为积极响应国家关于深入实施"AI+"行动、建设现代化产业体系及大力提振消费的战略部署，中国电信 于2025年12月4日至7日在广州隆重举办2025数智科技生态大会。期间，"中国电信现代产业链焕新升级 共链大会暨AI+智慧监管生态合作论坛"于5日下午正式召开，全面呈现代产业链从基础支付向数字消费 与数据运营焕新升级的实践与成效。 凝聚产业共识，共建数字消费新生态 当前，消费已成为拉动经济增长的核心引擎，数字消费则是扩大内需的关键路径。中国电信翼支付积极 践行央企责任，将数字消费作为产业链升级的核心方向，致力于构建以央国企为引领、普惠协同、安全 可信的数字消费新生态。 为进一步推动产业链融通发展，中国电信翼支付打造"翎泽"数字消费生态平台，为产业链焕新升级提供 技术支撑。在此基础上，中国电信携手多家产业链生态伙伴，共同发起成立"中国电信现代产业链焕新 升级共链行动暨数字消费权益生态联盟"，旨在通过"翎泽"平台的技术能力与生态资源，推动产业链各 环节深度融合，实现资源共享、能力互补与价值共创，标志着数字消费生态建设从企业级探索迈向产业 级协同的新阶段。 在运营层面，平台通过集约化与属地化协同，实现商户全生命周期数字 ...

Core Insights - The 2025 Smart Technology Ecological Conference emphasizes the integration of smart technology with various industries, showcasing a shift from showcasing technical capabilities to demonstrating practical applications [1][2] - The conference highlights the importance of artificial intelligence (AI) in transforming production and living standards, necessitating collaboration across the industry to leverage China's vast market and application scenarios [1][4] Group 1: AI Product Development - The focus of the conference has shifted towards scenario-based intelligent upgrades, with several practical AI products being showcased, such as a smart gas shut-off device that enhances kitchen safety [2][3] - The AI capabilities extend beyond preemptive warnings to real-time rescue scenarios, exemplified by a firefighting robot platform capable of addressing high-rise building fires [3][4] Group 2: Intelligent Agent Advancements - The emergence of intelligent agents is crucial for transitioning from single-point AI applications to scenario-based applications, with several intelligent agent products demonstrating strong implementation capabilities [4][5] - The launch of the "Starry Sky·Chensi" public safety industry model V4.0 aims to enhance urban safety monitoring and emergency response through a comprehensive AI capability system [4][5] Group 3: Infrastructure and Network Development - The conference discusses the ongoing construction of new-generation infrastructure, with projections indicating that the number of intelligent agents globally could exceed 200 billion by 2030, driving significant network connectivity demands [7][8] - China Telecom introduced a comprehensive capability system integrating computing, storage, and transportation, enhancing performance and reducing costs for enterprises [8][9] Group 4: Ecosystem Collaboration - The establishment of the "Starry Sky Intelligent Agent Ecosystem Alliance" aims to integrate resources from various industry players to foster innovation in AI technology and accelerate the application of intelligent agents [6][9] - The conference outlines a four-dimensional upgrade path for the industry, focusing on application-driven growth, technology empowerment, foundational support, and ecosystem collaboration [9]

12月5日，中国电信在2025数智科技生态大会上发布首条跨境空芯光纤和超低时延商用传输系统。时延 是AI时代的核心生产力，为满足金融，智算时延敏感的业务需求，中国电信在东莞-深圳-香港间建成全 球首条跨境商用空芯光纤，全程110公里，截弯取直优化光缆物理路由，攻克空芯光纤长距离部署和维 护难题，打破传统光纤物理极限，光信号传输速度提升30%，设备处理时延降低超40%。中国电信在业 界率先将粤港交易所互访时延降至1ms(毫秒)以内，为算力高效协同筑牢全光智联底座。 空芯光纤是光纤中使用空气，惰性气体，真空代替实体纤芯，相较于传统光纤的石英玻璃纤芯，光信号 在空气中传播，传播速度将会在传统玻芯光纤的基础上实现较大提升，大幅降低光纤通信的时延(大约 三分之一)，在当前数据中心能耗逐步提升，集群规模逐步扩大的趋势下，空芯光纤可有效的降低跨区 域数据中心时延，从而实现数据中心的跨区域部署，成为全球光通信领域竞争布局的下一代传输媒介。 中泰证券指出，空芯光纤仍处于商业化进展初期，未来6年复合增速有望达到56.52%。 公司方面，据上证报表示， 长飞光纤：2025年8月，公司提供的空芯光纤助力中国移动在粤港澳大湾区建成我国 ...

Group 1 - The core event was the successful hosting of the "Modern Industrial Chain Renewal and Upgrade Co-Chain Conference" and "AI + Smart Supervision Ecological Cooperation Forum" by China Telecom, aimed at showcasing the upgrade of modern industrial chains from basic payment to digital consumption and data operation [1] - Over 400 industry partners from digital consumption, smart supervision, and finance gathered to discuss new connotations, measures, and achievements of modern industrial chain upgrades [1] - China Telecom's Yipay launched the "Modern Industrial Chain Renewal Co-Chain Action and Digital Consumption Rights Ecological Alliance" during the conference, presenting a supply-demand list for the modern industrial chain [1][4] Group 2 - Since being approved as the chain leader of the mobile payment modern industrial chain in 2023, China Telecom has focused on promoting collaborative innovation and integrated development with Yipay as the core [2] - China Telecom is committed to building a robust digital information infrastructure, focusing on intelligent computing, data, and large models to support the national strategy and stimulate high-quality development [4] - The company aims to create a more open, inclusive, and resilient modern industrial chain through a platform that is self-controllable and connects state-owned enterprises [4] Group 3 - China Telecom's Yipay has established the "China Telecom Modern Industrial Chain Renewal Co-Chain Action and Digital Consumption Rights Ecological Alliance" with 15 industry partners to enhance the digital consumption ecosystem and stimulate economic growth [5] - The "Lingze" digital consumption ecosystem platform has been created to connect supply and demand effectively, currently linking over 70 state-owned enterprises and 200 leading brands [7] - The platform aims to provide services across various high-frequency consumption scenarios, enhancing business growth potential for enterprises [7] Group 4 - China Telecom's Yipay is implementing a data-driven "Yufeng" intelligent supervision platform to enhance risk prevention and control, which has been applied in over 30 state-owned enterprises [8][12] - The platform is recognized as a high-value scenario for artificial intelligence by the State-owned Assets Supervision and Administration Commission for 2025 [8] - The company is focused on building a modern governance system through intelligent data operations [8] Group 5 - The conference showcased innovative payment solutions across various sectors, including automotive travel, finance, tourism, and e-commerce, enhancing payment convenience [17] - A "cloud-based" retail solution was demonstrated, which can reduce operational costs for merchants by over 35% [15] - The event marked a significant step for China Telecom in promoting innovative integration within the industrial chain and establishing a new ecological model for digital industries [17]

Core Insights - The launch of the "Xingchen Intelligent Service Platform 1.0" by China Telecom marks a significant advancement in the company's artificial intelligence strategy, aiming to create a unified AI entry point and promote intelligent interaction methods [1][2] - The platform features the "Xing Xiaocheng" intelligent agent, which serves as a cross-terminal unified entry point, enabling users to complete complex tasks through dialogue without switching between multiple apps [1] - The platform is designed to enhance user experience by providing intelligent and convenient services, aligning with the company's strategy of making AI accessible to more users and partners [1] Summary by Sections Platform Features - The "Xingchen Intelligent Service Platform 1.0" is built on a core architecture of "intelligent central control engine and multi-scenario intelligent agent collaboration" [1] - It emphasizes three main characteristics: compatibility, simplicity, and openness [1] Core Capabilities - The platform is supported by four core capabilities: - Model capability ensures comprehensive decision-making and task completion through rapid routing and deep understanding of user intent [2] - Tool capability aggregates scenario-specific intelligent agents into an ecological service network, enabling "one connection, all network available" [2] - Memory capability drives continuous evolution through data feedback, enhancing user habit recognition and decision-making [2] - Security capability establishes a comprehensive security system covering personal information, data, content, and network security [2] Product Integration - The platform has been integrated with five major products of China Telecom: Tianyi Anti-Fraud, Tianyi Smart Screen, Tianyi Smart View, Tianyi Smart Ring, and Cloud Smart Phone, achieving a collaborative intelligent experience across multiple applications [2]

Investment Rating - The report suggests focusing on sectors driven by domestic AI development such as servers and IDC, as well as sectors like servers and optical modules driven by overseas AI development [5] Core Insights - Marvell reported revenue of $2.075 billion for the quarter, exceeding market expectations and guidance by $15 million, and announced the acquisition of Celestial AI for approximately $3.25 billion to enhance its position in the CPO field [1][50] - AWS launched the AI training chip Trainium 3 with a computing power of 2.52 PFLOPS FP8 at its annual cloud computing event, indicating strong growth in AI infrastructure [1] - Credo's Q2 FY2026 revenue reached $268 million, a year-over-year increase of 272.1%, driven by growth in its core AEC and IC businesses [1] - DeepSeek introduced two AI models, achieving performance levels close to GPT-5, indicating advancements in domestic AI capabilities [1][47] - ByteDance's Doubao team launched the "Doubao Phone Assistant," with the first device selling out quickly, showcasing the potential for AI applications in consumer electronics [1] Summary by Sections Communication Sector - The communication sector shows a steady upward trend, with significant investments in cloud and IDC businesses compensating for pressures in traditional telecom services [14] Server Sector - The server index decreased by 1.22% this week, but AWS's announcement of a significant expansion in AI/HPC data centers suggests ongoing demand growth [2][7] Optical Modules - The optical module index increased by 4.67%, supported by Marvell's strong quarterly performance and strategic acquisition [2][7] IDC Sector - The IDC index rose by 0.50%, with DeepSeek's new AI models expected to drive demand in data centers [3][8] Core Data Updates - Telecom business revenue reached 1.467 trillion yuan in the first ten months of 2025, a year-over-year increase of 0.9% [4][15] - The export value of optical modules decreased by 27.6% year-over-year in October, attributed to domestic companies establishing overseas factories [31] Market Trends - The communication sector's performance this week ranked second among all industries, with notable gains in specific companies [39][42]

Core Viewpoint - The recent "2025 Digital Technology Ecosystem Conference" highlighted the modernization and upgrading of the mobile payment industry chain, emphasizing the importance of digital economy development as a key direction for industrial renewal [1][3]. Group 1: Industry Development - The State-owned Assets Supervision and Administration Commission (SASAC) has prioritized the development of the digital economy as a significant action for industrial renewal, launching initiatives for modern industrial chain construction and "AI+" special actions [1]. - China Telecom aims to leverage the new opportunities presented by technological revolutions and industrial transformations to upgrade its strategy towards "cloud transformation, digitalization, and intelligent benefits" [3]. Group 2: Technological Advancements - The focus is on enhancing technological capabilities in AI big data, blockchain, and privacy computing, which are essential for digital and payment applications [4]. - China Telecom plans to strengthen four major technology platforms: "Xingyuan," "Lingze," "Yufeng," and "Chenzhi," to establish a solid foundation for industrial development [4]. Group 3: Regulatory Framework - China Telecom is actively exploring the construction of an intelligent, penetrating regulatory system to meet the requirements of comprehensive oversight across all levels, chains, processes, and elements [4]. - The company has identified 11 key areas to focus on, utilizing big data and core technologies to build an intelligent regulatory platform aimed at enhancing risk management across the group [4]. Group 4: Risk Management - The goal of penetrating regulation is to enhance regulatory efficiency and promote intelligent oversight, enabling companies to improve their core competitiveness through high-quality development [5]. - To effectively implement penetrating regulation, challenges related to data, models, and mechanisms must be addressed, with a focus on unified planning, standards, and governance [5].

Core Insights - The 2025 Digital Intelligence Technology Ecological Conference hosted by China Telecom focused on the theme "Intelligent Navigation, Intelligent Coexistence," showcasing technological innovations and discussing new opportunities in the digital intelligence ecosystem [1] - Qualcomm, a long-term partner of China Telecom, presented innovations in AI, connectivity, and computing, highlighting collaborative achievements in various fields such as AI smartphones, PCs, XR, Wi-Fi, automotive, robotics, and wearables [3][5] Group 1: AI Integration - Artificial intelligence is becoming a key driver of industrial transformation and economic development, with the Chinese government aiming for over 70% application penetration of new intelligent terminals and agents by 2027, and over 90% by 2030 [5] - The shift in AI architecture from "cloud-centric" to "cloud + edge + terminal" is essential for making AI accessible to the public, emphasizing the advantages of terminal-side AI in terms of privacy, security, performance, and latency [7] - Qualcomm has been a proactive player in AI development for over 15 years, providing advanced hardware and software platforms for billions of edge devices, including the latest Snapdragon 8 Gen 2, which supports personalized AI assistant experiences [7][9] Group 2: Connectivity and 6G - The integration of AI and connectivity is crucial for the large-scale expansion of intelligent agents, with 6G being a pivotal development year for communication technology [10] - 6G will serve as a bridge between cloud and edge, enhancing AI applications and computational capabilities while ensuring low latency [12] - Qualcomm and China Telecom have achieved significant milestones in 5G-A technology, including the first end-to-end verification of 4CC carrier aggregation and innovative applications in smart tourism [12][13] Group 3: Industry Collaboration - The transition from "Internet+" to "AI+" signifies a profound transformation in economic development paradigms, requiring deep integration of underlying technologies and collaborative innovation across industries [14] - Qualcomm continues to deepen cooperation with China Telecom and other partners to accelerate the integration of technological innovations into industry scenarios, creating new value opportunities [14][16] - Various industry applications were showcased at the conference, including advanced robotics and IoT devices, demonstrating the capabilities of Qualcomm's platforms in diverse scenarios [16][18]

Group 1 - The 2025 Smart Technology Ecological Conference was held in Guangzhou with the theme "Intelligent Navigation for Mutual Benefit" [1] - China Telecom aims to accelerate the development of artificial intelligence (AI) by building a comprehensive smart cloud system that integrates computing power, platforms, data, models, and applications [1][2] - The company plans to enhance digital infrastructure, promote AI applications across various industries, and establish a robust AI security framework [1][2] Group 2 - In the past year, China Telecom completed the construction of its smart cloud system, achieving a total computing power of 85 EFLOPS [2] - The company has developed over 200 intelligent service applications and 110 industry-specific models, serving more than 20,000 industry clients [2][7] - China Telecom's quantum metropolitan network now covers 25 cities, with over 6 million users utilizing quantum secure communication [2] Group 3 - China Telecom introduced the AI + "1+1+4+N" low-altitude economic capability system, launching several platforms for low-altitude detection and governance [3] - The company has implemented a low-altitude safety and service guarantee system in cities like Tianjin, Guangzhou, and Shenzhen [3] Group 4 - The integration of AI into various sectors is reshaping production and consumption patterns, with China holding 60% of global AI patents [4] - The government aims for AI to be deeply integrated into six key areas by 2027, with a target of over 70% application penetration for new intelligent terminals and models [4] Group 5 - AI applications are enhancing consumer experiences across retail and service sectors, with numerous projects successfully implemented [5] - The "Wenxin Diaolong AI Creative Platform" was showcased, focusing on AI-driven content production [5][6] Group 6 - China Telecom has launched over 80 industry-specific models and 30 intelligent applications, serving more than 20,000 clients [7] - The company is focusing on modern industry transformation, resilient cities, and green economic transitions through intelligent applications [7][8] Group 7 - The deployment of industrial IoT intelligent applications has improved production efficiency by an average of 20% and operational response speed by 60% [8] - China Telecom's payment solutions for high-demand scenarios, such as ticket sales, ensure stable and reliable transaction processes [9]

Core Viewpoint - China Telecom is enhancing its intelligent cloud system and embracing artificial intelligence (AI) to drive digital transformation and innovation across various industries [1][2]. Group 1: Intelligent Cloud System Development - China Telecom has completed the construction of an intelligent cloud system, achieving a total computing power scale of 85 EFLOPS [1]. - The company is focusing on building a five-in-one intelligent cloud system that integrates computing power, platforms, data, models, and applications [1][2]. Group 2: Digital Infrastructure and AI Innovation - The company aims to accelerate the construction of new digital information infrastructure to support AI development, including upgrading networks and enhancing computing power infrastructure [2]. - China Telecom plans to enhance its "Starry Sky" large model capabilities and promote AI applications in personal and household scenarios, including AI smartphones and smart screens [3]. Group 3: Collaboration and Ecosystem Building - China Telecom is committed to deepening resource cooperation and fostering innovation through joint laboratories and innovation consortia, focusing on areas like large models and quantum technology [3]. - The company is also enhancing international cooperation in computing power, data, talent, and governance [3]. Group 4: AI Security and Governance - China Telecom is building a comprehensive AI security framework to protect its digital transformation efforts, including upgrading its network attack protection platform and developing quantum security products [4]. - The company is actively participating in the formulation of national AI governance frameworks and continuously improving its internal AI governance system [4].