Core Viewpoint - Goldman Sachs believes that despite the weak revenue growth in traditional telecommunications, Chinese telecom companies can drive consumption by offering more value-added services, particularly in areas such as data centers, computing power, and AI solutions, positioning them as major beneficiaries of AI development [1] Group 1: Financial Metrics and Performance - Goldman Sachs analyzed ten key indicators including capital expenditure, dividends, user numbers, cash cycle, free cash flow margin, average revenue per user (ARPU), EBITDA margin, new business synergies, internet data center performance, and valuation [1] - The report indicates that capital expenditure budgets of major telecom companies are shifting towards computing infrastructure to capitalize on the growing demand for AI in China [1] Group 2: Investment Outlook - Goldman Sachs maintains a "Buy" rating for China Mobile (00941), China Unicom (00762), and China Telecom (00728), expecting an increase in the contribution from new businesses and a steady rise in dividend payout ratios, which will provide ongoing returns for investors [1]

Core Viewpoint - Goldman Sachs' research report indicates that despite weak revenue growth in traditional telecommunications, Chinese telecom companies can leverage value-added services to drive consumption, with new business areas such as data centers, computing power, and AI solutions becoming major beneficiaries of AI development [1] Group 1: Financial Metrics - The report examines ten key indicators including capital expenditure, dividends, user numbers, cash conversion cycles, free cash flow margins, average revenue per user (ARPU), EBITDA margins, new business synergies, internet data center performance, and valuations [1] - It is expected that the capital expenditure budgets of China Mobile, China Unicom, and China Telecom are shifting towards investments in computing infrastructure to capitalize on the growing demand for AI in China [1] Group 2: Investment Outlook - Goldman Sachs maintains a "Buy" rating on China Mobile, China Unicom, and China Telecom, anticipating an increase in the contribution from new businesses and a steady rise in dividend payout ratios, which will continue to provide returns for investors [1]

Group 1 - China United Network Communications Group Co., Ltd. has obtained a patent titled "Index Creation Method, Device, and Storage Medium," with authorization announcement number CN116226118B, applied for on December 2022 [1] - China United Network Communications Group Co., Ltd. was established in 1994, located in Beijing, primarily engaged in telecommunications, broadcasting, television, and satellite transmission services, with a registered capital of approximately 10.48 billion RMB [1] - The company has invested in 34 enterprises, participated in 3,281 bidding projects, holds 3,738 trademark records, and has 5,000 patent records, along with 11 administrative licenses [1] Group 2 - Unicom Digital Technology Co., Ltd., established in 2006 in Beijing, focuses on software and information technology services, with a registered capital of approximately 988.98 million RMB [2] - The company has invested in 54 enterprises, participated in 5,000 bidding projects, holds 24 trademark records, and has 1,900 patent records, along with 42 administrative licenses [2] Group 3 - Unicom Cloud Data Co., Ltd., established in 2013 in Beijing, is engaged in internet and related services, with a registered capital of 400 million RMB [2] - The company has invested in 1 enterprise, participated in 2,265 bidding projects, holds 709 patent records, and has 11 administrative licenses [2]

快科技12月2日消息，今天，中国信通院公布了2025年前10个月通信业经济运行情况。 数据显示，截至10月末，全国互联网宽带接入端口数量达12.43亿个，比上年末净增4089万个。 其中，移动联通电信三家基础电信企业的固定互联网宽带接入用户总数达6.97亿户，比上年末净增2701 万户。 100Mbps及以上接入速率的固定互联网宽带接入用户达6.63亿户，占总用户数的95.1%。 1000Mbps及以上接入速率的固定互联网宽带接入用户达2.38亿户，比上年末净增3113万户，创历史新 高。 千兆及以上用户规模持续扩大，占用户数的34.1%，占比较上年末提升3.3个百分点。 ...

Core Insights - The article discusses a new state-of-the-art (SOTA) model for long-text image retrieval called HiMo-CLIP, developed by the China Unicom Data Science and AI Research Institute, which addresses limitations in existing models like CLIP by effectively capturing semantic differences in context [2][4]. Group 1: Model Limitations - Existing models, including Long-CLIP, struggle with long text descriptions, often resulting in decreased alignment scores as the text becomes more detailed, indicating a failure to process the hierarchical structure of language [6][9]. - The phenomenon where longer descriptions lead to lower alignment scores highlights the inadequacy of current models in distinguishing core semantics from detailed information [6][9]. Group 2: HiMo-CLIP Framework - HiMo-CLIP introduces a plug-and-play representation framework that includes two core components: Hierarchical Decomposition (HiDe) and Monotonicity-aware Contrastive Loss (MoLo) [10][12]. - HiDe dynamically extracts semantic components using PCA within batches, while MoLo enforces alignment between the full text and its semantic components, ensuring monotonicity [12][17]. Group 3: Performance and Efficiency - HiMo-CLIP demonstrates significant advantages in both long and short text retrieval tasks, outperforming models trained on much larger datasets, achieving SOTA with only 1 million training samples [17][20]. - The model's ability to extract unique features from complex scenes allows it to maintain high performance across various retrieval benchmarks [18][22]. Group 4: Evaluation Metrics - The research team constructed the HiMo-Docci dataset and introduced the HiMo@K metric to quantify the model's understanding of hierarchical structures, achieving a high monotonicity correlation coefficient of 0.88, surpassing comparative methods [22][25]. - As text descriptions become more complete, HiMo-CLIP's scores show a consistent upward trend, while other models exhibit significant fluctuations [25][26].

Core Insights - The article highlights the successful establishment of nine 5G factories in Anhui, which have been recognized in the national directory by the Ministry of Industry and Information Technology, marking a significant milestone in the province's industrial internet development [1][2] - Anhui Unicom is positioned as a key player in driving digital transformation in manufacturing, leveraging 5G and industrial internet technologies to support high-quality development in the region [1][2] Group 1: 5G Factory Development - Nine 5G factories in Anhui have been included in the national-level directory, showcasing the province's advancements in smart manufacturing [1][2] - These factories are distributed across multiple cities, including Wuhu, Suzhou, and Huangshan, indicating a collaborative regional approach to smart manufacturing [1] Group 2: Technological Advancements - Anhui Unicom is utilizing breakthroughs in 5G technology, mobile edge computing, artificial intelligence, and digital twins to fill technological gaps in smart manufacturing scenarios [2] - The company aims to create sustainable value for industrial enterprises through the application of cutting-edge technologies like 5G [1] Group 3: Strategic Vision - Anhui Unicom's vision is to become the preferred partner for the intelligent upgrade of manufacturing in the Jianghuai region, emphasizing a technology-led and collaborative empowerment approach [1] - The company is committed to enhancing regional collaboration and industrial integration to contribute to the high-quality development of the Yangtze River Delta [2]

Core Insights - The article discusses the advancements in diffusion models, particularly focusing on the ShortDF and LeMiCa papers, which represent significant breakthroughs in the field of image and video generation [1][2][4]. Group 1: Technical Evolution - ShortDF serves as a theoretical pioneer in optimizing diffusion models through online training, while LeMiCa expands this theory into offline mapping for higher-dimensional tasks [4]. - The core challenge in diffusion models is the expensive inference costs, which hinder real-time applications [8]. - The non-linear denoising trajectory of diffusion models is identified as a primary reason for slow progress in the field [9]. Group 2: ShortDF's Mechanisms - ShortDF introduces a "shortest path optimization" approach to directly straighten the denoising trajectory during training, aiming to break the trade-off between speed and quality [12]. - The model's core insight is that the denoising process is fundamentally a correction of the initial error, which can be minimized to improve overall performance [13][14]. - ShortDF employs a three-pronged strategy: 1. Locking the "error upper bound" to optimize from the source [14][15]. 2. Utilizing graph theory to relax and compress paths, thereby minimizing the error upper bound [20][21]. 3. Implementing multi-state optimization to ensure training stability amidst random noise [28][29]. Group 3: Performance Metrics - ShortDF demonstrates superior performance in speed and quality, achieving a 5.0 times speed increase over DDIM while improving image quality (FID score of 9.08 compared to DDIM's 11.14) [36]. - The model shows robustness in complex scenarios, effectively restoring object contours faster than competing methods [37]. - In various datasets, ShortDF maintains a balance between performance and speed, showcasing its potential for real-world applications [40]. Group 4: Industry Implications - The advancements in ShortDF and LeMiCa highlight the importance of refined mathematical modeling over mere computational power in enhancing diffusion model speeds [41]. - These developments are crucial for the application of AIGC technology in resource-constrained environments, such as mobile devices and real-time interactive designs [42].

FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 中國聯合網絡通信 (香港) 股份有限公司 | | | | 呈交日期: | 2025年12月1日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00762 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 30,598,124,345 | | 0 | | 30,598,124 ...

Core Insights - The article highlights the significance of the Munich Shanghai Optical Expo as a pivotal event for the global optoelectronics and semiconductor industry, featuring over 1,200 leading companies and attracting hundreds of thousands of professional attendees, emphasizing the theme of "technological iteration + ecological integration" [2] Group 1: Policy Alignment - The forum aligns closely with the "14th Five-Year Plan," focusing on the critical role of laser technology in supporting 6G/5G-A, targeting key areas such as compound semiconductors, EDA tools, and optical communication chips, and aims to create a collaborative ecosystem through "policy - technology - capital" synergy [2][4] Group 2: Technical Focus - The forum emphasizes a comprehensive technology logic covering the entire supply chain from "materials - tools - chips - devices - components - applications," showcasing hard-core achievements from leading companies in critical areas like compound semiconductor mass production processes and AI-enabled optical chip design [3] Group 3: Demand-Supply Coupling - The forum effectively links the supply side, represented by leading technology firms like Silan Micro and Xizhi Technology, with the demand side, including major telecom operators and cloud service providers, creating a high-efficiency closed loop of "technology output - demand feedback - cooperation landing" [4] Group 4: Key Participants - Major telecom operators such as China Mobile, China Unicom, and China Telecom are participating to address 6G network architecture and 5G-A deployment needs, while leading cloud service providers like Alibaba Cloud and Tencent Cloud are seeking solutions for high-speed data transmission and green data center construction [6] Group 5: Final Opportunities - The article emphasizes the urgency of securing the last three sponsorship seats for the forum, highlighting the scarcity of resources and the potential for significant market engagement, with a focus on connecting with decision-makers from major telecom and cloud service companies [7][9]

Group 1 - China Unicom launched the "Ma Dun Dun" series of products, including plush toys, refrigerator magnets, and keychains, during a sales event in Beijing on November 28 [1] - The event featured a theme stamp collection activity at the Xidan branch, where participants could collect stamps through various activities and exchange them for limited edition merchandise [2] - Customers purchasing specific eSIM devices and related services were offered exclusive "Ma Dun Dun" cultural creative gifts [2]