证券日报网12月24日讯 ，翱捷科技在接受投资者提问时表示，5GRedCap是公司重点布局的增量业务， 4G到5G物联网迁移是必然趋势。公司针对模组类/车载类/MiFi类、轻量化可穿戴、智能可穿戴/智能终 端三大市场已经分别推出了三个平台，现已有近10款芯片商用，50多个终端产品项目正在稳步推进中， 第四季度开始已经有多家客户开始批量上量比如中兴、飞猫等。随着5G基础设施建设持续完善、5G网 络商用价值逐步显现，2026年5GRedCap市场将迎来规模化增长机遇，公司相关产品出货量有望突破百 万级规模。 （编辑 袁冠琳） ...

Group 1 - The Cellular IoT market is expected to experience significant growth, with the number of connections projected to reach 5.9 billion by 2035 [1] - The introduction of 5G RedCap is anticipated to accelerate starting in 2025, providing a mid-tier connectivity solution for devices that do not require ultra-reliable low-latency communication or enhanced mobile broadband [2] - Initial deployment of RedCap has been slower than expected, but positive signals are emerging, such as the latest generation Apple Watch incorporating RedCap technology [2][4] Group 2 - The automotive sector's connections are projected to grow from 500 million to approximately 1.2 billion over the next decade, increasing its market share from 13% to 21% [4] - This growth in the automotive sector is primarily driven by rising consumer demand for smart vehicles with 5G connectivity, particularly in Asia and Oceania [4] - The rapid development of software-defined vehicles, the fundamental need for over-the-air upgrades, regulatory requirements, and vehicle-to-everything (V2X) communications are all reliant on cellular connectivity [4]

Core Insights - The cellular IoT market is projected to grow significantly, with connections expected to reach 5.9 billion by 2035, driven by the adoption of 5G technologies [1][4] Group 1: 5G RedCap Technology - 5G RedCap is identified as a transformative development in the cellular IoT landscape, with adoption expected to gain momentum starting in 2025 [2][3] - The technology serves as an optimal mid-tier connectivity solution for 5G devices that do not require advanced specifications like uRLLC or eMBB, providing futureproofing as 4G networks phase out beyond 2030 [2][3] Group 2: Automotive Segment Growth - The automotive segment is anticipated to grow from 500 million connections to approximately 1.2 billion by 2035, increasing its market share from 13% to 21% [4][5] - This growth is primarily driven by rising consumer demand for intelligent vehicles equipped with 5G connectivity, particularly in Asia & Oceania [4][5] Group 3: Market Trends and Analysis - Omdia's Cellular IoT Market Tracker 2021-2035 provides comprehensive analysis on trends in the cellular IoT market, including regional insights, air interface applications, module shipments, revenues, and connectivity revenues [6]

Core Insights - The report from Counterpoint Research indicates a remarkable year-on-year increase of nearly 800% in the shipment of 5G RedCap modules in Q2 2025, signaling the commencement of RedCap commercialization [1] - By the end of 2025, the shipment volume of 5G RedCap is expected to exceed 10 million units across various fields such as wearables, automotive, MiFi, and CPE, with new terminal types like AI companions in development [1] - Transforma Insights predicts that by 2034, the total number of global IoT connections will surpass 40 billion, with cellular IoT connections growing more than threefold to reach 6.7 billion [1] Market Dynamics - The significant percentage growth is largely attributed to a very low base from the previous year, indicating a shift from a non-existent market to an emerging one rather than a mature explosion [4] - RedCap is positioned as a crucial piece in filling the gaps in the 5G IoT landscape, yet it faces multiple challenges related to cost, ecosystem, and market positioning [4] Value Proposition - RedCap is not a revolutionary technology but a pragmatic "subtraction" project aimed at addressing a structural gap in the early commercialization of 5G [5] - It finds its niche in the middle ground between high-end eMBB and URLLC technologies and low-power NB-IoT, catering to the growing mid-speed IoT demand [5] - By optimizing 5G capabilities through cost-effective adjustments, RedCap aims to balance cost, power consumption, and performance, serving as a "filler" rather than a replacement [6] Challenges Ahead - The first challenge is the "chicken or egg" dilemma regarding cost and scale, where the current cost of RedCap modules remains significantly higher than mature 4G Cat.1 modules, hindering widespread adoption [8] - The second challenge is the inertia of the mature 4G ecosystem, where many applications find Cat.1 sufficient, making it difficult to convince customers to switch to RedCap despite its advantages [9] - The third challenge involves the time lag in achieving network coverage and ecosystem maturity comparable to 4G, as RedCap is still in its early stages of development [10] Path to Success - To overcome these challenges, strategic investments rather than market-driven efforts are essential to break the cost deadlock [12] - Focusing on value creation rather than mere parameter comparisons is crucial for RedCap's promotion, emphasizing unique capabilities that Cat.1 cannot provide [13] - Bridging the ecosystem gap requires an open and empowering approach, with clear roadmaps and support for developers to foster innovation [14] Long-term Outlook - The future of RedCap is characterized as a "marathon" rather than a "sprint," emphasizing the need for patience and collaboration across the industry to address commercial implementation challenges [15] - By focusing on creating irreplaceable value for customers and fostering a supportive ecosystem, RedCap can effectively translate its technological potential into market success [16]

Core Viewpoint - The impact of rising storage chip prices on Aojie Technology is minimal, as the main products do not involve the affected LPDDR4/4X chips [1] Group 1: Company Impact - Aojie Technology stated that the main products, including Cat.1, Cat.4, Cat.7, and 5G RedCap, are not affected by the shortage or price increase of storage chips [1] - The LPDDR4/4X chips are primarily sourced by customers for 4G quad-core and first-generation 4G octa-core smartphone projects, meaning they do not affect the company's product costs [1]

Core Viewpoint - The main impact of the current shortage and price increase of storage chips is primarily on LPDDR4/4X, while the company's main products are not affected by this issue [1] Group 1 - The company’s main products include Cat.1, Cat.4, Cat.7, and 5G RedCap, which are not impacted by the LPDDR4/4X shortage [1] - In the 4G quad-core and first-generation 4G octa-core smartphone chip projects, LPDDR4/4X is sourced by customers, thus not related to the company's product costs [1]

Core Insights - The company is actively developing and testing its second-generation 4G octa-core smartphone chip, which is expected to begin customer validation by the end of this year, featuring a 20 TOPS NPU and support for various high-bandwidth memory solutions [2][8]. Group 1: Company Performance and Fund Management - As of November 7, 2025, the top-performing fund of the company, QuanGuo XuYuan Mixed A, achieved a return of 33.25% over the past year [1]. - The company manages assets totaling 23.787 billion yuan across six funds, with five fund managers [1]. Group 2: Product Development and Market Strategy - The first-generation 4G octa-core SoC has been successfully launched in the market, with multiple clients and projects in progress, including a smartphone for G-Tab and others targeting the Middle East and North Africa [3][4]. - The company has a clear product roadmap for its smartphone SoC line, focusing on 5G-A and 6G development, as well as increasing investment in AI applications [5]. Group 3: Market Position and Competitive Advantage - The company has established a strong presence in the 5G RedCap market, with a comprehensive product range and a competitive edge in various terminal types [7]. - The company’s first-generation 4G octa-core chip is the only one in its category that supports multiple high-bandwidth memory types, which enhances its marketability [8]. Group 4: Financial Performance and Future Outlook - In Q3, the company reported revenue of 980 million yuan, with growth in various product segments, although custom business revenue saw a significant decline due to project complexities [11]. - The company has a robust order book for custom business, with a significant increase in orders for wearable and AI chips in 2025 compared to the previous year [11]. Group 5: AI and Technology Capabilities - The company possesses strong AI capabilities, with its NPU supporting various mainstream AI models and a full-stack development team [15]. - The company is actively developing technologies for smart glasses, leveraging its low-power chip expertise and diverse connectivity protocols [16].

Core Insights - Beijing's industrial and information software sectors achieved a value-added of over 1.3 trillion yuan, accounting for 35.1% of the city's GDP and contributing 58.2% to overall economic growth [1][2] Economic Performance - The industrial sector's output surpassed 2 trillion yuan, with a year-on-year value-added growth of 6.5%, exceeding the national average by 0.3 percentage points [2] - The information software industry saw revenue growth of 14.8% year-on-year, leading the national average by 2.7 percentage points, with total profits reaching 431.57 billion yuan, a 21.3% increase [2] - The digital economy's value-added grew by 9.0%, with core industries increasing by 10.7% [3] Industrial Structure and Innovation - High-end manufacturing maintained rapid growth, with value-added in high-tech manufacturing and strategic emerging industries increasing by 9.9% and 17.9%, respectively [2] - The city is advancing towards intelligent manufacturing, with the establishment of 5 lighthouse factories and 19 excellent smart factories, alongside 161 national-level and 51 municipal-level green factories [2] Artificial Intelligence Development - Beijing is making significant strides in becoming the "Artificial Intelligence Capital," with a comprehensive policy framework covering computing power, data, models, and applications [3] - A total of 162 large models have been registered, representing nearly 30% of the national total, with the city leading in the number of large model clients [3] 5G Infrastructure - Beijing has built nearly 150,000 5G base stations, with a density of 69 stations per 10,000 people, ranking first in the country [4][5] - The city has initiated the construction of 5G industry private networks, with pilot projects underway to support low-latency and high-reliability data transmission [5][6] Future Directions - The city aims to enhance resource allocation and accelerate the integration of "5G + Industrial Internet" with high-quality industrial development [6]

Group 1 - The cellular IoT market is expected to experience rapid expansion over the next six years, with global cellular IoT connections projected to reach 5.1 billion by 2030, driven by key technologies such as 5G RedCap, massive IoT, and 4G LTE Cat-1bis modules [1] Group 2 - 5G RedCap is identified as a crucial driver for market development, with deployment expected to accelerate from 2025, providing a mid-tier connection solution for devices that do not require high-end 5G performance [2] - Initial deployment of RedCap is slower than anticipated, despite its advantages, as the industry prepares for the gradual phase-out of 4G networks post-2030 [2] Group 3 - The deployment of 5G SA (Standalone) is re-accelerating after a brief slowdown, with the first RedCap devices already available in the U.S. market, marking a transition from 4G to mid-tier 5G connections [5] Group 4 - The Asia-Pacific region is projected to contribute over 67% of global IoT module shipments in 2024, with IoT connections in the region expected to account for 80% of the total [5] - The automotive industry is a significant driver of this growth, with increasing consumer demand for smart vehicles integrated with 5G capabilities [5] - The dominance of the Asia-Pacific region in the IoT market highlights its strategic position in the global IoT ecosystem and its core role in the evolution of connected device technologies [5]

Investment Rating - The communication sector maintains a "Buy" rating for key stocks such as Tianfu Communication, Ruijie Network, China Mobile, and China Telecom, while China Unicom is rated as "Overweight" [3][5][61]. Core Insights - In Q2 2025, the communication sector's fund holdings increased to 3.61%, up by 1.31 percentage points, indicating a shift from underweight to overweight status [2][15]. - The communication sector's TTM P/E ratio as of July 24, 2025, is 35.71x, which is at the 37.5% historical percentile since early 2011 [2][15]. - Key areas of focus include the domestic computing power and its supporting industrial chain, particularly in optical modules and related technologies [1][14]. Summary by Sections Market Performance - The communication index fell by 0.77% last week, while the Shanghai Composite Index rose by 1.67% and the Shenzhen Component Index increased by 2.33% [1][14]. Fund Holdings - Q2 2025 saw a rise in the communication sector's fund holdings, with a notable increase in the allocation towards optical modules and military communications, while reducing exposure to data centers and wireless equipment [2][15]. Recommended Stocks - Key recommended stocks include: - Tianfu Communication (300394 CH) with a target price of 119.12 and a "Buy" rating - Ruijie Network (301165 CH) with a target price of 88.70 and a "Buy" rating - China Mobile (600941 CH) with a target price of 126.40 and a "Buy" rating - China Telecom (601728 CH) with a target price of 9.13 and a "Buy" rating - China Unicom (600050 CH) with a target price of 7.62 and an "Overweight" rating [5][61]. Key Stock Performance - The top five stocks with increased fund holdings in Q2 2025 include: - Xinyi Technology (300502 SZ) with a total market value increase of 191.65 billion - Zhongji Xuchuang (300308 SZ) with an increase of 182.70 billion - Tianfu Communication (300394 SZ) with an increase of 29.69 billion - Yuanjie Technology (688498 SH) with an increase of 16.90 billion - Haige Communication (002465 SZ) with an increase of 11.01 billion [25][26].