格隆汇1月5日丨成都华微(688709.SH)在投资者互动平台表示，公司已与燧原科技签署战略合作协议， 携手在大模型、高算力GPU领域展开深度合作，基于公司市场开拓需求，该算力能力可以广泛应用于模 型训练、太空算力、端测推理等领域，相关业务进展公司将严格遵循信息披露规定，公司产品已应用于 航天科技集团、航天科工集团等客户。公司FPGA、ADC/DAC及TSN等核心产品在商业航天产业链中具 有应用潜力。同时，公司相关团队并作为核心专家受商业航天邀请参与《箭载时间敏感网络（TSN）技 术规范》的制定，持续推动TSN技术在高端装备领域的落地与应用。公司正全力以赴推进技术研发与市 场拓展，密切关注前沿技术发展趋势，跟进市场及客户需求，适时拓展产品可能的应用场景，制定前瞻 性布局和规划。 ...

格隆汇1月5日丨成都华微(688709.SH)在投资者互动平台表示，公司已与燧原科技签署战略合作协议， 携手在大模型、高算力GPU领域展开深度合作，基于公司市场开拓需求，该算力能力可以广泛应用于模 型训练、太空算力、端测推理等领域，相关业务进展公司将严格遵循信息披露规定，公司产品已应用于 航天科技集团、航天科工集团等客户。公司FPGA、ADC/DAC及TSN等核心产品在商业航天产业链中具 有应用潜力。同时，公司相关团队并作为核心专家受商业航天邀请参与《箭载时间敏感网络（TSN）技 术规范》的制定，持续推动TSN技术在高端装备领域的落地与应用。公司正全力以赴推进技术研发与市 场拓展，密切关注前沿技术发展趋势，跟进市场及客户需求，适时拓展产品可能的应用场景，制定前瞻 性布局和规划。 ...

BCE Conference Call Summary Company Overview - **Company**: BCE Inc. (NYSE: BCE) - **Date of Conference**: November 24, 2025 Key Industry Insights - **Canadian Telecom Market**: The competitive environment in Canada is stabilizing, with a return to rational pricing compared to the US market, which has been more aggressive recently [4][5] - **Market Trends**: The company is experiencing a shift in revenue sources, moving from legacy services to growth areas such as wireless, internet, and AI-powered solutions [2][3] Financial Performance and Projections - **EBITDA Growth**: BCE expects a resumption of EBITDA growth over the next three years, although margin improvement may not be anticipated during this period [1][2] - **Free Cash Flow**: The company is targeting a 15% growth in free cash flow while deleveraging and funding new business initiatives [3] - **Revenue Per User (RPU)**: Monthly rates are increasing year-over-year, indicating a healthier competitive environment with new subscribers contributing to higher RPU [5][6] Strategic Initiatives - **Fiber Expansion**: BCE has set a target to pass 8 million homes with fiber in the US, leveraging partnerships and funding to support this initiative [10][11] - **B2B Opportunities**: The company is focusing on improving its B2B segment, which has been outperforming other enterprise businesses in North America [17] - **AI and Technology Solutions**: BCE is investing in AI-powered solutions and cybersecurity, aiming to provide comprehensive solutions to government and enterprise customers [18][20] Capital Allocation and Investment Strategy - **CapEx Guidance**: BCE plans to maintain a CapEx of $3.7 billion in 2025 and 2028, focusing on efficiency and strategic growth initiatives [30][31] - **Investment Criteria**: The company has established a higher bar for capital investments, prioritizing projects with strong returns and operational efficiencies [30][31] Market Share and Subscriber Growth - **Subscriber Strategy**: BCE is focused on profitable subscriber growth, emphasizing the importance of maintaining a strong brand and reducing churn [9][28] - **Fiber Penetration**: The company aims to increase fiber penetration significantly, with a target of over 50% market share in areas where fiber is available [29] Conclusion - **Future Outlook**: BCE is positioned for positive growth in free cash flow by 2026, with a clear strategy to execute its plans in fiber expansion, technology solutions, and capital allocation [32][33]

Core Insights - BCE Inc.'s Bell Media has acquired a majority stake in Sphere Abacus, enhancing its global content distribution capabilities [1][2] - The partnership aims to accelerate growth, expand international content reach, and create more opportunities for Canadian creators [2] - The combined content library will exceed 5,500 hours of premium programming, featuring notable titles across various genres [3][4] Strategic Developments - The acquisition of Sphere Abacus allows Bell Media to actively participate in the creative value chain and strengthens its distribution pipeline [2][4] - Bell Media has introduced new subscription bundles for Crave, enhancing its offerings for both English and French viewers [5] - Collaborations with Point Grey Pictures and Lionsgate Studios aim to develop new scripted content for the Canadian market [6] Financial Performance - Bell Media reported a 1.2% increase in operating revenues to C$832 million, with digital revenues rising to 42% of total revenues in 2024, up from 35% in 2023 [8] - Despite growth, BCE anticipates challenges in pricing, subscriber growth, and media expenses, projecting revenue changes between (3%) and 1% for 2025 [9] - Free cash flow growth is expected to be between 11% and 19%, while adjusted EPS growth is projected to range from (13%) to (8%) [10]