目錄Catalog目錄Catalog一、一、人工智能推動行業(yè)發(fā)展，AI算力表現(xiàn)亮眼 3證證證2025證證證AI證證證證證證證證證證證證證證證證證證 .證證證證證證證證2026證證證證證證證證證證證證證證證證證證證+證證證證 9二、二、通信運(yùn)營商：提質(zhì)重構(gòu)，“鏈主”創(chuàng)新破局 13證證證證證證證證證證證證證證證證證證證證證 3證證證證證證證證證證證證證證證證證證證證證證證證證證證 5證證證證證證證證證證證證證證證證證證證證證證證證證證 6三、三、新興產(chǎn)業(yè)-智算需求指數(shù)增長，光模塊行業(yè)高景氣 18證證證證證證證證證證證證證證證證證證證證證證證證證證 .證證證證證證證證證證證證證證證證證證證證證證 .證證證證證證證證2026證證證證證證證證證證證證證證證證證證 四、四、新興產(chǎn)業(yè)-衛(wèi)星互聯(lián)網(wǎng)：組網(wǎng)進(jìn)程或?qū)⑦M(jìn)一步加速 28證證證證證證證證證證證證證證證證證證證證證證證證 8證證證證證證證證證證證證證證證證證證證證證證證證 9證證證證證證證證2026證證證證證證證證證證證證證證證證證證證證 五、五、未來產(chǎn)業(yè)-量子科技：積極探索，產(chǎn)業(yè)鏈逐步完備 33證證證證證證證證證證證證證證證證證證證證證證證證證證 .證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 .證證證證證證證證2026證證證證證證證證證證證證證證證證證證證證證證 7六、六、投資建議：運(yùn)營商筑基，新興產(chǎn)業(yè)+未來產(chǎn)業(yè)共振 38證證證證證證證證證證證證證證證證證證證證證證 8證證證證證證證證證證證證證證證證+證證證+證證+證證證證證證證 .證證證證證證證證證證證證證證證 七、七、風(fēng)險提示 420.0020.0040.0060.0080.00證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證100.0020182019202020212022202320243Q25150.00120.0090.0060.0030.000.002018 2019 2020 2021 2022 2023 2024 3Q2520182019202020212022202320243Q250.0020.0040.0060.0080.00證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證100.0020182019202020212022202320243Q25150.00120.0090.0060.0030.000.002018 2019 2020 2021 2022 2023 2024 3Q2520182019202020212022202320243Q250.002.004.006.008.0010.0012.00證證證證證證證證證證證證證證證一、人工智能推動行業(yè)發(fā)展，AI算力表現(xiàn)亮眼一、人工智能推動行業(yè)發(fā)展，AI算力表現(xiàn)亮眼（一）2025綜述：AI大幅強(qiáng)化基本面及行業(yè)成長性，基金持倉提升人工智能對通信行業(yè)重要性再加強(qiáng)，提振歸母凈利率水平（一）2025綜述：AI大幅強(qiáng)化基本面及行業(yè)成長性，基金持倉提升人工智能對通信行業(yè)重要性再加強(qiáng)，提振歸母凈利率水平：證證證證證證證證證證 ST證*ST*ST證證證證證證證證證證證證證證證證證證證證 2018證證證證證證證證證證證證證證證證證證證證證證3Q25證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證1證證證證證證證證證證1證證證證證證證證證2018證證證證證證證證證證2證證證證證證證證證2018證證證證證證證證證證證證-證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3證證證證證證證證證證證證證證證證證證證證證證證證證4證2018證證3Q25證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證IDC證證證證證證證證證證證證證證證證證證證證證證證證通信行業(yè)整體表現(xiàn)較好，年初至今漲跌幅全行業(yè)居次席。證證證2025證證證證證證證證證51.67 證證證證證證2證證證證證證證證證證證證證證證證706050403020100-10150,000證100,000證50,000證0證40,00030,00020,00010,0000證證0.001.002.003.004.00證證證證證證證證證證證250,000706050403020100-10150,000證100,000證50,000證0證40,00030,00020,00010,0000證證0.001.002.003.004.00證證證證證證證證證證證250,000200,000150,000100,00050,000證0證證0.002.004.006.00證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證5證證證證證2025證證證證證證證證證證證證證證證證證證證證證證證證證證證通信行業(yè)市值占比逐年提升，人工智能接棒運(yùn)營商資本開支周期成為成長新動能。證證證證證證證證證證證證證證證13證證證A證證證證證證證3.182020證證證證證證證證證證證證 2019證證證證證證證證5G證證證證證證證證證證證證證證證 2023證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證6證證證證證證證證證證證證證6證證證證證證證證證證證證13證7證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證通信行業(yè)成交額及占比逐步提升。 通信行業(yè)成交額及占比逐步提升。 證證證證證證2025證證證證證證證證證證證證證證證 7證證證證證證證證證證證證證證 證證證證證證證證證證證證證證 2021證證證證證1.58證證證證證證2025證證證證證證證證證證證證證證5.34證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證8證證證證證證證證證A證證證證證證證證證證證證證證證證證證證證證證證證證證證根據(jù)基金公司發(fā)布的 3Q25持倉報告，以及通信行業(yè)市值占比，我們可以發(fā)現(xiàn)基金公司對通信證證證證證證證證證證根據(jù)基金公司發(fā)布的 3Q25持倉報告，以及通信行業(yè)市值占比，我們可以發(fā)現(xiàn)基金公司對通信行業(yè)關(guān)注度及交易活躍度較高。 行業(yè)關(guān)注度及交易活躍度較高。 證證證證證證證證證證證證證證證證證3Q25證證證證證證證證證證證證證證證證證證A證證證8證證證證證證證證證A證證證86420證證證證證證證證證證證證證證證證證證證864201Q183Q181Q193Q191Q203Q201Q213Q211Q223Q221Q233Q231Q243Q241Q253Q251Q211H213Q212021A1Q221H223Q222022A1Q231H233Q232023A1Q241H243Q2420241Q251H253Q25證證證證證證證證證證2024證證證證證證證證證證證證證 1Q25證證證證證證證證證證證 證3Q25證證證證證證證證證證證證證 證證證證證證證證 2018證證證證證證證證 6.85證證證證證證證證證證證證 證6.61證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 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觀點(diǎn)且結(jié)合3Q25業(yè)績，我們認(rèn)為該種趨勢正在加速上行 。>100[0-10][-100~-50]140證12010080>100[0-10][-100~-50]140證120100806040200證[50~100][-10-0]<-100[30~~50] [10~30][-30~-10] [-50~-30]100806040200證70證80證證14證證證證證證證證證證證證證證14證證證證證證證證證證證證證證15證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證單季度方面，相關(guān)公司整體營收 單季度方面，相關(guān)公司整體營收 及毛利率表現(xiàn)穩(wěn)步向上3Q25證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3Q24證證證證證71證3Q25證證證證證證證證證證 15.10證證證證證4.36pcts證證證證證證證證證證證證證證證證15.50證證證4.53pcts證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3Q24證證證證證證56證證3Q2557證證證證證證證證證證證證證證3Q24證603Q25證證16證證證證證證證證證證證證證證16證證證證證證證證證證證證證證證17證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證80證70證60證5080證70證60證50證40證證證證證證證證證證證證證證證證證證證證證202025年前三季度毛利率相對穩(wěn)定，凈利率水平穩(wěn)定增長。 證證證證證證證證證2025證證證證證證證證證證證28.93 證證證0.09pct證證證證10.66 證證證0.59pct證證證證證證證證證證證證證證證證證證證證證證25.30 證證證1.47證證證證證證8.89 證證證1.47pcts證證18證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3528211470證18證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3528211470證19證證證證證證證證證證證證證證證證證證證證證證證-2.00-1.000.00pcts1.00pcts3020100-2.00-1.000.00pcts1.00pcts2.00pcts證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證AI證證證證證證證證證20證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證（二）展望2026：新質(zhì)生產(chǎn)力為綱，需求及供給角度下新興+未來產(chǎn)業(yè)共振（二）展望2026：新質(zhì)生產(chǎn)力為綱，需求及供給角度下新興+未來產(chǎn)業(yè)共振五年規(guī)劃一脈相承，十五五規(guī)劃 新質(zhì)生產(chǎn)力為基，科技引領(lǐng)創(chuàng)新 五年規(guī)劃一脈相承，十五五規(guī)劃 新質(zhì)生產(chǎn)力為基，科技引領(lǐng)創(chuàng)新 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證5G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證5G5G證證證證證證證證證證證證證證證證證證證證證 AI證證證證證證證證證證證證證證證證證證77證30證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證新質(zhì)生產(chǎn)力積極發(fā)展，加快培育具有國際競爭力的新興支柱產(chǎn)業(yè)迎來新的市場空間。新質(zhì)生產(chǎn)力積極發(fā)展，加快培育具有國際競爭力的新興支柱產(chǎn)業(yè)迎來新的市場空間。7證30證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2025證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3證證證證證證證證證證證證證證證證證證證證證證證證證規(guī)劃對科技行業(yè)的核心主題主要總結(jié)內(nèi)容證證證證證證2016證證2030證證證證證證證+證證證證證證證證證證證證證證證證證證證證證證證2021證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證5G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證“新質(zhì)生產(chǎn)力”是中國在新時代背景下，為突破發(fā)展瓶頸、塑造發(fā)展新優(yōu)勢而提出的重大戰(zhàn)略“新質(zhì)生產(chǎn)力”是中國在新時代背景下，為突破發(fā)展瓶頸、塑造發(fā)展新優(yōu)勢而提出的重大戰(zhàn)略構(gòu)想。構(gòu)想。證證證證證證2023證9證7證證證證證證證證證證證證證證證證證證證證2023證12證證證證證證證證證證證證證證證證證證證證證證證證證證2024證3證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 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6G證證證證證證證證證證5G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證4證證證證證證證證證證演進(jìn)脈絡(luò)時間主要內(nèi)容首次提出2023年9月7日證證證證證證證證證證證證證證證證證證證寫入中央經(jīng)濟(jì)工作會議2023年12月2024證證證證證證證證證證證證證證證證證證證證證證寫入政府工作報告2024年3月5日2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證政策落地及重點(diǎn)領(lǐng)域突破2024年3月至今證證證證(2024.03證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證強(qiáng)調(diào)新質(zhì)生產(chǎn)力優(yōu)先級2025年3月2025證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證6G證證證證證證證證證證證證證證證證證證證證證證證+證證證證證證證證證證AI證5G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證商業(yè)航天及低空經(jīng)濟(jì)產(chǎn)業(yè)定位進(jìn)一步深化，有望高質(zhì)量規(guī)?；l(fā)展：商業(yè)航天及低空經(jīng)濟(jì)產(chǎn)業(yè)定位進(jìn)一步深化，有望高質(zhì)量規(guī)?；l(fā)展：2024證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證 134.9證證證證證證5證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 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AI證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證G60證證證證證證證證證證證證證證證證證證證證6G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證（1）人工智能相關(guān)產(chǎn)業(yè)鏈：2026年國內(nèi)國產(chǎn)替代+全球資本開支進(jìn)一步強(qiáng)化的雙重邏輯下有（1）人工智能相關(guān)產(chǎn)業(yè)鏈：2026年國內(nèi)國產(chǎn)替代+全球資本開支進(jìn)一步強(qiáng)化的雙重邏輯下有望持續(xù)高增望持續(xù)高增：證證證證證證證證證證證 證2026證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2026證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證 2025證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證 2026證證證2028證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2026證證證證證證證證證證證證證證證證證證11證證證證證證證證證證證證 GPU證XPU證證證證證證證22證證證證證證證GPU證證證證證證證證證證證證證 2026證證證證證證證證證證33證證證證證證證證證證證證證證 2026證證證2025證證證證證證證證證 800G證1.6T1.6T證證證證證證CPO+OCS 證證證證證證證證證44證證證證證證證證證證證證證證證證證證證證證證證證證證證證證21證證證證證證證證證證證證21證證證證證證證證證證證證證證證證證證證證證證證證證證證IDC證證證證證證證22證證證證證證證證證證證證證證證證證證證證證證證IDC證證證證證證1201008060402003,000EFLOPS2,500EFLOPS2,000EFLOPS1,500EFLOPS1,000EFLOPS1201008060402003,000EFLOPS2,500EFLOPS2,000EFLOPS1,500EFLOPS1,000EFLOPS2020202120222023202420252026202720281008060402020242025202620272028140120證100證80證60證40證20證02020 2021 2022 2023 2024 2025E0510152050證40證30證20證10證0證2020 2021 2022 2023 2024 2025E302520151050-5-10證23證證證證證證證證證證證證證23證證證證證證證證證證證證證24證證證證證證證證證證證證證證證證證證證證證證證證FP16證證證證證證FP64證證證 證證證 證證證證證證證證證IDC證證證證證IDC證證證證證證證證證證證證證證證IDC證證證證證證證證證證（2）衛(wèi)星互聯(lián)網(wǎng)：我們認(rèn)為隨著發(fā)射成本以及單星成本的逐步降低，（2）衛(wèi)星互聯(lián)網(wǎng)：我們認(rèn)為隨著發(fā)射成本以及單星成本的逐步降低，2026年有望成為低軌衛(wèi)證證證證證證證證證證證證證證證證證證證14證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證 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2023證證證證證證證證證證證證2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證5證證證證證證證證證證時間事件主要內(nèi)容2024/11/12證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024/9/27證證證證證證證證證證證證證證證證證證2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024/7/15證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2023/1/5證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證在國央企深化改革政策驅(qū)動下，運(yùn)營商改革初見成效。 在國央企深化改革政策驅(qū)動下，運(yùn)營商改革初見成效。 中國移動證證證證證證證證證證證證證證證證證證證證證證證證證證證+證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 3證證證證證證證證證證證證5證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證15證證證證證證證證證證證證證證證證證 A+證證證證證證證證證證證證證證3證證證證證證證證證證證證證 A證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 3.5證5G證證證證證證證證11.7證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 2,000證證AI證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證AI+證證證證證證中國電信改革主要方針為 深入實(shí)施云改數(shù)轉(zhuǎn)戰(zhàn)略，全面深化改革開放。 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 A證證證證證證證證證證證證證證證證證+證+AI+證證證證證證證證證證證證證證證證證證證證證 5GNICES4Pro+ 證證證證證證證證證證證 5G證證證證證證證證證證證證PON證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證中國聯(lián)通改革主要方針為 中國聯(lián)通改革主要方針為 深入實(shí)施科技強(qiáng)企戰(zhàn)略，大力發(fā)展戰(zhàn)略性新興產(chǎn)業(yè)和未來產(chǎn)業(yè)。證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證AI+證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 Unilink證證證證證證證AI+證證證證證5G證證4.0證AIoT證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證6證證證證證證證證證證證證證證證證證證證證證公司名稱主要方針改革成果降本增效成果新興業(yè)務(wù)布局證證證證證證證證+證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3證證證證證證5證證證證證證證證證證證證證證證證證3證證證證證證證證證證證證證證證證證證證證證證證證證證證3.5證5G證證證證證證證證11.7證證證證證證證證證證2,000證證AI證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證A證證證證證證5GNICES4Pro+證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證Unilink證證證證證證證AI+5G證證4.0AIoT證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證02019A 2020A 2021A 2022A 2023A 2024A 3Q25證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證02019A 2020A 2021A 2022A 2023A 2024A 3Q25證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證200040006000800010000證證證證證證1200002019A 2020A 2021A 2022A 2023A 2024A 3Q25證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證02019A 2020A 2021A 2022A 2023A 2024A 3Q25證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證200040006000800010000證證證證證證12000證證證證證證證證證證證證證證證證證證15.0010.005.000.002019A 2020A 2021A 2022A 2023A 2024A 3Q25-5.005001000-20.00-10.00（二）業(yè)績穩(wěn)健高質(zhì)量發(fā)展，前瞻布局戰(zhàn)略性新興產(chǎn)業(yè)（二）業(yè)績穩(wěn)健高質(zhì)量發(fā)展，前瞻布局戰(zhàn)略性新興產(chǎn)業(yè)運(yùn)營商業(yè)務(wù)運(yùn)行狀況良好，經(jīng)營 運(yùn)營商業(yè)務(wù)運(yùn)行狀況良好，經(jīng)營 規(guī)模穩(wěn)健增長證證證證證證證2025證證證證證證證證證證證證證證證7946.66證證0.41 證證證證證證證證證2929.85證證/+0.99證證證證證證證3942.70證證證證/+0.59證27證27證證28證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證三大運(yùn)營商利潤規(guī)模保持增長，歸母凈利潤增速 三大運(yùn)營商利潤規(guī)模保持增長，歸母凈利潤增速 均高于營收增速證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證87.72證證/+5.20 證證證證證證證1153.53證證/+4/+4.03證證證證證證證307.73證證/+5.03 證證證證證證證證證證證證證證證證證證證證29證29證證證30證證證證證證證證證證 證證證證證證證證證證證證 證證證證證證 證證證證證證證證1500證證證證證證30.0020.0010.000.002019A 2020A 2021A 2022A 2023A 2024A 3Q25證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證新興業(yè)務(wù)前瞻布局，運(yùn)營商科技引領(lǐng)賦能新質(zhì)生產(chǎn)力：科技 賦能新質(zhì)生產(chǎn)力，有望創(chuàng)造運(yùn)營商新業(yè)務(wù)增量。中國移動新業(yè)務(wù)增量。中國移動證證證證證證證證2024證證證證證證證01證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證IoT-NTN NTN 證證證證證證證證證證證證證證證01證證證證證證證證證證證證證證證證證證5G證證證證證證證證證證證證證證證證證證 2024證11證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證中國電信量子通信業(yè)務(wù)不斷培育，創(chuàng)新推出5G手機(jī)直連衛(wèi)星、5G量子密話等特色應(yīng)用。中國電信量子通信業(yè)務(wù)不斷培育，創(chuàng)新推出5G手機(jī)直連衛(wèi)星、5G量子密話等特色應(yīng)用。證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證31證證證證證證32證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證02004006008001000證證證證證31證證證證證證32證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證02004006008001000證證證證2024A 2025E證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證QKD 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 6G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證（三）展望：資本開支向算網(wǎng)傾斜，股息率有望提升1）資本開支向數(shù)通側(cè)傾斜，智能算力供給持續(xù)增強(qiáng)。（三）展望：資本開支向算網(wǎng)傾斜，股息率有望提升1）資本開支向數(shù)通側(cè)傾斜，智能算力供給持續(xù)增強(qiáng)。從三大運(yùn)營商資本開支角度分析，智能算力成為建設(shè)重點(diǎn)。證證證證2025證證證證證證15121512證證證證證證證證證 712證證證證證50.52/-9.93pct證證證證證475/+5.77pct證證證證證證證163/+1.99pct證證證證證218/+2.17pct證證證證證證證證證證證證證證證證證證證證證證證證證證證證證10EFLOPS 證證證證20證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證AIDC證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證國資委國資委支持中央企業(yè)發(fā)展人工智能，政策面不斷推動運(yùn)營商發(fā)展智能算力。 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證 AI證證證證證證證證證證證證證證證證證證證證證證證證7證證證證證證AI證證證證證證證證證證證證證證證證證證證證證證證TeleChat證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證-30.0-20.0-10.00.010.020.030.0010002000300040005000-30.0-20.0-10.00.010.020.030.00100020003000400050002）資本開支整體結(jié)構(gòu)調(diào)整及未來預(yù)測2）資本開支整體結(jié)構(gòu)調(diào)整及未來預(yù)測運(yùn)營商資本開支結(jié)構(gòu)調(diào)整， 6G時代資本開支有望再提升。 1證證證證證證證證證證證證證5G證證證證證證證證證證證證證證證證證證2證證證證證證證證證證6G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證6G證證證證證證證證證證證證證證證證證證證6G證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證33證證證證CAPEX證證證證證證證證證證證證證證證證證證證證證證證CAPEX證證證證證證證證證證證證證證證證證CAPEXYOY證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證3）運(yùn)營商提質(zhì)增效重回報，派息率 有望持續(xù)提升。政策背景政策背景：證2023證證證證證證證證證證證證證證證證證證 2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證國資委支持央企市值管理，推動運(yùn)營商加大現(xiàn)金分紅力度。國資委支持央企市值管理，推動運(yùn)營商加大現(xiàn)金分紅力度。證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證運(yùn)營商重視股東回報，分紅派息率持續(xù)提升。 運(yùn)營商重視股東回報，分紅派息率持續(xù)提升。 證證證證證證證2024證證證證證73證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證72證60證證證證證證證證證證證證證證8證證證證證證證證證證證證證證證證證公司名稱全年分紅總額派息率股息率（港股）未來幾年派息率預(yù)測證證證證499.4737.3075%及以上證證證證84.83726.5075%及以上證證證證19.42606.4070%及以上證證證證證證證證證證證證證證證0201920232028EFrost&Sullivan證證證證證證5802022 2023 2024E 2025E 2026E 2027E 2028E證證證證證Frost&Sullivan證證證證證證證證證證 證證 證證 證35%41%7%18%150201920232028EFrost&Sullivan證證證證證證5802022 2023 2024E 2025E 2026E 2027E 2028E證證證證證Frost&Sullivan證證證證證證證證證證 證證 證證 證35%41%7%18%15證證證證證證證證證證證證證證證證證GDP證證證 544410361350204060證證證證證證證證證證證證證8176804713212101326320040060080010004000證證證證證證證證證證證證證證證證證3804證證證證證證證證證證證證證證證31593000259020702000160613881077104510006637199853432046641135274020202021202220232024E2025E2026E2027E2028E三、新興產(chǎn)業(yè)-智算需求指數(shù)增長，光模塊行業(yè)高景氣三、新興產(chǎn)業(yè)-智算需求指數(shù)增長，光模塊行業(yè)高景氣（一）中國智能算力崛起，軟硬件自主可控能力有望顯著提升中國數(shù)字經(jīng)濟(jì)規(guī)模穩(wěn)步增長，核心產(chǎn)業(yè)貢獻(xiàn)顯著。（一）中國智能算力崛起，軟硬件自主可控能力有望顯著提升中國數(shù)字經(jīng)濟(jì)規(guī)模穩(wěn)步增長，核心產(chǎn)業(yè)貢獻(xiàn)顯著。證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2019證證證證證證證證證證證證證證證證證 11.9證證證證證證2023證證56證證證證證證證證證證 證證證證證證證證證證 9.8證證GDP證證證證44證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證 證證Froste&Sullivan 證證證證證證2028證證證證證證證證證證證證證證證證證證證證34證34證證證證證證證證證證證證證證35證證證證證證證證證證GDP證證202850證證證證證證證證證證Frost&Sullivan證證證證證證證證自2020年起，全球生成式人工智能應(yīng)用市場規(guī)模經(jīng)歷了顯著增長。自2020年起，全球生成式人工智能應(yīng)用市場規(guī)模經(jīng)歷了顯著增長。2022證證證證證 AI證證證證證證證證證證證證證證證證證證ChatGPT 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證AI證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證2023證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證 2028證證證證證證證證證證證證 3800證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證36證證證證證36證證證證2028證證證證證證證證800證證證證證證37證證證證2028證證證證證證證證3800證證證證證IDC證Frost&Sullivan證證證38證證證證證證證證證證證證證證證證證證證證證證證證證證證證證Frost&Sullivan證證證證證證證證證證證證證證證39證38證證證證證證證證證證證證證證證證證證證證證證證證證證證證證Frost&Sullivan證證證證證證證證證證證證證證證39證證證證證證證證證證證證Frost&Sullivan證證證證證Frost&Sullivan證證證證證證高性能智算資源是未來大模型產(chǎn)業(yè)發(fā)展的重要基石高性能智算資源是未來大模型產(chǎn)業(yè)發(fā)展的重要基石。證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證9證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2025證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2025300EFLOPS證證證證證證證35證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證02020 2021 2022 20232024E2025E2026E2027E2028E證證證證證Frost&Sullivan證證證證證證證證02020 2021 2022 20232024E2025E2026E2027E2028EFrost&Sullivan證證證證證證證證證證證證證證證證258220641611122891165234815926602020 2021 2022 20232024E2025E2026E2027E2028E證證證證證Frost&Sullivan證證證證證證證證02020 2021 2022 20232024E2025E2026E2027E2028EFrost&Sullivan證證證證證證證證證證證證證證證證258220641611122891165234815926650010001500200025003000證證證證證證證證證證證證證證證證證20001433150011879701000777692613273341149500證證10證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證(2024-2026證)證證證證證證證證證證證證證證證證證證證證證證證證2026證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證(2024-2027證)證證證證證證證證證證證證證證證證證證證2025證證證證證證證證證證45EFLOPS2027證證證證證證證證證證證證證證證證證證證證證證證證證100證證證證證證證證證證證證證證證證證證證證證證證證證證證2025證證證證證證證證證證證證證證證證證證50證證證證證證證證證證證50PUE1252025證證證證證30EFLOPS證證證證證證證證50證證證證證證證證證證證證證證證證50證證證證證證證證證證證證證證證證證證證證證證證2025證證證證證證證證證證證證證證證3850證證證證證證證10證證證證證證證證證證證證證證證證證證證證證證證證證證證證(2024-2025)證2025證證證證證證證證14EFLOPS(FP32)25EFLOPS(FP16)2EFLOPS(FP64)證證證證證證90EB證證證證證證證證證證證80證證證證證證證證證證證證證證證證證證證證證證100證證證證證證證證證證證證證證證(2024-2025證)證2025證證證證證證證證證證證證證證證證4512.5EFLOPS證證證證證證證證35證證證證證證65EB35證證證證證證證證證證證證證證證證證證證證證(2023-2025證)2025證證證證證證證證證證證證2000PFLOPS證證證證證證證證30證證證證證證證證證證證證證證證證證證證證證70證證證證證證證證證證證證證證證證證證證(2023-2025證)證2025證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證5EFLOPS(FP32)AI證證證證80證證證證證證證PUE證證證1.25證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證Frost&Sullivan證證證證證證證證在智能算力產(chǎn)業(yè)的上游， 在智能算力產(chǎn)業(yè)的上游， 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2028證證證證證證證證證 1.5證證證證證證證證證證證證證證證證證證證證證2582證證證證證證證40證證40證2028證證證證證證證證證證證2582證證證證證證41證證2028證證證AI1433證證在智能算力產(chǎn)業(yè)的中游環(huán)節(jié)， 在智能算力產(chǎn)業(yè)的中游環(huán)節(jié)， 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2023證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2025證證證1400證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證在智能算力產(chǎn)業(yè)的下游環(huán)節(jié)， 在智能算力產(chǎn)業(yè)的下游環(huán)節(jié)， 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證42證證證證證證證證證證證證證證證證證證證證證 證證 證證 證證 證證 證證證證 證證 證證 證證 證證 證證 證證1008790333495484494582583683693580701217601415151516231650403020100202020212022202320242025E2026E2027E2028E證證證證證證證證證證Frost&Sullivan證IDC證證證證證證證證證證總結(jié)來看，中國智算產(chǎn)業(yè)的發(fā)展受到以下三點(diǎn)關(guān)鍵因素的驅(qū)動：1）政策支持：證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 2下游應(yīng)用需求增長：證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 3）硬件升級需求：證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證 AI證證證證證證證證證證證證證證證證證 證證證PCB證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證43證證證2029證證證證證證證證證證43證證證2029證證證證證證證證證224證證證證44證2018-證證證證證證證證證證證LightCounting證證證證證證證證證證證Yole證證證證證證證證證證（二）光通信鏈持續(xù)受益，產(chǎn)業(yè)未來"光"景長（二）光通信鏈持續(xù)受益，產(chǎn)業(yè)未來"光"景長光通信是一種以光波作為傳輸媒介的通信方式，該領(lǐng)域?qū)儆谖覈鴮?shí)施創(chuàng)新驅(qū)動發(fā)展戰(zhàn)略的重要光通信是一種以光波作為傳輸媒介的通信方式，該領(lǐng)域?qū)儆谖覈鴮?shí)施創(chuàng)新驅(qū)動發(fā)展戰(zhàn)略的重要組成部分。組成部分。證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證GPT 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證根據(jù)市場研究機(jī)構(gòu) 根據(jù)市場研究機(jī)構(gòu) OLEGroup的最新統(tǒng)計數(shù)據(jù)，2023年全球光模塊市場規(guī)模達(dá) 109億美2029224證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證bit證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證800Gbps 證證證證證證證證2023證2029證證證證證證證證證證證證證證證證證 11證證證證證證證證證證證證證證證證證證證證證Yole證證證證AI證證證證證證證證證證證 2024證證證證證證證證證證證證45證證證證證證證證證證證證證證證證證 &Infiniband 證證證證證證證證證證證證證證證證證證證證AOC 證證證證證證證證證 2029證證證證證證證證證證 118證證證證27證證2023~2029 2023~2029 證證證證證證證證證證14證18證證45證45證 證證證證Datacom證證證證證證證證證證證證46證2023-證證證證證證證證證證證證證證證證 證證證證證Yole證證證證證Yole證證證證證證證證證證LightCounting從全球光模塊TOP10廠商榜單排名的變化趨勢來看，日本和美國的光模塊廠商逐漸退出從全球光模塊TOP10廠商榜單排名的變化趨勢來看，日本和美國的光模塊廠商逐漸退出全球市場，中國廠商的排名穩(wěn)步上升。 市場，中國廠商的排名穩(wěn)步上升。 2023證證證7證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證48證4865證證證證47證2024-證證證證證證證證證證證證證證證LightCounting證證證證證證LightCounting證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證Meta證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證證證證證證證證 證2024證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證49證證證證證證證證證證證證證證證證證證C114證Lightcounting證證證證證證證證證證海外人工智能巨頭資本開支超預(yù)期， AI基建需求持續(xù)強(qiáng)勁。證證LightCounting 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證2024證證Alphabet證證證證證證MetaMeta證證證證證證證證證證證證證 2023證證證證證證證AI證證證證證證2025證證證證證證證證證證證證證證證證證證證 證證證證證證證證證證證證證證 AI證證證證證證證證證證證證證證證證證證證50證證證證證CSP證證證證證證證證證證證證證證證證證證證證證證 證證 證證 證證證 證證 證證 證證證證 證證證300證250證200證150證100證500證證1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25證證證證證證證證證證證證證證證LightCounting證證證證證LightCountingLightCounting證證證證證證未來未來5年數(shù)通市場的增長驅(qū)動力主要來自 400G以上高速率光模塊的需求。 證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證證800G證1.6T證證證證證證證證證證證 證GTC2022025證證證證證證證證證證證證證證證 GB300證證證GPU證證Roadmap 證證證證2026證證證證證證證1.6T證證證證證3.2T證證證證證證證證證證證證證證證證證證 證證LightCounting 證證證證證證證2029證證400G+證證證證證證28證證證證證證證證證證證 16證證證證證證證證證證125125證證證證證證800G證1.6T證證證證證證證