Core Viewpoint - The three major telecom operators in China have unified their outbound marketing numbers to combat the long-standing issue of telemarketing fraud and protect consumer rights [1][2][3] Group 1: Unified Outbound Marketing Numbers - The unified outbound marketing numbers for the three operators are: China Telecom 10001, China Unicom 10016, and China Mobile 10085, allowing users to easily identify official marketing calls [1][2] - This initiative aims to provide users with a "fraud prevention guide" and compel operators to enhance internal controls, ensuring transparency and compliance in telemarketing practices [2][3] Group 2: Addressing Telemarketing Issues - The unification of outbound numbers is just the starting point in addressing telemarketing chaos, as it does not restrict third-party companies that access telecom lines, which are the main source of nuisance calls [2] - The Ministry of Industry and Information Technology has proposed that all commercial outbound calls use the 700 number segment to ensure clear identification across the industry [2] Group 3: Impact on Services - The discontinuation of services like Alibaba's virtual number, which was misused for marketing, signifies a crucial step in rectifying the outbound marketing ecosystem [3] - The telecom industry is urged to prioritize genuine service over manipulative marketing tactics, fostering trust through transparent agreements and accountable practices [3]

Core Insights - Jinan Unicom launched a series of customer engagement activities in July, targeting various demographics including seniors, students, VIP customers, and government enterprises, emphasizing the company's commitment to customer needs and satisfaction [1][3][5] Group 1: Activities for Seniors - On July 14, Jinan Unicom held a "Technology Assistance for Seniors" event, focusing on the digital needs of the elderly, providing hands-on guidance on smartphone features and offering customized gifts [1] - The event included a Q&A session that generated over ten suggestions for improving services for seniors, highlighting the company's responsiveness to customer feedback [1] Group 2: Engagement with Students - On July 18, a "Youth Special" event was organized at the Bayi flagship store, featuring a product showcase and interactive activities to engage student customers [3] - The event successfully attracted over 80 VIP customers and new subscribers to a 199 yuan fusion package, demonstrating the effectiveness of innovative service models that combine communication and health services [3] Group 3: Collaboration with Huawei - On July 23, the "Jinan Unicom-Huawei Brand Service Day" provided customers with immersive experiences of Huawei's products, enhancing the strategic collaboration between the two companies [5] - The event also included educational components on fraud prevention, showcasing the company's commitment to customer safety and service quality [5] Group 4: Overall Impact - The July customer day activities served nearly 220 participants, receiving widespread positive feedback and trust from customers, indicating the success of Jinan Unicom's customer engagement strategy [7] - The company plans to continue evolving its service offerings and customer engagement initiatives to enhance the overall customer experience in the city [7]

Investment Rating - Industry rating: Recommended [4] Core Insights - The integration of "Artificial Intelligence+" is deepening, with AI maintaining high performance in overseas computing power chains, despite short-term volatility pressures. Recommended companies include Unisplendour, ZTE, StarNet, Guanghui New Network, Aofei Data, Data Port, Invec, New Ray Energy, and Wangsu Technology, with related beneficiaries such as Runze Technology and Baoxin Software [1][6][11] - In the long term, the computing power industry chain is still in its early growth stage, driven by reasoning power and model iteration upgrades. Beneficiaries include NewEase, Zhongji Xuchuang, and Tianfu Communication, with CPO-related beneficiaries like Taicheng Light and Yuanjie Technology, and PCB-related beneficiaries such as Shenghong Technology and Hude Electronics [1][7] - The demand for domestic computing power, private cloud, and integrated government and enterprise cloud deployment is expected to accelerate, with beneficiaries including Cambricon, Guangxun Technology, Huagong Technology, Tuwei Information, and Weishi Jiajie [1][7][11] Summary by Sections Section 1: AI and Computing Power - AI is becoming a new engine for economic growth, with significant integration into various industries. The government is promoting the commercialization of AI applications [6] - The recent discussions around the H20 computing chip vulnerabilities are expected to accelerate the domestic production chain, with beneficiaries including SMIC, Cambricon, StarNet, and others [2][10] Section 2: Recommendations in the Communication Sector - Recommended companies in the computing and communication infrastructure include China Mobile, China Telecom, and China Unicom, along with equipment manufacturers like ZTE and Unisplendour [11][13] - The report emphasizes the importance of third-party computing power leasing companies such as Guanghui New Network and Aofei Data, with additional beneficiaries like Runze Technology and Baoxin Software [11][13] Section 3: Optical Network and Edge Computing - Beneficiaries in the optical network upgrade include Guangxun Technology, Huagong Technology, and Tianfu Communication [14] - In edge computing, recommended companies include Wangsu Technology, Youkede, and Qianlong Technology, focusing on high-performance SoC chips [15]

Group 1 - The core viewpoint is that telecom companies are taking measures to regulate marketing calls and protect consumers from unsolicited sales pitches [1][2][3] - Official outbound numbers for telecom companies are established: China Telecom 10001, China Mobile 10085, and China Unicom 10016, while all other numbers are considered unauthorized marketing calls [1] - Consumers can refuse marketing calls, and if they do, the calls must cease; companies are required to avoid false advertising and must disclose all relevant information about service packages [1][2] Group 2 - Marketing calls must be recorded throughout the process, and confirmation messages must be sent before any business is conducted, requiring consumer consent [2] - In case of encountering non-compliant marketing calls, consumers are advised not to trust unofficial numbers and to report issues to official customer service hotlines [3]

Core Viewpoint - The three major telecommunications companies in China, namely China Telecom, China Mobile, and China Unicom, have introduced measures to regulate telemarketing practices, aiming to address public concerns regarding false advertising and inducement in communication services, thereby protecting user rights [1]. Group 1: Regulatory Measures - The official outbound marketing numbers for the three companies are China Telecom 10001, China Mobile 10085, and China Unicom 10016, with no authorization for any other entities to conduct outbound marketing using different numbers [1]. - Marketing content must be presented accurately without false advertising or inducement, and all key information such as pricing standards, applicable scenarios, validity periods, and restrictive conditions must be disclosed [1]. - Users must provide consent before receiving confirmation SMS for service requests, which will include necessary information about the service [1]. Group 2: Quality Control and User Protection - All outbound marketing calls will be recorded, and a comprehensive review will be conducted to ensure strict quality control throughout the process [1]. - If users explicitly refuse outbound marketing calls, the companies will cease further contact to respect user preferences [1]. - Users are advised to recognize official outbound marketing numbers and refrain from conducting business through any unofficial numbers, as well as not to share verification codes with anyone [1].

Group 1 - The three major telecommunications companies have collectively announced standardized measures for telephone marketing to address user complaints regarding false advertising and inducement to consume [1] - The companies require that if a user explicitly refuses telephone marketing services, they cannot be contacted again [1] - Telephone marketing must provide comprehensive and accurate information about the marketing content, avoiding false advertising and disclosing key information such as pricing standards, applicable scenarios, validity periods, and restrictive conditions [1] Group 2 - All proposed pricing plans must be publicly available on the companies' online service platforms and official apps [1] - Outbound marketing calls will be recorded and reviewed in full to ensure compliance with strict quality standards, ensuring transparency and integrity [1] - After obtaining user consent, staff must send a confirmation SMS detailing necessary information about the service, and the service will only be processed upon user confirmation via SMS [1] Group 3 - The official outbound marketing numbers for the three telecommunications companies are: China Telecom 10001, China Mobile 10085, and China Unicom 10016 [1] - The customer service hotlines for the three companies are: China Telecom 10000, China Mobile 10086, and China Unicom 10010 [1]

Core Points - The three major telecommunications companies in China, China Telecom, China Mobile, and China Unicom, have collectively announced standardized measures for telephone marketing to address issues of false advertising and inducement to consume [1] - The official outbound marketing numbers for these companies are China Telecom 10001, China Mobile 10085, and China Unicom 10016, and no other numbers are authorized for outbound marketing [1] - The companies require that telephone marketing must accurately present marketing content without false advertising or inducement, and all relevant pricing and conditions must be disclosed [1] - Users who explicitly refuse outbound marketing will no longer receive calls from these companies [1] - Outbound marketing calls will be recorded and reviewed to ensure compliance and transparency, and confirmation messages will be sent to users before processing any requested services [1]

Core Viewpoint - The three major telecommunications companies in China, including China Unicom, China Telecom, and China Mobile, have collectively announced standardized telemarketing practices to enhance user protection and service quality, including the establishment of unique official outbound marketing numbers [1][2][3] Group 1: Company Announcements - China Unicom has established 10016 as its sole official outbound marketing number and has committed to accurate marketing practices, including clear communication of fees and terms [1][2] - China Telecom has designated 10001 as its official outbound marketing number and has made similar commitments to transparency and user consent in its marketing practices [1][3] - China Mobile has introduced 10085 as its official outbound marketing number and has implemented a "marketing-free" policy, allowing users to report unsolicited calls [3] Group 2: Service Commitments - China Unicom's five commitments include accurate marketing content, user consent for service requests, and strict process controls, including call recording and quality checks [2] - China Telecom has aligned its service commitments with those of China Unicom, emphasizing transparency and user rights [3] - China Mobile's service commitments include a reporting mechanism for unsolicited calls, with incentives for users who report violations [3] Group 3: Industry Context - The announcements come in response to user complaints regarding misleading telemarketing practices, indicating a shift towards more user-centric business models in the telecommunications industry [3]

Core Viewpoint - The China Securities TMT Index has shown significant growth, with a year-to-date increase of 35.09%, reflecting strong performance in the TMT sector [1]. Group 1: Index Performance - The China Securities TMT Index has increased by 5.12% over the past month and 15.24% over the last three months [1]. - The index was established on November 14, 2014, with a base point of 3000.0 [1]. Group 2: Index Composition - The index comprises 50 listed companies in the TMT sector from the Hong Kong Stock Connect, with Tencent Holdings, Xiaomi Group-W, and China Mobile being the top three holdings [1]. - The top ten weightings in the index are as follows: Tencent Holdings (14.42%), Xiaomi Group-W (13.77%), China Mobile (13.69%), SMIC (8.44%), Kuaishou-W (7.88%), CK Hutchison (4.76%), Lenovo Group (3.01%), China Telecom (2.99%), Kingdee International (2.24%), and China Unicom (2.07%) [1]. Group 3: Market and Sector Breakdown - The index is exclusively composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [2]. - In terms of industry distribution, communication services account for 55.81% and information technology for 44.19% of the index [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - Special adjustments may occur under certain circumstances, such as delisting or significant corporate actions [3].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has completed the benchmarking assessment for procurement and supply chain management of central enterprises for 2025, identifying 33 A-level enterprises, including major companies in the energy and telecommunications sectors [1] Group 1 - The assessment was organized by SASAC to evaluate the procurement and supply chain management practices of central enterprises [1] - A total of 33 enterprises were classified as A-level, indicating high performance in procurement and supply chain management [1] - Notable A-level enterprises include State Grid, China Southern Power Grid, China Mobile, Sinopec, China Unicom, China Telecom, China Huaneng, CRRC, China National Petroleum Corporation, and State Energy Group [1]