Investment Rating - The report maintains an "Overweight" rating for the telecommunications industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][40]. Core Insights - The global telecommunications equipment market has shown signs of recovery in the first half of 2025 after two years of investment decline, with significant growth in mobile core networks, optical transmission, and service provider routers and switches [3][15]. - Huawei has maintained its position as the leading telecommunications equipment supplier, capturing 31% of the market share and continuing to expand its market advantage [3][36]. - The telecommunications 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][36]. - The report suggests focusing on companies that align with the themes of "technology commercialization + policy catalysis + earnings certainty" [3][36]. Summary by Sections 1. Industry Market Review - The Shenyuan telecommunications sector index fell by 2.70% over the past two weeks (9/26-10/9), underperforming the CSI 300 index by 5.22 percentage points, ranking 29th among 31 sectors [11][12]. - Year-to-date, the telecommunications sector has risen by 63.39%, outperforming the CSI 300 index by 43.70 percentage points [11][12]. 2. Industry News - Dell'Oro Group reported a 4% year-on-year increase in global telecommunications equipment revenue in the first half of 2025, driven by various factors including a lower year-on-year base and stable inventory levels [15]. - LightCounting indicated that AI is taking a dominant role in the market [16]. - The 2025 World Intelligent Connected Vehicle Conference will be held in Beijing, focusing on AI and telecommunications applications in the automotive industry [20]. - The number of AI companies in China has exceeded 5,300, with the industry scale surpassing 900 billion yuan, growing by 24% year-on-year [21]. - The Ministry of Industry and Information Technology has granted China Mobile a license for satellite mobile communication services, enhancing communication capabilities in various scenarios [22]. 3. Company Announcements - Guanghe Communication has approved the global issuance and listing of H shares [23]. - Tianyi Co. signed a procurement framework agreement with China Telecom for dual-band broadband integrated terminals [24]. - Hainengda announced a share transfer agreement involving 5% of its equity [25]. 4. Industry Data Updates 4.1 Telecommunications User Scale Data - As of August 2025, the mobile phone user base reached approximately 1.819 billion, a year-on-year increase of 2.67% [26]. - The internet broadband access user base reached about 689 million, up 4.97% year-on-year [26]. 4.2 Optical Fiber and Cable Data - The length of optical cable lines reached approximately 73.77 million kilometers in Q2 2025, a year-on-year increase of 9.91% [28]. - The optical cable production in August 2025 was 20.44 million core kilometers, a decrease of 10.70% year-on-year [29]. 4.3 5G Development Status - By August 2025, the total number of 5G base stations reached 4.646 million, with a net increase of 395,000 from the end of the previous year [33]. 5. Investment Recommendations - The report recommends focusing on companies such as China Mobile, China Telecom, FiberHome, Yangtze Optical Fibre, and Weisheng Information, which are well-positioned to benefit from the current market dynamics [36].

Group 1 - The central enterprise innovation-driven index increased by 0.56% as of September 30, 2025, with notable stock performances including Guorui Technology up 8.47% and Changdian Technology up 7.97% [3] - The central enterprise innovation-driven ETF (515900) rose by 0.52%, with a latest price of 1.56 yuan, and has shown a cumulative increase of 0.58% over the past week, ranking 1/4 among comparable funds [3] - The trading volume of the central enterprise innovation-driven ETF was 703.54 million yuan, with a turnover rate of 0.2%, and an average daily trading volume of 23.81 million yuan over the past year, ranking first among comparable funds [3] Group 2 - The Ministry of Industry and Information Technology has granted China Mobile a license for satellite mobile communication services, allowing major telecom operators to engage in satellite communication, enhancing emergency, maritime, and remote area communications [3] - The issuance of satellite internet licenses is expected to accelerate technological breakthroughs and commercial applications in the satellite sector, with a clear development path for the satellite industry, including breakthroughs in manufacturing, launching, and demand [4] - The central enterprise innovation-driven ETF has seen a significant scale increase of 24.85 million yuan over the past week, ranking 1/4 among comparable funds [4] Group 3 - The central enterprise innovation-driven index evaluates the innovation and profitability of state-owned enterprises, selecting 100 representative listed companies to reflect the overall performance of innovative state-owned enterprises [4] - As of August 29, 2025, the top ten weighted stocks in the central enterprise innovation-driven index accounted for 33.39% of the total index, including companies like Hikvision and China Southern Power Grid [4]

港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 晨报近日坚定提示积极布局，周一港股三大指数 高开高走。收盘恒生指数涨 1.89%，报 26622.88 点，恒生科技指数涨 2.08%，国企指数涨 1.62%。 科网股普涨，阿里巴巴、快手涨超 4%，京东涨超 3%；中资券商股强势，华泰证券涨超 12%；黄金 股普涨，潼关黄金涨超 6%；有色金属板块涨幅居 前，赣锋锂业涨超 6%；半导体板块午后拉升，华 虹半导体涨超 5%。 美股市场 1. 美股周一收高，三大股指连续第二个交易日录得 涨幅。道指涨 68.78 点，涨幅为 0.15%，报 46316.07 点；纳指涨 107.09 ...

【市场数据】 截至9月29日收盘，纽约商品交易所11月交货的轻质原油期货价格下跌2.27美元，收于每桶63.45美元， 跌幅为3.45%；11月交货的伦敦布伦特原油期货价格下跌2.16美元，收于每桶67.97美元，跌幅为 3.08%。 【财经要闻】 1、新华社北京9月29日电，中共中央政治局9月29日召开会议，研究制定国民经济和社会发展第十五个 五年规划重大问题。中共中央总书记习近平主持会议。会议决定，中国共产党第二十届中央委员会第四 次全体会议于10月20日至23日在北京召开。中共中央政治局听取了《中共中央关于制定国民经济和社会 发展第十五个五年规划的建议》稿在党内外一定范围征求意见的情况报告，决定根据这次会议讨论的意 见进行修改后将文件稿提请二十届四中全会审议。 2、9月29日，国家发展改革委政策研究室副主任、新闻发言人李超表示，8月份，在宏观政策持续发力 等因素的带动之下，我国经济运行总体平稳。从供给侧看，生产平稳增长，制造业、服务业的重点领域 增势良好；从需求侧看，政策效能持续显现，展现出较强的韧性和抗压能力。在消费方面，以旧换新相 关零售额继续保持较快的增长。不过，当前经济运行当中依然面临着不少的风 ...

商务部回应美商务部发布出口管制穿透性规则：将采取必要措施坚决维护中国企业的合法权益 国家发展改革委：支持民营企业等深度参与"人工智能+"行动在资金上持续在算力等领域发放"人工智能券" 现货黄金突破3800美元续创历史新高年内累计上涨超四成 国务院总理李强日前签署国务院令，公布《国务院关于修改〈中华人民共和国国际海运条例〉的决定》，自公布之日起施行。（新华社） 有记者问：美东时间2025年9月29日，美商务部发布出口管制穿透性规则，对被列入美"实体清单"等的企业持股超过50%的子公司追加同等出口管制制裁。 商务部新闻发言人表示，中方注意到有关情况。相关规则是美方泛化国家安全、滥用出口管制的又一典型例证。美方此举性质极其恶劣，严重损害受波及企 业的正当合法权益，严重冲击国际经贸秩序，严重破坏全球产业链供应链的安全稳定，中方对此坚决反对。中方敦促美方立即纠正错误做法，停止对中国企 业的无理打压。中方将采取必要措施，坚决维护中国企业的合法权益。（新华社） 商务部新闻发言人9月29日就日方将我多家实体列入出口管制"最终用户清单"事答记者问时说，中方对此坚决反对。中方敦促日方，立即停止列单中国企业 的错误做法。发言人表示 ...

｜2025年9月30日星期二｜ NO.1 国家发改委：正积极推进规模5000亿元的新型政策性金融工具 国家发展改革委政策研究室副主任、新闻发言人李超9月29日在新闻发布会上表示，为促进金融更好地 服务实体经济，推动扩大有效投资。国家发展改革委会同有关方面积极推进新型政策性金融工具相关工 作，新型政策性金融工具规模共5000亿元，全部用于补充项目资本金。国家发展改革委正在会同有关方 面，抓紧把新型政策性金融工具资金投入到具体项目上，后续将督促各个地方推动项目加快开工建设， 促进经济平稳健康发展。 NO.2 六部门：在工业母机、机器人等领域培育一批高新技术企业 工业和信息化部等六部门9月29日联合发布《机械行业稳增长工作方案（2025—2026年）》。其中提 出，梯度培育优质企业。利用国家产融合作平台、产业发展基金等现有政策渠道资源，支持企业做强做 优做大。在工程机械、轨道交通装备等领域培育若干世界一流企业，在工业母机、机器人、医疗装备、 基础零部件与基础制造工艺等领域，培育一批高新技术企业、单项冠军企业和专精特新"小巨人"企业， 发展一批瞪羚企业、独角兽企业。支持行业组织开展机械工业百强和零部件百强企业培育。 ...

Group 1: Policy Initiatives - The National Development and Reform Commission (NDRC) is actively promoting a new type of policy financial tool with a scale of 500 billion yuan, aimed at supplementing project capital and accelerating project construction to support economic development [1] - Six departments, including the Ministry of Industry and Information Technology, have released a plan to cultivate high-tech enterprises in key sectors such as industrial mother machines and robotics, utilizing existing policy resources to support the growth of quality enterprises [2][6] - The NDRC is focusing on expanding the market for new-generation smart terminals and intelligent systems by creating a conducive policy environment, promoting technological innovation, and enhancing supply and demand [3] Group 2: Industry Growth and Innovation - The NDRC reported that in August, the value added of high-tech manufacturing increased by 9.3%, outpacing overall industrial growth, with sectors like integrated circuits and aerospace showing rapid growth [9] - The Ministry of Industry and Information Technology is implementing an innovation development project for smart equipment, aiming to advance the development of high-end equipment such as industrial robots and intelligent instruments [7][8] - The NDRC supports private enterprises' deep participation in the "Artificial Intelligence +" initiative, highlighting that 254,000 new private AI software companies were established in the first quarter of this year [5] Group 3: Market Sentiment and Investment - Morgan Stanley reported that over 90% of clients expressed willingness to increase exposure to Chinese assets during recent roadshows, indicating a significant shift in investor sentiment towards China [10] - The price of spot gold has surpassed $3,800 per ounce, marking a nearly 45% increase this year, driven by expectations of further monetary easing and rising geopolitical risks [11]

每经编辑｜张喜威 王晓波 （）中国9月官方制造业、非制造业PMI数 2中国9月RatingDog制造业、服务业、 数据将公布 5 美国9月諮商会消费者信心指数等将公 1 隔夜市场 美股三大指数集体收涨，道指涨0.15%，纳指涨0.48%，标普500指数涨0.26%，大型科技股涨跌不一，英伟达涨超2%，亚马逊涨超1%，博通跌近2%；加密 货币概念、金属原材料涨幅居前，Coinbase涨超6%，Circle、世纪铝业涨超5%，南方铜业涨超3%。纳斯达克中国金龙指数涨2.03%，中概股普遍上涨，哔哩 哔哩、阿里巴巴、新东方涨超4%，理想汽车、京东涨超3%，百度、蔚来涨超2%。 现货黄金突破3830美元，收报3832.94美元/盎司，再创新高；COMEX黄金期货涨1.42%，报3862.90美元/盎司；COMEX白银期货涨0.97%，报47.11美元/盎 司。 3 第二届培育钻石研讨会将于9月30日在 4 德国9月CPI数据将公布 国际油价大幅收跌，美油主力合约跌3.86%，报63.18美元/桶；布伦特原油主力合约跌3.51%，报66.79美元/桶。 欧洲三大股指收盘小幅上涨，德国DAX指数涨0.02%报23745. ...

Core Viewpoint - The Ministry of Industry and Information Technology of China has issued satellite mobile communication business licenses to the three major telecom operators, marking a significant step towards the commercialization of satellite communication services in China [1][2]. Group 1: Company Developments - China Mobile has received a satellite mobile communication business license, allowing it to conduct services such as direct satellite connections for mobile phones, enhancing emergency communication, maritime communication, and services in remote areas [1]. - China Mobile is actively expanding its satellite communication services, including satellite fixed broadband and satellite IoT, and has launched the Beidou SMS service nationwide [3]. - China Unicom has launched mobile direct satellite services and successfully deployed low-orbit satellites in collaboration with Zhejiang Space Dao Yu Technology Co., Ltd. [4]. - China Telecom has introduced mobile direct satellite services globally and plans to launch "automobile direct satellite" services in 2024, leveraging the self-built Tiantong satellite mobile communication system [4]. Group 2: Industry Trends - The satellite internet industry is on the verge of large-scale application, with the potential for a trillion-yuan market as satellite launch costs decrease and low-orbit satellite networks are deployed [2]. - The issuance of satellite mobile communication business licenses to all three major telecom operators is expected to accelerate the commercialization of mobile satellite communication services and reduce costs associated with promoting satellite services [4]. - The integration of satellite communication systems with existing terrestrial communication networks is crucial for the development of a comprehensive satellite communication ecosystem [4].

目前，继中国电信之后，中国移动、中国联通两家基础电信企业也已获得卫星移动通信业务经营资质， 可依法开展手机直连卫星等业务，深化应急通信、海事通信、偏远地区通信等场景应用，丰富通信服务 与产品供给。 在业务应用层面，中国移动积极拓展卫星固定宽带、卫星物联网、手机直连等业务，持续服务海洋宽 带、应急救援等市场；推进天通高轨卫星共享工作，携手中国时空依托北斗和5G网络，发布北斗短信 业务，取得终端生态拓展与用户规模发展的阶段性成果。(完) 中新社北京9月29日电 (记者 刘育英)记者29日从中国工业和信息化部获悉，中国工信部近日向中国移动 通信集团有限公司(以下简称中国移动)颁发卫星移动通信业务经营许可。中国移动"北斗+天通"双星卫 星通信正式迈入商业化运营新阶段。 近年来，中国移动从技术研究、试验验证、产业推进、商用探索、人才培养等全方位布局天地一体智能 通信技术，推动构建天地融合、一体化发展的新型信息基础设施。 此前，中国移动已面向全国开展北斗短信服务，此次获得卫星通信业务经营许可，标志着中国移动"北 斗+天通"双星卫星通信正式迈入商业化运营新阶段，全面构建"天地一张网"智能通信新格局。 ...