Core Insights - Shanghai is progressively achieving its goal of becoming an international technology and innovation center, with MWC Shanghai playing a crucial role in this transformation [1][9] - China has emerged as the largest mobile connectivity nation globally, leading in 5G user scale and technology development [1][10] - The mobile industry is projected to contribute over $2 trillion to China's economy by 2030, with growth rates expected to surpass the global average due to accelerated 5G application [3] Group 1: MWC Shanghai's Role and Significance - MWC Shanghai has been established for twelve years and is now a platform for showcasing China's mobile industry creativity, innovation, and leadership [4] - The event is expected to attract participation from approximately 150 countries and regions, focusing on regional market characteristics while accommodating international business needs [4] - The GSMA Innovation Hub at MWC Shanghai will feature cutting-edge technologies from leading Chinese companies, emphasizing the region's advancements in mobile technology [6] Group 2: Technological Advancements and Industry Development - Shanghai has built over 843,000 outdoor 5G base stations and 442,600 indoor small stations, establishing a leading advantage in 5G-A, optical networks, and industry-specific networks [4] - The city is promoting the development of a new generation of communication industry chains, focusing on satellite internet and 5G-A network applications [5] - MWC Shanghai will showcase key scenarios and pathways for "communication technology+" innovations, including AI, autonomous driving, and satellite communication [6] Group 3: Policy and Standardization - The Policy Leaders Forum (PLF) at MWC Shanghai will gather global policymakers and industry leaders to discuss the impact of AI, bridging the digital divide, and the future potential of mobile connectivity in the 6G era [9] - The forum will address the need for unified global communication technology standards to avoid fragmentation, which was a challenge before the advent of 4G technology [9][10] - MWC Shanghai is positioned not only as a technology showcase but also as a vital engine for promoting international cooperation and economic development [9]

6月18日，中国电信（601728）江苏公司发布情况说明：针对媒体报道的"亲情号码扣费错误"问题，我 公司高度重视，立即组织调查核实。该用户近期申请办理亲情网业务，根据业务内容，亲情网内的号码 互拨免通话费。但由于偶发平台延迟问题，该用户业务未能立即生效。在业务生效前，用户拨打亲情网 网内成员产生少量费用；次日早上业务生效后便无额外费用发生。目前，我公司已退还相关费用，并积 极与用户沟通。我们为给用户带来的误解与不便深表歉意。公司已对业务平台进行升级，避免类似业务 生效"延时"问题。(智通财经) ...

Core Insights - China Telecom has registered a private equity fund management company, marking its entry into the private equity sector [1][2][3] Group 1: Company Overview - The registered name of the fund management company is China Telecom Private Equity Fund Management Co., Ltd., with a registered capital of 200 million RMB and a paid-in capital of 50 million RMB [2][3] - The company is located in Shunyi District, Beijing, and currently employs six full-time staff members [1][2] - China Telecom Group Investment Co., Ltd. holds 100% ownership of the private equity fund management company [2][3] Group 2: Management and Structure - The company was established on January 20, 2022, and completed its registration on June 16, 2025 [2][3] - The legal representative and general manager is Xing Xiaorui, who has extensive experience in finance and investment within the China Telecom Group [3][5] - The company focuses on private equity investments, venture capital funds, and related financial services [2][3] Group 3: Investment Focus - China Telecom Group Investment has been actively investing in sectors such as cloud computing, network information security, and telecommunications value-added services [5][6] - Recent investments include companies in advanced manufacturing, enterprise services, and artificial intelligence, with notable investments in Honor and other tech firms [5][6]

Core Viewpoint - China Telecom has established a private equity fund management company, marking its entry into the private equity investment space, focusing on sectors such as cloud computing and network information security [2][4]. Group 1: Company Information - China Telecom Private Equity Fund Management Co., Ltd. was registered with a capital of 200 million yuan, of which 50 million yuan has been paid in [3]. - The company is located in Shunyi District, Beijing, and has a total of 6 full-time employees [3]. - The company is wholly owned by China Telecom Group Investment Co., Ltd., which focuses on private equity and venture capital investments [3][4]. Group 2: Management and Leadership - The legal representative and general manager of the company is Xing Xiaorui, who has extensive experience in finance and investment within China Telecom [5][6]. - Xing Xiaorui has held various positions in China Telecom, including Vice General Manager of China Telecom Group Investment [5][6]. Group 3: Investment Activities - China Telecom Group Investment has been active in the market, investing in sectors such as telecommunications, cloud services, big data, artificial intelligence, and telecom value-added services [6]. - Recent investments include companies like Honor, Guoxin Xinwang, and others, with a focus on enhancing its capabilities in the telecommunications ecosystem [6][7].

Core Insights - The annual MWC Shanghai highlighted the telecom industry's shift towards AI and large models, with 5G taking a backseat as operators face growth challenges [2] - The three major telecom operators reported low growth in Q1, indicating a saturation in demand and a need for new growth narratives [2][3][4] Group 1: Financial Performance - China Mobile reported Q1 revenue of 263.8 billion yuan, a slight increase of 0.02% year-on-year, with a net profit of 30.6 billion yuan, up 3.5% [2] - China Telecom's Q1 revenue was 134.5 billion yuan, showing a year-on-year increase of 0.01%, with a net profit of 8.9 billion yuan, up 3.1% [3] - China Unicom achieved Q1 revenue of 103.35 billion yuan, a year-on-year growth of 3.88%, with a net profit of 2.61 billion yuan, up 6.5% [4] Group 2: Growth Strategies - Huawei's rotating chairman Xu Zhijun emphasized the importance of identifying new growth demands, particularly from high-value user groups like delivery riders and live streamers, whose ARPU is significantly higher than average users [2][6] - The global number of delivery riders is expected to reach 160 million by 2030, with their ARPU being 1.6 times that of ordinary users; professional live streamers are projected to reach 130 million, with an ARPU four times higher [6] - Other strategies include enhancing high-definition video traffic, capitalizing on smart connected vehicles, and connecting individual businesses through FTTR technology [6] Group 3: AI and Robotics - The telecom operators are focusing on AI as a new narrative, with China Mobile's chairman stating that the industry is entering the AI+ era, where AI capabilities are reaching or exceeding human levels [2][10] - China Unicom launched the U PLUS SMART product system, integrating AI into various applications, while China Telecom showcased AI applications like the Tianyi AI phone and AI cloud computer [10][11] - Several robotics companies, including Yushu Technology and Leju Robotics, showcased their innovations at the event, highlighting the potential of AI in robotics for various applications [13][15]

Core Insights - The emergence of "silicon-based life" is anticipated to significantly impact societal development, integrating physical hardware with advanced AI technologies [2][3] - AI is driving a new technological revolution, transitioning society into the "AI+" era, with capabilities in language understanding and image recognition surpassing human levels [2][3] Group 1: Predictions on Silicon-Based Life - Silicon-based individuals are expected to multiply, creating new social development dividends through their integration into various sectors such as AI terminals and smart vehicles [3] - The digital space is projected to expand, enhancing the fusion of digital and physical realms, thereby increasing human capabilities in various activities [3] - The efficiency of the intelligent economy is set to rise, fostering new economic growth engines through collaborative innovation networks and personalized intelligent services [4] Group 2: Technological Integration and Development Trends - The integration of 5G-A/6G with AI is reshaping communication capabilities, leading to a new era of interconnected devices [4] - The three major telecom operators are shifting resources towards computing networks and AI to create a "second growth curve," with significant investments in computing power [5][6] - The operators have reported substantial growth in their computing and AI-related revenues, indicating a competitive landscape in the AI investment arena [6][7] Group 3: Strategic Initiatives and Future Plans - China Mobile is launching an "AI+" initiative, collaborating with companies to develop comprehensive domestic inference services [7] - China Telecom and China Unicom are also focusing on enhancing their AI capabilities and infrastructure, with plans to establish new intelligent computing centers and upgrade their services [7]

Core Viewpoint - The three major telecom operators in China are expected to fully reopen eSIM services in the second half of 2023 after a two-year suspension due to business maintenance and upgrades [1] Group 1: eSIM Service Overview - In 2023, the three major operators announced the suspension of eSIM services for smartwatches and independent eSIM cards, citing business maintenance upgrades as the reason [1] - The one-number dual-terminal service allows users to add devices like smartwatches and tablets to their main phone number, enabling shared voice and data plans while allowing independent calls and internet access [1] - The independent SIM service provides devices with their own numbers and dedicated tariff plans, supporting SMS, calls, and internet connectivity [1] Group 2: Impact and Reasons for Suspension - The suspension of eSIM services has significantly impacted smartwatch users, as many who purchased devices with independent eSIM capabilities found they could not activate the features [1] - The reasons behind the suspension include security concerns and unresolved issues among the three major operators, particularly regarding the ease of switching between operators [1] - Industry insiders expect that the operators will establish new industry standards to address these issues before reopening the services [1] Group 3: Current Status of eSIM Services - Some operators have already restarted eSIM services in select cities, with China Unicom resuming eSIM functionality in 25 provinces including Tianjin, Beijing, and Hebei [2] - China Mobile is gradually opening eSIM services nationwide, currently optimizing systems and preparing resources for the rollout [2] - China Telecom has not yet resumed eSIM services, stating that upgrades are still in progress without a specific completion timeline [2]

Core Viewpoint - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) has shown significant growth in both share count and asset size in 2024, indicating strong investor interest and market performance [1][2]. Fund Overview - The fund was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - As of June 17, 2024, the fund's total shares stood at 4.891 billion, with a total asset size of 4.895 billion yuan [1]. - Year-to-date, the fund's shares have increased by 30.56%, and its asset size has grown by 39.80% compared to December 31, 2023 [1]. Liquidity Metrics - Over the last 20 trading days, the fund has recorded a cumulative trading volume of 1.455 billion yuan, with an average daily trading volume of 72.73 million yuan [1]. Fund Management - The current fund managers are Zhang Xiaonan and Gong Lili, with respective returns of 0.05% and 12.22% during their management periods [2]. Top Holdings - The fund's major holdings include: - China Mobile: 11.04% of the portfolio, valued at 529 million yuan - China Petroleum: 10.43%, valued at 499 million yuan - COSCO Shipping: 10.25%, valued at 491 million yuan - CNOOC: 10.01%, valued at 479 million yuan - China Shenhua: 8.89%, valued at 426 million yuan - Sinopec: 8.21%, valued at 393 million yuan - China Telecom: 5.39%, valued at 258 million yuan - China Unicom: 3.65%, valued at 175 million yuan - China Coal Energy: 2.38%, valued at 114 million yuan - China Merchants Bank: 2.33%, valued at 112 million yuan [3].

Core Viewpoint - The development of 5G-A networks in Qinghai is being driven by technological innovation, industry integration, and collaborative efforts among telecommunications companies and equipment manufacturers, aiming to support the province's digital transformation and green development [1][3]. Group 1: 5G-A Network Development - The 5G-A network, an upgraded version of 5G, features capabilities such as 10 Gbps downlink, 1 Gbps uplink, ultra-low latency, and support for a billion connections, enhancing user communication experiences [3][5]. - Qinghai has deployed nearly 300 5G-A (200M) stations in Xining, covering major commercial areas and key universities [5]. - The total number of 5G base stations in Qinghai has surpassed 24,600, with a density of 41.5 stations per 10,000 people, exceeding the national average by nearly 10 stations [5]. Group 2: Strategic Initiatives and Policies - Qinghai is aligning its initiatives with national strategies such as "Digital China" and "East Data West Computing," promoting the application of new technologies like 5G-A through top-level design and policy support [7]. - The province has issued guidelines for the development and application of the "Double Ten Thousand" (5G-A/F5G-A) industry, outlining development directions and key tasks [7]. - Efforts are being made to enhance connectivity in remote areas, providing modern communication support for ecological protection, research monitoring, and emergency rescue operations [7]. Group 3: Future Plans and Collaborations - The province plans to expand the application range of 5G-A, strengthen cross-industry collaborative innovation, and promote the deployment of 5G virtual private networks across various sectors such as industry, energy, healthcare, and education [7]. - The goal is to create demonstration projects that integrate 5G-A networks with AI applications, driving the transformation and upgrading of industries towards intelligence, sustainability, and integration [7].

Group 1: Digital Transformation in Zhejiang - The digital transformation in Zhejiang is being driven by China Telecom, which is enhancing the construction of "Smart Zhejiang" through its technological expertise and innovation [1][5] - The integration of smart platforms in various sectors, such as fire safety and industrial management, has significantly improved operational efficiency and reduced response times [1][4] - The establishment of a digital system platform in Shaoxing is a key innovation, providing a comprehensive digital management system that enhances urban renewal and collaboration [1][4] Group 2: Smart City Initiatives - The Ningbo 120 emergency response platform, developed in collaboration with China Telecom, has improved emergency service efficiency by enabling real-time data sharing and communication among various emergency centers [1][2] - The platform utilizes 5G technology and cloud services to enhance the speed and accuracy of emergency responses, benefiting public health services [1][2] Group 3: Intelligent Mining Projects - China Telecom's implementation of a smart low-carbon mining project in Huzhou demonstrates the application of 5G technology in traditional industries, enhancing operational safety and efficiency [2][3] - The project includes the deployment of autonomous electric mining trucks, which have improved productivity and reduced energy consumption [2][3] Group 4: Industrial Digitalization - A home furnishing company has significantly improved its operational efficiency through a unified data system, reducing order processing time from days to seconds [4][5] - The company is investing over 280 million yuan in its third-phase smart factory, with China Telecom playing a crucial role in the digital infrastructure development [4][5]