证券研究报告 | 行业周报 gszqdatemark 2025 11 02 年 月 日 通信 光通信：拾级而上 光通信行业正处于 800G 向 1.6T 技术迭代的过渡期，三季度虽稍显平淡但 只是技术升级、产品放量过程中的正常切换。随着四季度行业景气度向好， 行业将步入新一轮增长周期。 【三季度表现平淡为技术过渡与预期消化】 三季度行业整体表现相对平淡，光通信行业处于 800G 至 1.6T 的过渡期， 技术代际切换过程中行业短期业绩波动。从环比数据看，龙头企业的增长 势头显现出短暂疲态：新易盛、天孚通信 Q3 营业收入环比均略微下降， 打破了公司连续的增长态势；中际旭创 Q3 营收同比环比均保持增长，维 持了稳健的业绩。这种环比波动短期主要受产品迭代、客户结构调整、供 应链进度拖累，中长期的主旋律仍是升级、扩产，行业拾级而上、不断突 破。 1.6T 持续放量，四季度起行业景气回升。今年三季度起海外算力龙头厂 商开始部署 1.6T 并持续增加订单，未来几个季度 1.6T 出货量有望持续增 长，预计 2026-2027 年其他海外算力厂商也将大规模部署 1.6T。四季度 起行业景气度预计逐渐回升，中际旭创表示 ...

北斗语音消息并非传统短信或语音通话，而是依托我国自主建设的北斗卫星系统，通过自研AI语音编解码算法，将语音内容高效压缩为极少量数据。 据介绍，中国电信首创了"声纹与语义分离AI算法"。 其技术原理就是，将语音中的声纹特征 （说话人的音色、语调等） 和语义内容 （文字信息） 进行分离处理，然后对语义内容进行高效压缩和传输，接收端再将 语义内容与声纹特征结合，还原成带有说话人音色和语调的语音消息。 这项技术能够将 20 个汉字文本压缩为 6 秒语音消息直接传输，省去了用户手动输入文字的烦琐操作。 在山区或郊外，手机信号不稳定甚至完全消失是一个常见的现象。遇到情况紧急时，想发个定位求助，难免会手忙脚乱还总打错字。 中国电信近日公开展示的"北斗语音消息"服务，将会解 决这个问题。而中国电信也是业内首家实现北斗卫星语音通信的运营商。 即便在城市中，北斗语音消息服务也有其价值。比如当地震、洪水等自然灾害发生时，地面通信设施可能受损，北斗语音消息服务可保障基本的通信需求，帮助 人们及时获取救援信息；在地下室、隧道、高楼密集区等地方可能存在信号盲区，北斗语音消息服务可以填补这些区域的通信空白。 借用网友的一句话，手机卫星通信 ...

Economic News - China's National Energy Administration issued 229 million green certificates in September, involving 306,500 renewable energy projects, with 158 million being tradable, accounting for 68.86% [4] - The price of storage chips has accelerated in the fourth quarter due to a shift in production capacity towards high-end chips for AI and data centers, leading to a significant reduction in traditional storage chip supply [6] - The global smartphone market is expected to reach a shipment volume of 320.1 million units in Q3 2025, reflecting a 3% year-on-year growth, indicating signs of recovery after a weak first half [7] Company Insights - Sinopec Easy Joy and Taobao Flash Purchase announced a strategic partnership, with plans to have over 5,000 stores on the Taobao platform by the end of the year [5] - Pop Mart opened its first store in the Middle East at Hamad International Airport in Qatar, marking its first 24/7 operational store globally [5] - Youyan New Materials reported Q3 revenue of 2.674 billion yuan, a year-on-year increase of 20.43%, and a net profit of 115 million yuan, up 56.31% [5] - Tianli Lithium Energy's Q3 revenue was 569 million yuan, a 33.25% year-on-year increase, but it reported a net loss of 28.85 million yuan, an increase of 67.68% in losses [5] - China Telecom showcased its "Beidou Voice Message" service, becoming the first operator to implement this technology [5] Industry Analysis - The food and beverage industry is expected to benefit from the expansion of overall consumption, with new retail channels like instant retail and membership supermarkets emerging as significant opportunities [8][9] - The non-ferrous metals industry is poised for improvement in profitability and valuation levels due to a favorable supply-demand structure, driven by high-quality green development paths [11] - The production of ten non-ferrous metals in China is projected to grow at an annual rate of approximately 1.5% from 2025 to 2026, indicating a shift towards stable, high-quality growth [13] - The demand for metals is expected to expand significantly due to the growth of new energy industries and structural changes in demand, particularly for copper, lithium, and other metals [15][16]