交银国际发布研报称，看好协鑫科技(03800)在颗粒硅盈利优势明显，低电耗符合政策导向，行业"反内 卷"推动多晶硅价格大涨，产能收储若能落地将推动价格进一步上涨，目标价1.54港元。该行予内地新 能源与公用事业行业领先评级，2025年在上半年政策推动一轮抢装后，该行预期全年内地风/光的装机 旺季将较往年温和，但维持全年装机总量创历史新高的预测。 展望2026年，该行预期内地光伏装机或将继续保持280GW的高位;风电装电方面，在过去招标量饱满的 支撑下，仍有望同比增长约11%至110GW。该行对覆盖的子行业偏好顺序为：多晶硅>逆变器/储能>运 营商>光伏玻璃>电池片。 ...

展望2026年，该行预期内地光伏装机或将继续保持280GW的高位;风电装电方面，在过去招标量饱满的 支撑下，仍有望同比增长约11%至110GW。该行对覆盖的子行业偏好顺序为：多晶硅>逆变器/储能>运 营商>光伏玻璃>电池片。 智通财经APP获悉，交银国际发布研报称，看好协鑫科技(03800)在颗粒硅盈利优势明显，低电耗符合政 策导向，行业"反内卷"推动多晶硅价格大涨，产能收储若能落地将推动价格进一步上涨，目标价1.54港 元。该行予内地新能源与公用事业行业领先评级，2025年在上半年政策推动一轮抢装后，该行预期全年 内地风/光的装机旺季将较往年温和，但维持全年装机总量创历史新高的预测。 ...

来源：环球网 国有行学培痛点凸显：数字化转型亟需精准破局 国有银行作为金融体系核心，人才培养面临三大核心痛点：一是合规政策迭代快，传统学培内容更新滞 后，难以适配风控、运营等岗位的实时合规需求；二是岗位分层细，从基层柜员到管理层，学习需求差 异显著，"一刀切"模式无法满足精准赋能；三是学培效果难量化，人力与工会运营压力大，缺乏全流程 闭环管理工具。如今，国有行人力、工会决策者更看重学培的"合规精准度、体验便捷度、效果可量 化"，中国银行总行此次项目正是这一需求的集中体现。 标杆案例实证："全民阅读国家队"的金融深耕实践 作为"全民阅读国家队"，咪咕连续4年深度参与中宣部全民阅读大会，以知识付费的书课智融的合作模 式，在金融行业积累了大量优质案例。 服务浦发总行"2025年融合图书馆"项目时，咪咕构建"线上数字库+线下悦读空间"双阵地，通过智能借 阅系统对接总行OA，AI岗位荐书准确率超85%，该模式已作为总行级标杆落地至全国各级分行；在工 行全国多家分行的合作中，咪咕分层分级适配不同分行差异化的员工阅读学习需求，探索出"资源+活 动+数据"的服务模式，以重庆分行项目为例，咪咕凭借全品类资源与中国文物学会专家委 ...

专题：2025分析师大会：资本市场"奥斯卡"启幕 【相关阅读】第七届新浪财经金麒麟最佳分析师荣誉榜 第七届新浪财经金麒麟最佳分析师荣誉榜出炉，海外市场研究第一名为兴业证券张忆东团队。 新浪财经整理张忆东最新观点如下： 张忆东最新观点：震荡不改长牛逻辑 "'4000点'只是行情逻辑的短期成果，既不是起点，更不是终点，甚至都不应该是思考中长期行情的重 点。" "往后看20年，到本世纪中叶，中国市场的这轮'长牛'立足于中国综合实力的提升，可以理解为'金融强 国牛'或'社会主义现代化强国牛'。我们不排除未来出现大幅调整的可能，但关键的大逻辑是中国经济增 长方式在转变，综合国力在提升。" "AI浪潮才刚刚开始，与90年代互联网浪潮'形似而神不似'，相似之处都是资本开支驱动，核心差异在 于时代背景不同，现在的科技是中美大国博弈的主阵地和必争之地。" "宏观层面看，新旧动能切换确实还没完全实现在经济数据上，但从资本市场的角度已经显现出新动能 跑赢旧动能的切换趋势。" "中国服务消费为核心的新消费浪潮已经启动，新消费的成长时代已经来临，未来的消费市场将呈现'总 量稳、新消费活'的格局。" "人形机器人目前还处于产业生命周期的 ...

智通财经APP获悉，中国银河证券发布研报称，市场对于通信行业的估值仍旧相对保守，未完全体现行 业的高成长性，通信长牛有望持续。展望2026年，行业成长性不仅来自于人工智能国内外强供给需求共 振，也来自于未来产业以及新兴产业的导向共振，需要重点关注提前布局。该行建议关注科技创新引领 导向带来的超预期，运营商、光通信、卫星互联网及量子科技四大子板块投资方向。 中国银河证券主要观点如下： 2025年通信行业综述：高景气度催化AI业绩高增，AI算力表现亮眼 该行认为新兴产业以及未来AI赋能产业的发展将会是"十五五"期间的重要议题，细化至通信行业主要体 现于算力AI产业链边际改善，卫星互联网+量子科技方兴未艾，表现在运营商、光通信、卫星互联网及 量子科技等方面。 (1)运营商：低估值高股息，运营商盈利能力、现金流资产不断改善，资产价值优势凸显，持续增加分 红回馈股东，"十五五"期间内第二增长曲线明晰; (2)光通信：云厂商AI资本开支增长，带动PCB、GPU、光通信及铜缆等相关产业链的蓬勃发展，预 计"十五五"期间国产替代及产业升级将持续深化; (3)卫星互联网：随着商业火箭发展逐步成熟，以及政府资本开支的增加、单星价 ...

Group 1 - The ChiNext Index has shown strong performance, rising by 1.33% as of November 26, 2025, with notable gains in constituent stocks such as Maiwei Co., Ltd. (up 10.59%) and Zhongji Xuchuang (up 9.40%) [1] - The ChiNext ETF by Bosera has increased by 7.80% over the past three months, with a latest price of 2.81 yuan and a turnover rate of 1.63% on November 26, 2025 [1][3] - The optical module (CPO) index rose by 3.01% on November 26, 2025, with institutional funds seeing a net inflow of 34.13 billion yuan [1] Group 2 - The communication industry has performed exceptionally well in 2025, with a year-to-date increase of 55.58%, ranking second among all industries, and institutional holdings have significantly increased [2] - The GB300 platform is expected to ramp up production in Q4, leading to large-scale shipments of 1.6T optical modules, with silicon photonics technology projected to capture nearly 60% of the global optical module market by 2030 [2] - Public fund holdings in the communication sector have surpassed 6.5%, a historical high, while valuations remain relatively low, not fully reflecting the sector's high growth potential [2]

今天盘面上证、沪深300、创业板全是红的，但你如果盯着中证1000、中证2000，就会发现那叫一个"绿 油油"。大票越走越强，小票越跌越虚，行情突然分成了两条完全不同的河流。 但当小金看到中国银行、中国石油、中国移动（600941）齐刷刷拉升的那一刻，心里反而没慌，甚至有 点熟悉感——因为小金以前也经历过类似的场景：当大市值开始"车轮战"时，往往意味着A股真正的方 向正在被悄悄改写。短线资金负责制造热闹，长线资金负责改变趋势。真正能把行情越抬越高的，永远 是那些看得见"未来"的钱。 而今天，又是这种味道。 复盘：大市值全面发力，长线资金正在重新定价A股 盘面上，水产、军工这些小市值题材仍然上蹿下跳，但可能不会持久。 反而是银行、石油、运营商这种"巨无霸"，开始接力式地被资金抬了上来。上半年是工商银行，接着农 业银行，现在轮到了中国银行。石油、黄金、铜、有色这些资源股也接到长线资金的点名。 当银行板块都能玩成"轮涨接力赛"时，说明什么？说明背后那只"看得见的大手"已经不仅是买入，而是 开始主导盘面。 这些资金看重的是三个字：安全感。 大市值稳、盈利稳、分红稳，叠加无风险利率处于历史低位，长线资金根本没得选——这 ...

Group 1 - The report highlights the sustained demand for computing power, with significant growth expected in the AI infrastructure sector driven by domestic advancements in computing chips and increased capital expenditure from cloud service providers [2][3]. - The domestic AI infrastructure is anticipated to experience rapid growth by 2026, following a slight dip in expectations due to external factors such as the ban on NVIDIA chips [2]. - The report emphasizes the structural alpha opportunities within the industry, particularly in segments like optical modules, liquid cooling, switches, and power supplies, as the demand for AI computing continues to rise [2]. Group 2 - The report indicates that the terminal AI market is on the verge of significant expansion, with policy support and ecosystem development expected to drive growth in 2026 [3]. - Innovations in products, such as Meta's AI glasses, are likely to accelerate the market penetration of terminal AI applications [3]. - The report suggests that the industry is transitioning from a phase of thematic catalysts to one of performance realization, with the emergence of "hit products" expected to further boost the sector [3]. Group 3 - The telecommunications sector is currently experiencing a phase of capital expenditure reduction, business restructuring, and increasing dividend payouts, which positions it favorably for investors [4]. - The report notes that the telecommunications sector has shown resilience, with profit growth outpacing revenue growth, and a stable or increasing dividend yield in a low-interest-rate environment [4]. - Emerging business areas, particularly in AI and satellite communications, are expected to contribute to a second growth curve for telecommunications companies [4]. Group 4 - The North American AI sector has seen a remarkable increase in capital expenditure, with projections indicating that spending could exceed $600 billion by 2026, driven by robust demand for AI services [12][13]. - The report outlines that the AI computing market is characterized by a dual demand for training and inference, with inference demand expected to surpass training demand in the near future [35][36]. - The report highlights the importance of energy management solutions, such as 800 VDC systems, in addressing the rising power consumption associated with AI data centers [69][70].

Core Insights - The communication sector is experiencing stable revenue growth and improved profitability, with significant contributions from the AI computing segment [1][3][4] Group 1: Communication Sector Performance - In the first three quarters of 2025, the A-share communication sector achieved a total revenue of 19,525.33 billion yuan, representing a year-on-year growth of 3.22% [1] - The net profit attributable to shareholders in the same period was 1,937.62 billion yuan, with a year-on-year growth of 8.80%, indicating that profit growth outpaced revenue growth [3] - The overall gross margin for the communication sector remained stable at 28.90%, while the net profit margin improved to 10.58%, up 0.56 percentage points year-on-year [4] Group 2: Quarterly Performance - In Q3 2025, the communication sector's revenue reached 6,305 billion yuan, showing a year-on-year increase of 3.7% and an improvement in growth rate compared to Q3 2024 [7] - The net profit for Q3 2025 was 564 billion yuan, reflecting a year-on-year growth of 11.68% [10] - The gross margin for Q3 2025 was 28.00%, down 0.41 percentage points year-on-year, while the net profit margin increased to 9.52%, up 0.70 percentage points year-on-year [14] Group 3: Subsector Analysis - The light module and optical device sector showed the best performance in the first three quarters of 2025, with a revenue of 662 billion yuan, marking a year-on-year growth of 65% [17] - The net profit growth leaders in the same period were the light module/optical device sector (169.4 billion yuan, up 123%) and the connector sector (8.2 billion yuan, up 62%) [21] - Conversely, the military communication and smart card sectors experienced significant declines, with net profits dropping by 194% and 102% respectively [21] Group 4: Major Operators' Performance - The three major telecom operators collectively reported a revenue of 14,846 billion yuan in the first three quarters of 2025, with a year-on-year growth of 0.57% [29] - Their combined net profit reached 1,661 billion yuan, reflecting a year-on-year increase of 4.3% [35] - In Q3 2025, the operators achieved a total revenue of 4,692 billion yuan, with a year-on-year growth of 1.1% [37] Group 5: Investment Trends - Public fund holdings in the communication sector reached a historical high of 6.87% in Q3 2025, with a market value of 3,038.68 billion yuan [43] - The PE-TTM for the communication sector stood at 43.41, indicating high market expectations for the AI computing segment [43] - The capital expenditure of major North American CSPs is accelerating, with a total of 1,133 billion USD in Q3 2025, reflecting a year-on-year growth of 75% [49][50]

Group 1: Market Overview - In October, the communication sector experienced a decline of 0.45%, aligning closely with the overall market performance, ranking 20th among 31 primary industries [12][17] - The communication industry’s price-to-earnings (PE) ratio was 23.2, indicating a recovery from historical lows, while the price-to-book (PB) ratio was 2.4, reflecting a return to historical median levels [17][22] Group 2: Fund Holdings Analysis - As of Q3 2025, the market value of funds heavily invested in the communication sector reached 288.6 billion yuan, accounting for 7.14% of total fund holdings, with a quarter-on-quarter increase of 3.2 percentage points [30][34] - The concentration of fund holdings in the top ten communication stocks increased, with these stocks representing 99% of the total market value in the communication sector [34][40] Group 3: Financial Performance - In the first three quarters of 2025, the communication industry (excluding operators) saw a revenue growth of 19.57% and a net profit growth of 33.69% [2][42] - For Q3 2025 alone, non-operator communication companies reported total revenues of 185.1 billion yuan, a year-on-year increase of 19.47%, and net profits of 16.7 billion yuan, reflecting a significant growth of 47.4% [2][42] Group 4: Subsector Performance - The growth rates for revenue in the first three quarters of 2025 were led by the optical module, optical device/chip, and liquid cooling sectors, with growth rates of 63.5%, 37.1%, and 36.4% respectively [44] - Notably, the optical module sector achieved a profit growth rate of 125.7%, while AIDC and optical devices/chips also showed significant profit increases of 117.7% and 93.9% respectively [44] Group 5: Investment Recommendations - Continuous attention is recommended for the development of AI computing infrastructure, particularly in sectors such as optical devices, communication equipment, and liquid cooling [4] - The three major operators remain important assets for dividend configuration, with stable operations and increasing dividend payouts [4]