Core Viewpoint - The 10th "Belt and Road Forum" successfully took place in Hong Kong, showcasing China Telecom International's commitment to leveraging AI and digital technology to enhance regional collaboration and development [1][10]. Group 1: AI Capabilities and Innovations - China Telecom International's AI Business Director presented a comprehensive overview of the company's AI capabilities and architecture, highlighting innovative products such as OneTouch AI training machine and AIGC security protection system [3][5]. - The company emphasized its leading position in AI technology research and application, showcasing practical cases of digital solutions for international enterprises [3][6]. Group 2: OneGrowth Global Cooperation Plan - The OneGrowth Global Cooperation Plan was a focal point, emphasizing four core principles: co-creation, sharing, governance, and win-win collaboration [5]. - The plan includes three ecological cooperation directions: "AI + Digital Intelligence Empowerment," "AI + Pan-Mobility," and "AI + Innovative Business," aimed at developing a global ecological computing power scheduling platform [5][6]. Group 3: Infrastructure and Application Demonstrations - The exhibition highlighted China Telecom International's extensive digital infrastructure, including 53 submarine cables, 251 international nodes, and 15 overseas computing centers [6]. - The company showcased AI solutions and benchmark cases, demonstrating its capabilities in supporting digital transformation for industries along the Belt and Road [6][10]. Group 4: Interactive Experience and Cultural Integration - An interactive area featured projects like AI Peking Opera face-changing and 5G robotic dogs, integrating traditional culture with AI technology [8]. - These experiences attracted significant audience participation, showcasing the company's innovations in 5G, AI, IoT, and low-altitude economy [8]. Group 5: Future Prospects and Commitment - During the event, discussions with global clients and partners focused on new opportunities in the digital economy along the Belt and Road [10]. - China Telecom International aims to continue leveraging its cloud network resources and AI technology to provide efficient digital solutions, reinforcing its commitment to the high-quality development of the "Digital Silk Road" [10].

Group 1: Event Overview - The 2025 China International Service Trade Fair (CIFTIS) opened in Beijing, showcasing innovative products that integrate cutting-edge technology across various sectors including environment, education, and cultural tourism [2][3] - The event highlights the deep integration of technology into daily life, with products designed to enhance industry development and improve user experience [2] Group 2: Water Environment Scout - The "Water Environment Scout," developed by Chip Vision (Beijing) Technology Co., utilizes quantum dot spectral sensing technology for real-time water quality monitoring [3][4] - This system can detect multiple water quality indicators with second-level precision and provides early warnings for pollution, aiding in pollution source tracing [3][4] - The system has been implemented in over 20 cities, significantly improving pollution source identification efficiency compared to traditional methods [4] Group 3: Smart Sports Technology - The Smart Tennis Hawk-Eye system, developed by Beijing Ruige Technology Co., employs high-speed cameras and advanced algorithms to resolve disputes in tennis matches by providing precise 3D trajectory simulations [5][6] - This system enhances training efficiency by offering personalized training plans and real-time performance data [6] - The technology has been adapted for other sports, including certified systems for football and table tennis, used in international competitions [6] Group 4: Educational Innovations - The "Jingwa" smart companions, "Jingxiaojian" and "Jingxiaozhuang," focus on the health and physical activity of middle school students, utilizing AI and multi-modal sensing technology [7][8] - These devices collect health data and provide personalized exercise plans, aiming to integrate technology into the educational experience [7][8] - The initiative is positioned as a model for future smart education development across China [8] Group 5: AR Educational Tools - The AR building blocks for animal science, developed by Beijing Zoo and Yuanli Technology, transform traditional education into an interactive experience using augmented reality [10][11] - This product allows children to engage in hands-on learning while fostering interest in science and nature through immersive experiences [10][11] - Future plans include expanding educational functionalities and integrating with school curricula to enhance ecological awareness among youth [11]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.05%, Green Power Environmental (01330) at 69.19%, and China Shenhua (01088) at 67.94% [1] - Alibaba-W (09988), Horizon Robotics-W (09660), and BYD Company (01211) saw the largest increases in holding amounts over the last five trading days, with increases of +126.42 billion, +37.06 billion, and +23.82 billion respectively [1] - The largest decreases in holding amounts over the last five trading days were recorded by the Tracker Fund of Hong Kong (02800) at -19.72 billion, China Telecom (00728) at -13.62 billion, and Kuaishou-W (01024) at -10.29 billion [1] Hong Kong Stock Connect Latest Holding Ratios - China Telecom (00728): 100.01 billion shares, 72.05% holding ratio [1] - Green Power Environmental (01330): 2.80 billion shares, 69.19% holding ratio [1] - China Shenhua (01088): 22.95 billion shares, 67.94% holding ratio [1] - Other notable companies include Kaisa New Energy (01108) at 67.53% and COSCO Shipping Energy (01138) at 65.47% [1] Recent Increases in Holdings (Last 5 Trading Days) - Alibaba-W (09988): +126.42 billion, +88.22 million shares [1] - Horizon Robotics-W (09660): +37.06 billion, +361.88 million shares [1] - BYD Company (01211): +23.82 billion, +22.64 million shares [1] - Other companies with significant increases include Meituan-W (03690) and Ping An Insurance (02318) [1] Recent Decreases in Holdings (Last 5 Trading Days) - Tracker Fund of Hong Kong (02800): -19.72 billion, -73.80 million shares [3] - China Telecom (00728): -13.62 billion, -233.30 million shares [3] - Kuaishou-W (01024): -10.29 billion, -14.02 million shares [3] - Other companies with notable decreases include Pop Mart (09992) and Meitu (01357) [3]

Core Viewpoint - Tianyi Co., Ltd. has been announced as one of the candidates for the procurement project of China Telecom's dual-band broadband integrated terminal for 2024-2026, which is expected to positively impact the company's future operating performance and market expansion [1] Group 1 - The company is listed as the third candidate for the procurement project [1] - The project is part of the company's main business operations [1] - Successful contract signing will enhance the company's future business performance and market development [1] Group 2 - The execution of the project will not affect the company's operational independence [1]

Core Viewpoint - Tianyi Co., Ltd. has been announced as one of the candidates for the procurement project by China Telecom for dual-band broadband integrated terminals for the years 2024-2026, which is expected to positively impact the company's future operational performance and market expansion [1] Group 1 - The project is part of the company's main business operations [1] - Successful contract signing will enhance the company's future business performance and market development [1] - The execution of this project will not affect the company's operational independence [1]

Group 1 - The core point of the article is that Tianyi Co., Ltd. has been announced as one of the candidates for the procurement project of China Telecom for dual-band broadband integrated terminals from 2024 to 2026, which is a significant opportunity for the company [1] - The project is part of the company's main business, and if the company successfully signs the contract, it will positively impact future operating performance and market expansion [1] - The execution of this project will not affect the company's operational independence [1]

Core Viewpoint - The article discusses the launch of China Telecom's Tianyi AI "Star Super Intelligent Agent," which ranks first among state-owned enterprises in the DBC Deben Consulting 2025 Enterprise-level AI Agent list, highlighting its capabilities and market potential [1][4]. Group 1: Overview of Star Super Intelligent Agent - The Star Super Intelligent Agent is based on China Telecom's self-developed "Star Big Model" technology, designed for industrial intelligent upgrades [2][8]. - It supports multimodal understanding, including voice, vision, and text, and can generate images and videos from text, showcasing its rich capabilities [11][12]. - The agent emphasizes enhanced complex reasoning and memory capabilities, making it suitable for various real-world applications such as customer service and financial operations [13][14]. Group 2: Market Trends and Development - The article notes a surge in interest in intelligent agents, driven by government initiatives promoting AI integration across industries [4][43]. - There are ongoing discussions about the practical applications and effectiveness of intelligent agents in real-world scenarios, with a focus on their ability to automate complex tasks [5][6]. Group 3: Technical Insights - The Star Super Intelligent Agent framework is designed to be highly customizable, allowing businesses to integrate it into their existing systems effectively [16][17]. - It operates through a four-module architecture: perception and understanding, cognition and decision-making, memory and knowledge, and action and execution, enabling it to perform tasks similarly to humans [27][29]. Group 4: Industry Applications and Case Studies - Successful implementation examples include the development of an intelligent customer service system that automates complaint processing, demonstrating the agent's ability to integrate with existing business systems [36][54]. - The article emphasizes that sectors with high IT integration, such as customer service and marketing, are prime candidates for the rapid deployment of intelligent agents [52]. Group 5: Competitive Landscape - The market is characterized by various players, including large model manufacturers, tech giants, startups, and state-owned enterprises, each focusing on different aspects of intelligent agent development [53][54]. - China Telecom's unique advantage lies in its extensive local service teams and existing digital infrastructure, allowing for scalable and effective deployment of intelligent agents across industries [54][56].

Core Insights - The introduction of eSIM technology is gaining attention, especially with the launch of Apple's iPhone Air, which exclusively supports eSIM [1] - Major Chinese telecom operators have confirmed their support for eSIM services, with varying timelines for availability [1] Group 1: eSIM Adoption by Telecom Operators - China Mobile has already supported eSIM services and will announce further details soon [1] - China Unicom supports eSIM but has not yet set a date for service activation; currently, it is the only operator providing eSIM support for the iPhone Air in mainland China [1] - China Telecom is fully prepared for eSIM services and expects to launch them shortly after receiving official approval from the Ministry of Industry and Information Technology [1] Group 2: Benefits of eSIM Technology - eSIM eliminates the need for physical SIM cards, allowing for a more compact phone design and potentially larger battery capacity [2] - The technology facilitates easier carrier switching without the need for physical SIM card changes, enhancing user convenience [2] - eSIM enhances security as it cannot be removed from the device, reducing the risk of misuse if the phone is stolen [2] - Telecom operators can save costs by not having to produce and distribute physical SIM cards, which can add up significantly given their large user bases [2] Group 3: Global eSIM Market Trends - Over 400 telecom operators worldwide support eSIM services, with an average of over 50 consumer devices compatible with eSIM [3] - eSIM technology is particularly beneficial for devices where changing physical SIM cards is challenging, such as connected cars and drones [3]

Investment Rating - The report maintains a "Buy-A" rating for China Telecom (601728.SH) [1] Core Views - The company's fundamental operations remain robust, with significant growth in smart revenue [1] - In H1 2025, China Telecom achieved revenue of CNY 269.4 billion, a year-on-year increase of 1.3%, with service revenue at CNY 249.1 billion, up 1.2% [2] - The net profit attributable to shareholders reached CNY 23.0 billion, reflecting a year-on-year growth of 5.5% [2] Summary by Sections Basic Business Performance - Mobile communication service revenue grew to CNY 106.6 billion, up 1.3% year-on-year, with a mobile user base of 433 million and an ARPU of CNY 46.0 [3] - Fixed-line and smart home service revenue reached CNY 64.1 billion, a slight increase of 0.2% year-on-year, with broadband users totaling 199 million and a broadband ARPU of CNY 48.3 [4] Digital and AI Business Growth - The digital industry revenue reached CNY 74.9 billion, up 1.5% year-on-year, with Tianyi Cloud revenue at CNY 57.3 billion and smart revenue soaring by 89.4% to CNY 6.3 billion [6] - The company launched over 80 industry-specific large models and 30 intelligent agents, indicating a strong push in the "AI+" initiative [6] Capital Expenditure and Infrastructure - Capital expenditure decreased to CNY 34.2 billion, down 28% year-on-year, with investments focused on mobile networks and digital industry [12] - The company has established a robust computing infrastructure with a total computing power of 77 EFLOPS, enhancing its capabilities in AI and cloud services [12] Financial Forecast and Valuation - The report forecasts net profit for 2025-2027 at CNY 34.77 billion, CNY 36.57 billion, and CNY 38.25 billion, representing year-on-year growth rates of 5.3%, 5.2%, and 4.6% respectively [13] - The estimated EPS for the same period is projected to be CNY 0.38, CNY 0.40, and CNY 0.42, with corresponding P/E ratios of 20.0, 19.0, and 18.2 [13]

来源：环球网 据北京电信官方介绍，为给用户提供便捷、顺畅的办理体验，营业厅工作人员将全程协助用户办理 eSIM功能开通手续，用户在现场即可完成办理并启用该服务。考虑到部分用户后续可能存在终端更换 需求，北京电信特别推出配套服务：用户启用eSIM后，若需更换为非eSIM终端，可向北京电信申请恢 复实体SIM卡服务，充分保障用户使用灵活性。目前，北京电信所有线下营业厅均已开放eSIM办理渠 道，暂不支持线上办理，有需求的用户可前往就近线下营业厅办理。 【环球网科技综合报道】9月11日消息，北京电信近日通过官方小红书账号发布重要信息，宣布已具备 eSIM开通能力，将于9月19日苹果iPhone Air正式开售时，同步上线eSIM服务体验。此次推出的eSIM服 务，套餐资费与相关权益保持不变，确保用户在享受新服务的同时，权益不受影响。 针对iPhone Air是否支持中国电信eSIM服务这一用户关切问题，中国电信此前回应媒体询问时表示，中 国电信eSIM手机业务已完成全面准备工作，预计在近期获得工业和信息化部商用试验正式批复后，将 迅速向用户开放eSIM手机业务办理服务，服务范围将涵盖iPhone 17等机型，具体开 ...