1月12日，中广电移动网络有限公司发布中国广电2025年5G核心网扩容工程（二阶段）招标公告。 另外，项目标包1（核心网和网络云）此前于2025年11月24日和12月3日进行了两次招标，拟采购一家供应商提供核心网、网络云等相关系统的扩容，采购 预算金额为不含税55,264万元，含税62,448万元。但因参与投标的供应商不足三家，该标包两次招标均宣告失败。 该项目共分为3个标包：标包1（核心网和网络云）、标包2（仿真拨测系统）、标包3（数通设备）。 本次采购标包2(仿真拨测系统)：拟采购一家供应商提供仿真拨测系统的相关设备和工程一体化服务。采购总预算不含税价为424万元，含税价为480万 元。 本次采购标包3(数通设备)：拟采购一家供应商提供路由器、交换机和防火墙等设备和工程一体化服务。采购总预算不含税价为1262万元，含税价为1426 万元。 该项目共分为3个标包：标包1（核心网和网络云）、标包2（仿真拨测系统）、标包3（数通设备）。 本次采购标包2(仿真拨测系统)：拟采购一家供应商提供仿真拨测系统的相关设备和工程一体化服务。采购总预算不含税价为424万元，含税价为480万 元。 本次采购标包3(数通设备)： ...

Core Insights - The basic pension insurance fund, as a "national team," adheres to value investment principles, showing stable investment styles over time, with a record high of 191 stocks held and a market value of 33.865 billion yuan in 2022 [1] - As of the end of Q1 2023, the pension fund was involved in 173 stocks among the top ten circulating shareholders, with a total holding market value of 33.7 billion yuan, a decrease of 1.64 million yuan compared to the previous report [1] - The electronics industry had the highest market value held by the pension fund at 4.061 billion yuan, followed by the power equipment and basic chemicals industries at 3.675 billion yuan and 3.245 billion yuan, respectively [1] Stock Holdings - The pension fund favored two stocks with holdings exceeding 1 billion yuan: ZTE Corporation at 1.465 billion yuan and Zhejiang Chint Electrics at 1.301 billion yuan [2] - ZTE Corporation is a leading 5G communication company, achieving record high revenue and net profit in 2022, while Chint Electrics is a leader in low-voltage electrical and renewable energy sectors [2] Changes in Holdings - The pension fund entered 42 new stocks and increased holdings in 41 stocks compared to the previous report, with notable new entries including Sanrenxing, Pumen Technology, and Haiyou New Materials [3] - Sanrenxing had the highest holding proportion at 2.19% of circulating shares, with a net profit growth of 134.71% year-on-year in Q1 [3] - The stock with the largest increase in holding proportion was Tuojing Technology, which saw a rise of 2.1 percentage points to 3.81% [3] Valuation Insights - A total of 27 stocks had a market value exceeding 200 million yuan and a holding proportion over 2% by the pension fund, with an average increase of 14.84% this year, outperforming the Shanghai Composite Index [4] - Among these, five stocks, including Tuojing Technology and Pumen Technology, had net profit growth exceeding 10% [4] - 15 stocks within this group had a rolling price-to-earnings ratio below 30, with Changhai Co., Ltd. having the lowest at 8.4 times, held by the pension fund for 12 reporting periods [4]

Core Viewpoint - ZTE Corporation has evolved from a follower to a leader in the telecommunications industry over 40 years, expanding its focus from network equipment to becoming a key player in the AI era, emphasizing "network, computing power, terminal, and new energy" [4][5][6] Group 1: Company Evolution and Market Position - Founded in 1985, ZTE started as a small team and has grown to serve over one-third of the global population, with annual revenue exceeding 100 billion yuan [5] - ZTE has established itself as a major player in the global telecommunications market, competing with companies like Huawei, Ericsson, and Nokia [6] - Since 2019, ZTE has focused on 5G technology and is now actively developing 5G-A technology, maintaining the second position globally in 5G base station and core network shipments [6][7] Group 2: Technological Advancements - ZTE is pushing the boundaries of 5G-A technology, focusing on six key scenarios to enhance communication capabilities [7] - The company has collaborated with over 1,000 industry leaders to create more than 100 scenario solutions across various sectors during the 14th Five-Year Plan period [7] Group 3: Computing Power Development - ZTE has shifted its strategic focus from "full connectivity" to "connectivity + computing power," with computing revenue growing by 180% and accounting for 25% of total revenue in the first three quarters of 2025 [8] - The company has introduced a range of AI computing solutions, including high-performance servers and storage systems, to support large-scale AI model training [9] Group 4: Terminal Innovations - ZTE is enhancing its presence in the smart terminal market, launching AI-integrated products and collaborating with major AI model developers to innovate user interaction [10][11] - The company plans to introduce a series of AI home products by April 2025, aiming to create a comprehensive smart home ecosystem [10]

Core Insights - Nokia and Nvidia have announced a strategic investment agreement where Nvidia will invest $1 billion in Nokia, becoming its second-largest shareholder [1][3] Group 1: Investment Details - Nvidia will acquire approximately 5.8% of Nokia's total share capital through a directed share issue, making it the second-largest shareholder after the Finnish government pension fund [3] - The investment is characterized as a "non-exclusive" collaboration, allowing both companies to continue working with other partners in the industry [3] Group 2: Strategic Goals - The primary goal of the collaboration is to build an "AI-driven next-generation communication network" [3] - Nvidia will provide Nokia access to its AI acceleration platform, including H100/H200 GPUs and DGX Cloud computing clusters, to enhance Nokia's 5G core network and Radio Access Network (RAN) intelligence [3]

Core Viewpoint - ZTE Corporation is fully embracing AI through its four core business areas: network, computing power, home, and personal, gradually forming new growth engines and building a strong industrial moat for the future [1] Emerging Business Performance - In the first three quarters of 2025, ZTE achieved revenue of 100.52 billion yuan, a year-on-year increase of 11.6%, with a net profit attributable to shareholders of 5.32 billion yuan and a non-net profit of 3.88 billion yuan [2] - The demand for computing power driven by the AI wave has led to a 180% year-on-year growth in computing power revenue, with server and storage revenue increasing by 250% [2] Building a Full-Stack Solution in Computing Power - ZTE is enhancing its network capabilities with AI as the core driver, achieving breakthroughs in 5G-A commercialization and continuing to push forward 6G technology evolution [4] - ZTE ranks second globally in the shipment of 5G base stations and core networks, maintaining leadership in various product segments [4] Response to Market Changes - In response to a significant reduction in capital expenditures from domestic telecom operators (down 16% year-on-year), ZTE is integrating AI into its ICT technology base to create new revenue growth engines [5] - R&D expenses for the first three quarters reached 17.81 billion yuan, accounting for approximately 18% of revenue [5] AI Technology Promotion - ZTE's self-developed AI large-capacity switching chips support the creation of large-scale intelligent computing clusters, with applications across various industries [6] - The company has launched the AiCube DeepSeek intelligent computing machine, which has been applied in sectors such as education, healthcare, and finance [6] Consumer Business Growth - ZTE's consumer business is experiencing steady growth, with personal business revenue showing double-digit growth and overseas mobile phone activations increasing by over 25% [7] - The company has launched innovative AI cloud terminal products, achieving a global shipment of over 6 million units and maintaining a 44.5% market share in China's cloud terminal market [8] Future Outlook - ZTE emphasizes the importance of AI technology in driving economic impact, predicting that AI will influence the global economy by over $15 trillion by 2030 [12] - The company aims to deepen the integration of AI technology into industry applications and personal life, making computing power more accessible and applications more widespread [13]

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: AI computing network differentiation, strengthening of the satellite industry, and optimization of the economic cycle [5][6]. Core Insights - The AI industry is evolving towards inference-driven models, with a diversified computing power solution landscape. The domestic supply chain for chips and modules is beginning to integrate, and the data center supply-demand inflection point has emerged [5][6]. - The satellite communication sector is experiencing significant catalysts, with a complete industry chain forming. Direct satellite connections are expected to drive growth in antennas, RF chips, and inter-satellite communication [5][6]. - The report identifies several high-quality cyclical stocks with confirmed growth and low valuations, particularly in sectors like Beidou navigation and controllers, suggesting a potential return of the investment "pendulum" [5][6]. Summary by Sections AI Computing Network - The AI computing network is highlighted as a key investment line, with operators actively building computing power and expected stable growth. High dividend yields continue to attract investors [5][6]. - The network equipment sector benefits from AI demand, with capital expenditures from operators and CSPs providing structural boosts [5][6]. - The optical device and chip industry is seeing continuous performance releases, driven by both domestic and international demand [5][6]. Satellite Communication - The satellite internet industry is undergoing intense catalysis, with multiple segments expected to maintain high value and high barrier attributes. The focus is on regular launch progress and commercialization [5][6]. Economic Cycle Optimization - The report emphasizes the recovery of demand in various sectors, including high-precision positioning and connectors, with significant growth expected in industrial automation and IoT driven by AI and robotics [5][6]. - The IDC sector is experiencing a structural supply-demand reversal, with core demand remaining in short supply, indicating a sustained high economic cycle [5][6]. Company Performance Predictions - The report forecasts significant profit growth for key companies in the communication sector for Q3 2025, with expected net profit growth rates exceeding 50% for several firms, including NewEase (220%), and 5.5G Canqin Technology (120%) [5][6]. - Companies like China Mobile and China Telecom are expected to maintain stable capital expenditures and improve return on equity through optimized revenue-cost dynamics [7][8]. Key Companies and Their Prospects - **China Mobile**: Focused on AI computing networks, with stable capital expenditure and improved ROE [7]. - **Zhongji Xuchuang**: Leading in optical modules, benefiting from AI computing demand [7]. - **NewEase**: Strong brand presence in optical communication, expected to benefit from AI computing network demand [7]. - **Tianfu Communication**: Anticipated to maintain high growth due to increasing demand for optical devices [7]. - **Zhongxing Communication**: Positioned well for growth through digital transformation and internal profit margin improvements [8]. This comprehensive analysis highlights the positive outlook for the communication industry, driven by advancements in AI, satellite technology, and cyclical recovery across various sectors.

Core Viewpoint - ZTE Corporation focuses on breakthroughs in core technologies related to connectivity (CT technology) and computing power (IT technology), enhancing its core competitiveness through innovation in 5G, optical networks, computing power, terminals, and value patent layout [1] Group 1: Core Technology Development - In the field of core technologies, the company emphasizes independent innovation in chips, operating systems, and databases, showcasing industry-leading capabilities in chip design and industrial-grade operating systems [1] - The self-developed GoldenDB database supports over 10 trillion financial transactions daily and more than 10 billion core transactions, catering to over 900 million mobile users [1] - New server operating systems and GoldenDB distributed databases have passed national security assessments [1] Group 2: Connectivity Solutions - The company ranks second globally in the cumulative shipment of 5G base stations and core networks, with solid network products also holding a global second position [1] - The company has developed specialized product solutions for various 5G scenarios, enhancing network quality and supporting the evolution towards 6G technology [1] - In the fixed network sector, the company has developed a prototype for 50G PON technology, facilitating smooth upgrades for operators [1] Group 3: Computing Power Innovations - The company is enhancing its intelligent computing product development and ecosystem collaboration to meet the demands of AI large models [1] - It has created a low-latency, high-bandwidth GPU computing network, which received recognition at the 2025 World Artificial Intelligence Conference [1] - The intelligent computing super-node system, based on self-developed AI switching chips, won a significant breakthrough award at the 2025 China Computing Power Conference [1] Group 4: Terminal Products - The company is actively promoting AI applications in consumer electronics, expanding the use of AI in mobile devices, PCs, and smart wearables [1] - It has launched innovative AI cloud computer terminals, including the world's first 2-in-1 cloud PAD, to enhance user experience [1] - The company achieved over 10 million units in FTTR annual shipments and holds the top global market share in PON CPE and IP set-top boxes [1] Group 5: Patent Strategy - The company is among the top global players in patent layout, significantly contributing to 5G technology research and standard-setting [1] - As of June 30, 2025, the company holds approximately 94,000 global patent applications and over 50,000 granted patents [1] - In the chip sector, the company has around 5,700 patent applications, with over 3,700 granted, and in AI, nearly 5,500 applications, with a substantial portion already authorized [1]

Core Viewpoint - ZTE Corporation focuses on breakthroughs in core technologies related to connectivity (CT technology) and computing power (IT technology), enhancing its core competitiveness through innovation in 5G, optical networks, computing power, terminals, and value patent layout [1] Group 1: Core Technology Development - The company emphasizes independent innovation in core technologies such as chips, operating systems, and databases, showcasing industry-leading capabilities in chip design, real-time operating systems, and its self-developed GoldenDB database, which handles over 10 trillion financial transactions daily [1] - ZTE's new server operating system and GoldenDB distributed database have passed national security assessments, reinforcing its commitment to secure technology [1] Group 2: Connectivity Solutions - In the connectivity sector, ZTE ranks second globally in cumulative shipments of 5G base stations and core networks, with its fixed network products also holding a global second-place market share [1] - The company has developed specialized product solutions for various 5G scenarios, enhancing network quality and supporting the evolution towards 6G technology [1] Group 3: Computing Power Initiatives - ZTE is enhancing its intelligent computing product development and ecosystem collaboration, focusing on AI-driven solutions through self-developed chips and large-scale computing infrastructure [1] - The company has received accolades for its innovations in distributed optical interconnect chips and AI supernode systems, demonstrating its leadership in AI computing solutions [1] Group 4: Terminal Products - ZTE is actively promoting AI applications in consumer electronics, expanding its ecosystem across smartphones, PCs, tablets, and smart wearable devices [1] - The company has achieved significant sales milestones, including over 10 million FTTR units and leading global market shares in various terminal categories [1] Group 5: Patent Strategy - ZTE ranks among the top global players in patent layout, with approximately 94,000 global patent applications and over 50,000 granted patents as of June 30, 2025 [1] - The company is a major contributor to 5G technology research and standard-setting, maintaining a strong position in essential patent families [1]

Core Viewpoint - In the first half of 2025, ZTE Corporation is leveraging the AI wave to reshape the global ICT industry, reporting significant revenue growth and strategic advancements in AI integration across its business segments [1][4]. Financial Performance - ZTE achieved revenue of 71.55 billion yuan in the first half of 2025, marking a year-on-year increase of 14.5%, with a net profit attributable to shareholders of 5.06 billion yuan [1]. - The company's R&D expenses reached 12.66 billion yuan, accounting for approximately 18% of its revenue, reflecting a strong commitment to innovation [5]. AI Strategy and Market Position - ZTE's strategy, "All in AI, AI for All," focuses on accelerating AI and ICT integration, targeting the vast market opportunities presented by AI technology [4]. - The company reported a nearly 100% year-on-year increase in revenue from its "second curve" of computing and terminal products, which now accounts for over 35% of total revenue [1]. Business Segments Performance - In the domestic market, ZTE generated 50.62 billion yuan, while international revenue reached 20.93 billion yuan, with respective year-on-year growth rates of 17.5% and 7.8% [6]. - The enterprise and consumer business segments together accounted for over 50% of total revenue, with the enterprise segment experiencing a remarkable year-on-year growth of 109.9% [6]. Product Development and Innovation - ZTE is actively enhancing its AI terminal applications, launching a range of innovative products including the Nubia Z70S Ultra and the Nubia Flip 2, catering to diverse consumer needs [11]. - The company has established a comprehensive AI family ecosystem, integrating AI technology into home life through various smart devices [7]. Future Outlook - As AI model technology and related applications accelerate, the demand for computing infrastructure and smart terminals is expected to rise, prompting ZTE to expand its capabilities in network connectivity and intelligent computing [13].

Core Insights - ZTE Corporation reported a revenue of 71.553 billion yuan for the first half of 2025, representing a year-on-year increase of 14.51%, while the net profit attributable to shareholders decreased by 11.77% to 5.058 billion yuan [1] - The company is focusing on AI integration with ICT, aiming to leverage the trillion-level market opportunities presented by AI technology [1][2] Revenue Breakdown - The revenue from the operator network business was approximately 35.06 billion yuan, a decrease of 5.99%, accounting for 49% of total revenue [2] - The enterprise business revenue reached about 19.254 billion yuan, showing a significant increase of 109.93%, making up 26.91% of total revenue [2] - Consumer business revenue was around 17.234 billion yuan, with a year-on-year growth of 7.59%, representing 24.09% of total revenue [2] AI Strategy and R&D Investment - ZTE is committed to the "All in AI" strategy, enhancing the integration of AI and ICT, and developing comprehensive solutions for AI infrastructure [3] - The company invested 13.54 billion yuan in R&D during the first half of 2025, a slight increase of 0.83%, which constitutes approximately 18.92% of its revenue [3] - Cumulatively, R&D expenses from 2019 to 2024 reached 117.07 billion yuan [3] Market Position and Product Development - ZTE is recognized as a global leader in 5G end-to-end equipment solutions, maintaining a strong position in the network industry while actively engaging in the AI sector [4] - The company ranks second globally in the shipment of 5G base stations and core networks, with its products receiving industry leader ratings [3]