Core Viewpoint - The communication sector is experiencing significant growth driven by advancements in artificial intelligence (AI) and increased capital expenditure from domestic and international cloud service providers [1]. Group 1: Market Performance - As of November 26, 2025, the Guozheng Communication Index surged by 5.63%, with notable increases in constituent stocks such as Zhongji Xuchuang (up 13.91%), Xinwei Communication (up 10.38%), and Xinyi Sheng (up 10.10%) [1]. - The top ten weighted stocks in the Guozheng Communication Index account for 66.96% of the index, including Zhongji Xuchuang, Xinwei Communication, and ZTE Corporation [1]. Group 2: Industry Trends - Google is leveraging its breakthroughs in AI models to challenge Nvidia, while Meta is negotiating with Google for the use of TPU chips worth billions in its data centers by 2027 [1]. - The ongoing AI arms race is expected to drive demand for computing power, with the communication sector positioned as a key player in this growth [1]. - The "14th Five-Year Plan" emphasizes the acceleration of a new technological revolution and industrial transformation, highlighting the importance of AI applications [1]. Group 3: Investment Opportunities - The Communication ETF (159695) closely tracks the Guozheng Communication Index, providing an easy way to invest in the optical communication industry [2]. - Investors can also consider the Communication ETF linked fund (019072) to capitalize on investment opportunities arising from the AI transformation in the optical communication sector [3].

南向资金对港股通标的股的整体持股比例为19.38%，244只个股南向资金持股比例超20%。 注：统计范围为港股通标的股，持股量占比来自香港交易所官网。本文系新闻报道，不构成投资建议， 股市有风险，投资需谨慎。 以港交所行业分类进行统计，南向资金持股比例超20%的个股主要集中在医疗保健业、工业、金融业等 行业，分别有56只、37只、34只个股。（数据宝） 南向资金持有比例较高的港股 | | | 持股量 | 占已发行 | 收盘价 | 日涨跌幅 | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | | 股份比例 | | | 行业 | | | | （万股） | | （港元） | （%） | | | | | | （%） | | | | | 00728 | 中国电信 | 1008296.76 | 72.65 | 5.960 | -0.17 | 电讯业 | | 01635 | 大众公用 | 37713.80 | 70.66 | 4.320 | 13.39 | 公用事业 | | 01330 | 绿色动力环保 | 28104.50 | 69.50 | 5.490 ...

Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (72.65%), Da Zhong Gong Yong (70.66%), and Green Power Environmental (69.50%) [1][2] - Alibaba-W, Xiaomi Group-W, and Tencent Holdings saw the largest increases in shareholding amounts over the last five trading days, with increases of 4.412 billion, 3.153 billion, and 1.752 billion respectively [1][2] - WuXi Biologics, Crystal International, and Ganfeng Lithium experienced the largest decreases in shareholding amounts over the last five trading days, with decreases of 547 million, 503 million, and 300 million respectively [1][3] Shareholding Ratios - The latest shareholding ratios for the top 20 companies in Hong Kong Stock Connect are led by: - China Telecom (100.83 billion shares, 72.65%) - Da Zhong Gong Yong (3.77 billion shares, 70.66%) - Green Power Environmental (2.81 billion shares, 69.50%) [2] Recent Increases in Shareholding - The top 10 companies with the largest increases in shareholding over the last five trading days include: - Alibaba-W: +4.412 billion (27.96 million shares) - Xiaomi Group-W: +3.153 billion (78.16 million shares) - Tencent Holdings: +1.752 billion (2.80 million shares) [2] Recent Decreases in Shareholding - The top 10 companies with the largest decreases in shareholding over the last five trading days include: - WuXi Biologics: -547 million (17.18 million shares) - Crystal International: -503 million (49.52 million shares) - Ganfeng Lithium: -300 million (6.04 million shares) [3]

Core Insights - The Ministry of Industry and Information Technology has officially launched a two-year commercial trial for satellite IoT services, aiming to enrich the satellite communication market, stimulate market vitality, enhance service capabilities, and establish a safety regulatory system [1] Group 1: Understanding Satellite IoT - Satellite IoT utilizes satellite communication technology to provide data collection and transmission services for a vast array of IoT devices across ground, ocean, and air [2] - It offers wide-area IoT connectivity for various terminals, including data collection terminals, wearable devices, handheld terminals, and transportation vehicles like cars, ships, and aircraft [2] - Satellite IoT addresses communication gaps in remote areas, sky, and ocean where traditional terrestrial networks cannot reach, providing global coverage [2] Group 2: Role in Emerging Industries - Satellite IoT can achieve global real-time tracking and data transmission for low-altitude aircraft, addressing communication shortcomings in the low-altitude economy [3] - In sectors like drone logistics, satellite IoT mitigates issues of signal interruption due to insufficient ground station coverage, enhancing flight safety and efficiency [3] - The technology is expected to attract more capital and resources into the low-altitude sector, promoting collaborative development across the drone manufacturing, airspace management, and data service industries, creating a virtuous cycle of "technology-scenario-industry" [3] Group 3: Future Development of "Internet of Everything" - China's satellite communication sector has accelerated, with recent policy initiatives aimed at optimizing business access and promoting industry development [4] - Major telecom companies, including China Telecom, China Mobile, and China Unicom, have obtained operational qualifications for satellite mobile communication, enabling services like direct satellite connections for emergency communications and remote area connectivity [4] - China Telecom has launched a trial for its "Tiantong + Beidou" domestic satellite-based high-precision positioning service, targeting areas with weak or no network coverage, enhancing support for scenarios like drone inspections and low-altitude navigation [4]

Core Viewpoint - The report from Zhongyuan Securities indicates that a series of AI industry catalytic events will occur in 2026, strengthening the leading position of top optical module manufacturers due to their technological, customer, and scale advantages. The current valuation of the communication industry index is below the ten-year average, and the industry maintains a "stronger than the market" investment rating based on performance growth expectations and valuation levels [1][2]. Summary by Sections Review of 2025 - In early 2025, the DeepSeek large model boosted market sentiment, and the three major operators completed the deployment of DeepSeek computing power private networks, enhancing their cloud service capabilities. Domestic cloud manufacturers provided positive capital expenditure guidance, leading to an increase in industry valuations. However, from February to April, the industry index experienced significant fluctuations due to concerns over U.S. tariff policies and future demand for optical modules. By mid-April, the easing of tariff policies and validation of AI computing power demand led to a gradual recovery in the industry index and valuations. In late July, North American cloud manufacturers raised their capital expenditure guidance, further catalyzing the industry. Since September, leading manufacturers faced short-term performance fatigue due to product iterations and customer structure adjustments, raising concerns about unclear downstream business models [2]. Outlook for 2026 - A series of AI industry catalytic events are expected, including the mass production of NVIDIA's next-generation Rubin GPU, the release of Google's new large model Gemini, and clear capital expenditure guidance from cloud manufacturers. AI smartphones equipped with large models are anticipated to become personalized smart assistants, potentially driving the next wave of smartphone upgrades. The development of key 6G technologies by telecom operators is expected to accelerate revenue growth from AI computing power. The report is optimistic about the high industry prosperity and strong growth potential of optical modules, optical devices, optical chips, and the increasing penetration of AI smartphones, as well as the stable operations of quality dividend assets in telecom operators [3][4]. Capital Expenditure Outlook for Leading Cloud Manufacturers - The demand for 800G is increasing, and the industry is transitioning from 800G to 1.6T technology. Leading optical module manufacturers are expected to further highlight their advantages due to technological leadership, stable customer relationships, and scalable delivery capabilities. The development of AI is driving the construction of large data centers, benefiting optical device manufacturers. The long R&D and expansion cycles for optical chips create high barriers in technology, talent, customer validation, and capital, leading to a persistent supply-demand gap for certain optical chips. The increasing demand for domestic controllable solutions is expected to translate into performance for domestic computing power. Recommended companies to watch include: NewEase, Huagong Technology, Guangxun Technology, Yuanjie Technology, Shijia Photon, and Taicheng Light [4]. AI Smartphones and Market Trends - Generative AI smartphones are set to provide users with new interactive experiences, multimodal content generation capabilities, personalized services, and innovative application ecosystems. The continuous improvement of edge AI computing power and large model capabilities is expected to further increase the market penetration of AI smartphones. Innovations and upgrades in AI smartphones are likely to lead to higher average selling prices and improved profit margins. The growth in edge AI shipments will drive sustained growth in core product lines of consumer electronics components [5]. Telecom Operators' Performance - The three major telecom operators are considered quality dividend assets with high dividend yield potential, offering cash dividends twice a year. The quality of traditional business revenue is improving, and a decrease in capital expenditure is expected to lower future depreciation and amortization costs, maintaining stable operations. Additionally, telecom operators are likely to leverage their advantages in data centers, big data, and network infrastructure to reconstruct business models with the help of AI. Investment recommendations include focusing on the optical module, optical device, and optical chip sectors, as well as AI smartphone and telecom operator sectors [6].

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.44%, Green Power Environmental (01330) at 69.47%, and Da Zhong Public Utilities (01635) at 69.41% [1][2] - Alibaba-W (09988), Tracker Fund of Hong Kong (02800), and Xiaomi Group-W (01810) saw the largest increases in holding amounts over the last five trading days, with increases of +6.391 billion, +5.358 billion, and +2.533 billion respectively [1][2] - WuXi Biologics (02269), China Mobile (00941), and Crystal International (02228) experienced the largest decreases in holding amounts, with reductions of -612 million, -485 million, and -473 million respectively [1][3] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) holds 10.054 billion shares, representing 72.44% of its total [2] - Green Power Environmental (01330) holds 281 million shares, representing 69.47% of its total [2] - Da Zhong Public Utilities (01635) holds 370 million shares, representing 69.41% of its total [2] Recent Increases in Holdings - Alibaba-W (09988) saw an increase of +6.391 billion in holding amount, with a change of +41.368 million shares [2] - Tracker Fund of Hong Kong (02800) increased by +5.358 billion, with a change of +207.532 million shares [2] - Xiaomi Group-W (01810) increased by +2.533 billion, with a change of +65.508 million shares [2] Recent Decreases in Holdings - WuXi Biologics (02269) decreased by -612 million in holding amount, with a change of -19.247 million shares [3] - China Mobile (00941) decreased by -485 million, with a change of -5.542 million shares [3] - Crystal International (02228) decreased by -473 million, with a change of -46.770 million shares [3]

Core Insights - The 2025 China 5G+ Industrial Internet Conference opened in Wuhan, focusing on "Everything Connected, Intelligent Navigation" [2] - China Telecom showcased its innovative achievements in industrial digital transformation and smart manufacturing [2] Group 1: Technological Innovations - China Telecom presented its "Six Networks" industrial application achievements, which include mobile, broadband, IoT, satellite, visual, and computing networks, supporting diverse digital needs [2] - The company introduced advanced solutions such as industrial AI algorithm libraries and low-altitude economic platforms, highlighting its strong technical foundation in the 5G+ industrial internet sector [2] Group 2: AI and Data Capabilities - China Telecom developed a comprehensive large model technology system, the Starry Sky MaaS platform, which integrates services across the entire chain of computing, models, data, tools, and applications, catering to over 100 industry scenarios [2] - The Starry Sky Trusted Data Space aggregates an average of 1.6PB of multi-source data daily, providing high-quality data support for model training [2] Group 3: Industrial Internet Platforms - The "Yizhi Enterprise Procurement and Control Integration Platform" is designed to meet enterprise digital transformation needs, supporting over 300 industrial protocols and enabling flexible device access [3] - The "Yigong Cloud Industrial Internet Platform" targets small and medium-sized enterprises, offering low-cost, modular, and easily deployable digital solutions across 18 key industries [3] Group 4: Practical Applications - China Telecom showcased over 20 5G integrated application solutions in sectors such as energy, chemicals, automotive, and manufacturing, demonstrating its role in driving the intelligent upgrade of traditional industries [3] - Interactive experience zones featured robots and smart devices operating in simulated industrial environments, including a humanoid robot for automotive quality inspection using 5G deterministic networks [4] Group 5: Future Collaboration - China Telecom aims to continue its open cooperation philosophy, partnering with various stakeholders to advance the construction of a digital China and create a promising future for smart industries [4] - The conference included forums on satellite internet innovation, AI empowerment in industrial ecosystems, and collaboration across government, industry, academia, and research sectors [4]

Core Insights - The 2025 Quantum Technology and Industry Conference opened in Hefei, Anhui, showcasing significant achievements in quantum technology and industry [1] Quantum Technology Achievements - In superconducting quantum computing, "Zuchongzhi 3" set a new record for "quantum computing superiority" - In neutral atom quantum computing, a research team achieved AI-enabled control of a defect-free array of 2,024 atoms - In optical quantum computing, multi-bit continuous variable quantum entanglement was realized on an optical quantum chip for the first time - In quantum communication, a record was set for intercontinental quantum key distribution over 12,900 kilometers - In quantum precision measurement, the search detection limits for new physics were enhanced by 17 orders of magnitude [1] Quantum Industry Developments - China Telecom Group announced the world's largest, interconnected, and widely applicable quantum security infrastructure in the quantum communication field - State Grid Corporation of China launched a series of quantum encryption products aimed at distributed renewable energy - Keda Quantum Technology Co., Ltd. and China Telecom Quantum Group jointly released a superconducting quantum computing system solution designed for a scale of thousands of bits - China Electronics Technology Group Corporation introduced the XS1000 dilution refrigerator for superconducting quantum computers [1] Overall Impact - The concentrated release of these achievements signifies a leap in China's quantum technology across both fundamental research and industrial applications, injecting strong momentum into the economic and social development powered by quantum technology [1]

中國電信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 2025年12月16日舉行之H股類別股東會之代表委任表格 本人╱吾等 （附註1） China Telecom Corporation Limited 地址為 為本人╱吾等之代表，代表本人╱吾等出席上述公司於2025年12月16日上午十時正於中國北京市海淀區學院路42號中國 電信博物館舉行之H股 類 別 股 東 會（及 其 任 何 續 會）（「H股 類 別 股 東 會」或「大 會」），以 考 慮 並 酌 情 通 過 日 期 為2025年11月24 日 之H股 類 別 股 東 會 通 告（「H股 類 別 股 東 會 通 告」）所 載 之 決 議 案，並 於 該 大 會（及 其 任 何 續 會）上 代 表 本 人╱吾 等 以 本 人╱ 吾等之名義就下列決議案投票表決 （附註4） 。 | 1. | 審 議 及 批 准 關 於 修 訂《公 司 章 程》及 取 消 監 事 會 的 議 案。 | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2. | 特別決議案 審 議 ...

地址為 為上述公司股本中每股面值人民幣1.00元股份共 股H股 （附註2） 之登記持有人， 茲委任大會主席 （附註3） 或 地址為 為本人╱吾等之代表，代表本人╱吾等出席上述公司於2025年12月16日上午十時正於中國北京市海淀區學院路42號中國 電 信 博 物 館 舉 行 之 特 別 股 東 大 會（及 其 任 何 續 會）（「特 別 股 東 大 會」或「大 會」），以 考 慮 並 酌 情 通 過 日 期 為2025年11月24日 之 特 別 股 東 大 會 通 告（「特 別 股 東 大 會 通 告」）所 載 之 決 議 案，並 於 該 大 會（及 其 任 何 續 會）上 代 表 本 人╱吾 等 以 本 人╱吾 等 之 名義就下列決議案投票表決 （附註4） 。 China Telecom Corporation Limited 中國電信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 2025年12月16日舉行之特別股東大會之代表委任表格 （H股股東適用） 本人╱吾等 （附註1） | | 特別決議案 | 贊 成 （附註4） | 反 對 （附註4） | 棄 權 （附註4） | | ...