尽管如此，拨号"猫"仍承载着一代人的互联网启蒙。1997年，中国第一个商用互联网服务提供商（ISP）瀛海威成立，其广告语"中国人离信息高速公路还有 多远？向北1500米"成为时代注脚。那时的网民，在慢如蜗牛的网速中，第一次触摸到电子邮件、论坛和网页浏览的奇妙。 ADSL与光猫：光纤革命下的"静音进化" 进入21世纪，宽带技术迎来突破。ADSL（非对称数字用户线路）技术利用电话线的高频部分传输数据，将网速提升至2Mbps至8Mbps，且实现了"上网打电 话两不误"。此时的"猫"进化为ADSL Modem，体积更小、噪音更低，但核心功能仍是信号转换。 在数字洪流奔涌向前的今天，当人们用5G手机流畅刷剧、用光纤宽带畅玩云游戏时，一台发出"滋滋"电流声的黑色"方盒子"——调制解调器（俗称"猫"）， 正逐渐成为互联网记忆中的"文物"。但正是这个不起眼的设备，见证了中国互联网从"龟速"拨号到"光速"5G的史诗级跨越。让我们打开时光的"压缩包"，解 码"猫"的进化史，探寻中国互联网三十年的技术密码。 拨号时代：当"猫"的嘶鸣成为时代BGM 1994年，中国通过一条64K的国际专线接入互联网，标志着数字时代的开端。彼时的"猫 ...

Core Viewpoint - The article discusses the limitations of using an optical modem (光猫) with built-in WiFi capabilities compared to dedicated routers, highlighting the need for additional routers to ensure stable and high-performance wireless networks [1][14]. Performance Differences - Optical modems are primarily designed for converting optical signals to electrical signals, which limits their hardware resources for WiFi functionality, resulting in poor performance under high load [3][5]. - Dedicated routers are designed for wireless coverage and data processing, equipped with powerful processors and larger memory, enabling them to handle multiple high-bandwidth tasks simultaneously [5]. Functional Limitations - Optical modems have a simple interface and limited network management features, making it difficult for users to manage their networks effectively [7][9]. - In contrast, dedicated routers offer advanced features such as Quality of Service (QoS), parental controls, and device management, catering to diverse user needs [9]. Stability Issues - The stability of WiFi from optical modems can be compromised due to heat generation and resource sharing with other functions, leading to signal instability and disconnections [10][12]. - Dedicated routers have independent hardware designs and better cooling systems, ensuring stable performance and minimizing interference [12]. Security Protection - Optical modems have basic security settings that may leave networks vulnerable to attacks [13]. - Dedicated routers provide comprehensive security features, including advanced encryption methods and firewall capabilities, enhancing overall network security [13]. Conclusion - Despite the convenience of built-in WiFi in optical modems, their performance, functionality, stability, and security shortcomings make dedicated routers a better choice for modern home networking needs [14].

Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses **卓翼科技 (Zhuoyue Technology)** and its operations in the **integrated machine (一体机)** sector, particularly in collaboration with **华为 (Huawei)** [1][5]. Key Points and Arguments 1. **Current Business Situation in Integrated Machines**: - 卓翼科技's business volume in the integrated machine sector is currently low, focusing mainly on communication devices like optical modems and routers. The collaboration with Huawei is primarily around these devices, with no large-scale cooperation in integrated machines yet, although 卓翼 has entered Huawei's supplier database [1]. 2. **R&D Team Size**: - The current R&D team consists of approximately 20 to 30 members, a reduction from over 100 previously. This reduction has created some shortcomings in front-end R&D, but卓翼's robust back-end manufacturing system remains a significant competitive advantage [2]. 3. **Profitability of OEM/ODM Business**: - The gross margin and net profit margin of 卓翼's OEM/ODM business align with the general conditions of the manufacturing industry. The company focuses on efficiency improvements and team collaboration to maintain competitiveness, achieving a capacity utilization and delivery capability of 90 out of 100 [3]. 4. **Assembly Costs and Market Expectations**: - The assembly cost for an integrated machine ranges from 150 to 300 yuan, with expectations that integrated machines will be a future trend [4]. 5. **Market Share and Competitive Advantages**: - 卓翼科技 anticipates capturing 50% of Huawei's integrated machine supply chain. Competitive advantages include a long-standing partnership with Huawei, a supply chain built to Huawei's standards, and recognized production capabilities [5]. 6. **Challenges in Production Standards**: - Huawei's integrated machine design emphasizes automation and semi-automation, requiring significant investment in equipment upgrades. This high standard poses challenges for suppliers in terms of capital investment and technological upgrades [7]. 7. **Order Timeline and Current Progress**: - Orders are expected to materialize in early Q2, with ongoing preparations. Initial order targets are between 10,000 to 15,000 units, starting with a gradual increase in delivery scale [8]. 8. **Rationale for New Project Introduction Amid Losses**: - Despite overall losses, particularly in the digital division, the Huawei division remains profitable. The decision to introduce the integrated machine project was based on a detailed assessment of labor costs and equipment return on investment [9]. 9. **Production Process and Key Technologies**: - The integrated machine utilizes the DeepSeek model, with production processes similar to optical modems. Key technology focuses on testing and aging systems, with an emphasis on automation throughout the production process [10]. 10. **Investment and Risk Assessment for Automation**: - Establishing an automated production line requires an investment of approximately 20 million yuan. However, if the standards are not met, the investment return could be uncertain [11]. Additional Important Information - The call highlights the importance of maintaining high standards and efficiency in production to meet Huawei's stringent requirements, which could significantly impact 卓翼科技's future growth and profitability in the integrated machine market [6].