丨证券研究报告丨 [Table_Summary] 2026 年第 2 周，通信板块上涨 0.99%，在长江一级行业中排名第 8 位；2026 年年初以来，通 信板块上涨 2.51%，在长江一级行业中排名第 19 位。台积电大幅上修 2026 年 Capex 至 520- 560 亿美元，直言产能非常紧张、未来三年资本支出将显著增加；AI 加速器营收占比提升明显， 2024-2029 年营收 CAGR 指引上调至接近 55%。OpenAI、CoreWeave、Meta 与 xAI 等头部 厂商持续扩建 AI 超算集群，锁定中长期算力与能源资源，全球 AI 算力需求强劲。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信周观点：台积电资本开支上修，算力供需共 振景气向好 报告要点 research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信周观点：台积电资本开支上修，算力供需共 2] ...

证券日报网讯 1月21日，普天科技在互动平台回答投资者提问时表示，公司作为中电网通旗下上市平 台，同时也是服务国家网信体系发展的重要力量，卫星互联网是公司核心战略方向之一。公司始终密切 关注相关领域的政策导向与技术趋势，根据自身战略规划、市场需求以及技术发展趋势，积极跟进相关 领域的布局与拓展。公司重大信息会按照相关规定在指定信披媒体上进行披露，请关注公司在中国证券 报、证券时报和巨潮资讯网等指定媒体发布的公告。 （编辑 楚丽君） ...

盛路通信公告，公司拟将节余募集资金5218.99万元永久补充流动资金，用于与公司主营业务相关的生 产经营活动。 ...

证券日报网讯1月21日，兆龙互连（300913）在互动平台回答投资者提问时表示，随着信息化、数字化 和智能化时代的到来，云计算、大数据、人工智能、智能制造等新兴技术迅猛发展，对于大容量、高速 率、高可靠性和高质量的数据传输需求在不断增加，这为公司的核心产品，包括千兆、万兆布线系统连 接产品、数据中心中高端光布线产品、高速铜缆及连接产品、工业电缆及连接产品等，带来了增量市场 机遇。公司将继续关注市场需求，加强产品研发和创新，积极拓展市场，巩固市场竞争力，提升公司的 盈利能力。 ...

南财智讯1月21日电，盛路通信公告，公司及下属子公司拟使用不超过人民币6.50亿元的闲置自有资金 进行委托理财，投资品种为银行、证券公司、信托公司、基金管理公司等金融机构发行的安全性高、流 动性好的理财产品，资金来源为公司闲置自有资金。该事项已经公司第六届董事会第二十一次会议审议 通过，无需提交股东大会审议，授权期限自董事会决议通过之日起十二个月，额度可滚动使用。 ...

Investment Rating - The communication industry is rated as "Cautiously Optimistic" with a focus on operators with sustained profit growth and enhanced network value, as well as companies benefiting from traffic growth and continuous technological innovation [5][37]. Core Insights - The communication sector showed a 0.77% increase from January 12 to January 16, 2026, outperforming the CSI 300 index by 1.34 percentage points, ranking 7th among 30 sectors [2][12]. - The report highlights the strategic significance of industrial internet platforms in reshaping the manufacturing system and enhancing supply chain resilience and security [3][33]. - The goal for industrial internet platforms by 2028 includes establishing over 450 high-quality platforms, connecting 120 million devices, and achieving a penetration rate exceeding 55% [4][34]. Summary by Sections Communication Industry Market Review - The communication sector's cumulative increase for 2026 is 2.39%, ranking 16th among the primary sectors [2][12]. - The sector includes 119 listed companies, with 54 experiencing price increases and 64 seeing declines during the review period [13]. - The TTM PE ratio for the communication sector is 26.95, positioned at the 37.25 percentile [14]. Industry News - A new satellite constellation plan has been submitted to the ITU, proposing nearly 200,000 satellites, significantly surpassing existing projects [17][18]. - The industrial internet platform development action plan aims to enhance the quality and application of platforms, marking a shift from merely building platforms to strengthening and utilizing them [3][34]. Investment Recommendations - The report suggests maintaining a cautiously optimistic stance, focusing on operators with ongoing profit growth, companies benefiting from traffic and computing network growth, and those with strong core competitiveness through continuous innovation [5][37].

大家好，今天的主题叫"解读《价值为纲：华为财经管理纲要》"。《华为财经管理纲要》这本书出版后，在企业界影响很大。借着这个机会，我们对这本 书做一些解读。 2. 业务吹牛不上税，战略规划难落地 这个问题不光在一般的企业，甚至在标杆企业——华为，也曾面临过。从2006年前后引进IBM的BLM（业务领先模型），开始系统编制" 803规划"，持续 至2013年，都还面临这个问题。2014年，我们在推行全面预算管理（PB&F）变革的时候，财经规划部开发了一个模型，才把这个问题逐步解决。 3. 业务战略高大上，一线作战手无粮 我们发现，每一次老板把业务战略讲完，到最后落地的时候，一线手里没有资源，落不了地。业务战略看起来很高大上，一线作战手里无粮，悲催的锁进 抽屉，不见尘埃。 在开讲之前，我先用两页PPT分享一下我为什么会开这门课：《找魂：构建公司经营纲要》。 我本人大学毕业开始工作到现在已经将近23年了。在这23年的工作过程中，从央企到民企，我跟诸多企业家交流时发现，这些企业家在企业经营过程中面 临着普遍的发展痛点，我总结为战略落地、资源配置和业财融合三大领域的"八大痛点"。 01 企业经营八大痛点 1. 业务跑得快， ...

Group 1 - The communication equipment sector increased by 1.13% on January 21, with LianTe Technology leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - LianTe Technology's stock price rose by 12.64% to 206.75, with a trading volume of 129,800 shares and a transaction value of 2.587 billion [1] Group 2 - The communication equipment sector saw a net inflow of 584 million from main funds, while retail funds had a net inflow of 457 million [2] - Major stocks in the sector experienced varying degrees of price changes, with some stocks like DaTang Telecom and NongYou Technology seeing declines of 7.24% and 4.21% respectively [2] - The trading volume and transaction values for several stocks were significant, with DaTang Telecom having a trading volume of 884,600 shares and a transaction value of 876 million [2] Group 3 - The main fund inflows and outflows for specific stocks were notable, with XinYiSheng seeing a net inflow of 119.2 million, while ZTE Corporation had a net outflow of 1.67 billion [3] - LianTe Technology had a net inflow of 190 million from main funds, but also experienced a net outflow of 106 million from retail funds [3] - The overall trend indicates a mixed sentiment in the communication equipment sector, with some stocks attracting investment while others faced selling pressure [3]

天孚通信公告，预计2025年度净利润为18.81亿元~21.5亿元，同比增长40.00%~60.00%。预计扣除非经 常性损益后的净利润为18.29亿元~21.08亿元，同比增长39.19%~60.40%。 ...

Market Overview - The market experienced fluctuations with the Shanghai Composite Index closing up 0.08%, the Shenzhen Component Index up 0.7%, and the ChiNext Index up 0.54% [2] - Over 3,000 stocks in the market rose, with a total trading volume of 2.6 trillion yuan, a decrease of 177.1 billion yuan from the previous trading day [2] - The A-share market has shown a retreat since last Wednesday, with large funds redeeming from broad-based ETFs, leading to a pause in significant upward movement while maintaining levels above 4,100 points for the Shanghai Composite Index [2] Sector Performance - Active sectors included precious metals, semiconductor industry chain, lithium mining, and oil and gas, while the consumer sector, particularly liquor, saw declines [2] - Precious metals have shown significant growth, with a rise of over 23% in the last five trading days, indicating a new leading sector [11] ETF Trading Activity - The trading volume of major ETFs has fluctuated, with the total trading volume for four large-scale CSI 300 ETFs recorded at 435 billion yuan, 674 billion yuan, 390 billion yuan, 363 billion yuan, and 693 billion yuan over recent days [5] - The trading volume of the SSE 50 ETF exceeded 16.9 billion yuan, marking the highest volume since July 2015 [7] Investment Trends - Investors are advised to focus on performance-driven sectors as the earnings season approaches, shifting from previous popular themes to those with solid fundamentals [13][18] - The semiconductor sector is experiencing growth due to rising demand for storage chips and AI server procurement, with significant price increases noted in DDR5 memory chips [19] Future Outlook - Analysts suggest that the market may continue to favor technology and non-ferrous metal sectors, especially with the upcoming Chinese New Year in mid-February, which may limit rapid shifts in market focus [18] - The potential for gold prices to reach 5,000 USD per ounce in the first half of the year is highlighted, driven by concerns over the independence of the Federal Reserve [13]