Core Points - Huang Xudan, former General Manager of the Audit Department at China Telecom Group, has been reassigned as a full-time external director at a state-owned enterprise [1][3] - Huang, born in 1969, is 56 years old and has not yet reached the typical retirement age for second-level cadres at 58 [3] - Huang has a long-standing career in financial management and auditing, having previously held significant positions at China Unicom and China Telecom [3][4] Summary by Sections - **Career Background** - Huang Xudan started her career at China Unicom, quickly rising to the position of Deputy General Manager of the Finance Department [3] - In 2008, she transitioned to China Telecom when the C network was transferred from Unicom, becoming Deputy General Manager of the Finance Department at China Telecom [3] - She was promoted to Chairman of Tianyi Financing Leasing Company in 2021 and later became General Manager of China Telecom Finance Company [3] - In 2023, she took over as General Manager of the Audit Department, a position she has now vacated [3] - **Reputation and Recognition** - Huang is recognized for her low-profile yet diligent work ethic, having been entrusted with multiple key roles, including Chairperson of the Supervisory Board of China Tongfu and Tianyi Cloud Technology Company [4] - Her annual pre-tax salary for 2024 is reported to be 740,000 [4]

Core Viewpoint - Changfei Optical Fiber (601869) and its cable segment saw a significant stock price increase, attributed to advancements in optical fiber technology and growing demand driven by AI computing needs [1] Company Summary - Changfei Optical Fiber's stock rose over 8% during trading, closing at 36.2 HKD with a transaction volume of 554 million HKD [1] - The company is positioned to benefit from the advancements in hollow-core fiber technology, which is expected to be a strategic growth lever [1] Industry Summary - China Telecom (601728) achieved a milestone by successfully completing the world's first transmission experiment using hollow-core fiber over a distance exceeding 100 kilometers, setting a new record in the field [1] - The experiment's four core indicators reached globally leading levels, indicating significant progress in quantum-classical co-transmission technology [1] - According to Zhongtai Securities (600918), the explosion of AI computing power demand in 2025 will be a key driver for optical fiber demand, with data centers transitioning to 800G/1.6T networks [1] - UBS highlighted the long-term development potential of hollow-core fiber, predicting that technology will mature over the next 2-3 years, contributing significantly to revenue, although short-term profit impacts remain limited [1]

Core Viewpoint - China Telecom has successfully completed the world's first transmission experiment using hollow-core fiber over a distance exceeding 100 kilometers, marking a significant breakthrough in quantum-classical co-fiber transmission technology [1] Company Summary - Longi Fiber Optic Cable (06869) saw its stock price increase by over 8% during trading, closing at 36.2 HKD with a transaction volume of 554 million HKD [1] - UBS indicates that hollow-core fiber has long-term development potential, with expectations for technology maturation and significant revenue contributions in the next 2-3 years, although short-term impacts on profitability remain limited [1] Industry Summary - According to Zhongtai Securities, the explosion in AI computing power demand will be the main driver for fiber optic demand by 2025, as data centers transition to 800G/1.6T networks to ensure training efficiency for large AI clusters [1] - Hollow-core fiber is viewed as the ultimate solution for internal communication within AI clusters and ultra-low latency data center interconnects (DCI) [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (72.20%), Gree Power Environmental (69.27%), and COSCO Shipping Energy (69.13%) [1][2] - Xiaomi Group, Tencent Holdings, and Industrial and Commercial Bank of China saw the largest increases in holding amounts over the last five trading days, with increases of +27.92 billion, +13.92 billion, and +12.90 billion respectively [1][2] - The largest decreases in holding amounts were observed in the Yingfu Fund (-62.67 billion), Hang Seng China Enterprises (-21.20 billion), and Hua Hong Semiconductor (-9.12 billion) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 100.21 billion shares, representing 72.20% [2] - Gree Power Environmental (01330) has a holding of 2.80 billion shares, representing 69.27% [2] - COSCO Shipping Energy (01138) has a holding of 8.96 billion shares, representing 69.13% [2] Group 2: Recent Increases in Holdings - Xiaomi Group (01810) increased its holding by +27.92 billion, with a change of +68.45 million shares [2] - Tencent Holdings (00700) increased its holding by +13.92 billion, with a change of +2.23 million shares [2] - Industrial and Commercial Bank of China (01398) increased its holding by +12.90 billion, with a change of +200.68 million shares [2] Group 3: Recent Decreases in Holdings - Yingfu Fund (02800) decreased its holding by -62.67 billion, with a change of -240.49 million shares [3] - Hang Seng China Enterprises (02828) decreased its holding by -21.20 billion, with a change of -22.67 million shares [3] - Hua Hong Semiconductor (01347) decreased its holding by -9.12 billion, with a change of -11.37 million shares [3]

Core Points - Jiangsu Province signed a strategic cooperation agreement with China Telecom Group on November 17, aiming to enhance collaboration in digital economy development and infrastructure construction [1] Group 1: Strategic Cooperation - The agreement is seen as a catalyst for deepening cooperation in new infrastructure, emerging industries, and social governance [1] - Jiangsu's leadership expressed gratitude for China Telecom's support in the province's development [1] Group 2: Digital Economy Development - Jiangsu is focusing on the integration of the real economy and digital economy, leveraging opportunities in digitalization, networking, and intelligence [1] - China Telecom plans to implement the "Smart Cloud Jiangsu" initiative, collaborating closely with research institutions and enterprises across the industry chain [1] Group 3: Future Prospects - Both parties aim to contribute significantly to the construction of a digital China through their partnership [1] - The collaboration is expected to expand in breadth and depth, promoting mutual benefits [1]

省领导储永宏、赵岩，中国电信副总经理栾晓维分别参加有关活动。 信长星、刘小涛感谢中国电信长期以来对江苏发展的大力支持。信长星说，党的二十届四中全会对深入 推进数字中国建设作出战略部署。江苏正牢牢把握数字化、网络化、智能化发展机遇，全面实施"人工 智能+"行动，促进实体经济和数字经济深度融合，不断塑造发展新动能新优势。希望双方以新一轮战 略合作协议签署为契机，围绕新型基础设施建设、新兴产业和未来产业培育、民生服务和社会治理等方 面继续深化合作，共同为数字中国建设贡献更大力量。 柯瑞文表示，江苏拥有坚实的产业基础、丰富的应用场景，数字经济发展走在前列。中国电信将发挥自 身优势，深入实施"智云江苏"行动，与科研机构和产业链上下游企业密切协作，进一步拓展与江苏合作 的广度和深度，努力实现互利共赢。 本报讯 （记者 黄伟 王拓） 11月17日，我省与中国电信（601728）集团签署战略合作协议。省委书记信 长星、省长刘小涛会见中国电信集团董事长柯瑞文一行。 ...

Core Points - Jiangsu Province signed a strategic cooperation agreement with China Telecom on November 17, emphasizing the importance of digital economy development and collaboration in new infrastructure and emerging industries [1] Group 1: Strategic Cooperation - The agreement aims to deepen cooperation in new infrastructure construction, emerging industries, and social governance [1] - Jiangsu's leadership expressed gratitude for China Telecom's support in the province's development [1] Group 2: Digital Economy Development - Jiangsu is focusing on digitalization, networking, and intelligence to enhance its economic growth [1] - China Telecom plans to leverage its strengths to implement the "Smart Cloud Jiangsu" initiative, collaborating closely with research institutions and industry partners [1]

Core Viewpoint - China Telecom has successfully completed a transmission experiment of over 100 kilometers using hollow-core optical fibers, setting a new record in the field [1] Group 1: Technological Breakthrough - The joint transmission of quantum and classical signals is a key bottleneck for the large-scale deployment of quantum communication [1] - The research team proposed an innovative spectrum collaborative allocation mechanism, achieving efficient and stable joint transmission of quantum and classical signals, addressing the interference issue in traditional solid-core fibers [1] Group 2: Industrial Implications - The industrialization prospects of this technological breakthrough are widely regarded as promising, injecting innovative momentum into multiple fields [1] - In network construction, this technology can significantly reduce the integration deployment costs of quantum communication with existing classical communication networks, accelerating the large-scale implementation of quantum communication and promoting the rapid development of related industries [1] Group 3: Recent Achievements - China Telecom has been continuously focusing on quantum-related innovative technologies, recently achieving new results in quantum computing [1] - The superconducting quantum computer "Tianyan-287," equipped with the same chip as "Zuchongzhi No. 3," has officially started operation, demonstrating "quantum superiority" by processing specific problems 450 million times faster than the fastest supercomputer currently available [1]

Group 1 - The report highlights the sustained demand for computing power, with significant growth expected in the AI infrastructure sector driven by domestic advancements in computing chips and increased capital expenditure from cloud service providers [2][3]. - The domestic AI infrastructure is anticipated to experience rapid growth by 2026, following a slight dip in expectations due to external factors such as the ban on NVIDIA chips [2]. - The report emphasizes the structural alpha opportunities within the industry, particularly in segments like optical modules, liquid cooling, switches, and power supplies, as the demand for AI computing continues to rise [2]. Group 2 - The report indicates that the terminal AI market is on the verge of significant expansion, with policy support and ecosystem development expected to drive growth in 2026 [3]. - Innovations in products, such as Meta's AI glasses, are likely to accelerate the market penetration of terminal AI applications [3]. - The report suggests that the industry is transitioning from a phase of thematic catalysts to one of performance realization, with the emergence of "hit products" expected to further boost the sector [3]. Group 3 - The telecommunications sector is currently experiencing a phase of capital expenditure reduction, business restructuring, and increasing dividend payouts, which positions it favorably for investors [4]. - The report notes that the telecommunications sector has shown resilience, with profit growth outpacing revenue growth, and a stable or increasing dividend yield in a low-interest-rate environment [4]. - Emerging business areas, particularly in AI and satellite communications, are expected to contribute to a second growth curve for telecommunications companies [4]. Group 4 - The North American AI sector has seen a remarkable increase in capital expenditure, with projections indicating that spending could exceed $600 billion by 2026, driven by robust demand for AI services [12][13]. - The report outlines that the AI computing market is characterized by a dual demand for training and inference, with inference demand expected to surpass training demand in the near future [35][36]. - The report highlights the importance of energy management solutions, such as 800 VDC systems, in addressing the rising power consumption associated with AI data centers [69][70].

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.14%, COSCO Shipping Energy (01138) at 69.18%, and GCL-Poly Energy (01330) at 69.09% [1][2] - Xiaomi Group-W (01810), Pop Mart (09992), and Industrial and Commercial Bank of China (01398) saw the largest increases in holding amounts over the last five trading days, with increases of +34.20 billion, +12.67 billion, and +11.24 billion respectively [1][2] - The largest decreases in holding amounts were observed in the Tracker Fund of Hong Kong (02800) at -58.33 billion, Alibaba Group-W (09988) at -40.89 billion, and Hang Seng China Enterprises Index (02828) at -18.98 billion [1][3] Group 1: Top Holding Ratios - China Telecom (00728) has a holding ratio of 72.14% with 10.013 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 69.18% with 0.897 billion shares [2] - GCL-Poly Energy (01330) has a holding ratio of 69.09% with 0.279 billion shares [2] Group 2: Recent Increases in Holdings - Xiaomi Group-W (01810) increased by +34.20 billion with a change of +81.51 million shares [2] - Pop Mart (09992) increased by +12.67 billion with a change of +5.83 million shares [2] - Industrial and Commercial Bank of China (01398) increased by +11.24 billion with a change of +172.61 million shares [2] Group 3: Recent Decreases in Holdings - Tracker Fund of Hong Kong (02800) decreased by -58.33 billion with a change of -219.93 million shares [3] - Alibaba Group-W (09988) decreased by -40.89 billion with a change of -26.39 million shares [3] - Hang Seng China Enterprises Index (02828) decreased by -18.98 billion with a change of -19.89 million shares [3]