[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 7 月 21 日 [Table_Title] H20 恢复对华销售，算力通信硬件全线业绩高增 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.7.14-2025.7.20）上证综指上涨 0.69%，深证 成指上涨 2.04%，创业板指上涨3.17%。本周申万通信上涨 7.56%。 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 发展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.7.14-2025.7.20）通信板块三级子行业中， 通信网络设备及器件上涨幅度最高，涨幅为 15.82%，通信工程及服 务回调幅度最高，跌幅为-0.14%，本周各细分板块主要呈上涨趋 势。 个股方面：本周（2025.7.14-2025.7.20）通信板块涨幅板块分析方 面 ， 新易盛（ 39.01% ） 、 中 际 旭 创 （ 24.33% ） 、 仕 佳 光 子 （22.43%）涨幅分列前三。 建议关注方向：算力产业链 中报业绩期，国内 ...

Market Performance - The main board led the gains with notable stocks such as Yuanwanggu (+10.03%), Chutianlong (+10.01%), Pengding Holdings (+10.01%), and Shuifu Shares (+10.01%) [1] - The ChiNext board saw significant increases with Xinyi Sheng (+20.00%), Dingjie Zhizhi (+20.00%), and Zhongji Xuchuang (+16.68%) [1] - The Sci-Tech Innovation board was led by Shijia Guangzi (+13.55%), Zhiyuan Huli (+10.85%), and Haitiansheng (+8.87%) [1] - Active sub-industries included SW Communication Network Equipment and Devices (+9.61%) and SW Printed Circuit Boards (+6.77%) [1] Domestic News - Tianyue Advanced and Shunyu Aolai have formed a SiC cooperation, aiming to enhance the application of silicon carbide substrate materials in the optical field, opening a new market [1] - TSMC's Arizona project is set to begin construction in 2028, focusing on advanced packaging facilities that will introduce SoIC and CoPoS technologies, enhancing efficiency [1] - Yingmu Technology announced over 150 million yuan in Series B funding, aimed at developing next-generation products and expanding AI+AR terminal market [1] - Shenghui Integrated reported a record high order balance of 2.813 billion yuan as of June 30, 2025, a 69.24% increase year-on-year, with 40.35% from the IC semiconductor sector [1] Company Performance - Jiechuang Intelligent expects a net profit of 15 million to 20 million yuan for H1 2025, a significant turnaround from a loss of 33.0881 million yuan in the same period last year, marking a year-on-year increase of 152.62%-167.73% [2] - Neusoft Group received a government subsidy of 13.2 million yuan on July 14, 2025 [2] - Kema Technology anticipates H1 2025 revenue of 515 million to 525 million yuan, a year-on-year growth of 33.93%-36.53%, with net profit expected to be 165 million to 175 million yuan, up 18.59%-25.77% [2] - Haineng Industrial forecasts a net profit of 64 million to 74 million yuan for H1 2025, representing a year-on-year increase of 92%-122% [2] International News - NVIDIA announced the resumption of H20 GPU sales in China and the launch of a new GPU compatible with the Chinese market [2] - The U.S. government has begun an investigation into the import of polysilicon and UAS materials to assess their impact on national security [2] - Broadcom canceled its plan to invest 1 billion USD in an ATP factory in Spain, reflecting a trend of leading chip manufacturers scaling back European investment plans [2] - The South Korean Ministry of Trade, Industry and Energy plans to invest 484 billion KRW (approximately 2.512 billion yuan) by 2032 to develop inorganic LED display technology [2]

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (July 7-13, 2025) saw the Shanghai Composite Index rise by 1.09%, the Shenzhen Component Index by 1.78%, and the ChiNext Index by 2.36%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 2.13% during the same period [2][11]. - Within the telecommunications sector, the highest increase was seen in the communication network equipment and devices, which rose by 4.16%, while the communication application value-added services had the lowest increase at 0.16% [2][14]. - Notable individual stock performances included Hengbao Co., which surged by 21.13%, followed by Changxin Bochuang at 19.84% and Shijia Photon at 14.85% [2][16]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high level of prosperity, with significant contributions from advancements in AI and 5.5G technologies, as well as satellite communications [2][3]. - The report highlights a strong performance in the telecommunications sector, with a notable increase in stock prices across various sub-sectors [2][11]. Sub-sector Performance - The communication network equipment and devices sub-sector led the gains with a 4.16% increase, while other sub-sectors also showed positive trends [2][14]. - The report indicates a general upward trend across the telecommunications sub-sectors during the week [2][15]. Individual Stock Highlights - Hengbao Co. led the stock performance with a 21.13% increase, indicating strong market interest and potential investment opportunities [2][16]. - Other notable performers included Changxin Bochuang and Shijia Photon, reflecting a robust market environment for telecommunications stocks [2][16]. Future Focus Areas - The report suggests focusing on the computing power industry chain, particularly the upstream optical chip segment and the module segment, which are expected to benefit from the ongoing demand for AI and computing power [3].

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting it to outperform the market index by over 10% in the next six months [2][45]. Core Viewpoints - The communication industry is experiencing growth driven by AI and emerging technologies, leading to increased demand for bandwidth and lower latency. This is pushing the optical network towards greater capacity and efficiency [3][41]. - The report highlights that the communication sector is in a period of technological iteration and policy benefits, with new growth drivers from AI, quantum communication, and low-altitude economy [3][41]. - The demand for DWDM bandwidth is expected to surge due to DCI bandwidth overflow, indicating a significant opportunity for companies involved in cloud and infrastructure development [3][41]. Summary by Sections 1. Industry Market Review - The communication sector index rose by 3.91% over the past two weeks, outperforming the CSI 300 index by 2.29 percentage points, ranking 9th among 31 sectors [11][12]. - Year-to-date, the communication sector has increased by 9.61%, surpassing the CSI 300 index by 7.70 percentage points [11][12]. 2. Industry News - Dell'Oro predicts that the AI RAN market will exceed $10 billion by 2029, accounting for about one-third of the overall RAN market [16]. - IoT Analytics reports a 23% year-on-year increase in cellular IoT module shipments in Q1 2025, indicating a recovery from inventory adjustments [20]. - LightCounting notes that AI is driving an increase in DWDM traffic, necessitating upgrades in telecom networks to support new AI applications [21]. 3. Company Announcements - 移远通信 (Quectel) expects a 121% year-on-year increase in net profit for the first half of 2025, projecting a net profit of approximately 463 million yuan [23]. - 华测导航 (Huace Navigation) anticipates a net profit growth of 27.37% to 33.34% for the first half of 2025, driven by rapid development in geospatial information and robotics [24]. 4. Industry Data Updates - As of May 2025, the mobile phone user base reached approximately 1.807 billion, a year-on-year increase of 2.71% [26]. - The internet broadband access user base was about 682 million, reflecting a 5.05% year-on-year growth [29]. - The length of optical cable lines reached approximately 72.88 million kilometers by Q4 2024, a 13.31% increase year-on-year [30]. 5. Communication Sector Outlook - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and performance certainty," highlighting potential investment opportunities in firms like 中国电信 (China Telecom), 烽火通信 (FiberHome), and 长飞光纤 (Yangtze Optical) [41][42].

Group 1 - Sannuo Group expects a net loss of 100 million to 120 million yuan for the first half of 2025, a significant decline from a profit of 7.4 million yuan in the same period last year [1] - The company anticipates a net loss of 77 million to 95 million yuan after excluding non-recurring gains and losses [1] - Basic earnings per share are projected to be a loss of 0.2148 to 0.2578 yuan per share [1] Group 2 - Landai Technology is planning to transfer 18% of its shares, which may lead to a change in control [2] - The stock of Landai Technology has been suspended from trading since July 8, 2025, with an expected suspension period of no more than two trading days [2] Group 3 - Xinxin Co. announced that a senior executive plans to reduce their holdings by up to 750,000 shares, representing no more than 0.2971% of the total share capital [3] - The reason for the reduction is personal financial needs [3] Group 4 - Biyimi plans to reduce its shares by a total of up to 3% by two shareholders, with one shareholder planning to reduce up to 139.68 million shares (2.00%) and the other up to 69.84 million shares (1.00%) [4] - The reason for the reduction is also personal financial needs [4] Group 5 - Changxin Bochuang announced that shareholders plan to reduce their holdings by up to 2.95%, totaling 8.6 million shares [6] - The reason for the reduction is personal financial needs [6] Group 6 - Tianci Materials plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] Group 7 - Sanxiang Impression announced the termination of a previous equity transfer agreement, following a request from its controlling shareholder [10] Group 8 - Zhongke Technology has decided to terminate its plan to issue shares for asset acquisition and related fundraising due to changes in market conditions [12] Group 9 - Hangcha Group's subsidiary plans to acquire 99.23% of Guozu Robot's shares through capital increase [14] Group 10 - Xishan Technology plans to increase its holdings in the company by no less than 5 million and no more than 10 million yuan [19] Group 11 - New Hope reported sales of 1.33 million pigs in June, a year-on-year increase of 3.38% [21] - The sales revenue was 1.871 billion yuan, a year-on-year decrease of 19.14% [21] Group 12 - Auhua Endoscope announced that two shareholders plan to reduce their holdings by up to 1.92% [18] Group 13 - Star Source Material has submitted an application for H-share issuance and listing [18] Group 14 - Yilian Technology plans to invest 20 million yuan to establish a partnership with professional institutions [30]

Group 1 - Shida Shenghua expects a net loss of 52 million to 60 million yuan for the first half of 2025, a year-on-year decrease of 236.64% to 257.66% [1] - ST Zhizhi's vice president Wang Dong resigned for personal reasons, effective immediately upon delivery of the resignation to the board [1] - Haoyuan Pharmaceutical plans to increase capital by 400 million yuan to its wholly-owned subsidiary through a debt-to-equity swap, raising the registered capital from 400 million to 800 million yuan [1] Group 2 - Longxun Co. announced that shareholders and executives plan to reduce their holdings by up to 2% of the company's shares [2] - Aijian Group confirmed it has not engaged in any stablecoin-related business as of now [3] - Yanghe Co.'s chairman Zhang Liandong resigned due to work adjustments, effective immediately [5] Group 3 - Huanwei New Materials announced a stock suspension due to the major matter that may lead to a change in control [5] - Hualing Cable recently won contracts worth 456 million yuan in the power new energy sector, accounting for 10.97% of its audited revenue for 2024 [6] - Aerospace Changfeng plans to publicly transfer 55.45% of its stake in Aerospace Boke [6] Group 4 - Suzhou Planning is planning to acquire control of Dongjin Aerospace Technology, leading to a stock suspension for up to 10 trading days [6] - Yuexiu Capital intends to increase its stake in Yuexiu Real Estate using up to 204.22 million yuan through the Hong Kong Stock Connect [6] - Baichuan Co.'s actual controller and chairman Zheng Tiejiang is under investigation and has received a detention notice [7] Group 5 - XWANDA plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [8] - ST Aowei reported a loss of approximately 25.04 million yuan in inventory due to poor storage by a third party [8] - Yian Technology plans to increase capital by 120 million yuan to its subsidiary, raising its equity stake from 60% to 72.973% [9] Group 6 - Dongli New Science's wholly-owned subsidiary was applied for bankruptcy reorganization by creditors due to insolvency [11] - Bochuang Technology changed its name to Changxin Bochuang Technology, effective July 2, 2025 [14] - Huayang Co.'s controlling shareholder received a notice of administrative penalty from the China Securities Regulatory Commission [15] Group 7 - Hangzhou Thermal Power's shareholders plan to reduce their holdings by up to 4.09% of the company's shares [16] - Guoke Military Industry's two shareholders plan to reduce their holdings by up to 1.81% of the company's shares [17] - Pangu Intelligent's seven shareholders plan to reduce their holdings by up to 1% of the company's shares [19]

Group 1 - Hengbang Co., Ltd. plans to establish a joint venture with Huasheng Development with a registered capital of 10 million yuan, where Hengbang will contribute 8 million yuan (80%) and Huasheng will contribute 2 million yuan (20%) [1] - Hunan Gold's subsidiary Anhua Zhazi Creek Smelting Plant will undergo temporary maintenance starting from the end of June 2025, expected to last no more than 30 days [2] - Defu Technology's subsidiary signed supply agreements for lithium battery copper foil products with two leading global companies, with contract durations of 3 years and 5 years respectively [3] Group 2 - Binjiang Group won the rights to two residential land parcels for a total price of 4.368 billion yuan [5] - Zhong'an Technology announced the resignation of its executive vice president and board secretary due to personal reasons [7] - Changqing Technology's project for special polymer materials and electronic materials has officially commenced production, adding a capacity of 120,500 tons per year [10] Group 3 - Gansu Energy received approval from the China Securities Regulatory Commission to publicly issue bonds totaling up to 2 billion yuan [10] - Shuoshi Biology obtained a medical device registration certificate for an in vitro diagnostic reagent, valid until June 2030 [12] - Yawen Co., Ltd. plans to issue shares to specific investors, with the application accepted by the Shenzhen Stock Exchange [13] Group 4 - Guoyao Modern's subsidiary received approval for the listing of a raw material drug, which is a selective anticholinergic agent [16] - Inner Mongolia First Machinery's subsidiary signed a railway freight car procurement contract worth 130 million yuan [18] - Xining Special Steel plans to raise up to 1 billion yuan through a private placement to its controlling shareholder [39] Group 5 - Huadong Medicine's subsidiary received approval for a clinical trial of a new injectable drug targeting advanced solid tumors [29] - Warner Pharmaceutical's compound potassium hydrogen phosphate injection passed the consistency evaluation for generic drugs [30] - North Special Technology plans to raise up to 300 million yuan through a private placement for a production base project in Thailand [30] Group 6 - Xiangyang Technology is the first candidate for a 533 million yuan Airbus project [45] - Haishun New Materials intends to acquire 100% of Guangdong Zhengyi Packaging [46] - Jida Zhengyuan's shareholder plans to reduce their stake by up to 0.73% due to personal financial needs [47]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting it to outperform the market index by more than 10% over the next six months [2][47]. Core Insights - The communication industry index has shown a cumulative increase of 4.42% over the past two weeks, outperforming the CSI 300 index by 3.55 percentage points, ranking fifth among 31 primary industries [3][10]. - The report highlights that the industry is currently in a phase of technological iteration and policy benefits, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors [3][43]. - The report suggests focusing on companies that align with the themes of "technology commercialization + policy catalysis + earnings certainty" for investment opportunities [3][43]. Summary by Sections Industry Market Review - The communication sector has seen a 5.64% increase in June, outperforming the CSI 300 index by 4.29 percentage points [10]. - The sector has recorded a year-to-date increase of 1.29%, surpassing the CSI 300 index by 2.37 percentage points [10]. Industry News and Company Announcements - China Mobile has announced a procurement for 400,000 5G main equipment stations, with five major equipment manufacturers winning the bid [15]. - IDC reports a 10.5% year-on-year growth in the global wearable device market for Q1 2025 [19]. - The successful launch of low-orbit satellites for internet connectivity marks a significant advancement in satellite communication [21]. Industry Data Updates - As of April 2025, the mobile phone user base in China reached approximately 1.803 billion, reflecting a year-on-year increase of 2.75% [27]. - The internet broadband access user base reached about 680 million, with a year-on-year growth of 5.05% [30]. - The total number of 5G base stations in China reached 4.439 million by April 2025, with a net increase of 188,000 from the previous year [39]. Investment Recommendations - The report recommends focusing on companies such as China Telecom (601728.SH), FiberHome (600498.SH), and Yangtze Optical Fibre (601869.SH) for potential investment opportunities [43][44].

Market Overview - The main board saw significant gains with notable stocks such as Zhongdian Xinlong (+10.05%), Yuyin Co. (+10.04%), and Guanghua Technology (+10.02%) leading the charge [1] - The ChiNext board experienced a surge, highlighted by Huijin Co. (+20.03%) and Taicheng Light (+14.88%) [1] - The Sci-Tech Innovation board also performed well, with Dekeli (+11.56%) and Shengyi Electronics (+8.54%) among the top gainers [1] - Active sub-industries included SW Communication Network Equipment and Devices (+3.83%) and SW Printed Circuit Boards (+3.40%) [1] Domestic News - Unisoc officially launched its smart wearable platform W527, utilizing a 12nm process and featuring a heterogeneous processor architecture with one Arm Cortex-A75 core and three Cortex-A55 cores [1] - In May, BYD sold 382,500 new vehicles, SAIC Group sold 366,000, Changan Automobile sold 224,300, and Chery Group sold 190,000 [1] - Dazhu Laser announced that its subsidiary has submitted an IPO application to the Hong Kong Stock Exchange, drawing attention to the domestic semiconductor equipment market [1] - Tailin Micro reported its focus on Edge AI technology, launching several chips for edge computing and AI applications, which are widely used in smart home and wireless audio sectors [1] Company Announcements - Yongxin Zhicheng announced a cash dividend of 0.05 yuan per share and a capital reserve transfer of 0.48 shares per share, increasing total shares to 150,961,519 [2] - Yongxi Electronics reported a share buyback progress, having repurchased 2,562,688 shares, representing 0.63% of total shares [2] - Oulain New Materials declared a cash dividend of 0.065 yuan per share, totaling 10,402,913.56 yuan [2] - Jin'an Guoji announced that its subsidiary received high-tech enterprise certification, allowing for a 15% corporate income tax rate from 2024 to 2026 [2] Industry Insights - Nvidia is developing a lower-spec AI chip named "B30" for the Chinese market, which will support multi-GPU expansion and utilize the latest Blackwell architecture [3] - According to Canalys, the global wearable wristband market grew by 13% year-on-year in Q1 2025, with a total shipment of 46.6 million units, although Apple's market share decreased from 17.5% to 16.3% [3] - WSTS forecasts that the global semiconductor market will reach $700.9 billion in 2025, driven by growth in logic and memory sectors, with a year-on-year increase of 11.2% [3] - Reports indicate that Samsung's 3nm process yield remains low at 50% even after three years of production [3]

Group 1 - China State Construction signed new contracts totaling 1.52 trillion yuan from January to April, representing a year-on-year increase of 2.8% [1] - Yongpu Medical's subsidiary obtained a medical device business license valid until May 7, 2030, allowing it to engage in medical device retail and wholesale [1] - Ningbo Maritime received a government subsidy of 4.42 million yuan, which will impact its net profit for the fiscal year 2025 [1] Group 2 - Mingpu Optoelectronics obtained a patent for a magnetic powder core and its preparation method, enhancing its capabilities in magnetic materials technology [1] - Digital Zhitong plans to establish a wholly-owned subsidiary in Beijing with a registered capital of 5 million yuan [1] - Zhongmin Energy's shareholder plans to reduce its stake by up to 0.28% of the company's total shares [1][6] Group 3 - Tunnel Holdings' controlling shareholder intends to increase its stake in the company by investing between 250 million to 500 million yuan [1] - China Telecom appointed Liu Guiqing as the new President and COO [1] - Datang Power completed the issuance of 3 billion yuan in medium-term notes, with proceeds aimed at repaying debt and supplementing working capital [1] Group 4 - *ST Weihai won a bid for a flood control project worth 182 million yuan, accounting for 7.35% of its audited revenue for 2024 [1] - Huijin Tong announced a cash dividend of 0.0868 yuan per share, totaling 29.44 million yuan [1] - Xinkai Energy's shareholders plan to reduce their holdings by a combined total of 4% of the company's shares [1][39] Group 5 - Xinhuan Group's subsidiary won a 1.02 billion yuan nuclear power project contract [1] - Southern Airlines reported a 12.14% year-on-year increase in passenger turnover for April [1] - Xinjiang Torch plans to acquire 100% equity of Yushan Litai for 125 million yuan [1]