Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 17.33%, with 206 stocks having a shareholding ratio exceeding 20% [1] - As of June 6, southbound funds held a total of 4,353.69 million shares, accounting for 13.21% of the total market value of the stocks [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 74.53% of its issued shares held, followed by Tigermed and Kaisa New Energy at 69.89% and 67.27% respectively [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 40, 31, and 29 stocks respectively [2] - The top stocks by shareholding ratio include China Telecom (74.53%), Tigermed (69.89%), and Kaisa New Energy (67.27%), among others [2][3] - A significant portion of the stocks with high southbound fund ownership are AH concept stocks, with 119 out of 206 stocks (57.77%) having a shareholding ratio over 20% [1]

入选全国首批增值电信业务扩大对外开放试点，获批设立国际通信业务出入口局，"游戏出海"规模逐步扩大 —— 海南稳步推进数据安全有序流动 邓白氏中国区总裁吴广宇表示，此次获得增值电信业务经营试点批复，将让该公司有机会向市场提供更 加丰富多元的服务，帮助各类供应商链接全球市场，深度参与全球化产业链分工。 去年10月，海南等四地正式获批启动"增值电信业务扩大对外开放"试点工作，标志着我国电信业对外开 放迈入新阶段。 今年2月18日，海南海底智算舱在陵水海域完成下水，与正在运营的海底数据中心相链接，标志海底智算 中心正式启用。 (资料图) 海南日报全媒体记者 邵长春 全球数字贸易发展离不开频繁的数据跨境活动，而探索实现数据安全有序流动，正是海南自由贸易港建 设的一项重要任务。 近年来，在中央网信办、工信部等部委的指导支持下，海南积极推动数据安全有序流动，成功入选全国 首批增值电信业务扩大对外开放试点，获批设立国际通信业务出入口局，不断完善基础设施建设，推进跨境 海缆建设，"游戏出海"规模逐步扩大，"来数加工"等技术验证成功，加快构建高效便捷安全的数据跨境流动 机制，打造开放型数字经济创新高地，为海南自贸港建设注入新动能 ...

Core Viewpoint - China Telecom is committed to advancing the low-altitude economy through technological innovation and collaboration with industry partners, aiming to establish itself as a leader in low-altitude intelligent networking and application services [1][2]. Group 1: Low-altitude Economic Development - The "1+1+3+N" low-altitude economic capability system was launched, which includes a comprehensive service solution, an intelligent network, and three platforms for infrastructure management, service regulation, and flight operations [2][3]. - China Telecom plans to implement 500 demonstration projects throughout the year to expand low-altitude application scenarios [2]. Group 2: Technological Innovations - The introduction of the Tianyi Low-altitude Card, the world's first dedicated low-altitude network card, aims to provide high-quality, secure, and efficient connectivity for low-altitude devices [3]. - The Tianyi Xinghan platform integrates multi-source data and enhances security, while the Tianyi Xingyun platform supports over 3,000 devices for online operations [3]. Group 3: Collaboration and Partnerships - China Telecom has established innovation centers focused on low-altitude communication infrastructure and terminal devices, aiming to bridge the gap between research and application [4]. - Strategic partnerships have been formed with 39 cities to enhance low-altitude economic initiatives, covering various applications such as drone inspections and emergency rescue [4].

Core Viewpoint - The report emphasizes the integration of computing networks and industrial internet, highlighting that computing networks serve as a new type of information infrastructure centered on computing and rooted in networking, facilitating the digital transformation of industries [1][21]. Group 1: Development Background and Trends - The digital economy and industrial digital transformation require superior network connectivity and robust computing power to meet demands for ultra-high bandwidth, ultra-low latency, and high security [22]. - Computing networks are emerging as a hot topic in the industry, with operators, equipment manufacturers, and research institutions actively engaging in research and establishing a development roadmap and architecture system [24][25]. - International organizations like ITU and IETF are working on establishing standards for computing networks, indicating a global push towards computing and network convergence [26][27]. Group 2: Key Technologies - Key technologies for computing networks include unified metrics for computing and network, real-time user demand and state perception, multi-factor joint scheduling algorithms based on IPv6/SRv6, and ensuring end-to-end service reliability [2]. - The report identifies the need to overcome technical bottlenecks such as heterogeneous hardware abstraction and edge computing collaboration to optimize industrial production processes [2]. Group 3: Application Scenarios - Computing networks will transform the supply, application, and service methods of computing power, enhancing service flexibility and efficiency across various industries [29]. - Specific application scenarios include Cloud VR services, V2X vehicle networking, and green low-carbon initiatives, all benefiting from the integration of computing and networking capabilities [30][32][37]. Group 4: Collaborative Development - The industrial internet network is crucial for connecting people, machines, and objects in industrial environments, with internal and external networks serving different operational needs [39].

Market Overview - The Hang Seng Index fell by 0.21%, down 49 points, closing at 23,857 points, while the Hang Seng Tech Index decreased by 0.59% [1] - The early trading volume in the Hong Kong stock market reached HKD 102.1 billion [1] Sector Performance - The non-ferrous metal sector showed strong performance, with institutions optimistic about sustained profitability; Luoyang Molybdenum Co. rose by 4% and Jiangxi Copper Co. increased by 3.11% [1] - The three major telecom operators in Hong Kong experienced gains, with China Unicom, China Mobile, and China Telecom all rising over 2% [1] Notable Stock Movements - China Silver Group surged over 23%, with spot silver prices reaching nearly USD 36, marking a 13-year high [1] - Longpan Technology saw a rise of 3.35% after signing a large order for 150,000 tons of lithium iron phosphate, indicating a boost in solid-state battery production [1] - Dongyue Group increased by 1.54% as prices for third-generation refrigerants continued to rise, positioning the company as a leader in R22 and R32 quotas [1] - Youjia Innovation rose by 7% after securing a key model for a new energy brand under Changan Automobile [1] - Shijiazhuang Pharmaceutical Group increased by 4.27% after obtaining production registration for calcium gluconate and sodium chloride injection [1] - Zhongxu Future surged over 11% as the issuance of domestic game licenses reached a new high, with multiple new titles planned for release within the year [1] Company-Specific Challenges - Dongfeng Group's stock fell over 3% amid clarification from its controlling shareholder that there are no current restructuring plans, with a reported 17.1% year-on-year decline in vehicle sales for the first five months [2] - Alibaba Health dropped by 3.46% as its profits for the fiscal year 2025 fell short of expectations, with UBS suggesting the company may struggle to maintain its current valuation [3] - The automotive sector faced renewed declines, with analysts predicting an unavoidable new round of price wars, leading to a trend of increased revenue without profit growth; XPeng Motors fell by 2.9% and Li Auto decreased by 1.46% [3]

Core Insights - The China Securities TMT Index (港股通 TMT) is currently at 4182.06 points, having decreased by 1.42% over the last three months but increased by 20.33% year-to-date [1] - The index comprises 50 listed companies in the TMT sector selected from the Hong Kong Stock Connect, reflecting the overall performance of related industry securities [1] - The index was established on November 14, 2014, with a base point of 3000.0 [1] Index Holdings - The top ten weighted companies in the index are Xiaomi Group-W (21.08%), Tencent Holdings (14.78%), China Mobile (14.49%), SMIC (7.15%), Kuaishou-W (5.81%), Cheung Kong (4.32%), China Telecom (2.79%), Lenovo Group (2.73%), China Unicom (1.99%), and China Tower (1.89%) [1] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange [2] Sector Distribution - The sector distribution of the index holdings includes: Electronics (29.41%), Media (25.52%), Telecommunications Services (24.60%), Semiconductors (8.98%), Computers (8.40%), and Communication Equipment & Technology Services (3.09%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

从5G到AI算力，一场关乎未来的"新基建"竞赛已然打响。 提到过去5年TMT通信板块的主旋律，大家会不约而同想到5G。2019 年 6 月，中国正式启用 5G 商用服 务中国移动、中国电信、中国联通三大运营商作为5G网络建设的国家队，在这几年的资本开支是高居 不下，也带动了5G通信指数2019年那波轰轰烈烈的上涨行情。 来 源：Winind 随着5G基建接近尾声，自2023年以来三大运营商资本开支也进入了下行通道，开始收获投资的果实。 不过其最新财报数据以及2025年的投资指引却释放出一个关键信号：AI算力投资正成为新战场。 中国移动：2025年计划砸373亿元布局算力，占其总资本开支的25%，成为唯一逆势增长的领域。值得 一提的是，其表示推理资源上的投资"不设上限"，彰显对AI落地的押注。 中国电信：2025年算力投资计划同比大增22%至220亿元，甚至表示"不设限"。 回想2022年底，ChatGPT横空出世，掀起通用人工智能热潮，2024年OpenAI推出多模态模型Sora，实现 了AI将文本生成视频的跨越式创新。2025年初，国产大模型DeepSeek以"低成本+高性能+开源"模式引 发变革风暴。 海 ...

Core Points - The Shanghai Composite Index opened lower but experienced a slight increase of 0.25%, closing at 3247.93 points with a trading volume of 47.586 billion yuan [1] - Over the past month, the index has risen by 1.60%, by 1.48% over the last three months, and by 0.54% year-to-date [1] Industry Analysis - The Shanghai Stock Exchange categorizes listed companies into five major sectors: Industrial, Commercial, Real Estate, Public Utilities, and Comprehensive [1] - The index reflects the economic conditions and overall performance of companies within these sectors, with a base date of April 30, 1993, and a base point of 1358.78 [1] Index Composition - The top ten weighted stocks in the Shanghai Composite Index include: - Industrial and Commercial Bank of China (12.82%) - Agricultural Bank of China (11.84%) - Bank of China (7.83%) - China Merchants Bank (6.09%) - China Life Insurance (5.41%) - China Telecom (4.11%) - Ping An Insurance (3.88%) - Industrial Bank (3.17%) - Shanghai Pudong Development Bank (2.39%) - CITIC Securities (2.11%) [1] - The financial sector accounts for 75.80% of the index, followed by Industrial (7.47%), Communication Services (6.66%), Consumer Discretionary (2.88%), Healthcare (2.34%), Information Technology (1.94%), Real Estate (1.06%), Consumer Staples (0.79%), Energy (0.71%), and Materials (0.35%) [2] Sample Inclusion Criteria - Securities are included in the index after three months of listing if they rank in the top ten by average total market capitalization; others are included after one year [2] - Securities under risk warning are removed from the index starting the second Friday of the month following the warning, while those that have their warning lifted are included the same way [2]

截至2025年5月26日 10:33，国证通信指数上涨0.73%，成分股武汉凡谷10cm涨停，永鼎股份上涨 8.42%，万马科技上涨5.73%，海格通信上涨4.67%，盛路通信上涨3.87%。通信ETF(159695)上涨 0.88%。拉长时间看，截至2025年5月23日，通信ETF近1月累计上涨3.09%，涨幅排名可比基金第一。 流动性方面，通信ETF盘中成交101.57万元。拉长时间看，截至5月23日，通信ETF近1年日均成交 899.62万元。规模方面，通信ETF近半年规模增长1318.01万元，实现显著增长，新增规模位居可比基金 第一。份额方面，通信ETF近半年份额增长1300.00万份，实现显著增长，新增份额位居可比基金第 一。 消息面方面，工业和信息化部副部长、中国通信学会理事长日前在2025年世界电信和信息社会日暨国际 电信联盟成立160周年纪念活动上表示，将加速推进5G-A、6G技术研发、产业培育和应用发展，赋能现 代化产业体系建设。 中国银河证券首席经济学家章俊表示，5G-A强大的通信能力，使得传统生产能够实现更高效的设备连 接和数据传输，实现工业生产设备的智能化和自动化，提高生产效率，降低 ...

Core Insights - The article discusses a coordination meeting held by the Henan Air Traffic Control Bureau with major telecom operators to ensure communication network safety during the upcoming rainy season [1][2] - The meeting focused on emergency communication support, risk identification, and collaborative response to extreme weather conditions [1][2] Group 1: Meeting Objectives - The meeting aimed to develop targeted measures for ensuring safe air traffic control operations during the rainy season [1] - Key topics included emergency communication support, risk assessment, and collaborative actions among telecom operators [1] Group 2: Responses from Telecom Operators - The three major telecom operators confirmed the establishment of comprehensive emergency flood prevention mechanisms and will implement measures based on meteorological warnings [2] - Operators addressed identified facility hazards, stating that local fiber optic cables are well-protected, and they will promptly address any issues with overhead cables [2] Group 3: Action Plans and Outcomes - A detailed inspection and rectification plan was developed to ensure timely identification and resolution of potential communication hazards during the rainy season [2] - The meeting resulted in a clearer division of responsibilities and improved collaborative mechanisms among the Henan Air Traffic Control Bureau and telecom operators, enhancing emergency response capabilities [2]