Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9]. Core Insights - The communication sector saw a 3.65% increase in the 49th week of 2025, ranking 3rd among major industries, and a 70.43% increase since the beginning of the year, ranking 2nd [2][4]. - AWS launched the Trainium 3 chip, significantly enhancing performance and energy efficiency, while DeepSeek V3.2 made breakthroughs in inference capabilities and cost reduction for long sequences [2][5][6]. - The collaboration between AWS and NVIDIA is expected to accelerate the integration of self-developed chips with the NVIDIA ecosystem, clarifying the ASIC penetration logic [7]. Summary by Sections Market Performance - The communication sector's performance in the 49th week of 2025 was a 3.65% increase, with a year-to-date increase of 70.43% [2][4]. - Top gainers in the sector included Tianfu Communication (+25.8%), Tongyu Communication (+23.9%), and Meige Intelligent (+13.7%), while the largest declines were seen in Online and Offline (-11.8%), Data Port (-10.8%), and Kesi Technology (-8.6%) [4]. Technological Developments - AWS's Trainium 3 chip offers a 4.4x performance increase and a 40% improvement in energy efficiency, reducing training costs for clients by up to 50% [5]. - DeepSeek V3.2, the first open-source model to integrate "deep thinking" and "tool invocation," surpassed GPT-5 in inference benchmarks, significantly lowering costs for long sequence tasks [6]. Investment Recommendations - Recommended companies include China Mobile, China Telecom, and China Unicom in the operator category; Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication in optical modules; and AI applications such as Boshi Jie, Heertai, and Tuobang Co. [7].

盘前要闻 2、深夜白银迭创新高！年内涨幅已经突破100%，黄金也突破近6周高点 类型：市场 情绪影响：正面 1、DeepSeek发布V3.2系列模型，强化Agent能力，推理能力追平GPT-5 类型：行业 情绪影响：正面 DeepSeek发布V3.2系列两款模型并开源。V3.2主打日常应用，推理能力达GPT-5水平，首次实现思考模 式与工具调用融合。V3.2-Speciale专注极致推理，在IMO、CMO、ICPC、IOI四项国际竞赛中斩获金 牌。 现货白银再度突破历史新高至58.8美元/盎司，今年涨幅已翻倍，背后推手包括供应紧张、投机逼空与 宏观事件驱动等，这一轮白银涨势已经显现投机逼空的态势。与此同时，现货黄金最高摸到每盎司4264 美元，也是10月中旬创历史高位之后的六周新高。 3、11月新势力销量出炉！零跑7万辆夺冠，小米超4万辆，蔚来大增76.3% 类型：行业 情绪影响：正面 多家新能源汽车品牌公布了11月的最新成绩单。零跑汽车当月交付量达到70327辆，同比增长超75%； 紧随其后的小米汽车，11月交付量再超4万辆；小鹏汽车交付新车36728辆，同比增长19%；蔚来公司在 11月交付新车36275 ...