7月29日，我国首条拥有完全自主知识产权的反谐振空芯光纤在粤港澳大湾区率先商用，并在深港两地 落地。 作为光通信领域的颠覆性技术，反谐振空芯光纤专线将跨境双向时延压缩至1毫秒，光纤损耗实测值更 是创下全球商用光纤最低纪录。整条链路从光纤结构、制备工艺到系统设备实现了全国产化闭环，具备 完全自主知识产权。 这标志着我国在下一代光通信核心技术领域，已实现从实验室原型到商业化产品的跨越。 习近平总书记指出，"建设网络强国，要有自己的技术，有过硬的技术"。这对科技支撑网络强国建设提 出了明确要求。 "十四五"规划提出，迎接数字时代，激活数据要素潜能，推进网络强国建设。 5年来，我国从网络大国阔步迈向网络强国，网络基础设施全球领先，关键核心技术加速突破，融合应 用赋能效应日益凸显。网络强国的宏伟蓝图，正逐步从愿景变为现实。 基础设施升级，夯实发展底座 今年3月，我国在国际上首次实现量子微纳卫星与小型化、可移动地面站之间的实时星地量子密钥分 发。这是我国首次实现上万公里星地量子通信，为实用化卫星量子通信组网铺平了道路。 随着量子卫星及地面站低成本、小型化、密钥分发与提取技术持续突破，以及地面光纤量子保密通信网 络建设，我 ...

Core Viewpoint - The company is experiencing rapid growth in its marine segment due to the commencement of the Jiangsu Dafeng offshore wind project, with expected marine segment revenue exceeding 7 billion by the end of the year, doubling from the previous year [1][4][8] Financial Performance - In the first half of 2025, the company reported revenue of 23.6 billion, a year-on-year increase of 10.19%, and a net profit attributable to shareholders of 1.568 billion, up 7.38% year-on-year [2][3] - The second quarter of 2025 saw revenue of 13.844 billion, a 5.09% year-on-year increase and a 41.90% quarter-on-quarter increase, with net profit of 940 million, reflecting a 14.14% year-on-year growth [3] Marine Business Growth - The company has secured marine orders totaling approximately 13.3 billion, laying a solid foundation for future growth, with marine segment revenue in the first half of 2025 reaching 2.896 billion, a 37.19% increase year-on-year [4] - The company has successfully won multiple international submarine cable projects, including significant contracts in the Middle East and Southeast Asia [4] New Product Development - The company is actively developing anti-resonant hollow core fibers and other products, which are expected to create a second growth curve [1][6] - The company has established a comprehensive R&D system for hollow core fiber technology, aiming to enhance its capabilities in various applications [6][7] Future Outlook - The company anticipates that the marine segment will continue to grow, with confirmed projects in the second half of 2025, including offshore wind projects and oil and gas projects [1][4][8] - Profit forecasts for the company indicate net profits of 3.584 billion, 4.118 billion, and 4.724 billion for 2025 to 2027, with corresponding price-to-earnings ratios of 15X, 13X, and 12X [8]

Market Overview - The A-share market saw a significant surge in trading volume, with today's transaction amount reaching 3.17 trillion yuan, marking the second time in history that it has surpassed the 3 trillion yuan threshold [1][3][4] - The technology sector, particularly AI and related fields, experienced substantial gains, with stocks like Zhongji Xuchuang, Xinyi Sheng, and Shenghong Technology hitting historical highs [1][6] Economic Context - The surge in the stock market is attributed to a large influx of liquidity from monetary easing in July and August, leading to a "water buffalo" market characterized by aggressive capital flows into technology sectors [1][6] - The market is undergoing a transformation from traditional sectors to "silicon-based intelligence," indicating a shift in capital investment towards high-tech industries [21] Key Companies and Sectors - Notable performers include: - **Hanwujing-U**: Its stock price has surged significantly, approaching that of Moutai, with a reported increase of over 20 times compared to its low in April 2022. Goldman Sachs raised its target price for Hanwujing-U by 50% to 1835 yuan [6] - **Zhongji Xuchuang**: Benefiting from the expanding market and soaring profits, it is positioned as a leading player in the domestic AI chip sector [6] - **Industrial Fulian**: Recognized as a leader in computing power, it is also part of the rising stars in the technology sector [6] Investment Opportunities - The current market environment presents opportunities in sectors such as AI, innovative pharmaceuticals, humanoid robots, and commercial aerospace, which are seen as the forefront of technological advancement [21][22][26] - Companies like **Zhongji Xuchuang**, **Hanwujing**, **Hikvision**, and **China National Pharmaceutical Group** are highlighted as key investment targets due to their strong market positions and growth potential [21][22][26] Emerging Technologies - In the AI sector, companies like **Zhongxing Communications** and **Hengtong Optic-Electric** are noted for their advancements in AI computing and optical fiber materials, respectively, which are expected to drive future growth [22][23] - In humanoid robotics, **Wolong Electric Drive** and **Changying Precision** are making strides in partnerships and production capabilities, indicating a growing market for robotic components [24][25] - **Zhenlei Technology** is positioned to benefit from the commercial aerospace market, focusing on high-end chip production for satellites and radar systems [26]

Core Insights - The first fully independently developed anti-resonant hollow-core fiber optic cable in China has been commercially launched in the Guangdong-Hong Kong-Macao Greater Bay Area, significantly reducing data transmission latency between Shenzhen and Hong Kong stock exchanges to under 1 millisecond [1] - The fiber optic cable has achieved a measured loss of less than 0.09 dB/km, setting a new global record for commercial fiber optic loss [1] - This development marks a significant leap from laboratory prototypes to commercial products in the next-generation optical communication core technology field [1] Industry Developments - The hollow-core fiber utilizes air as the guiding medium, which allows for a transmission delay reduction of over 30%, making it highly competitive for time-sensitive applications such as high-frequency trading [2] - The commercialized fiber's loss of less than 0.09 dB/km surpasses the theoretical limit of traditional single-mode fibers at 0.14 dB/km, enabling longer-distance signal transmission with lower energy consumption [2] - Future applications of hollow-core fiber are expected to expand beyond financial trading to include remote precision healthcare and interconnectivity of cross-regional data centers, with major tech companies like Microsoft planning to deploy this technology [2] Challenges and Future Plans - For hollow-core fiber to achieve large-scale application, the industry must focus on three key areas: optimizing the entire production process to reduce costs, overcoming challenges in engineering operations for stability and maintainability, and developing a comprehensive ecosystem that includes optical devices and transmission algorithms [3] - Guangdong Mobile has outlined three main tasks: ensuring 24/7 ultra-low latency operation for the Shenzhen-Hong Kong financial line, collaborating with industry partners to improve material processes and cost control, and gradually replicating the technology in data center interconnectivity and long-distance trunk lines [3]

Core Viewpoint - China Mobile has launched the country's first commercial line of anti-resonant hollow-core optical fiber in Guangdong, marking a significant advancement in independent research and development with complete intellectual property rights [1] Group 1: Technological Breakthrough - The launch represents a transition from technical prototype to practical application of anti-resonant hollow-core optical fiber [1] - This technology establishes a super low-latency "information expressway" for cross-border financial services between Shenzhen and Hong Kong, setting a benchmark for efficiency in cross-border business processing [1] Group 2: Industry Contributions - China Mobile has produced key outcomes during this process, including 2 CCSA research reports, 1 enterprise standard, nearly 20 patents, and 11 high-quality papers [1]