Investment Rating - The report maintains a "Positive" investment rating for the industry [12] Core Insights - Global AI computing demand is surging, with cloud vendors reporting strong financial results and rapidly accumulating cloud orders. Capital expenditures have been revised upward, significantly increasing investment intensity. The delivery of computing cards is accelerating, and the demand for data center interconnectivity continues to rise. The production capacity for optical chips is fully loaded, and there is a shortage of high-speed optical modules, leading to accelerated expansion in production [4][11] Summary by Sections Cloud Vendors: Strong Financial Performance and Increased Capex - Google Cloud achieved revenue of $102.35 billion in Q3 2025, a year-on-year increase of 15.9% and a quarter-on-quarter increase of 6.1%. The GAAP net profit reached $34.98 billion, up 33.0% year-on-year and 24.1% quarter-on-quarter. The operating margin for Google Cloud was 23.7%, reflecting a significant increase in AI-related service demand [23][26] - Amazon reported Q3 2025 revenue of $180.17 billion, a year-on-year increase of 13.4%. AWS revenue reached $33.01 billion, up 20.2% year-on-year, marking the highest growth rate in nearly 11 quarters. The backlog of AWS orders reached $200 billion [46][48] - Microsoft’s cloud revenue reached $49.10 billion in Q1 FY26, a year-on-year increase of 26%. The Azure and other cloud services revenue grew by 40%, driven by strong demand for AI solutions [55][57] GPU: Strong Demand and Accelerated Shipments - NVIDIA's GB300 saw large-scale shipments, with data center business booming. AMD's MI350 also experienced strong shipments, with significant collaborations with OpenAI [8] High-Speed Interconnect: Chip Shortages and Industry Expansion - Lumentum's optical chip shipments are strong, with future capacity sold out for six consecutive quarters. Coherent is actively expanding its production capacity for optical modules [9] AIDC Supporting Equipment: Network Architecture Expansion and Liquid Cooling Trends - Arista's revenue continues to grow significantly under the AI network strategy, while Vertiv's orders and revenue are also increasing, driven by the demand for liquid cooling and high-power distribution [10] Investment Recommendations - The report recommends several companies based on their strong positions in the AI and computing sectors, including: - Optical Modules: Zhongji Xuchuang, New Fiber, Tianfu Communication, Shijia Photon, Huamao Technology - Liquid Cooling: Invec - Optical Fiber and Cable: Fenghuo Communication, Hengtong Optic-Electric, Zhongtian Technology - Domestic Computing: Guangxun Technology, Huafeng Technology, Runze Technology, Guanghuan New Network, Aofei Data, ZTE Corporation, Unisplendour - AI Applications: Boshi Jie, Heertai, Tuobang Co., Yiyuan Communication, Meige Intelligent, Guanghetong, Ao Jie Technology [11]

Investment Highlights - The company is initiating coverage on Cankin Technology (688182) with an "Outperform" rating and a target price of 27.02 CNY, driven by the ongoing construction of 5G base stations and the expansion of application scenarios that create new demand [1] - The global market for dielectric waveguide filters is expected to grow at a compound annual growth rate (CAGR) of 15.5% from 2024 to 2033, benefiting the company as a leading domestic high-end electronic ceramic component manufacturer [1][2] - The company is optimistic about the development of new 5G application scenarios and the introduction of new HTCC customers, which sets it apart from market expectations [3] Product Development and Capacity Expansion - The company has developed eight ceramic formulation systems in the HTCC field and has completed the development and sampling of over ten types of HTCC packaging products, with a projected revenue growth of 330.01% year-on-year for the HTCC business in 2024 [2] - The production capacity is expected to exceed 750,000 units in 2024, representing a year-on-year increase of over nine times, which will gradually enhance performance as capacity is released [2] Profit Forecast and Valuation - The company forecasts earnings per share (EPS) of 0.31 CNY and 0.37 CNY for 2025 and 2026, respectively, with a CAGR of 58.9% from 2024 to 2026 [5] - Based on a 35 times price-to-earnings ratio for 2028, the target market value is estimated at 10.809 billion CNY, indicating an 11.66% upside potential from the current stock price [5]

据香港交易所披露，瑞银集团（UBS）对中兴通讯股份有限公司 - H股的多头持仓比例于2025年11月28 日从7.91%增至8.13%。 ...

Group 1 - The stock of Tongyu Communication increased by 0.32% today [1] - The trading volume reached 4.273 billion yuan with a turnover rate of 44.69% [1] - The data from the post-market dragon and tiger list shows that the Shenzhen Stock Connect special seat bought 108 million yuan and sold 255 million yuan [1] Group 2 - One institutional special seat had a net purchase of 16.0694 million yuan [1] - Two institutional special seats had a net sale of 10.994 million yuan [1]

格隆汇12月4日｜初灵信息（维权）今日20cm涨停，成交额16.47亿元，换手率35.23%，盘后龙虎榜数 据显示，3家机构专用席位净买入1.14亿元，有2家机构专用席位净卖出3093.37万元。 ...

据日经亚洲、共同社等日媒消息，当地时间12月2日，日本电子元件大厂京瓷透露称，公司已决定放弃 开发5G无线基站，原因是该行业竞争激烈且难以实现盈利。 目前，5G基站业务的全球市场份额有超过70%被中国华为、瑞典爱立信和芬兰诺基亚三家公司占据， 而日本企业的市场份额不足2%。出于其所谓"经济安全"的考虑，日本国内一直有呼声希望增加5G基站 的国产化比例，京瓷也被日本业界寄予厚望。 日经亚洲评价称，此次京瓷放弃开发5G基站，打击了日本在本土生产关键移动通信基础设施的希望。 据悉，京瓷于2023年启动了基站开发工作，并在今年2月宣布目标2027年实现商业化。当时，该企业还 计划开发基于人工智能的5G虚拟化基站。根据其构想，在搭载了NVIDIA数据中心级模块"GH200 Grace Hopper Superchip"的数据中心通用服务器上，部署基站功能，通过AI对整个无线接入网络（RAN）进行 控制。 然而，去年以来，由于经营业绩低迷，京瓷正在推进结构性改革，未来计划把资源集中在电子元件等更 具盈利能力的领域。因此，5G基站业务由于开发支出过高，成为了被重新审视调整的对象。随着开发 支出大幅膨胀，京瓷最终判定该业务无 ...

Core Insights - Guangzhou Digital Technology Group held an investor conference focusing on becoming a leading enterprise in digital technology integration, with participation from five listed companies [1] - The conference featured a hybrid format of online streaming and offline presentations, attracting over 150,000 online viewers [1] Group 1: Company Strategies - The chairman of Guangzhou Digital Technology Group emphasized a dual-driven strategy of "real economy + capital," focusing on technological innovation and capital operation to accelerate the layout in AI, digital finance, and other future industries [2] - Each listed company presented their business focuses and strategic layouts, with Guangdian Yuntong highlighting its "AI in All" strategy, aiming to lead in AI applications within financial technology and smart transportation [2] - Zhongke Jiangnan is leveraging electronic solutions to enhance fiscal management and expand into healthcare and electronic voucher sectors [2] Group 2: Industry Focus Areas - Haige Communication is targeting the development of new productivity in aerospace and communication sectors, including 6G and smart ocean technologies, to enhance high-end manufacturing and modern services [3] - Guangdian Measurement is focusing on quality assurance services in emerging industries like aerospace and satellite internet, aligning with national quality strategies [3] - Guangha Communication aims to strengthen its position in intelligent command and dispatch systems through a reliable communication network and intelligent services [3]

Core Viewpoint - The communication equipment sector has become a core investment focus in the A-share market, with significant price increases driven by trends such as AI computing power and digital infrastructure development [1][4]. Group 1: Market Performance - As of December 3, 2025, the communication equipment sector has seen a price increase of over 100% this year, with many other sectors also experiencing gains of over 50% [1][2]. - Over 4,000 listed companies have seen their stock prices rise this year, with more than 400 companies achieving price increases exceeding 100% [2]. - Specifically, the stock price of TeFa Information (000070) has increased by 133.04% this year, with a notable rise of 43.11% in November 2025 alone [2][4]. Group 2: Company Performance - TeFa Information has reported significant fluctuations in its operating performance, with revenue peaking in 2022 at 4.192 billion yuan, followed by a decline in 2024 to 4.409 billion yuan, representing a year-on-year decrease of 10.69% [5][6]. - The company has faced consecutive losses in 2023 and 2024, but there are signs of improvement in 2025, with a net profit of 7.9961 million yuan in the first three quarters [6]. - Despite the losses, the company's cash flow from operating activities has shown consistent growth, reaching 3.73 million yuan in 2024 [6]. Group 3: Market Sentiment and Trading Activity - TeFa Information has experienced a high turnover rate, significantly exceeding the average for the communication equipment sector, with daily turnover rates surpassing 25% on multiple occasions [7]. - Investor sentiment regarding TeFa Information is mixed, with some believing that the stock may have peaked while others anticipate further price increases [7]. Group 4: Future Outlook - The communication equipment sector is expected to benefit from the ongoing AI industrial revolution, with optimistic projections for demand in areas such as optical modules and chips [8]. - The sector is anticipated to follow a dual growth trajectory focusing on "computing power infrastructure" and "aerospace integration breakthroughs" over the next two years [8].

本报记者 李乔宇 智能网联汽车的显示屏上跳动着来自低轨卫星、低空无人机以及地面基站的三重信号，"空天地一体"的 网络部署以及"通感一体"技术让智能终端更准确、更安全地帮助用户抵达目的地——随着6G时代渐行 渐近，这样的场景终将成为普通用户的日常。 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，前瞻布局未来产业，探索多 元技术路线、典型应用场景、可行商业模式、市场监管规则，推动量子科技、生物制造、氢能和核聚变 能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点。 "6G是未来数字经济的核心增长引擎。"中关村泛联移动通信技术创新应用研究院（以下简称"中关村泛 联院"）院长、中国移动通信有限公司研究院（以下简称"中国移动研究院"）院长黄宇红表示，6G已经 从实验室构想走向产业落地的关键期，将作为信息基础设施新基座，通过"通感算智"多要素融合，全面 赋能千行百业与大众消费市场，成为新的经济增长点。 近日，记者实地探访中关村泛联院等科研机构，调研北京超前布局6G产业集群的情况。这片全国科技 创新的热土，正依托深厚人才优势、技术积淀以及政策引领这"三核"率先发力，勾勒全球6G创新的"北 京蓝图 ...

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3日，A股延续弱势，成交额低于1.7万亿元，但两融资金依旧活跃。板块走势分化，交通运输等板 块护盘，消费电子设备等板块回调，3876只个股收跌。 受访人士表示，当前市场处于典型的数据空窗期和预期博弈期，风险偏好有所降低，部分资金从高位板 块向防御性方向转移。短期内市场将延续"上有压力、下有支撑"的态势，结构性机会犹存。投资者应保 持适度仓位，通过均衡配置来穿越迷雾，待宏观或政策信号明朗后再动态调整风险敞口。 | 名称 | . | 涨幅% 1 | 涨停家数 | 跌停家数 | 成交额 | 年初至今涨幅% | 5日涨幅% | | --- | --- | --- | --- | --- | --- | --- | --- | | 传媒(甲万) | | -2.86 | 1 | 0 | 56912 | 24.79 | -4.97 | | 计算机(申万) | | -2.26 | 0 | 2 | 1108亿 | 15.04 | 2.97 | | 房地产(中万) | | -1.53 | | | 251亿 | AAA | -1.76 ...