Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (72.88%), Power Assets Holdings (69.70%), and GCL-Poly Energy Holdings (69.23%) [1][2] - The largest increases in holdings over the last five trading days were seen in the Tracker Fund of Hong Kong (+2.874 billion), Xiaomi Group-W (+1.552 billion), and Meituan-W (+925 million) [1][2] - The largest decreases in holdings were recorded for Tencent Holdings (-2.444 billion), SMIC (-1.011 billion), and Zijin Mining (-646 million) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 10.115 billion shares, representing 72.88% [2] - Power Assets Holdings (01635) has a holding of 372 million shares, representing 69.70% [2] - GCL-Poly Energy Holdings (01330) has a holding of 280 million shares, representing 69.23% [2] Group 2: Recent Increases in Holdings - Tracker Fund of Hong Kong (02800) saw an increase of +2.874 billion in holdings, with a change of +11.06275 million shares [2] - Xiaomi Group-W (01810) experienced an increase of +1.552 billion in holdings, with a change of +3.64502 million shares [2] - Meituan-W (03690) had an increase of +925 million in holdings, with a change of +930.15 thousand shares [2] Group 3: Recent Decreases in Holdings - Tencent Holdings (00700) had a decrease of -2.444 billion in holdings, with a change of -404.04 thousand shares [3] - SMIC (00981) saw a decrease of -1.011 billion in holdings, with a change of -1.40754 million shares [3] - Zijin Mining (02899) experienced a decrease of -646 million in holdings, with a change of -1.90246 million shares [3]

Core Insights - The year 2025 is anticipated to be the "year of intelligent agents," with a consensus emerging in the industry that large models must be integrated into specific scenarios to solve complex tasks for commercial viability [1] - The release of China Telecom's Starry Intelligent Agent Service Platform 1.0 aims to address current pain points in AI development, particularly the issue of users navigating multiple apps to complete cross-scenario tasks [1][2] Group 1: Platform Features - The Starry Intelligent Agent Service Platform 1.0 is built on a "central control engine and multi-scenario intelligent agent collaborative architecture," focusing on AI restructuring basic services to create a comprehensive intelligent service ecosystem [2] - The "Starry Little Chen" intelligent agent serves as a unified entry point across devices, allowing users to issue complex tasks without switching between multiple apps, emphasizing compatibility, simplicity, and openness [2][3] Group 2: Core Capabilities - The platform's "dialogue-as-a-service" experience is supported by four core capabilities, with the model capability acting as the brain of the intelligent agent, featuring a tree structure for rapid routing and deep understanding of user intent [3] - Memory capability enhances user engagement by creating user profiles through a data feedback loop, allowing the system to recognize user preferences and improve service personalization over time [3] Group 3: Industry Transformation - The launch of the Starry Intelligent Agent Service Platform 1.0 signifies a shift for telecom operators from being mere "connectivity service providers" to "intelligent service enablers," driven by policy incentives, technological advancements, and increasing market demand [4][5] - The integration of intelligent agents is seen as a strategic opportunity for telecom operators to reclaim their position in the value chain, especially as the digital economy evolves and user demands for personalized services grow [5][6] Group 4: Market Opportunities - The unified entry point "Starry Little Chen" aims to connect various scenarios such as communication, home services, payments, and tourism, providing ecosystem partners with access to a vast user base without the need for multiple system integrations [6] - Analysts believe that the "platform + ecosystem" model could significantly enhance value-added services and data operation revenues for telecom operators if successfully implemented [6]

中证报中证网讯（记者 武卫红）12月4日至7日，中国电信2025数智科技生态大会在广州举办。在大会 举办之际，中国电信于12月4日-5日举办中国电信控股上市公司集中路演活动。 本次活动由中国电信集团有限公司、中国电信股份有限公司、中国通信服务股份有限公司、新国脉数字 文化股份有限公司、北京辰安科技股份有限公司、科大国盾量子技术股份有限公司共同承办，中国电信 集团市场部、财务部、云网发展部、科技创新部、资本运营部、云公司、AI公司、电信股份投资者关 系部主要负责人及中国通信服务、国脉文化、辰安科技、国盾量子等上市公司管理层共同出席，与投资 者互动交流。 本次活动还特别组织投资者、分析师参与2025数智科技生态大会主论坛及特色展区参观活动，全面展示 中国电信"云改数转智惠"战略升级成效，让投资者近距离感受企业在算力、平台、数据、模型、应用等 方面的科技创新成果与战新业务布局，通过沉浸式体验与深度交流，进一步增进了对中国电信及控股上 市公司投资价值的认同。投资者对中国电信精准把握人工智能发展机遇，乘势推动企业战略向"云改数 转智惠"全面升级、全方位拥抱人工智能的发展路径表示高度认可，进一步增强了长期投资信心。 中国 ...

中国电信股份有限公司 2025 年第一次临时股东大会 2025 年第二次 A 股类别股东会 和 2025 年第二次 H 股类别股东会 会议资料 2025 年 12 月 16 日 中国电信股份有限公司 2025 年第一次临时股东大会 2025 年第二次 A 股类别股东会和 2025 年第二次 H 股类别股东会会议资料 目 录 | | | 会议议程............................................................................................................... 3 2025 年第一次临时股东大会会议资料： 议案一：关于修订《中国电信股份有限公司章程》及取消监事会的议案 .. 6 议案二：关于修订《中国电信股份有限公司股东大会议事规则》的议案 .. 8 议案三：关于修订《中国电信股份有限公司董事会议事规则》的议案 .... 10 议案四：关于选举李惠光先生为公司独立董事的议案................................. 11 议案五：关于公司独立董事候选人薪酬方案的议案......... ...

12月4日-7日，中国电信"2025数智科技生态大会"在广州举办。大会以"智能领航 智惠共生"为主题，充分展现中国电信"云改数转智惠"战略升级成果， 全面展示"五位一体"的智能云体系技术突破与生态应用，吸引了千余名政企学界重要嘉宾齐聚羊城，共同聚焦人工智能与数智科技深度融合的前沿趋势，共 话人工智能赋能产业变革的实践路径。 刘桂清 本次论坛邀请政府及企业专家代表围绕两大核心话题深入交流，凝聚行业发展共识。来自航天科技、中国电子、中国中车及中国电信嘉宾围绕"中央企 业AI+行动"话题，分享了本企业发挥自身优势加快推动AI赋能产业焕新的实践经验，充分彰显了央企在落实国务院国资委"AI+"专项行动上的责任感和使命 感。在"全栈智能云体系对AI发展的作用"话题中，来自高通、华为、中兴、库帕思、云深处、黑湖科技等企业的嘉宾从多维度探讨如何构建智能云体系生 态，为人工智能的规模发展做好能力、产品和服务基础的准备。 大会现场还举行了息壤智能云生态联盟成立仪式、国资央企领域可信数据空间发布仪式、星辰智能体生态联盟成立仪式、中国电信信创产业联盟成立仪 式等四项合作仪式。 除主论坛外，中国电信还携手广大生态合作伙伴，组织了12场 ...

Core Viewpoint - The article emphasizes the importance of inclusive childcare services in promoting family happiness and population development, highlighting Jining's efforts to establish a comprehensive and innovative childcare service system supported by digital technology [1][2]. Group 1: Government and Policy Initiatives - Jining has prioritized the construction of an inclusive childcare service system as a key livelihood project, integrating it into the government's annual action plan for three consecutive years [1]. - The city has established a multi-faceted development path involving government guidance, state-owned enterprise leadership, social participation, and collaboration across city and county levels [2]. - A comprehensive policy framework has been developed, including 28 specific measures across 10 categories to support the development of childcare services [2]. Group 2: Digital Transformation in Childcare - China Telecom's Jining branch has implemented a "smart management cloud platform" that utilizes 5G, cloud computing, IoT, big data, and AI to enhance childcare management [1][3]. - The platform features a "one network and six platforms" system, which includes a childcare portal and focuses on government management, institution operation, parent services, quality assessment, child health, and staff training [3]. - The platform allows for real-time monitoring of 910 childcare institutions, integrating over 45,000 childcare spots, and achieving high registration rates and per capita childcare availability [6]. Group 3: Community and Service Accessibility - Jining promotes diverse childcare models, including public-private partnerships and community-based services, to create a "15-minute childcare service circle" for easy access [5]. - The digital platform supports standardized and regulated management across various childcare models, ensuring data interoperability and unified management [5][6]. - The implementation of a smart security monitoring system enhances safety in childcare institutions, utilizing AI to identify risks and protect sensitive information [6]. Group 4: Impact on Stakeholders - The digital transformation has significantly improved operational efficiency and parent satisfaction in childcare institutions, with parents able to access real-time updates on their children's activities [6]. - The integration of digital tools has shifted childcare management from manual processes to a more precise and efficient system, enhancing trust between parents and institutions [6]. - The article highlights the commitment of China Telecom to continue supporting local digital economic development and improving service quality in childcare [6].

中国经济导报、中国发展网记者 王晓涛 轻按玩具小手，翼趣互动智能体就能让网红"大湾鸡""故宫猫福墩"开口说话；下达调度指令，机器人智能体就能 指挥不同机器人协同作业；全球物联网智能体支持跨国网络秒级切换，赋能中国智造全球"一网智联"；感知云智 能体保障旅客托运、安检、登机等全程无感通行；工业物联网智能体打造毫秒级响应网络，确保关键装配数据实 时采集与精准控制…… 12月5日，在2025数智科技生态大会上，中国电信（601728）天翼物联发布感知云、工业物联网、绿色节能、全球 物联网、智能机器人、多网融合调度、翼趣互动、高保障等八大智能体应用最新成果，赋能超7亿用户智能化升 级。 当前，人工智能作为新一轮科技革命和产业变革的核心驱动力，正以前所未有的广度、深度和速度渗透至经济社 会各领域。国务院印发的《关于深入实施"人工智能+"行动的意见》提出，到2027年，率先实现人工智能与6大重 点领域广泛深度融合，新一代智能终端、智能体等应用普及率超70%，智能经济核心产业规模快速增长。 作为中国电信物联网领域专业公司，国务院国资委科改示范企业，天翼物联以科技创新为引擎，践行国家"智能 化、绿色化、融合化"要求，深入推进 ...

Core Viewpoint - The Central Enterprise ETF (159959) opened with a slight increase of 0.45%, priced at 1.552 yuan, indicating a stable performance in the market [1] Group 1: ETF Performance - The Central Enterprise ETF (159959) has a benchmark performance comparison with the China Securities Central Enterprise Structural Adjustment Index return rate [1] - Since its establishment on October 22, 2018, the fund has achieved a return of 54.80% [1] - The fund's return over the past month has been -2.14%, reflecting a recent decline [1] Group 2: Major Holdings - Key stocks in the Central Enterprise ETF include: - 澜起科技 (Lianqi Technology) with an opening increase of 0.65% - 中芯国际 (SMIC) with a slight increase of 0.03% - 海康威视 (Hikvision) with an increase of 0.27% - 国电南瑞 (Guodian NARI) with an increase of 0.22% - 招商银行 (China Merchants Bank) with a decrease of 0.02% - 宝钢股份 (Baosteel) with a decrease of 0.14% - 中国神华 (China Shenhua) with a decrease of 0.10% - 长安汽车 (Changan Automobile) with an increase of 0.08% - 中国电信 (China Telecom) unchanged - 中国建筑 (China State Construction) unchanged [1]

智通财经APP获悉，根据2025年12月5日披露数据，中国电信（00728）、绿色动力环保（01330）、大 眾公用（01635）位居港股通持股比例前3位，分别为72.81%、69.15%、68.32%。此外，阿里巴巴－W （09988）、美团-W（03690）、小米集团－Ｗ（01810）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+20.89亿元、+15.11亿元、+14.31亿元;腾讯控股（00700）、中芯国际（00981）、紫金 矿业（02899）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-10.18亿元、-8.18亿 元、-5.93亿元。 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) | 101.06亿股 | 72.81% | | 绿色动力环保(01330) | 2.80亿股 | 69.15% | | 大眾公用(01635) | 3.65亿股 | 68.32% | | 凯盛新能(01108) | 1.70亿股 | 67. ...

NO.3 证监会：适度拓宽券商资本空间与杠杆上限，从价格竞争转向价值竞争 12月6日，在中国证券业协会第八次会员大会上，证监会负责人提到，行业机构需立足自身资源禀赋， 从价格竞争转向价值竞争。头部机构应增强资源整合能力，力争形成若干家具有国际影响力的标杆机 构；中小机构需聚焦细分领域、特色业务与重点区域，深耕细作打造 "小而美" 的精品服务商。证券公 司、投资机构在权益投资、价格发现、风险管理等方面要顺应时代发展。 每经记者｜杨建 每经编辑｜彭水萍 ｜2025年12月8日 星期一｜ NO.1 我国成功发射卫星互联网低轨14组卫星 12月6日15时53分，我国在海南商业航天发射场使用长征八号甲运载火箭，成功将卫星互联网低轨14组 卫星发射升空，卫星顺利进入预定轨道，发射任务获得圆满成功。另外，在2025年12月5日17时00分， 垣信卫星在酒泉卫星发射中心使用快舟一号甲运载火箭，成功将交通VDES° A星、B星发射升空，卫星 顺利进入预定轨道，发射任务获得圆满成功。 NO.2 SpaceX告知投资者其计划于2026年进行IPO 12月6日，据两位熟悉相关讨论的人士透露，埃隆·马斯克旗下的SpaceX已告知投资者 ...