Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 17.95%, with 214 stocks having a shareholding ratio exceeding 20% [1] - As of July 14, southbound funds held a total of 4,488.75 million shares, accounting for 17.95% of the total share capital of the stocks, with a market value of 52,366.47 billion HKD, representing 13.61% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 1,031.38 million shares held, accounting for 74.31% of the issued shares [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 42, 33, and 31 stocks respectively [2] - The top stocks with high southbound fund holdings include China Telecom, Green Power Environmental, and China Shenhua, with shareholding ratios of 74.31%, 69.72%, and 67.33% respectively [2][3] - A significant portion of the stocks with high southbound fund holdings are AH concept stocks, with 120 out of 214 stocks (56.07%) having a shareholding ratio over 20% being AH stocks [1]

Core Viewpoint - A new AI technology from China, known as AI Flow, is gaining significant attention and praise on international social media platforms, indicating its potential to redefine the AI landscape globally [2][4][70]. Group 1: Technology Overview - AI Flow is a key technology at the intersection of AI and communication networks, enabling intelligent interactions and emergent intelligence through a layered network architecture [7][28]. - Developed by China Telecom's TeleAI team, led by Professor Xuelong Li, AI Flow aims to facilitate seamless AI applications across various devices and platforms [9][8]. - The technology has been recognized by global market research firms, with Omdia highlighting its potential to support resource-intensive applications like autonomous vehicles and drones without compromising on latency or performance [13][14]. Group 2: Technical Innovations - AI Flow incorporates three core technological directions: Device-Edge-Cloud Collaboration, Familial Models, and Connectivity- and Interaction-based Intelligence Emergence [30][68]. - The Device-Edge-Cloud Collaboration framework allows for distributed reasoning, enhancing the responsiveness of AI services by optimizing task allocation across different network layers [33][34]. - Familial Models enable flexible scaling and efficient collaboration among models of varying sizes, allowing for resource optimization and avoiding redundant computations [50][52]. Group 3: Addressing AI Challenges - AI Flow addresses the challenge of AI's dependency on cloud computing, which often leads to unacceptable latency in critical applications like autonomous driving and surgical robotics [20][24]. - The technology proposes a solution to the "last mile" dilemma of AI integration by allowing intelligence to flow freely between edge devices and cloud resources, thus enhancing real-time responsiveness [25][28]. - By focusing on connectivity and collaboration rather than solely on computational power, AI Flow presents a new paradigm for AI development, emphasizing the importance of network infrastructure [70][71].

Core Points - On July 4, employees from China Telecom's Weifang Zhucheng branch successfully handled a vehicle fire incident, demonstrating their commitment to public safety and responsibility [3][6] - The incident occurred during a high-temperature day, with temperatures reaching 38°C, highlighting the challenging conditions under which the employees acted [3] - The quick response of the employees prevented the fire from spreading, saving an estimated economic loss of over 200,000 yuan [3] Summary by Sections - **Incident Description** - Employees Wang Fei and Di Shan Hui were on a client visit when they noticed a truck on fire due to high temperatures [3] - They quickly borrowed a fire extinguisher and managed to control the fire within one minute, preventing further damage [3] - **Employee Actions and Recognition** - The employees' actions were praised by firefighters for their safety awareness and quick response [3] - Di Shan Hui emphasized that their actions were a small effort that any responsible person would undertake [6] - **Company Values and Future Commitment** - The employees expressed their dedication to customer service and public safety, aligning with the company's mission of serving the community [6] - They plan to continue integrating responsibility into their customer service efforts to contribute to a harmonious society [6]

日前，世界数字科学院(WDTA)在联合国日内瓦总部正式发布AI STR系列新标准《AI智能体运行安全测 试标准》，标准由蚂蚁集团、清华大学、中国电信（601728）牵头，联合普华永道、新加坡南洋理工大 学、美国圣路易斯华盛顿大学等二十余家国内外机构、企业及高校共同编制，为全球首个单智能体运行 安全测试标准。该标准针对智能体跨越"语言墙"所带来的"行为"风险，首次将输入输出、大模型、 RAG、记忆和工具五个关键链路与运行环境对应起来，构建了全链路风险分析框架；同时，细分了智 能体风险类型，完善并创新提出了模型检测、网络通信分析和工具模糊测试等测试方法，弥补了智能体 安全测试技术标准的空白。(支付宝技术官方公众号) ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The global satellite internet construction is accelerating, with Starlink leading the industry. By June 2025, Starlink has launched nearly 9,000 satellites, serving over 5 million users across more than 100 countries. The project is expected to generate over $8 billion in revenue in 2024 and potentially exceed $11 billion in 2025 [2][20]. - China's satellite internet is entering a rapid development phase, with plans for three satellite constellations. Recent leadership changes in satellite internet companies indicate a push for technological breakthroughs and business model innovations [2][3]. Summary by Sections 1. Global Satellite Internet Acceleration - By June 2025, Starlink has launched nearly 9,000 satellites, with a user base surpassing 5 million and revenue projections of over $8 billion in 2024 and $11 billion in 2025 [2][20]. - China's satellite internet has initiated the deployment of multiple satellite constellations, with significant advancements in satellite launches and leadership changes in key companies [2][3]. 2. Business Models: Direct-to-Cell and Laser Communication - The Direct-to-Cell (DTC) model is set for large-scale application, with China Telecom planning to promote satellite direct connection services extensively by 2024. By May 2025, over 30 direct connection models are expected to be released, with annual sales projected to exceed 16 million units [3]. - Laser communication technology is anticipated to become a standard in satellite internet, with significant advancements already demonstrated by private companies in China [3]. 3. Rocket Breakthroughs - China's private rocket companies are rapidly iterating technologies, with notable advancements in reusable rockets and liquid propulsion systems. For instance, Blue Arrow Aerospace's "Zhuque-3" rocket is designed to match SpaceX's Falcon 9 in payload capacity [4]. 4. Investment Recommendations - The commercial space sector in China is poised for rapid growth, with the satellite internet market expected to reach nearly 100 billion yuan in the next five years. The private rocket market is projected to exceed 30 billion yuan [4]. Key companies to watch include those in the private rocket supply chain and satellite internet communication payload suppliers [4].

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Stock Connect TMT Index, which has shown significant growth over various time frames, including a 3.32% increase in the past month, 17.53% in the past three months, and 27.89% 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 companies [1] - The top ten weighted companies in the index include Xiaomi Group-W (15.3%), China Mobile (14.32%), Tencent Holdings (13.96%), and others, indicating a concentration in major players within the TMT sector [1] Group 2 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as removing companies that are delisted or adding new TMT companies that rank in the top ten by market capitalization in the Hong Kong market [2] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a sector breakdown showing 55.48% in communication services and 44.52% in information technology [1]

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed up 1.05% on July 10, with a trading volume of 163 million yuan [1] - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of July 9, 2024, the fund's latest share count was 4.955 billion, with a total size of 4.699 billion yuan, reflecting a year-to-date share increase of 32.27% and a size increase of 34.20% [1] Group 2 - The current fund managers are Zhang Xiaonan and Gong Lili, with Zhang managing since June 26, 2024, yielding a return of -1.91%, while Gong has managed since July 25, 2024, with a return of 10.03% [2] - The fund's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Coal Energy, and China Merchants Bank, with respective holding percentages [2] Group 3 - The top holdings and their respective percentages are as follows: - China Mobile: 11.04% - China Petroleum: 10.43% - COSCO Shipping: 10.25% - CNOOC: 10.01% - China Shenhua: 8.89% - Sinopec: 8.21% - China Telecom: 5.39% - China Unicom: 3.65% - China Coal Energy: 2.38% - China Merchants Bank: 2.33% [3]

Core Viewpoint - The "Shanghai Summer" International Consumption Season and Shanghai Tourism Festival are actively promoting tourism in Pudong, aiming to enhance the experience for both domestic and international visitors through various initiatives and events [1]. Group 1: Tourism Promotion Initiatives - Pudong has launched a multi-language promotional video to attract inbound tourists, which will be aired on over 210 international flight routes starting mid-July [2]. - A comprehensive travel guide in Chinese, English, Japanese, and Korean has been created, detailing ten major attractions, hotels, and shopping options for inbound tourists [2]. - Over 150 events will be organized, including Chinajoy, Disney Summer Celebration, and various themed festivals, to provide a one-stop service for visitors [2][4]. Group 2: Enhanced Visitor Experience - Pudong aims to improve the inbound travel experience by optimizing customs clearance services and providing a friendly international consumption environment [4]. - Communication services have been enhanced with a one-stop service hub at Pudong International Airport, offering short-term SIM cards for foreign travelers [4]. - Payment convenience has been improved with the introduction of the "EasyGo" platform and a dedicated payment service center for international visitors at the airport [4]. Group 3: Tax Refund and Collaboration - Pudong has over 300 stores registered for departure tax refunds, with centralized service points in popular shopping areas [5]. - Collaborative products between attractions and hotels have been introduced, such as complimentary tickets to local attractions with hotel stays [5]. - Special multi-day tour packages focusing on family, technology, and cultural experiences will be launched during the tourism season [5].

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 17.83%, with 213 stocks having a shareholding ratio exceeding 20% [1] - As of July 9, southbound funds held a total of 4,482.29 million shares, accounting for 17.83% of the total share capital of the stocks, with a total market value of 51,131.42 million HKD, representing 13.50% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 103.31 million shares held, accounting for 74.43% of the issued shares [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 43, 32, and 31 stocks respectively [2] - The top stocks with high shareholding ratios include China Telecom (74.43%), Green Power Environmental (69.92%), and China Shenhua (67.37%) [2][3] - A significant portion of the stocks with high southbound fund holdings are AH concept stocks, with 119 out of 213 stocks (55.87%) having a shareholding ratio over 20% being AH stocks [1]

Core Viewpoint - China Telecom officially launched the "Xing Xiaocheng Terminal Intelligent Agent" at the Mai Mang 40 product launch event, integrating AI capabilities to enhance user experience in communication, daily life, and office scenarios [1][2]. Group 1: Product Features - The Xing Xiaocheng Intelligent Agent leverages China Telecom's self-developed large model and intelligent platform, offering features such as AI call assistance, fraud prevention, and intelligent task management [1]. - The AI call assistant includes functionalities like call fraud prevention, AI answering, call summary management, and smart subtitles, providing comprehensive support for users during calls [1]. - The "AI Call Fraud Prevention" feature utilizes China Telecom's proprietary voice and semantic models to detect potential fraud risks during calls and alert users in real-time [1]. Group 2: Office and Document Management - In office scenarios, the Xing Xiaocheng Intelligent Agent supports features like instant meeting summaries, offline audio transcription, meeting mind maps, and overviews, helping users quickly grasp key points from meetings [2]. - The reading assistant feature allows users to upload documents and receive clear and concise summaries, addressing the needs of office workers dealing with complex files [2].