Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [6][7]. Core Insights - The communication industry index outperformed the CSI 300 index in October 2025, with a 0.24% increase, while the Shanghai Composite Index rose by 1.85% [6][13]. - In the first nine months of 2025, China's telecom business revenue reached 1.327 trillion yuan, a year-on-year increase of 0.9% [6][40]. - The penetration rate of 5G mobile phone users reached 63.9% by September 2025, with a monthly average data usage (DOU) of 21.23GB per user, up 15.5% year-on-year [6][50]. - The report highlights the optimistic outlook for capital expenditures from major cloud vendors, with a total of $112.43 billion in capital expenditures in Q3 2025, a 76.9% year-on-year increase [6][24]. - The silicon photonics market is expected to grow significantly, with a projected CAGR of 46% from 2024 to 2030 [6][7]. Summary by Sections Market Review - The communication industry index increased by 0.24% in October 2025, outperforming the CSI 300 index [6][13]. - The telecom equipment retail sales in China grew by 16.2% year-on-year in September 2025 [6][39]. Industry Tracking - The report notes a recovery in global telecom equipment revenue, with significant growth in the AI smartphone market expected [6][7]. - The telecom business revenue in China showed a slight recovery, with a total of 1.327 trillion yuan in the first nine months of 2025 [6][40]. Investment Recommendations - The report suggests focusing on sectors such as optical communication, AI smartphones, and telecom operators, highlighting the potential for growth in these areas [6][7]. - Major cloud vendors are expected to continue increasing their capital expenditures, which will drive demand for optical devices [6][7].

Core Insights - The article discusses the recent launch of new smartphones equipped with Snapdragon 8s Gen4 and Dimensity 8400 platforms, raising questions about their value for consumers [1][3]. - The author shares personal experiences with the iQOO Z10 Turbo, highlighting its suitability for older users due to its performance and price [3][6]. Purchase Justification - The iQOO Z10 Turbo was purchased for 1500 yuan after a government subsidy, featuring a 12+256GB configuration [7]. - The device is equipped with a large 7600mAh battery, making it an ideal choice for older users who prioritize battery life [7][8]. Performance and Power Consumption - The Dimensity 8400 platform utilizes an 8-core A725 design, providing a balance of performance and efficiency [17]. - Benchmark scores for the Z10 Turbo reached 1.71 million, indicating strong performance for a mid-range device [20]. - In gaming tests, the Z10 Turbo maintained an average frame rate of 120.6 in "Honor of Kings" with a power consumption of 5.3W, demonstrating good efficiency [23]. - The device showed an average frame rate of 58.9 in "Genshin Impact" with a power consumption of 5.8W, indicating its capability in handling demanding games [24]. Charging Performance - The Z10 Turbo features a 7620mAh battery with a peak charging power of over 75W, although it drops to around 30W during sustained charging [41][42]. - Full charging takes approximately 65 minutes, which is slower than expected for a device marketed with 90W charging capabilities [44]. System Experience - The vivo operating system is praised for its smooth performance across various price points, making it user-friendly for older individuals [45][47]. - The system supports customizations and features that enhance usability, such as dual-band GPS and NFC [55]. Summary - The iQOO Z10 Turbo is highlighted for its exceptional battery life, smooth system performance, high-quality display, and affordability, making it suitable for working professionals, older adults, and students [58][61]. - However, it has drawbacks such as a plastic frame, conservative fast charging, and limited extreme performance [59].