金融界7月29日消息，上证指数低开高走，中证港股通TMT主题指数 (港股通 TMT，931026)报4662.29 点。 据了解，中证港股通TMT主题指数从港股通范围内选取50只TMT主题领域的上市公司证券作为指数样 本，以反映相关行业主题上市公司证券的整体表现。该指数以2014年11月14日为基日，以3000.0点为基 点。 从指数持仓来看，中证港股通TMT主题指数十大权重分别为：腾讯控股（14.6%）、小米集团-W （13.92%）、中国移动（13.46%）、中芯国际（8.79%）、快手-W（7.43%）、长和（4.91%）、联想 集团（3.07%）、中国电信（2.86%）、金蝶国际（2.11%）、舜宇光学科技（2.04%）。 从中证港股通TMT主题指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通TMT主题指数持仓样本的行业来看，通信服务占比55.41%、信息技术占比44.59%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies. Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) highlighted a transformative evolution in China's AI computing industry, emphasizing "full-stack autonomy, deepened scenario integration, and diversified ecosystems," marking a shift from technological catch-up to ecological leadership [10][11][12] - The focus has shifted from "parameter competition" to integrating computing capabilities into specific industry solutions, reflecting industry maturity and confidence [11][12] - Chinese computing firms are actively constructing a fully autonomous ecosystem, addressing external technological constraints and supply chain risks [12][13] Summary by Sections Event Overview - The WAIC 2025 showcased a collective transformation in China's AI computing industry, with leading firms like Huawei, Sugon, and Moore Threads presenting competitive foundational technologies and a complete value loop from computational infrastructure to industry applications [10][11] Industry Trends - A notable trend is the acceleration of "end-to-end domesticization," with firms developing a comprehensive ecosystem from chip architecture to software services [12] - The industry is characterized by a diversified development strategy, with various companies pursuing different technological paths, such as Huawei's "384 Super Node" and Zhonghao Xinying's TPU chips, which improve energy efficiency [13] Company Highlights - Huawei's Ascend is compatible with over 80 large-scale AI models, integrating deeply into sectors like telecom, finance, and healthcare [11] - Sugon showcased its "Five Smart" system, demonstrating extensive delivery capabilities across various AI solutions [12] - New products like the Xiyun C600 GPU and the M50 AI chip from Houmo Intelligence reflect the industry's focus on localized and low-power AI solutions [13]

Core Viewpoint - The report from UBS indicates that China's telecommunications industry experienced a year-on-year service revenue growth of 1.3% in Q2, slightly accelerating from 0.7% in Q1, but still below the expected 3.2% growth for 2024, primarily due to adverse macroeconomic factors [1] Industry Summary - The Chinese government continues to emphasize that state-owned enterprises should focus on shareholder returns and investment return rates, leading telecom companies to shift their focus towards cost efficiency and net profit growth rather than revenue expansion [1] - UBS predicts that the dividend yield for Chinese telecom stocks will range between 6% to 7% next year, indicating attractive valuations in the sector [1] Company Summary - For Q2, UBS forecasts that China Mobile, China Telecom, and China Unicom will see year-on-year service revenue growth of 1%, 1.8%, and 1.5% respectively, assuming traditional telecom business stabilizes and enterprise business revenue growth slows [1] - The projected year-on-year net profit growth for Q2 is 4.1% for China Mobile, 5.2% for China Telecom, and 5.1% for China Unicom, primarily driven by reduced sales expenses and depreciation [1] - UBS has raised the target prices for China Telecom and China Unicom from HKD 6.6 and HKD 10.5 to HKD 6.8 and HKD 10.8 respectively, while maintaining the target price for China Mobile at HKD 101, with all companies receiving a buy rating [1]

Group 1 - Central enterprises are mobilizing quickly to respond to severe rainfall and flooding, with a focus on emergency rescue and disaster relief efforts [1][2] - China Aneng Group has organized over 230 emergency personnel and deployed advanced equipment for flood response in Huairou and Miyun [1] - China Railway Construction Corporation's subsidiaries have mobilized approximately 420 personnel and over 30 pieces of heavy machinery for rescue operations in Hebei and Beijing [2] Group 2 - Energy and power companies are prioritizing supply stability, with State Grid Beijing Electric Power and State Grid Hebei Electric Power deploying repair teams and emergency equipment [3] - China Petroleum and Chemical Corporation has opened "green refueling channels" at certain gas stations to prioritize emergency vehicles during the disaster [3] - Within 72 hours, China National Petroleum Corporation has delivered 12,100 tons of refined oil to disaster-affected areas in Beijing, Tianjin, and Hebei to ensure stable supply [3]

Group 1 - The stock price of China Telecom (601728) closed at 7.39 yuan on July 29, 2025, with an increase of 1.23% and a turnover rate of 0.22% [1] - The trading volume was 1.7253 million hands, with a transaction amount of 1.272 billion yuan [1] - The net inflow of main funds today was 126 million yuan, accounting for 9.92% of the transaction amount [1] Group 2 - For the latest quarterly report, China Telecom reported total operating revenue of 134.509 billion yuan, a year-on-year increase of 0.01% [1] - The net profit attributable to shareholders was 8.864 billion yuan, reflecting a year-on-year growth of 3.11% [1] - The company's current ratio is 0.629, quick ratio is 0.617, and debt-to-asset ratio is 45.78% [1] Group 3 - China Telecom has made investments in 88 companies and participated in 5,000 bidding projects [2] - The company holds 53 trademark registrations and 5,000 patent filings [2] - Additionally, China Telecom possesses 72 administrative licenses [2]

Market Performance - The Hang Seng Index closed at 25,562, up 0.68% with a year-to-date increase of 27.43% [1] - The Hang Seng Tech Index closed at 5,664, down 0.24% with a year-to-date increase of 26.77% [1] - The Dow Jones Index closed at 44,837, down 0.14% with a year-to-date increase of 5.39% [1] Currency and Commodity Overview - The RMB Index is at 95.710, down 0.22% over the last month and down 5.14% over the last six months [2] - Brent crude oil is priced at $69.10 per barrel, up 3.40% over the last month but down 5.59% over the last six months [2] - Gold is priced at $3,338.20 per ounce, up 1.04% over the last month and up 20.77% over the last six months [2] Company News - Alibaba has launched its first self-developed AI smart glasses, Quark Glasses, which integrates features from its ecosystem including Alipay [9] - Lenovo has signed a strategic cooperation agreement with China Telecom to explore AI computing and other fields [10] - Audi reported a 24.27% decline in profit for the first half of the year, adjusting its full-year performance guidance downwards [13] - Tesla has signed a $16.5 billion chip supply agreement with Samsung, aimed at producing next-generation AI chips [14] Trade and Economic Data - Hong Kong's exports grew by 11.9% year-on-year last month, marking the 16th consecutive month of growth, although the growth rate has slowed [11] - The Dallas Fed's manufacturing index rose to 0.9 in July, indicating a recovery in factory activity after five months of decline [15] Stock Performance - China Biologic Products Holdings saw a stock price increase of 7.09%, leading the gainers in the Hang Seng Index [17] - BYD's stock price decreased by 1.16%, with a short-selling ratio of 42.43% [19] - The top-performing sectors in the Hong Kong market included biotechnology and pharmaceuticals, while the automotive sector faced declines [20]

Core Viewpoint - The article highlights the advancements and ambitions of TeleAI, a subsidiary of China Telecom, in the field of embodied intelligence, showcasing their comprehensive self-research capabilities in hardware, software, and data integration, which positions them uniquely in the industry [10][12][61]. Group 1: Technological Advancements - The "Kungfu boy" robot has been upgraded to perform martial arts demonstrations with minute-level precision, showcasing significant advancements in robotics technology [2][36]. - TeleAI's robots utilize a self-developed multi-motor collaborative drive control embedded hardware system, allowing for precise movement and stability [21][23]. - The remote operation system, TeleHumos, enhances the robot's capabilities in hazardous environments, utilizing 5G technology for kilometer-level operational range [9][26]. Group 2: Comprehensive Research and Development - TeleAI is committed to full-stack self-research, integrating hardware and software development to create a competitive edge in the embodied intelligence sector [14][17]. - The company has developed a unified multi-gait hybrid expert model, enabling robots to adapt their movements based on environmental conditions [34][35]. - TeleAI's approach to data generation involves creating realistic virtual environments to train robots, addressing the challenges of data scarcity in the robotics industry [43][50]. Group 3: Collaborative Intelligence - TeleAI emphasizes the importance of collaboration among robots, enabling them to share learning experiences and adapt to new situations collectively [57][58]. - The integration of AI Flow allows for seamless communication between edge devices and cloud systems, enhancing real-time decision-making capabilities [54][55]. - This collaborative approach positions TeleAI's robots as part of a larger intelligent network, rather than isolated units, which is crucial for complex operational scenarios [51][53]. Group 4: Industry Implications - TeleAI's advancements reflect a broader trend in the embodied intelligence industry, moving towards ecosystem-level collaborative innovation rather than isolated technological breakthroughs [60][61]. - The company's focus on self-research and development is seen as a strategic advantage for China's position in the global embodied intelligence competition [63][64].

Investment Rating - The report maintains an "Accumulate" rating for the industry, specifically in the power equipment sector [5]. Core Insights - The intelligent computing center industry is experiencing rapid expansion driven by a combination of policy support, local government initiatives, and surging market demand. The investment scale in China's intelligent computing center market reached 87.9 billion yuan in 2023, representing a year-on-year growth of over 90%. It is projected to reach 288.6 billion yuan by 2028 [1][20]. - Local governments and basic telecom operators are the primary participants in the construction of intelligent computing centers, accounting for over 50% of the projects in operation, under construction, or planned as of August 2024. Internet and cloud service providers contribute approximately 17.7% of the projects [20][21]. Summary by Sections 1. Demand Driven Growth in AIDC - The investment scale of intelligent computing centers is significantly increasing due to the resonance of policy support and the demand for large models. The rapid growth in data volume driven by large model applications is pushing the intelligent computing center into an expansion phase [16][17]. - Major telecom operators and internet companies are ramping up their investments in computing power. For instance, China Mobile plans to invest 37.3 billion yuan in computing power, which will constitute 25% of its capital expenditure in 2025 [2][27]. 2. Evolution of Data Center Power Supply Architecture - The current power supply systems in data centers primarily utilize UPS, but there is a gradual shift towards HVDC and Panama power systems. HVDC systems offer significant advantages in reliability, efficiency, and economic viability compared to traditional UPS systems [3][26]. - The Panama power system demonstrates clear advantages in investment costs and operational efficiency, achieving a conversion efficiency of 97% [3][26]. 3. Future Trends in Power Supply Architecture - The transition towards medium and high voltage power supply systems is becoming a trend, with a focus on high-density and energy-efficient solutions in the AIDC era [3][38]. - The report suggests that companies like Kehua Data and Kstar, as well as leaders in HVDC and Panama power systems like Zhongheng Electric, are well-positioned to benefit from the increasing capital expenditures by internet companies [4][38].

Core Viewpoint - The article discusses the innovative technology "AI Flow" developed by China Telecom's Artificial Intelligence Research Institute, which integrates information and communication technologies to enhance data transmission efficiency, particularly in challenging environments like the ocean [4][35]. Group 1: AI Flow Technology - AI Flow enables smooth video calls at sea by significantly reducing the data transmission required, achieving a reduction of one to two orders of magnitude in bandwidth usage [19][4]. - The technology allows for the transmission of model-extracted features instead of raw data, transforming the communication process from "pixel transportation" to "meaning understanding and artistic reconstruction" [18][19]. Group 2: The Three Laws of AI Flow - The first principle, "Law of Information Capacity" (信容律), reveals the conversion and measurement between different forms of information, allowing for a unified metric to measure communication and computation [15][8]. - The second principle, "Law of Familial Model" (同源律), describes a family of models where smaller models inherit knowledge from larger models, enabling efficient collaboration and task execution [22][25]. - The third principle, "Law of Multi-model Collaboration" (集成律), emphasizes the importance of connecting multiple intelligent agents to achieve a greater collective intelligence, allowing for a "1+1>2" effect through diverse and complementary capabilities [30][31]. Group 3: Implications and Future Outlook - The integration of these principles signifies a new era in communication technology, likened to installing a new "nervous system" for the digital world, which has profound implications for efficiency and convenience in an intelligent society [34][35]. - The advancements made by China Telecom in AI and communication technology position the company at a significant historical opportunity, marking a pivotal moment in the convergence of AI and communication [35][36].

Group 1 - Lenovo and China Telecom signed a strategic cooperation agreement during the 2025 China Telecom Artificial Intelligence Ecosystem Forum [1] - The collaboration will focus on areas such as basic communication, comprehensive information services, AI computing, international business, and joint expansion of government and enterprise clients [1]