Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [4][7]. Core Insights - In January 2026, the communication industry index increased by 5.47%, outperforming the Shanghai Composite Index (+3.76%), CSI 300 Index (+1.65%), Shenzhen Component Index (+5.03%), and ChiNext Index (+4.47%) [3][13]. - The capital expenditure of the four major North American cloud providers is expected to grow significantly, with a projected increase of over 60% in 2026 [6][24]. - The procurement results for special optical cables by China Mobile indicate that eight manufacturers, including Tongding Interconnection and Yangtze Optical Fibre and Cable, have been selected, highlighting the focus on key sectors such as industrial manufacturing and digital government [6][7]. Summary by Sections Industry Performance - The communication industry index showed a strong performance in January 2026, with a 5.47% increase, outperforming major indices [3][13]. - Sub-sectors within the communication industry saw varied performance, with cable, other communication equipment, and system equipment rising by 19.70%, 10.72%, and 7.85% respectively [16]. Telecommunications Sector - In 2025, the telecommunications business revenue reached CNY 1.75 trillion, a year-on-year increase of 0.7% [6][45]. - By December 2025, 5G mobile phone users accounted for 65.9% of total mobile phone users, with a monthly data usage (DOU) of 23.04GB per user, reflecting a 17.0% year-on-year increase [6][45]. Cloud Infrastructure Investment - The combined capital expenditure of the four major North American cloud providers in Q4 2025 was USD 126 billion, marking a 62.0% year-on-year increase [24][25]. - For 2026, the total capital expenditure guidance for these providers exceeds USD 660 billion, with an expected growth of 61.0% [24][25]. AI and Smartphone Market - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [44]. - The global smartphone shipment is projected to grow by 2% in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market by 2025 [6][44]. Investment Recommendations - The report suggests focusing on companies involved in optical devices, optical chips, optical modules, and AI smartphones, including Tianfu Communication, ZTE, and China Mobile [7][6].

Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.62%, with 256 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds have become significant participants in the Hong Kong stock market, holding a total of 5021.32 million shares valued at 65711.64 billion HKD, representing 14.94% of the total market capitalization of the targeted stocks [1] Group 1: Shareholding Distribution - 256 stocks have a southbound fund shareholding ratio exceeding 20%, while 137 stocks are in the 10%-20% range, 91 stocks in the 5%-10% range, 80 stocks in the 1%-5% range, and 21 stocks below 1% [1] - The stock with the highest southbound fund shareholding is China Telecom, with 99.00 million shares, accounting for 71.33% of the issued shares [2] - Other notable stocks with high southbound fund holdings include Haotian International Investment at 69.79% and Green Power Environmental at 68.88% [2] Group 2: Industry Concentration - Southbound fund holdings exceeding 20% are primarily concentrated in the healthcare, industrial, and financial sectors, with 58, 40, and 35 stocks respectively [2] - A total of 136 AH concept stocks are among those with over 20% southbound fund holdings, making up 53.13% of that group [1] - In the 10%-20% holding category, AH stocks account for 20.44% [1]

智通财经APP获悉，根据2026年2月12日披露数据，中国电信（00728）、昊天国际建投（01341）、绿 色动力环保（01330）位居港股通持股比例前3位，分别为71.33%、69.79%、68.88%。此外，腾讯控股 （00700）、阿里巴巴－W（09988）、南方恆生科技（03033）在最近有统计数据的5个交易日内，持股 额增幅最大，分别为+99.96亿元、+34.58亿元、+24.12亿元;中国平安（02318）、山东黄金（01787）、 招金矿业（01818）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-5.71亿元、-5.66亿 元、-4.04亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 99.00亿股 | 71.33% | | 昊天国际建投(01341) | 77.44亿股 | 69.79% | | 绿色动力环保(01330) | 2.79亿股 | 68.88% | | 南方恆生科技(03033) | 101.67亿 ...

Core Viewpoint - The article discusses the revolutionary advancements in humanoid robotics, particularly focusing on the TextOp system developed by China Telecom's TeleAI team, which allows for real-time control of robots through natural language commands, moving away from pre-programmed actions to a more interactive and fluid user experience [2][10][36]. Group 1: Technological Innovations - TextOp introduces a streaming text command system that enables users to issue real-time instructions, allowing robots to seamlessly switch actions without pre-programming or remote control [2][10]. - The system employs a dual-layer architecture that separates high-level intention planning from low-level motion execution, ensuring that robots can maintain balance and coherence even when commands are modified mid-action [15][17]. - TextOp utilizes a unique motion representation tailored for robotic structures, ensuring that generated movements are both human-like and physically feasible [18][21]. Group 2: Performance Metrics - The research team conducted extensive real-world testing on the Unitree G1 humanoid robot, demonstrating its ability to perform a variety of skills, including dance and martial arts, with impressive fluidity and responsiveness [22][25]. - Quantitative evaluations showed that TextOp achieved a high success rate in action execution and trajectory quality, with user interaction latency measured at just 0.73 seconds, establishing a strong foundation for real-time applications [34]. Group 3: Application Prospects - TextOp has the potential to redefine human-robot interaction across various scenarios, such as live performance adjustments, sports training demonstrations, and intelligent remote operation in hazardous environments [36][37]. - The system addresses the long-standing challenge of mapping natural language to physical actions, paving the way for fully autonomous and versatile embodied intelligent robots [37][38].

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed at a gain of 0.86% with a trading volume of 116 million yuan on February 11 [1] - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 10, 2025, the fund's latest share count was 5.766 billion shares, with a total size of 6.088 billion yuan, reflecting a 1.50% increase in shares and a 7.16% increase in size year-to-date [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 24.42% and 10.08% respectively during their management periods [2] - The latest report indicates that the top holdings of the fund include China National Offshore Oil Corporation, China Shenhua Energy, China Petroleum & Chemical Corporation, and China Mobile, among others [2] Group 3 - The top holdings and their respective weights in the fund are as follows: - China National Offshore Oil Corporation: 10.04% with a market value of 571 million yuan - China Shenhua Energy: 9.99% with a market value of 568 million yuan - China Petroleum & Chemical Corporation: 9.82% with a market value of 558 million yuan - China Mobile: 9.65% with a market value of 548 million yuan - China National Petroleum Corporation: 8.21% with a market value of 467 million yuan - COSCO Shipping Holdings: 5.74% with a market value of 326 million yuan - China Telecom: 4.76% with a market value of 270 million yuan - China Unicom: 3.14% with a market value of 179 million yuan - China Tower: 2.83% with a market value of 161 million yuan - China Merchants Bank: 2.07% with a market value of 118 million yuan [3]

Group 1 - The Digital Economy ETF ICBC (561220) opened at a decline of 0.26%, priced at 1.535 yuan [1] - Major holdings in the Digital Economy ETF include companies like SMIC, which fell by 1.89%, and Haiguang Information, which dropped by 1.54% [1] - The fund's performance benchmark is the China Securities Index for State-Owned Enterprises in the Digital Economy, managed by ICBC Credit Suisse Asset Management [1] Group 2 - Since its inception on May 21, 2025, the fund has achieved a return of 54.05%, while its return over the past month has been -0.65% [1] - The fund manager is Shi Baojiao, indicating a specific leadership in managing the ETF [1]

Core Viewpoint - The announcement from China Telecom Qinghai Branch addresses the issuance of a special VAT invoice to Mutual Country Garden Real Estate Development Co., Ltd., which has not made payment and is currently uncontactable. The company outlines the necessary steps for rectifying the situation and the implications of non-compliance [1]. Group 1 - The VAT invoice issued on February 10, 2023, amounts to 4,716.98 yuan with a tax amount of 283.02 yuan [1]. - The recipient company has been uncontactable since February 14, 2026, prompting the need for this announcement [1]. - The company requests the recipient to contact them within five working days from the date of the announcement to process the red invoice [1]. Group 2 - If the recipient fails to cooperate within the specified timeframe, the company will apply for unilateral red invoice processing with the tax authorities [1]. - Any tax risks arising from the recipient's uncontactable status will be borne by the recipient company [1].

Group 1 - The Ministry of Industry and Information Technology, along with four other departments, issued an implementation opinion to enhance the capabilities of the information and communication industry to support low-altitude infrastructure development, aiming for a nationwide ground mobile communication network coverage rate of no less than 90% by 2027 [1] - The opinion emphasizes the continuous improvement of technical foundation, industrial supply capacity, network support capability, and security assurance capability in the information and communication sector [1] - The document outlines the goal of developing at least 10 information infrastructure standards and creating typical low-altitude application scenarios in urban governance, logistics, and cultural tourism by 2027 [1] Group 2 - China Mobile is enhancing new information infrastructure construction, aiming to build an integrated low-altitude smart network system, with applications already in 160 cities and covering over 1,000 kilometers of flight routes [2] - China Telecom is focusing on key technologies for low-altitude connectivity and has made significant progress in establishing a robust low-altitude network foundation, actively participating in standard-setting and policy formulation [2][3] - China Tower is leveraging its extensive site resources to support low-altitude economic development, integrating various intelligent sensing devices into its digital towers to meet the demands of the low-altitude economy [3] Group 3 - The recent acceleration of policy implementation is expected to strengthen the institutional support system for low-altitude economic development, with more supporting policies anticipated to be introduced [4] - The low-altitude economic development strategy is becoming clearer, with ongoing national policy support expected to continue, paving the way for the industry [4]

Group 1 - The core announcement is the election of Zhang Wenqiang as the chairman and legal representative of GuoDun Quantum, following the company's first extraordinary shareholders' meeting of 2026 and the 22nd meeting of the fourth board of directors [1][3] - Zhang Wenqiang, previously a senior official at China Telecom Group, has taken on the role of chairman of GuoDun Quantum just one month after becoming the chairman and general manager of China Telecom Quantum Information Technology Group [1][3] - The board of directors also approved the resignation of certain directors and elected Zhang Wenqiang and Gan Yu as non-independent directors, with their term lasting until the current board's term ends [3] Group 2 - Zhang Wenqiang's career reflects a dual development in technology and management, having worked extensively in network maintenance, technical research, and project management at China Telecom Group [3] - The establishment of China Telecom Quantum Group in 2023 is a key part of China Telecom's strategy in the quantum field, highlighting the importance of quantum communication for future information security [4] - In January 2025, China Telecom Quantum Group became the controlling shareholder of GuoDun Quantum through a subscription for newly issued shares, with the actual controller changing to the State-owned Assets Supervision and Administration Commission of the State Council [4]

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed at a 0.58% increase with a trading volume of 120 million yuan on February 10 [1] - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 9, 2025, the fund's latest share count was 5.766 billion shares, with a total size of 6.036 billion yuan, reflecting a 1.50% increase in shares and a 6.24% increase in size year-to-date [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 24.42% and 10.08% respectively during their management periods [2] - The fund's top holdings include China National Offshore Oil Corporation, China Shenhua Energy, China Petroleum & Chemical Corporation, and China Mobile, among others, with significant weightings [2][3] - The top holding, China National Offshore Oil Corporation, accounts for 10.04% of the portfolio, with a market value of 571 million yuan [3]