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][44]. Core Insights - The commercial aerospace sector is showing significant momentum both domestically and internationally, shifting focus from mere technological breakthroughs to the integration of technology, ecosystem development, and market applications. Leading companies are enhancing their commercialization capabilities [3][39]. - The report anticipates that the communication industry will experience a period of technological iteration and policy dividends in 2025, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors. The recovery of cellular IoT modules and ongoing construction of communication facilities are expected to create new demands for devices, equipment, and service operations [3][39]. Summary by Sections 1. Communication Industry Market Review - The communication sector index fell by 1.18% over the two weeks from December 26, 2025, to January 8, 2026, underperforming the CSI 300 index by 3.22 percentage points, ranking last among 31 sectors [11][12]. - In January 2026, the communication sector index increased by 0.85%, again underperforming the CSI 300 index by 1.48 percentage points [11][12]. 2. Industry News - The Ministry of Industry and Information Technology and seven other departments jointly issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'" [15]. - The first offshore reusable rocket recovery base in China has commenced construction with a total investment of 5.2 billion yuan [21]. - SpaceX's Starlink has connected over 9 million active users across 155 countries, showcasing significant growth from 14.5 million users in December 2021 [22]. 3. Company Announcements - Feiling Kesi plans to indirectly invest in Nanfei Microelectronics, focusing on high-speed network communication interconnect chips, with a total investment of 40.8 million yuan [23][24]. - Guangku Technology expects a net profit growth of 152%-172% for 2025, driven by revenue growth and cost control measures [26]. 4. Industry Data Updates - As of November 2025, the mobile phone user base reached approximately 1.828 billion, a year-on-year increase of 2.20% [27]. - The total number of 5G base stations reached 4.83 million, with a net increase of 579,000 compared to the end of the previous year [36].

Group 1 - The company, Shenzhen Feiling Kesi Communication Technology Co., Ltd., has approved a joint investment with a professional investment institution to establish a partnership aimed at enhancing its strategic layout in the data communication network equipment industry and intelligent computing network interconnection field [2][3] - The partnership, named "Qiongqing Xihe Feiling Nanxin Venture Capital Partnership (Limited Partnership)," will specifically invest in Shenzhen Nanfimi Microelectronics Co., Ltd., a company involved in high-speed network communication interconnection chips [2][3] Group 2 - The total subscribed capital of the partnership is set at RMB 40.8 million, with the company contributing RMB 20 million, representing 49.0196% of the total [3][10] - Recently, the partnership has added new limited partners and increased the subscribed capital, leading to a new total of RMB 130.25 million, with the company's share adjusted to 15.3551% [4][10] - The new partnership agreement does not materially alter the original agreement, and the company's rights and obligations remain unchanged [12][15] Group 3 - The partnership has completed its business registration and obtained a business license, with the registered capital now at RMB 130.25 million [13][14] - The partnership's main business scope includes private equity investment, investment management, and asset management, subject to regulatory compliance [14] Group 4 - The addition of new limited partners aims to expand the partnership's scale and enhance its investment capacity without affecting the investment direction or objectives [15] - The company will continue to monitor the investment's progress and comply with relevant legal and regulatory disclosure obligations [15]

Group 1 - The core viewpoint of the article is that Taijing Technology (603738.SH) is focusing on value investment in key areas of domestic substitution within the data communication and intelligent computing interconnection industry chain [1] - The company has signed a partnership agreement with private equity fund manager Xihe Investment and other limited partners to jointly invest in the establishment of the Qiongcheng Xihe Feilingnanxin Venture Capital Partnership [1] - The partnership will specifically invest in equity of Shenzhen Nanfai Microelectronics Co., Ltd., which is involved in high-speed network communication interconnection chips for data communication and intelligent computing scenarios [1] Group 2 - The total subscribed capital of the partnership is RMB 130 million, with the company contributing RMB 10 million, representing a 7.6775% stake [1]

Group 1 - The core viewpoint of the article is that Taijing Technology (603738.SH) is focusing on value investment in key areas of domestic substitution within the data communication and intelligent computing interconnection industry chain [1] - The company has signed a partnership agreement with Xihe Investment and other limited partners to jointly invest in the establishment of the Qiongcheng Xihe Feilingnanxin Venture Capital Partnership [1] - The partnership will specifically invest in equity of Shenzhen Nanfai Microelectronics Co., Ltd., which is involved in high-speed network communication interconnection chips for data communication and intelligent computing scenarios [1] Group 2 - The total subscribed capital of the partnership is RMB 130 million, with the company contributing RMB 10 million, representing a 7.6775% stake [1]

Core Viewpoint - The company, 菲菱科思 (301191.SZ), is collaborating with professional investment institutions to jointly invest in a venture capital partnership aimed at investing in 深圳市楠菲微电子股份有限公司, a company involved in high-speed network communication chips for data communication and intelligent computing scenarios [1] Group 1 - The total committed capital for the partnership is 40.8 million yuan, with the company contributing 20 million yuan, representing 49.0196% of the total [1] - Related parties of the company, including 闫凤露, 李玉, and 陈博宇, will contribute a combined 5.3 million yuan, accounting for 12.9902% of the total [1] - The remaining capital will be raised by the fund manager, 羲和投资, from other investors [1] Group 2 - The investment aims to uncover greater synergistic value and enhance the company's overall competitive strength, injecting new momentum for future development [1]

Group 1 - The company, Feiling Kesi (301191.SZ), announced a plan to invest 20 million yuan in a partnership to specifically invest in Nanfimicro [1][2] - The partnership, named Qiongqing Xihe Feiling Nanchip Venture Capital Partnership (Limited Partnership), will focus on investing in Shenzhen Nanfimicro Electronics Co., Ltd., which is involved in high-speed network communication interconnect chips for data communication and intelligent computing scenarios [1][2] - The total committed capital for the partnership is 40.8 million yuan, with Feiling Kesi contributing 20 million yuan, representing a 49.0196% stake [1][2]

Core Viewpoint - The company announced a joint investment in a partnership aimed at investing in a high-speed network communication chip company, indicating a strategic move into the semiconductor sector [1] Investment Details - The partnership, named Qiongcheng Xihe Feiling Nanxin Venture Capital Partnership (Limited Partnership), will specifically invest in Shenzhen Nanfai Microelectronics Co., Ltd. [1] - The total committed capital for the partnership is 40.8 million yuan, with the company contributing 20 million yuan, representing 49.0196% of the total [1] - Related parties of the company, including Yan Fonglu, Li Yu, and Chen Boyu, will contribute a total of 5.3 million yuan, accounting for 12.9902% of the total [1] - The remaining capital will be raised by the fund manager, Xihe Investment, from other investors [1]

Core Viewpoint - The company, 菲菱科思, is collaborating with professional investment institutions to establish a partnership for investing in 深圳市楠菲微电子股份有限公司, focusing on high-speed network communication chips for data communication and intelligent computing scenarios [1] Investment Details - The total committed capital for the partnership is 40.8 million yuan, with the company contributing 20 million yuan, representing 49.0196% of the total [1] - Related parties of the company, including 闫凤露, 李玉, and 陈博宇, will contribute a total of 5.3 million yuan, accounting for 12.9902% of the total [1] - The remaining capital will be raised by the fund manager, 羲和投资, from other investors [1] Strategic Intent - The investment aims to uncover greater synergistic value and enhance the company's overall competitive strength, injecting new momentum for future development [1]