大金融板块强势反弹，保险、券商板块领涨，中银证券涨停，中国平安涨超5%。 消息面上，有A股"吹哨人"之称摩根士丹利突放大利好，将中国平安加入重点关注名单，仍列为首选。 该行将中国平安A股目标价从70元/股上调至8 ...

Group 1 - The A-share market saw a collective rise in the three major indices on December 5, 2025, with the ChiNext 50 ETF (Hua Xia, 159367) increasing by 2.84% [1] - The holdings of the ChiNext 50 ETF include stocks such as Guiding Compass, which rose over 8%, Changying Precision, which increased over 6%, and Tianfu Communication, which gained over 5% [1] - The ChiNext 50 Index selects the top 50 stocks by market capitalization and liquidity from the top 100 stocks in the ChiNext Index, representing large-cap companies with strong growth potential [1] Group 2 - The ChiNext 50 Index covers industries such as batteries, securities, and communication equipment, reflecting the themes of "three innovations (innovation, creation, creativity) and four new (new technologies, new industries, new business formats, new models)" [1] - The ChiNext 50 ETF (Hua Xia, 159367) has two core advantages: a 20% price fluctuation limit, providing greater trading flexibility compared to traditional broad-based indices, and a low management fee of 0.15% and custody fee of 0.05%, which effectively reduces investment costs [1]

Core Insights - Finnish companies are closely monitoring opportunities in the Chinese market due to its vast size, labor advantages, and strong innovation capabilities [1][2] - The recent "Rong-Ou Industrial Dialogue" in Chengdu aims to enhance cooperation between China and Finland in various sectors, including industrial digitalization, circular economy, energy, healthcare, and education [1] - Finland views Chengdu as an important partner for future collaboration, not just as a market, with several Finnish companies already established in the region [2] Group 1 - The Finnish ambassador highlighted that Finland's enterprises are increasingly interested in the Chinese market, which offers significant opportunities for investment and collaboration [1] - The event in Chengdu marks the 75th anniversary of diplomatic relations between China and Finland, focusing on a new partnership framework for 2025-2029 [1] - Recent forums and workshops have been held to discuss topics such as resource conservation and clean energy applications, demonstrating active engagement between the two countries [1] Group 2 - The ambassador's delegation included over 30 Finnish companies, indicating a strong commitment to fostering business relationships in Chengdu [2] - Finnish companies like KONE, Nokia, and others have already created thousands of jobs in Chengdu, showcasing the economic impact of Finnish investments [2] - There is a belief in the potential for new cooperation opportunities beyond existing partnerships, suggesting a positive outlook for future collaborations [2]

Core Viewpoint - The discussion emphasizes the importance of artificial intelligence (AI) within Huawei, while also highlighting the critical role of communication technology (CT) in enabling AI's potential. A robust network infrastructure is deemed essential for AI to deliver real value, as isolated computing lacks the necessary connectivity for true intelligence [1]. Group 1: AI and Communication Technology - AI is recognized as important at Huawei, but the current focus is on communication technologies such as radio, optical communication, core networks, and data communication [1]. - The future of AI relies on advanced networks to transmit data over long distances, which is crucial for AI's perception and control capabilities [1]. - Without a strong network, AI remains an information island, unable to achieve genuine intelligence [1]. Group 2: Youth and Education - The conversation highlights the significance of youth as role models and the hope for the future, with an emphasis on the need for education to adapt to the rapidly changing technological landscape [2][3]. - Huawei's commitment to connecting academia, industry, and young talent is underscored, with a focus on collaborative efforts to address challenges posed by AI [4][5]. - The shift from traditional education models to more decentralized, network-based learning is seen as beneficial for societal progress, allowing access to quality education from remote areas [8]. Group 3: AI Applications and Future Prospects - The company is exploring practical applications of AI in various sectors, including agriculture, healthcare, and mining, with examples of efficiency improvements through AI-driven models [6][10]. - AI's role in enhancing productivity is anticipated to be felt within three to five years, with significant advancements expected in the next decade [9]. - The discussion acknowledges the rapid pace of AI development and the uncertainty surrounding its future trajectory, emphasizing the need for continuous exploration and adaptation [9]. Group 4: Talent Development and Collaboration - The importance of nurturing local talent and fostering educational initiatives to elevate programming skills in underdeveloped regions is highlighted [7][10]. - Huawei's approach to education emphasizes the need for collaboration between industry and academia to cultivate the next generation of innovators [11][12]. - The company recognizes the value of diverse educational pathways, encouraging individuals to pursue their unique career trajectories while contributing to societal advancement [14][15]. Group 5: AI and Societal Impact - The potential societal benefits of AI, including increased productivity and wealth generation, are acknowledged, along with the challenges of workforce displacement due to automation [24][25]. - The need for re-education programs to transition displaced workers into new roles is emphasized as a critical response to the changes brought about by AI [24]. - The conversation reflects on the broader implications of AI for various industries, stressing the importance of practical applications over theoretical advancements [33].

近日，浪潮通信信息牵头研发的"数据中心热安全保障及精准调控技术研发与应用"成果，顺利通过国家工业信息安全发展研究中心科学技术成果评价，经 权威专家审定，整体技术达到国际先进水平。 当前，数字经济快速发展推动数据中心建设规模持续扩大，高密度运行带来的高能耗问题与冷却系统故障风险，已成为制约数据中心绿色发展的关键痛 点。保障数据中心热安全、提升能效，成为企业数字基础设施稳定运行的重要需求。 为破解这一难题，浪潮通信信息聚焦数据中心热管理核心需求，攻克多项关键技术并构建起"高效传热、精准调控、安全节能"的热安全保障体系。针对非 均匀风场、风机故障等极端工况，通过ε-NTU法热管换热模型与强化型相变蓄冷换热器，形成应急控温系统，提升热可靠性；面对传感器偏差等故障，提 出基于贝叶斯推理与MCMC采样的软修复方法，实现超90%故障修复率，并结合分层控制架构优化参数精度与能效；在全局协同上，搭建覆盖算力负载、 冷却、余热回收的"算—冷—热"全链路协同调控架构，通过混合整数线性规划与多目标优化，实现热安全与能耗、成本的全局平衡。 目前，该技术成果已在北京某运营商信息港、青岛某运营商信息港、广南算力中心等多个数据中心项目中落地 ...