中央第四指导组围绕整治利用虚拟号码诈骗扰民问题开展专题调研座谈 智通财经7月16日电，据工信微服，7月14日下午，中央第四指导组聚焦"着力整治利用虚拟号码诈骗扰 民问题"专项工作赴中国联通开展下沉调研，并与中国电信、中国移动、中国联通等3家基础电信企业座 谈交流，了解问题整治进展情况、听取有关意见建议、研究下一步工作举措。中央第四指导组组长车俊 强调，虚拟号码诈骗扰民问题整治已取得阶段性成效，但也要清醒认识到此项工作的复杂性、长期性， 必须保持韧劲定力，持续用力、久久为功，推动整治工作取得更大成效。要进一步提高思想认识，把整 改整治工作作为坚定拥护"两个确立"、坚决做到"两个维护"的政治检验，践行以人民为中心的发展思 想，持续转变工作作风、强化党性修养，着力提高政治自觉、思想自觉和行动自觉，推动形成抓作风强 工作、抓工作强作风的良性循环。要进一步抓紧抓细抓实后续工作，坚持标本兼治、综合施策，坚持经 济效益、社会效益相统一，坚持依法遵纪合规推进，特别注重源头治理、科技创新，加强干部职工教育 和行业自律，持续提升综合治理效能。通过学习教育集中整治，确保利用虚拟号码诈骗扰民问题发生率 大幅下降并能长期巩固。要进一步 ...

Core Viewpoint - The collaboration between Shandong Telecom and Shandong Cultural Tourism Group aims to leverage digital technologies to drive the digital transformation and upgrade of the cultural tourism industry in Shandong [3][5]. Group 1: Partnership Details - A joint technology innovation laboratory was established through a signing and unveiling ceremony in Jinan, attended by key leaders from both companies [1][5]. - The partnership will focus on integrating Shandong Telecom's technological capabilities in software development and platform construction with Shandong Cultural Tourism's resources in the cultural and tourism sectors [3][5]. Group 2: Strategic Goals - Shandong Telecom aims to become a "globally leading comprehensive intelligent information service operator" by advancing business ecology, network intelligence, and operational wisdom through new digital technologies such as 5G, cloud computing, and artificial intelligence [3]. - Shandong Cultural Tourism Group is focused on strategic emerging industries, driving industrial upgrades through technological innovation, and enhancing market competitiveness in the cultural tourism sector [3][5]. Group 3: Future Collaboration - The innovation laboratory will operate under a model of "demand co-research, technology sharing, and result co-creation," serving as a hub for driving innovation and incubation [5]. - There will be a focus on developing collaborative mechanisms in areas such as intelligent early warning systems, perimeter security, and emergency command, aiming to translate typical solutions into practical applications across the cultural tourism industry [5].

Core Viewpoint - Huizhou Telecom is committed to driving digital transformation through innovative technologies, focusing on AI and quantum technology to enhance public services and improve operational efficiency in various sectors [1][3][5]. Group 1: Digital Transformation and Innovation - Huizhou Telecom adheres to the "red telecom spirit," emphasizing innovation and technology to support the digital transformation of the economy and society [1][3]. - The company has received numerous accolades, including the "National User Satisfaction Enterprise" and "Advanced Anti-Fraud Unit," reflecting its strong brand and effective management [1]. - Huizhou Telecom is actively implementing the "AI+" strategy, integrating deep intelligent technologies into government services, marking the transition to "Smart Government 3.0" [5][6]. Group 2: AI and Government Services - The company has developed the DeepSeek atomic capability platform, enabling significant advancements in AI applications for government operations, such as intelligent document drafting and citizen inquiry responses [5][10]. - Huizhou Telecom's AI-driven "proactive governance" model enhances decision-making by analyzing public sentiment and optimizing resource allocation [11]. - The integration of AI in the 12345 hotline has improved service efficiency and quality, establishing a comprehensive AI empowerment system [10][11]. Group 3: Security and Safety - Huizhou Telecom prioritizes cybersecurity, employing advanced technologies like quantum communication and AI to create a robust security framework for users [19][20]. - The company has launched quantum communication services, providing secure communication solutions for various sectors, including government and finance [20]. - Huizhou Telecom's anti-fraud initiatives have earned it recognition as an "Advanced Anti-Fraud Unit," reflecting its commitment to protecting citizens' assets [21]. Group 4: Community and Social Responsibility - The company actively participates in rural development initiatives, improving communication infrastructure in villages and contributing to the "Beautiful Countryside" project [24][26]. - Huizhou Telecom engages in public welfare activities, such as anti-fraud campaigns, demonstrating its commitment to social responsibility and community service [28].

Core Insights - The report by IDC indicates that the Chinese edge cloud market is projected to reach a total scale of 7.39 billion RMB in the second half of 2024, with a year-on-year growth rate of 18.6% [1] - Key drivers for market growth include internet audio and video distribution, real-time interaction, diversified AI training and inference, cloud network services, cloud gaming, and lightweight IT architecture migration for local industry clients [1][2] Market Overview - In the second half of 2024, lightweight model training and related processing in edge environments have become focal points for clients, stimulating rapid growth in the public and dedicated edge cloud service segments, maintaining an annual growth rate close to 20% despite a slowdown in existing demand from the internet sector [3] - Although large-scale data centers have deployed significant heterogeneous computing resources, the actual use of edge heterogeneous resources and products by industry clients remains in the early stages [3] - Major service providers are accelerating the expansion of edge nodes in hotspot areas, offering basic heterogeneous computing leasing, scheduling, and inference API services, while developing two clear growth paths: building large model API aggregation platforms and enhancing edge AI ecosystem collaboration [3][4] Market Outlook - The IDC has updated its long-term growth expectations for the edge cloud market, forecasting a compound annual growth rate of 20.3% from 2024 to 2029 [7] - The focus of clients and service providers has shifted towards edge AI and overseas edge scenarios, which are expected to bring significant incremental growth to the edge cloud market, potentially impacting existing resource structures and service output systems [9] - If services based on multimodal large models and audio-video AI can achieve large-scale promotion in the consumer market, edge cloud will continue to play a unique role in alleviating bandwidth pressure on core backend architecture and reducing long-term operational costs [9]

Group 1 - The China Telecom Theme Index (931235) has seen a strong increase of 2.32% as of July 15, 2025, with notable gains in constituent stocks such as New Yisheng (300502) up 20.00%, Zhongji Xuchuang (300308) up 12.82%, and Tianfu Communication (300394) up 9.50% [1] - The telecom ETF fund (560690) also rose by 2.37%, with the latest price reported at 1.43 yuan [1] - A significant event was the launch of the "Direct Connection Satellite Full-Scenario Application" conference by China Telecom on July 11, focusing on three main categories: mobile direct connection satellites, automotive direct connection satellites, and Tian Tong satellite industry applications [1] Group 2 - Huatai Securities reviewed the communication index for the first half of 2025, noting significant price volatility influenced by AI computing narratives, but a return to industry trend pricing logic in the second half of 2025 [2] - Three investment themes are highlighted for the second half of 2025: 1) AI computing, focusing on overseas and domestic computing-related investment opportunities; 2) New productive forces, with low-altitude industry standards expected to be established and commercial aviation scenarios accelerating; 3) Core assets, where leading companies with long-term competitiveness may see valuation improvements as market liquidity improves [2] - The telecom ETF fund closely tracks the China Telecom Theme Index, which includes 50 listed companies involved in telecom operations, value-added services, communication equipment, technology services, and data centers, reflecting the overall performance of telecom-themed listed companies [2] Group 3 - As of June 30, 2025, the top ten weighted stocks in the China Telecom Theme Index include China Unicom (600050), China Mobile (600941), China Telecom (601728), Yinzhijie (300085), China Satellite Communications (601698), Zhongji Xuchuang (300308), New Yisheng (300502), ZTE Corporation (000063), Unisplendour (000938), and Zhongtian Technology (600522), collectively accounting for 77.54% of the index [3]

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 17.95%, with 214 stocks having a shareholding ratio exceeding 20% [1] - As of July 14, southbound funds held a total of 4,488.75 million shares, accounting for 17.95% of the total share capital of the stocks, with a market value of 52,366.47 billion HKD, representing 13.61% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 1,031.38 million shares held, accounting for 74.31% of the issued shares [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 42, 33, and 31 stocks respectively [2] - The top stocks with high southbound fund holdings include China Telecom, Green Power Environmental, and China Shenhua, with shareholding ratios of 74.31%, 69.72%, and 67.33% respectively [2][3] - A significant portion of the stocks with high southbound fund holdings are AH concept stocks, with 120 out of 214 stocks (56.07%) having a shareholding ratio over 20% being AH stocks [1]

Core Viewpoint - A new AI technology from China, known as AI Flow, is gaining significant attention and praise on international social media platforms, indicating its potential to redefine the AI landscape globally [2][4][70]. Group 1: Technology Overview - AI Flow is a key technology at the intersection of AI and communication networks, enabling intelligent interactions and emergent intelligence through a layered network architecture [7][28]. - Developed by China Telecom's TeleAI team, led by Professor Xuelong Li, AI Flow aims to facilitate seamless AI applications across various devices and platforms [9][8]. - The technology has been recognized by global market research firms, with Omdia highlighting its potential to support resource-intensive applications like autonomous vehicles and drones without compromising on latency or performance [13][14]. Group 2: Technical Innovations - AI Flow incorporates three core technological directions: Device-Edge-Cloud Collaboration, Familial Models, and Connectivity- and Interaction-based Intelligence Emergence [30][68]. - The Device-Edge-Cloud Collaboration framework allows for distributed reasoning, enhancing the responsiveness of AI services by optimizing task allocation across different network layers [33][34]. - Familial Models enable flexible scaling and efficient collaboration among models of varying sizes, allowing for resource optimization and avoiding redundant computations [50][52]. Group 3: Addressing AI Challenges - AI Flow addresses the challenge of AI's dependency on cloud computing, which often leads to unacceptable latency in critical applications like autonomous driving and surgical robotics [20][24]. - The technology proposes a solution to the "last mile" dilemma of AI integration by allowing intelligence to flow freely between edge devices and cloud resources, thus enhancing real-time responsiveness [25][28]. - By focusing on connectivity and collaboration rather than solely on computational power, AI Flow presents a new paradigm for AI development, emphasizing the importance of network infrastructure [70][71].

Core Points - On July 4, employees from China Telecom's Weifang Zhucheng branch successfully handled a vehicle fire incident, demonstrating their commitment to public safety and responsibility [3][6] - The incident occurred during a high-temperature day, with temperatures reaching 38°C, highlighting the challenging conditions under which the employees acted [3] - The quick response of the employees prevented the fire from spreading, saving an estimated economic loss of over 200,000 yuan [3] Summary by Sections - **Incident Description** - Employees Wang Fei and Di Shan Hui were on a client visit when they noticed a truck on fire due to high temperatures [3] - They quickly borrowed a fire extinguisher and managed to control the fire within one minute, preventing further damage [3] - **Employee Actions and Recognition** - The employees' actions were praised by firefighters for their safety awareness and quick response [3] - Di Shan Hui emphasized that their actions were a small effort that any responsible person would undertake [6] - **Company Values and Future Commitment** - The employees expressed their dedication to customer service and public safety, aligning with the company's mission of serving the community [6] - They plan to continue integrating responsibility into their customer service efforts to contribute to a harmonious society [6]

日前，世界数字科学院(WDTA)在联合国日内瓦总部正式发布AI STR系列新标准《AI智能体运行安全测 试标准》，标准由蚂蚁集团、清华大学、中国电信（601728）牵头，联合普华永道、新加坡南洋理工大 学、美国圣路易斯华盛顿大学等二十余家国内外机构、企业及高校共同编制，为全球首个单智能体运行 安全测试标准。该标准针对智能体跨越"语言墙"所带来的"行为"风险，首次将输入输出、大模型、 RAG、记忆和工具五个关键链路与运行环境对应起来，构建了全链路风险分析框架；同时，细分了智 能体风险类型，完善并创新提出了模型检测、网络通信分析和工具模糊测试等测试方法，弥补了智能体 安全测试技术标准的空白。(支付宝技术官方公众号) ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The global satellite internet construction is accelerating, with Starlink leading the industry. By June 2025, Starlink has launched nearly 9,000 satellites, serving over 5 million users across more than 100 countries. The project is expected to generate over $8 billion in revenue in 2024 and potentially exceed $11 billion in 2025 [2][20]. - China's satellite internet is entering a rapid development phase, with plans for three satellite constellations. Recent leadership changes in satellite internet companies indicate a push for technological breakthroughs and business model innovations [2][3]. Summary by Sections 1. Global Satellite Internet Acceleration - By June 2025, Starlink has launched nearly 9,000 satellites, with a user base surpassing 5 million and revenue projections of over $8 billion in 2024 and $11 billion in 2025 [2][20]. - China's satellite internet has initiated the deployment of multiple satellite constellations, with significant advancements in satellite launches and leadership changes in key companies [2][3]. 2. Business Models: Direct-to-Cell and Laser Communication - The Direct-to-Cell (DTC) model is set for large-scale application, with China Telecom planning to promote satellite direct connection services extensively by 2024. By May 2025, over 30 direct connection models are expected to be released, with annual sales projected to exceed 16 million units [3]. - Laser communication technology is anticipated to become a standard in satellite internet, with significant advancements already demonstrated by private companies in China [3]. 3. Rocket Breakthroughs - China's private rocket companies are rapidly iterating technologies, with notable advancements in reusable rockets and liquid propulsion systems. For instance, Blue Arrow Aerospace's "Zhuque-3" rocket is designed to match SpaceX's Falcon 9 in payload capacity [4]. 4. Investment Recommendations - The commercial space sector in China is poised for rapid growth, with the satellite internet market expected to reach nearly 100 billion yuan in the next five years. The private rocket market is projected to exceed 30 billion yuan [4]. Key companies to watch include those in the private rocket supply chain and satellite internet communication payload suppliers [4].