Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][48]. Core Viewpoints - The communication industry has shown stable operation in the first seven months of 2025, with telecom business revenue exceeding 1 trillion yuan, reflecting a year-on-year growth of 0.7%. The total telecom business volume, calculated at constant prices from the previous year, has increased by 8.9% [24]. - The report highlights that the communication industry is in a period of technological iteration and policy dividends, with new growth drivers from AI, quantum communication, and low-altitude economy. The demand for communication facilities such as base stations, optical cables, and data centers is expected to continue growing [24][45]. Summary by Sections 1. Communication Industry Market Review - The communication sector has seen a cumulative increase of 7.58% over the past two weeks (August 22 to September 4), outperforming the CSI 300 index by 5.78 percentage points. Year-to-date, the sector has risen by 50.22%, surpassing the CSI 300 index by 39.29 percentage points [10][14]. 2. Industry News - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued a plan to enhance the electronic information manufacturing industry, focusing on major projects and equipment updates [16]. - Juniper Research predicts that global cellular IoT connection revenue will exceed $30 billion by 2030, a 74% increase from $18 billion in 2025, driven by rising demand for operational efficiency and automation [19]. - The global 6G wireless communication standardization work has officially begun, marking a significant step in the development of 6G technology [20]. 3. Company Announcements - ZTE Corporation reported a net profit of 5.058 billion yuan for the first half of 2025, with a revenue of 71.553 billion yuan, reflecting a year-on-year growth of 14.51% [26]. - Meige Intelligent announced a net profit increase of 151% year-on-year for the first half of 2025, with revenue of 1.886 billion yuan, up 44.50% [28]. 4. Industry Data Updates - As of July 2025, the number of mobile phone users reached approximately 1.815 billion, a year-on-year increase of 2.68% [30]. - The total number of 5G base stations reached 4.598 million, with a net increase of 348,000 from the end of the previous year, accounting for 36% of all mobile base stations [40]. 5. Communication Sector Weekly Viewpoint - The report suggests focusing on companies that align with the three main themes of "technology commercialization, policy catalysis, and performance certainty," recommending stocks such as China Mobile, China Telecom, and FiberHome [45].

Group 1 - The core viewpoint of the news is the issuance of the "Electronic Information Manufacturing Industry 2025-2026 Steady Growth Action Plan" by the Ministry of Industry and Information Technology and the State Administration for Market Regulation, which aims to support key technologies and promote growth in the electronic information manufacturing sector [3][4][5][10] - The plan emphasizes the importance of supporting foundational research in cutting-edge technologies such as artificial intelligence, advanced storage, and all-solid-state batteries [1][2] - The expected average growth rate of the value-added output in the computer, communication, and other electronic equipment manufacturing industries is around 7% from 2025 to 2026, with an annual revenue growth rate of over 5% when including related fields like lithium batteries and photovoltaics [3] Group 2 - The plan encourages the development of high-performance artificial intelligence servers and the testing of adaptability with large models, while also promoting the construction of new infrastructure [2][7] - There is a strong focus on enhancing the resilience and security of key industrial chains by providing policy support to critical enterprises within the industry [4][6] - The initiative aims to foster a batch of specialized and innovative enterprises in consumer electronics and spatiotemporal information, encouraging small and medium-sized enterprises to focus on differentiated development in niche markets [6][8]

Group 1 - The core viewpoint of the news is the release of the "Action Plan for Stable Growth in the Electronic Information Manufacturing Industry from 2025 to 2026" by the Ministry of Industry and Information Technology and the State Administration for Market Regulation, aiming for an average growth rate of around 7% in the manufacturing value added of major electronic sectors and over 5% in annual revenue growth for the electronic information manufacturing industry [1] - The plan sets specific targets for 2026, including maintaining the highest revenue scale and export ratio among 41 industrial categories, achieving over 1 trillion yuan in revenue for five provinces, and exceeding 400 billion yuan in the server industry [1] - The plan emphasizes the need to promote high-end electronic equipment and enhance product supply levels, particularly in artificial intelligence terminals and new generation equipment [2] Group 2 - The current challenges in the development of AI terminals include fragmented technology standards, insufficient innovation in application scenarios, user experience gaps, and a divided industrial ecosystem [3] - Potential "killer applications" for AI technology are identified in immersive interaction scenarios, personalized health management systems, and industrial metaverse applications [4] Group 3 - The plan highlights the importance of accelerating major project construction to integrate technological and industrial innovation, focusing on CPU, high-performance AI servers, and hardware-software collaboration [5] - The necessity of conducting adaptability tests for AI chips and large models is emphasized to optimize performance and enhance compatibility, which is crucial for the large-scale application of domestic chips [6][7]

Group 1 - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry 2025-2026," which emphasizes strengthening efforts in CPU, high-performance AI servers, and hardware-software collaboration, as well as conducting adaptability testing for AI chips and large models [1] - Zhongtai Securities indicates that with the anticipated launch of the "14th Five-Year Plan" centered on "new quality productivity" in October, the mid-term logic for the technology sector remains solid; any adjustments in September should be viewed as strategic opportunities for mid-term investments in technology [1] - The Sci-Tech Innovation Board 50 Index, composed of 50 stocks with large market capitalization and good liquidity, features significant "hard technology" leaders; the corresponding Sci-Tech Innovation Board 50 ETF (588080) has seen an increase of over 13 billion yuan in scale this year [1] Group 2 - From the historical performance of the product, the Sci-Tech Innovation Board 50 ETF has achieved a tracking error control effect that ranks among the best, with a 0.43% excess return from early 2024 to the end of August this year, leading among comparable products [1]

Core Viewpoint - The "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry 2025-2026" aims to enhance the growth and competitiveness of the electronic information manufacturing sector in China, focusing on key areas such as high-performance AI servers, CPU development, and the integration of hardware and software [1][2][3][4] Group 1: Growth Targets - The plan sets a target for the average growth rate of the value-added output in the computer, communication, and other electronic device manufacturing industries to be around 7% from 2025 to 2026 [1] - The annual revenue growth rate for the electronic information manufacturing industry, including lithium batteries, photovoltaics, and components, is expected to exceed 5% [1] - By 2026, the revenue scale and export ratio of the electronic information manufacturing industry are projected to maintain the top position among 41 industrial categories, with five provinces achieving over 1 trillion yuan in revenue [1] Group 2: Strategic Initiatives - The plan emphasizes the need for large-scale equipment updates and the initiation of major projects to drive high-end, intelligent, and green development in the electronic information manufacturing sector [2] - It calls for the development of a comprehensive industrial chain map and the orderly promotion of major projects in key areas such as advanced computing, new displays, servers, communication equipment, and smart hardware [2] - The focus is on converting computing power into productivity and creating a computing ecosystem centered around cross-platform frameworks [2] Group 3: Regional Development and Industry Clusters - The plan encourages differentiated and characteristic development based on regional strategies and key industrial clusters, aiming to create internationally leading electronic information industry bases and specialized clusters for SMEs [3] - It highlights the importance of orderly industrial transfer and collaboration mechanisms to facilitate the gradual transfer of industries within the country [3] - The plan aims to eliminate low-price competition in sectors like photovoltaics and promote high-quality development through regulatory measures [3] Group 4: Innovation and Technology Development - The plan stresses the importance of building innovation platforms in the electronic information manufacturing sector and enhancing the supply of key common technologies [4] - It supports continuous innovation in fields such as integrated circuits, advanced computing, and new industrial control systems through national key research and development programs [4] - The plan aims to accelerate research in new industrial control systems and promote the development of the RISC-V industry, focusing on product technology research, standard system construction, and international cooperation [4]

Group 1 - SuperX AI Technology Limited plans to establish its first regional AI supply center in Japan, with operations expected to commence in the second half of 2025, capable of delivering final assembly, system integration, and quality control for 10,000 high-performance AI servers annually [1][2][3] - The AI systems market in Japan is projected to grow significantly, with a forecasted annual increase of 41.6% in 2024, surpassing 1 trillion yen for the first time, and a compound annual growth rate (CAGR) of 30.6% from 2023 to 2028 [1][2] - The supply center will enhance SuperX's end-to-end AI solution delivery capabilities and strengthen its global AI supply chain network, focusing on core products such as high-performance AI servers and high-density liquid cooling solutions [2][3] Group 2 - The center is strategically located in Tsu City, Mie Prefecture, between Osaka and Nagoya, allowing it to serve both the Kansai and Chubu economic regions, which are hubs for the automotive and precision electronics industries [2][3] - SuperX's Japanese supply center will connect to global logistics through Nagoya Port, Osaka Port, and Chubu International Airport, ensuring efficient service across Japan [3] - The global data center market is expected to grow from $347.64 billion in 2024 to $386.71 billion in 2025, with a projected CAGR of approximately 11.24% until reaching $658.71 billion by 2030 [3]