Core Viewpoint - The significant stock price movements in A-shares on September 19 were primarily driven by the adjustments in the FTSE China A50 Index, which took effect after the market closed on that day [1][6]. Group 1: Stock Movements - Several stocks, including Xinyi Technology, Zhongji Xuchuang, WuXi AppTec, and BeiGene, experienced notable price increases during the closing auction period [2][1]. - Conversely, stocks such as China Nuclear Power, China Unicom, and Wanhua Chemical saw substantial declines, with China Nuclear Power dropping nearly 2 percentage points [4][1]. Group 2: Index Adjustments - The FTSE Russell announced changes to the FTSE China A50 Index, which included the addition of stocks like Xinyi Technology and WuXi AppTec, while removing China Nuclear Power and China Unicom [6][1]. - The FTSE China A50 Index consists of the 50 largest stocks listed on the Shanghai and Shenzhen exchanges and undergoes quarterly reviews [6][1]. Group 3: Market Reactions - The adjustments in the FTSE indices prompted index funds and institutional investors to rebalance their portfolios, leading to the observed stock price volatility [1][6]. - The market showed a clear divergence in performance, with sectors like photolithography, lithium mining, and engineering machinery gaining strength, while others faced significant corrections [2][1]. Group 4: Broader Market Context - The overall A-share market experienced a mixed performance, with the Shanghai Composite Index down by 0.30% and the Shenzhen Component down by 0.04% [2][1]. - In the Hong Kong market, stocks such as Fourth Paradigm and SF Holding also exhibited significant movements, influenced by similar index adjustments [7][1]. Group 5: Future Outlook - Analysts suggest that the Chinese stock market may see further prosperity driven by valuation and liquidity factors, maintaining a positive outlook on both A-shares and H-shares [7][8]. - Focus areas include core growth sectors in Hong Kong, particularly in internet, innovative pharmaceuticals, new consumption, and technology [8][1].

Core Viewpoint - The "Science Night" event held in Jinan from September 12 to 14 showcased various technological innovations and aimed to enhance public engagement with science and technology through interactive experiences and educational activities [1][17]. Group 1: Event Overview - The "Science Night" event attracted over 5,000 attendees each night, featuring diverse activities such as experimental theater, science stage plays, and exhibitions on the Yellow River and ocean [1]. - Shandong Unicom participated by showcasing cloud-based products like cloud phones, cloud computers, and AI imaging studios, allowing citizens to experience unique AI technology [1]. Group 2: Interactive Activities - The AI fitness dance imitation show was particularly popular among children and even attracted participation from older adults, highlighting the event's appeal across age groups [4]. - The AI video ringtone DIY activity allowed participants to create personalized videos using digital human technology, which was met with enthusiasm and excitement [6]. - The AI imaging studio became a favorite spot for families, providing interactive experiences with changing backgrounds that created memorable moments [8]. Group 3: Product Demonstrations - Various cloud products, including cloud phones, cloud computers, and smart devices, were demonstrated on-site, with staff providing one-on-one explanations and hands-on experiences [10]. - Attendees expressed appreciation for the convenience of cloud technology after trying out the cloud computer, indicating a growing recognition of its practical applications in daily life [10]. Group 4: Senior Engagement - A special "Silver Age Assistance Classroom" was established to cater to the needs of elderly participants, focusing on smartphone applications and fraud prevention education [14]. - Participants in the senior classroom expressed their satisfaction with the knowledge gained, particularly in using technology to protect their finances [12][14]. Group 5: Incentives for Participation - To further encourage public participation, Shandong Unicom prepared various prizes, including cloud storage and AI video ringtones, as rewards for engaging in the science quiz during the event [16].

Group 1 - The core point of the article highlights significant stock movements in the A-share market, with several companies experiencing sharp fluctuations during the closing auction [1] - New companies such as Baijiazhenshou-U, New Yisheng, WuXi AppTec, and Zhongji Xuchuang are being added to the FTSE China A50 Index, while companies like China Nuclear Power, China Unicom, Guodian Nari, and Wanhua Chemical are being removed [1] - The changes announced by FTSE Russell on September 3 will take effect after the market closes on September 19 [1]

Core Viewpoint - China Unicom is eager to support Apple's eSIM project ahead of the iPhone 17 Air launch, while China Mobile and China Telecom have been more cautious, highlighting a competitive landscape among the three major telecom operators in China [1][2]. Group 1: Operator Strategies - eSIM technology is not new to Chinese operators, as they have previously deployed it for wearable devices, indicating a mature technical foundation [1]. - China Unicom aims to leverage eSIM as a strategic opportunity to capture market share from competitors, particularly targeting high-value users [2][3]. - China Mobile, as the market leader with a 56.1% market share, is focused on retaining its existing user base and is cautious about the potential risks associated with eSIM technology [2][3][4]. Group 2: Market Dynamics - As of last year, China Mobile led the market with a revenue of 1,040.8 billion yuan, a 3.1% increase year-on-year, while China Unicom and China Telecom held 20.2% and 23.7% market shares, respectively [2]. - The introduction of eSIM reduces the cost of switching operators, which poses a threat to China Mobile's stable user base, as personal market revenue significantly impacts overall earnings [3][4]. - China Mobile experienced its first revenue decline in six years, with a 0.5% drop to 543.769 billion yuan in the first half of the year, indicating pressure in the personal market [4]. Group 3: Historical Context - China Unicom was an early partner of Apple, facilitating the iPhone's entry into China in 2009, which helped establish its high-end brand image despite not significantly increasing market share [5][6]. - The market dynamics shifted with the advent of 4G, where China Mobile expanded its lead, leaving China Unicom's market share stagnant around 20% [6]. - The current hope for China Unicom is that eSIM will attract users to switch networks, raising questions about the effectiveness of this strategy [7].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 CHINA UNICOM (HONG KONG) LIMITED 中國聯合網絡通信(香港)股份有限公司 （在香港註冊成立之有限公司） （股份代號：762） 續展持續關連交易 茲提述本公司於2022年10月28日及2024年3月19日刊發的公告，內容關於由中國聯通運營公司與 聯通集團訂立的2023-2025年綜合服務協議,以及由財務公司和聯通集團訂立的2023-2025年金融 服務協議。2023-2025年綜合服務協議及2023-2025年金融服務協議將於2025年12月31日期滿。 董事會於2025年9月18日批准中國聯通運營公司與聯通集團簽署2026-2028年綜合服務協議, 以 及批准財務公司與聯通集團簽署2026-2028年金融服務協議。根據2026-2028年綜合服務協議，中 國聯通運營公司和聯通集團同意互相或由一方向另一方提供服務，包括：(i)通信資源和設施使 用；(ii)房屋租賃；(iii)電 ...

Group 1 - The 2025 National Unified Legal Profession Qualification Examination will take place from September 13 to 14, with Jinan City being the largest examination area in Shandong Province, registering 11,454 candidates, the highest in the province [1] - Jinan Unicom has implemented a comprehensive communication security plan to ensure stable network operations during the examination, aiming for "zero interruption, zero failure" [1][6] - The communication support work covers four branches in Jinan, with a significant focus on inspecting and optimizing communication facilities at six examination sites, completing inspections of 52 communication base stations, 102 kilometers of transmission optical cables, and 13 core network devices [3] Group 2 - A dedicated emergency support team was established by Jinan Unicom during the examination period, consisting of professionals from transmission maintenance and customer service to address any unexpected situations [5] - Jinan Unicom has enhanced its network resilience and service capabilities, actively engaging in key public welfare sectors such as education, justice, and healthcare, to strengthen the "information foundation" for social operations [6]

Core Viewpoint - The importance of cybersecurity as a critical component of national security and a key support for building a strong manufacturing and digital economy in China is emphasized by the company [1]. Group 1: Political Leadership and Governance - The company implements a three-tier responsibility system for cybersecurity governance, led by the party committee, ensuring that political advantages are transformed into effective cybersecurity governance [2]. - The company actively promotes the integration of "party building and cybersecurity," aligning with national security strategies and enhancing organizational capabilities [2]. Group 2: Technological Innovation - The company is constructing an integrated cybersecurity defense system that combines monitoring, prevention, management, and control, leveraging AI and big data for comprehensive security [3]. - The establishment of a leading Security Operations Center (SOC) enhances real-time monitoring and rapid response capabilities to various security incidents [3]. - The company has achieved significant recognition, winning a bronze award in the Digital China Innovation Competition for data security in 2025 [3]. Group 3: Anti-Fraud Initiatives - The company has developed a three-pronged anti-fraud work system that includes mechanism guarantees, technological empowerment, and comprehensive governance [4]. - The transition from decentralized control to centralized governance in anti-fraud efforts has been implemented, enhancing collaboration through a fraud prevention alliance platform [4]. - The company has reached over 5 million people through anti-fraud awareness campaigns in collaboration with various sectors, significantly increasing public outreach [4]. Group 4: Commitment to Cybersecurity Ecosystem - The company is focused on strengthening the modern cybersecurity industrial chain, aiming to build an end-to-end security protection system and promote high-quality development in the cybersecurity industry [6]. - The company has successfully completed major event security tasks, achieving zero network failures, zero website tampering, and zero data leaks [6]. - Future plans include continued emphasis on party leadership, technological innovation, and governance to enhance cybersecurity and protect public assets [6].

Group 1 - The core viewpoint of the news is the performance and growth of the Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990), which has seen significant increases in both share count and total assets in 2024 [1] - As of September 16, 2024, the ETF's latest share count is 4.309 billion shares, with a total asset size of 4.391 billion yuan, reflecting a 15.03% increase in shares and a 25.42% increase in assets year-to-date [1] - The ETF has demonstrated strong liquidity, with a cumulative trading amount of 2.1605 billion yuan over 174 trading days this year, averaging 12.4 million yuan per day [1] Group 2 - The current fund managers of the ETF are Gong Lili and Wang Yang, with Gong managing since July 25, 2024, achieving a return of 18.24%, while Wang is set to manage from July 15, 2025, with a return of 4.61% [2] - The ETF's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Merchants Bank, and China Coal Energy, with significant weightings in the portfolio [2][3] - The largest holding is China Mobile at 10.83%, followed by China Petroleum at 10.55%, and COSCO Shipping at 9.66%, indicating a concentrated investment strategy in major state-owned enterprises [3]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

Group 1 - The 2025 Laizhou Half Marathon successfully took place on September 14, attracting nearly 5,000 running enthusiasts from across the country, showcasing the city's landscape and igniting the event's atmosphere [1] - Yantai Unicom undertook comprehensive communication support for the event, achieving zero network failures during the marathon through solid technical capabilities and meticulous organizational planning [1][5] - A dedicated communication support team was established four days prior to the event, conducting on-site signal testing and network assessments at key locations such as the start, finish, supply, and medical points [3] Group 2 - The support team deployed an emergency communication vehicle and collaborated with fixed base stations to enhance signal strength and network capacity in high-traffic areas like the start and finish lines [5] - The high-speed, low-latency characteristics of the 5G network effectively supported real-time video streaming, athlete tracking, and large-scale concurrent communication needs during the event [5] - The successful hosting of the Laizhou Half Marathon not only highlighted the spirit of national fitness but also demonstrated Yantai Unicom's professional capabilities and sense of responsibility in major event communication support, earning widespread praise from the event committee, runners, and citizens [5]