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]

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 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].

海拔5100米的红其拉甫口岸，是中巴经济走廊的核心节点，也是中国与巴基斯坦唯一的陆路口岸。这里 常年积雪，含氧量不足平原一半，素有"生命禁区""死亡之谷"之称。 中国联通喀什分公司通过5G-A网络、人工智能与物联网技术的深度融合，协助国家构建起"智慧边防、 数字戍边"的新型边境治理体系。在塔县至红其拉甫国门一线，累计建成基站近30座，铺设光缆超500公 里，构筑起高寒边境的智慧长廊。这不仅保障了国门检查高效运转，惠及3000多名牧区巡边员、护边 员，也为塔县文旅产业发展注入了数智动能。 来源：环球网 在祖国西陲的帕米尔高原腹地，坐落着新疆唯一的高原县、重点边境县——塔什库尔干塔吉克自治县 （简称"塔县"）。这里平均海拔超过4000米，与塔吉克斯坦、阿富汗、巴基斯坦三国接壤，即使在盛 夏，边境线上也覆盖着皑皑白雪。在这片壮美却严酷的土地上，中国联通塔县分公司的员工们，正以通 信之光点亮边陲。 通信覆盖：从"通信孤岛"到"信息通衢" 蜿蜒于塔县瓦恰乡的盘龙古道，全长36公里，608道弯，海拔超4100米，最大落差逾千米。在这条"天 路"上没有信息网络，曾是制约当地发展的难题。村民米尔巴巴曾期盼："希望手机信号像公 ...

Group 1 - DBS has raised the target price for China Unicom (00762.HK) H-shares from HKD 11.1 to HKD 12.1, maintaining a "Buy" rating [1] - The company confirmed a full-year dividend of RMB 0.40 per share, representing a year-on-year increase of 20.1%, with a payout ratio rising by 5 percentage points to 60% [1] - Although China Unicom is the only major mainland telecom operator without a committed payout ratio, DBS expects the company to gradually increase the payout ratio to 65% by next year [1]

Core Points - The event "High-Quality Development Looks at China Unicom" was launched in Xinjiang, showcasing the role of 5G infrastructure in supporting the Belt and Road Initiative and the achievements of universal telecom services over the past decade [1] - Xinjiang Unicom has significantly enhanced its infrastructure, achieving a 98% population coverage rate for 5G networks and a 97.3% coverage rate for administrative villages under the universal service initiative [1] - The company aims to upgrade remote areas to 5G and gigabit optical networks by 2025, contributing to economic and social development in Xinjiang [1] Group 1 - In the rugged terrain of Kizilsu Kirghiz Autonomous Prefecture, China Unicom's network builders are creating a "Digital Silk Road" with gigabit optical fibers and 4G/5G base stations [2] - The comprehensive coverage of 5G networks and international dedicated lines at the Irkeshtam port has opened new opportunities for cross-border e-commerce and logistics [2] - The service team at Wuqia Unicom ensures stable network operations, providing multilingual support to Central Asian merchants [2] Group 2 - The Tashkurgan Autonomous County, located at the eastern foot of the Pamir Plateau, serves as an important gateway for foreign trade, with China Unicom being the sole operator at the Hongqilafu port [4] - From January to June 2025, 11,000 travelers from 51 countries used the communication services at the port, enhancing international communication and cooperation [5] - China Unicom's efforts in promoting universal telecom services are extending digital benefits to border communities, invigorating the Belt and Road Initiative [7]

Core Insights - The rapid development of artificial intelligence has made "computing power" and "data" essential infrastructure for industry growth [1][6] - The Guangdong-Hong Kong-Macao Greater Bay Area is positioning itself as a new hub for data industry development, with Shaoguan as a key player [1][2] Group 1: Infrastructure Development - Shaoguan has established 13 400G optical networks connecting to the Greater Bay Area, significantly enhancing its capacity to support the digital economy [1] - The city has built a high-speed computing power latency circle, with latency times of 1ms for city connections, 3ms for the Greater Bay Area, and 5ms within the province [1] - Major telecom operators have begun launching data centers in Shaoguan, indicating a competitive landscape for computing power investment [2][4] Group 2: Investment and Capacity - The total investment in Shaoguan's computing power cluster by major operators and tech companies has reached 621 billion yuan [2] - China Unicom's data center in Shaoguan has a planned capacity of 48,000 standard cabinets and a total energy consumption of 120MW, with capabilities for large-scale AI model training [2][5] - China Mobile's data center in Shaoguan has a total investment of 56 billion yuan and is expected to support over 1 million P of computing power upon full operation [5][6] Group 3: Strategic Focus and Future Growth - The three major telecom operators have indicated that their investments in computing power will have no upper limit, reflecting a strong commitment to expanding their capabilities [6][9] - China Unicom anticipates a 28% year-on-year increase in computing power investment by 2025, with special budget arrangements for AI infrastructure [10] - The market for computing power leasing in China is projected to reach 260 billion yuan by 2026, growing at over 20% annually [10]

Group 1 - The "Tech Forever" innovation exhibition in Paris showcases cutting-edge technologies from Chinese companies, including Huawei, Yushutech, China Mobile, and others, attracting numerous visitors and professionals [1][2] - The Chinese pavilion serves as a platform for displaying technological achievements and fostering collaboration between Chinese enterprises and French institutions [1] - Yushutech presented an updated version of its humanoid robot G1, aiming to promote its application in education and research fields, contributing to AI technology development and STEM education [1] Group 2 - Xidimo 3D Printing Company showcased a full range of printing equipment capable of high-performance 3D printing solutions for satellite thermal control structures and electric vehicles [2] - China Unicom highlighted its integrated system solutions for Chinese enterprises going abroad and local foreign enterprises, with a focus on AI applications in system upgrades [2] - The "Tech Forever" exhibition, established in 2016, has become a significant platform for technology innovation and startups, with around 3,500 exhibitors and an expected visitor count exceeding 160,000 this year [2]

Core Insights - A new type of scam targeting elderly individuals has emerged, where fraudsters exploit their concern for family members by fabricating urgent situations to induce them to transfer money [1][2] - The case of Aunt Wang in Yantai highlights the effectiveness of using AI and big data technology in combating such scams, leading to the arrest of a suspect and the dismantling of a cross-border fraud ring [2][3] Group 1: Scam Mechanism - Scammers impersonate police officers and claim that the victim's grandchild is involved in criminal activities, demanding money to resolve the situation [2] - The initial demand was for 5,000 yuan, which escalated to 200,000 yuan as the scam progressed [2] Group 2: Technological Response - Yantai Unicom launched an intelligent monitoring system on April 16, which screens over 2,000 landline numbers daily to identify potential fraud risks [3] - The system utilizes 12 characteristics, including overseas calls and high-frequency dialing, to build a fraud identification model and push real-time alerts to the police [3] Group 3: Community Engagement - Yantai Unicom has established a dual protection system combining technology and community outreach, including anti-fraud SMS alerts and educational workshops for the elderly [5] - Volunteer teams conduct tailored anti-fraud lectures in communities to raise awareness among senior citizens [5] Group 4: Broader Impact - The anti-fraud system has been expanded across Shandong province, intercepting 337,000 fraudulent calls and blocking 510 million yuan in suspicious transactions since 2025 [6] - The initiative has successfully deterred over 5 million potential victims through various communication methods [6]