6G技术研发进程，体现了"渐进发展"的内在逻辑。我国自2022年启动6G技术试验，分3个阶段推 进。第一阶段明确6G主要技术方向；第二阶段面向典型场景及性能指标，研发6G原型样机；第三阶段 研发6G预商用设备，开展6G关键产品测试。目前已步入第二阶段。在此过程中，5G的效能释放仍是关 键基石。合理统筹5G与6G的发展节奏，推动5G在商用深化、技术成熟度上持续突破，才能为6G后续的 研发攻关与规模应用筑牢根基，形成两代技术协同推进的良好格局。 标准制定是持续演进"上台阶"的过程。业界已形成共识：第一版6G标准不必追求全面完美，只要 在现有5G/5G-A的基础上实现显著提升，就已具备里程碑意义。同时，在系统设计初期为后续迭代预留 发展空间，即可视为成功的标准。这种务实态度，既源于通信技术迭代的历史经验——4G、5G标准均 是在后续版本中根据技术和需求发展不断完善，也更契合6G技术的复杂性特征。国际电信联盟2023年 提出六大场景，3GPP(第三代合作伙伴计划)初步勾勒的标准化时间表等，构成了6G标准逐步"上台 阶"的实践基础。 终端的创新变革也非一蹴而就。6G与人工智能融合发展，将为移动终端带来变革契机。但不确定 ...

5.5G应用还未全面普及，下一代通信技术已悄然而至。 根据工业和信息化部最新数据，我国已连续4年组织开展6G技术试验，目前已完成第一阶段6G技术试验，形成超过300项关键技术储 备。 视觉中国 每一轮新技术换代初期，"是什么、为什么、有必要吗"的疑问总会随之而来。在通信技术这个与千家万户生活密切相关的领域，叠加 5G时代用户体感变化不明显的"Buff"(增益)，业内对6G技术实用性的追问与探讨更为深刻。 企业布局方面，作为通信设施搭建者，运营商无疑是第一梯队。据黄宇红透露，围绕6G"通感算智融合"的特征，中国移动在"通感一 体、通智一体、天地一体"三大方向做了不少探索。其中，通感一体作为6G的核心特征，其应用场景覆盖低空经济、智慧城市、智能 家居等多个领域，是构建数字孪生世界的关键能力。 通智一体主要包含两大核心方向：一是"AI for Network"(人工智能赋能网络)，通过AI(人工智能)技术提升网络性能与优化效率；二 是"Network for AI"(网络赋能人工智能)，为智能时代提供无处不在的AI接入、泛在算力支撑及智能体互通能力。在天地一体方面，据 黄宇红介绍，当前仍处于终端融合、网络分离的阶段 ...

Group 1 - The ChiNext Index has decreased by 0.86% as of November 17, 2025, with mixed performance among constituent stocks, where Tianhua New Energy led with a rise of 19.57% and Maiwei Co. fell by 7.78% [1] - The ChiNext ETF by Bosera has seen a recent price of 2.86 yuan, down 0.80%, while it has accumulated a 2.48% increase over the past month [1] - The retail price of the 1.6T optical module has surged from approximately $1200 at launch to over $2000, driven by increasing demand from leading overseas clients due to the ongoing rise in AI computing power [1] Group 2 - China has conducted 6G technology trials for four consecutive years, completing the first phase and establishing over 300 key technology reserves, with the global 6G market expected to reach $14.94 billion by 2030 [2] - 2025 is identified as a critical year for the initiation of 6G standard research, with a growing consensus in the industry regarding the future direction of 6G standards [2] - The communication industry is anticipated to experience a period of technological iteration and policy benefits in 2025, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors [2] Group 3 - The latest scale of the ChiNext ETF by Bosera is 1.216 billion yuan, closely tracking the ChiNext Index, which consists of 100 stocks with high market capitalization and liquidity [3] - As of October 31, 2025, the top ten weighted stocks in the ChiNext Index account for 58.2% of the index, including companies like CATL and Mindray Medical [3]

Group 1 - The first phase of 6G technology testing in China has been completed, resulting in over 300 key technology reserves [2] - The global 6G technology market is expected to reach $14.94 billion by 2030, with 2025 being a critical year for standard research [2] - The communication industry is anticipated to experience growth driven by technological iterations and policy benefits, with new demands for devices, equipment, and service operations [2] Group 2 - Stanford professor Fei-Fei Li's startup World Labs has launched the first commercial world model, Marble, which supports large-scale multimodal creation of 3D worlds [2] - The continuous open-source iteration of large models is expected to accelerate the adoption of AI applications, including AI phones and AI glasses [3] - Domestic large models in China are advancing to the global first tier, which is likely to promote the widespread application of large models in the future [3]

Core Insights - China has completed the first phase of 6G technology trials, achieving over 300 key technology reserves after four years of continuous efforts, marking a significant milestone in the global 6G landscape [1][3] - The trials focus on core technologies such as terahertz communication, intelligent surfaces, and integrated space-ground networks, with peak transmission rates reaching terabits per second, significantly surpassing 5G capabilities [1][2] Group 1: Technological Advancements - 6G is expected to enhance transmission speeds by 10 to 100 times compared to 5G, exceeding 100 Gbps, with latency reduced to microseconds and supporting millions of devices per square kilometer [2][5] - The first phase of trials has established key technology directions, including communication-perception integration and AI-native networks, with the next phases focusing on prototype development and pre-commercial equipment testing [2][3] Group 2: Global Positioning and Standards - China leads in global 6G patent applications, holding 40.3% of the total, and is actively participating in international standard-setting efforts, with significant contributions to the 3GPP's 6G research projects [3][4] - The timeline for 6G standardization is set, with key milestones including the completion of technical research by 2027 and the first version of technical specifications by March 2029 [3][4] Group 3: Market Potential and Applications - The application prospects for 6G are vast, potentially creating a trillion-dollar market by 2040, with expected connections exceeding 5 billion globally, covering various sectors such as low-altitude economy, telemedicine, and smart factories [5] - 6G technology is anticipated to drive innovations in mobile terminals, integrating AI and enabling new forms of devices like AI smartphones and smart glasses, which will be key growth areas in the market [4][5]

Core Insights - The 2025 6G Development Conference highlighted that the global development of sixth-generation mobile communication technology (6G) has entered a critical phase of technical convergence and industry collaboration [1] - The current state of 6G development shows a dual trend of "technical deepening" and "emerging ecosystem," with key technologies transitioning from theory to prototype validation and increasing global competition in standard formulation [1] - China has made significant progress in 6G, completing the first phase of key technology testing and accumulating over 300 key technology reserves, demonstrating its determination and capability to seize future development opportunities [1] Group 1: Application-Driven Development - Emphasizing the importance of application, the industry should bind R&D efforts closely with real-world demands, establishing "end-to-end" testbeds in various sectors such as smart manufacturing and telemedicine [2] - The goal is to transform pain points from the industry into focal points for technological breakthroughs, ensuring that R&D outcomes are practical and market-oriented, thereby establishing a first-mover advantage in 6G application standards [2] Group 2: Collaborative Ecosystem - The 6G industry chain is extensive and complex, necessitating collaboration among various players; measures should be taken to support leading companies in the telecommunications and equipment manufacturing sectors to act as "chain leaders" [3] - Encouraging collaboration among terminal manufacturers, chip developers, and content providers is essential to foster innovation and enhance the resilience of the entire industry chain [3] - New technologies such as AI smartphones and industrial smart modules are seen as critical components of the future 6G ecosystem, serving as platforms for new applications and business models [3] Group 3: Global Innovation Framework - 6G is a global technology, and sustainable development cannot be achieved through closed self-research; China should leverage platforms like IMT-2030 to attract international participation in technology trials and standard-setting [4] - Deepening international cooperation and shared development of 6G test networks will enhance China's influence in global 6G governance and industry ecosystems [4] - The industry must shift from pursuing isolated technical achievements to building a comprehensive ecosystem that integrates technology, industry, application, and governance to support high-quality economic development [4]

Group 1: Technological Innovations - The 3D printed turbojet engine developed by China Aviation Engine Group successfully completed its first single-engine flight test, marking a significant breakthrough in engineering applications of 3D printed engines. The test lasted 30 minutes, reached an altitude of 6000 meters, and achieved a maximum speed of 0.75 Mach, with all operational parameters normal [3] - The world's first wind-fish integrated floating platform, "Guoneng Sharing," has recently achieved a new round of success. This platform combines offshore power generation and underwater fish farming, with a total height of 24 meters and a weight of 4900 tons. It can produce up to 16 million kilowatt-hours of electricity annually, reducing carbon emissions by approximately 16,000 tons [6] - The world's largest high-altitude wind power generation kite, with an area of 5000 square meters, successfully completed its test in Inner Mongolia, marking significant progress in large-scale land-based high-altitude wind power generation projects [11][13] Group 2: Logistics and Transportation - The Huahu International Airport, located in Hubei Province, has become Asia's largest air cargo hub, with international cargo flights exceeding 10,000 flights in 2025, representing a year-on-year increase of 93.6%. The airport features a highly advanced runway sensing network and an intelligent sorting line capable of processing over 280,000 packages per hour with a sorting accuracy of 99.99% [10] Group 3: Telecommunications - China has completed the first phase of 6G technology testing, establishing over 300 key technology reserves. The 6G promotion group has conducted 57 tests across five major technology directions, with 6G now entering the international standard research phase, expected to launch commercial deployment around 2030 [10]

Group 1: Financial Data Overview - As of the end of October, the total social financing scale reached 437.72 trillion yuan, with a year-on-year growth of 8.5%, which is 0.7 percentage points higher than the same period last year [3] - The cumulative increase in social financing for the first ten months was 30.9 trillion yuan, exceeding the same period last year by 3.83 trillion yuan [3] - The broad money supply (M2) stood at 335.13 trillion yuan, growing by 8.2% year-on-year, while the narrow money supply (M1) was 112 trillion yuan, with a year-on-year increase of 6.2% [3] Group 2: Loan and Interest Rate Trends - The balance of RMB loans reached 270.61 trillion yuan, with a year-on-year growth of 6.5%, and an increase of 14.97 trillion yuan in loans during the first ten months [3] - The average interest rate for newly issued corporate loans in October was 3.1%, approximately 40 basis points lower than the same period last year, while the average interest rate for new personal housing loans was also 3.1%, about 8 basis points lower year-on-year [3] Group 3: Trade and Economic Development - In the first ten months of the year, Shanghai's import and export volume reached 3.7 trillion yuan, an increase of 5.2%, with exports amounting to 1.6 trillion yuan, up by 10.5% [7] - The Shanghai Free Trade Zone has implemented 80 reform measures for institutional openness, with 77 measures being replicated nationwide or in other free trade zones [9] - ASEAN has maintained its position as China's largest trading partner for agricultural and food products for eight consecutive years, with bilateral trade reaching 513 billion USD, a year-on-year increase of 8.9% [9] Group 4: Infrastructure and Technological Advancements - China completed water conservancy construction investments of 1,009.47 billion yuan in the first ten months, implementing 46,000 various water conservancy projects [10] - The first phase of 6G technology testing has been completed, with over 300 key technology reserves formed, and 57 tests conducted in five major technical directions [10]

Core Viewpoint - The transition from 5G to 6G is underway, with significant advancements in technology and applications, marking a critical phase for the industry [1][2]. Group 1: 6G Development Progress - China has conducted 6G technology trials for four consecutive years, completing the first phase and establishing over 300 key technology reserves [2]. - By June 2025, China is expected to hold approximately 40.3% of global 6G patent applications, leading the world [2]. - The IMT-2030 promotion group plans to complete 6G vision demand research by 2025 and achieve commercial deployment by 2030 [2]. Group 2: Key Features and Applications - The core features of 6G include "integrated sensing and computing," which covers various fields such as low-altitude economy, smart cities, and smart homes [2]. - "AI for Network" and "Network for AI" are two main directions under the "integrated intelligence" concept, enhancing network performance and providing ubiquitous AI access [3]. Group 3: Commercialization and Market Potential - The transition to 6G will require substantial investments, with the commercial viability of the technology being a primary concern for operators [4]. - AI terminals are anticipated to be a new revenue highlight for 6G, with mobile terminals evolving alongside network capabilities [4][5]. - By 2030, smartphones are projected to account for 91% of mobile connections, although user upgrade cycles are lengthening [4]. Group 4: Industrial and Aerospace Applications - Intelligent industrial modules are expected to be key applications in the 6G era, offering significant advantages over 5G modules, including ultra-low latency and dynamic scheduling capabilities [5]. - The integration of satellite internet into 6G is seen as a transformative element, enhancing user experience and emergency response capabilities [6].

Core Insights - China has completed the first phase of 6G technology trials, accumulating over 300 key technology reserves, marking four consecutive years of organized 6G testing [1] - 2025 is identified as a critical year for initiating 6G standard research, with global collaboration expected to shape the future direction of 6G standards, enhancing the vision of "Internet of Everything" [1] - The consensus on 6G standards is growing within the industry, with system architecture decisions likely to be made in a relatively short timeframe [1] Investment Value of 6G - Continuous expansion of terminal connections is projected, with an estimated 12.16 billion global smart terminal connections by 2040, representing an exponential increase compared to current 5G terminal numbers [2] - 6G is expected to achieve data transmission rates up to 50 times faster than 5G, with latency reduced to one-tenth of that of 5G, significantly outperforming 5G in various metrics [2] - Enhanced commercial value attributes are anticipated for 6G, leveraging innovations such as satellite-ground integration and AI-native networks to accelerate the formation of commercial ecosystems in sectors like finance and industry [2] Focus Areas for Investment - Companies involved in traditional communication equipment such as wireless base stations, antennas, and PCBs are recommended for investment [2] - New downstream application directions benefiting from 6G scenarios include sectors like vehicle networking, satellite navigation, and IoT modules [2]