Recently, there has been frequent activity around 6G, but the real opportunities are not in places everyone knows about.

The market is now focused on operators and chip manufacturers, unaware that the key links in the industry chain have already been quietly laid out by institutions. Looking at history makes it clear—every major infrastructure construction boom, the greatest resilience has never been from the main players, but from those behind the scenes "shovels."

Breaking down the 6G industry chain, there are two areas that are particularly worth noting:

**First is network planning and design.** To achieve integrated coverage of air, land, sea, and space, the complexity increases geometrically compared to 5G. This requires companies with advanced planning technology to lead the overall layout. Companies like Higer Communications and Guomai Technology have accumulated significant technical reserves; they play the role of the "brain."

**Second is PCB and substrate materials.** As the spectrum jumps into the terahertz range, the RF hardware requirements for base stations and terminals become extremely demanding. At this point, suppliers of high-frequency high-speed boards become the bottleneck. Companies like Chuanxin Intelligent and Huatian Electronics are leading in this area, representing "neural network" level existence—any technological iteration cannot bypass them.

Currently, the industry is still in the early stages, but capital has already become very perceptive, quietly laying the groundwork for "expectation gaps." Unlike the large-scale bloom during the 5G era, hype around 6G will be more precise—only companies truly involved in core technology standard setting, testing and verification, and mastering key material substitution capabilities can become the next round of core beneficiaries.

In terms of investment rhythm, it can follow the line of "planning first → hardware upgrade → scene application." If timed well, there is still considerable room for leading companies in specific segments.