5G eRedCap：2026年起进入加速落地阶段 到2035年，汽车将占蜂窝物联网连接的五分之一 汽车领域的连接数将在未来十年从5亿增长至约12亿，市场份额从13%提升至21%。这部分增长主要来自亚洲与大洋洲，受消费者对具备5G连接能 力的智能汽车需求持续增长的推动。 Omdia物联网业务负责人Andrew Brown补充道："软件定义汽车的快速发展、对空中升级(OTA)的根本需求、监管要求以及车联网(V2X)等，都离不 开蜂窝连接车辆的支撑。这也是我们预计到2035年，汽车将占据每五个蜂窝连接中的一个的原因。" 智通财经APP获悉，Omdia最新研究显示，未来几年蜂窝物联网(Cellular IoT)市场将迎来显著增长，预计到2035年，连接数将激增至59亿。 研究指出，5G RedCap是一项具有颠覆意义的发展，预计其采用将在2025年开始逐步提速。RedCap 被定位为理想的中端连接解决方案，适用于不 需要超高可靠低时延通信(uRLLC)或增强型移动宽带(eMBB)等高端规格的5G设备。同时，随着行业在2030年后逐步退役4G网络，RedCap 也提供 了关键的"面向未来"能力。 RedCap的初期部 ...

LONDON--(BUSINESS WIRE)--The cellular IoT market is poised for significant growth in the coming years, with connections expected to surge to 5.9 billion by 2035, as revealed by new research from Omdia. Automotive will comprise one in five cellular IoT connections in 2035 The automotive segment will rise from 500m connections to around 1.2bn over the next ten years, increasing its market share from 13% to 21%. Most of this connection growth will originate from Asia & Oceania, which will see its automotive se ...

我们先来看两组数据。 根据Counterpoint Research的报告，5G RedCap模组出货量在2025年第二季度实现了同比近800%的惊人激增。这一数据如同一声惊雷，宣告了RedCap商业 化的大幕已然拉开。 然而，这一惊人的增长并非孤立的数字狂欢，而是一个宏大序章的开端。根据物联网智库的调研分析，5G Redcap出货量在2025年底将突破1000万，可穿 戴、车载、MiFi、CPE等多个领域规模上量，AI陪伴类等新终端正在孵化。 放眼未来，据Transforma Insights预测，到2034年，全球物联网连接总数将突破400亿，其中蜂窝物联网连接将增长超过三倍，达到67亿。 在这场通往400亿连接的宏大征程中，我们更需要一份冷静的审视。 这一惊人的百分比增长，很大程度上源于去年同期几乎可以忽略不计的微弱基数，它更像是一个从0到1的信号，而非从1到100的成熟爆发。 RedCap的真实处境，并非一片坦途。它既是填补5G物联网版图空白的关键拼图，也正面临着成本、生态和市场定位的多重挑战。本文旨在拨开增长率的 迷雾，客观评价RedCap的真实作用，犀利指出其发展中的核心问题，并探讨其破局之路。 ...

翱捷科技回复称，本次存储芯片缺货/涨价影响较大的主要是LPDDR4/4X。公司目前主力产品包括 Cat.1、Cat.4、Cat.7以及5G RedCap等产品不涉及，基本不受影响；而在4G四核和第一代4G八核智能手 机芯片项目上，LPDDR4/4X为客户自采，跟公司产品成本无关。 格隆汇11月18日｜有投资者在互动平台向翱捷科技提问：存储芯片涨价对公司有何影响？公司成本会大 幅飙升吗？ ...

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].

Core Insights - AT&T is expanding its 5G Reduced Capability (RedCap) network coverage across the United States, targeting devices that require lower bandwidth and power consumption while maintaining low latency and reliable service [1][3][8] - The 5G RedCap technology market is projected to grow at a 25% compound annual growth rate from 2024 to 2033, indicating significant potential for IoT applications [2] - AT&T's 5G RedCap network now covers 200 million people, marking a major milestone in enabling AI-powered IoT innovations [3][8] - The Franklin Wireless RG350 is the first commercially approved RedCap product on AT&T's network, showcasing the company's commitment to developing the RedCap ecosystem [4] Competitive Landscape - AT&T faces competition from T-Mobile and Verizon in the RedCap technology market, with T-Mobile also advancing its infrastructure and emphasizing power efficiency [5] - Verizon is conducting trials for RedCap technology but is currently behind AT&T and T-Mobile in commercialization efforts [6] Financial Performance - AT&T's stock has increased by 41% over the past year, outperforming the Wireless National industry's growth of 18.4% [7] - The company's shares trade at a price/book ratio of 12.58 forward earnings, which is lower than the industry average of 12.96 but above its historical mean of 10.96 [9] - Earnings estimates for 2025 and 2026 have remained stable over the past 60 days, indicating consistency in financial projections [11]