Investment Rating - The report maintains a "Recommended" investment rating for the communication industry [1] Core Insights - The 2025 World Mobile Communication Conference (MWC) focused on key themes such as 5G integration, AI, and satellite communication, highlighting significant advancements in the industry [15][49] - The communication sector has shown resilience, outperforming major indices like the CSI 300 and the ChiNext Index in both weekly and year-to-date performance [8][9] - Key companies to watch include China Mobile, China Telecom, and China Unicom, with specific recommendations for various segments such as AI applications, satellite communication, and optical components [49][51] Summary by Sections Industry Overview - The communication industry consists of 124 listed companies with a total market capitalization of approximately 484.33 billion [3] - The sector's performance has been robust, with a 1.58% increase in the past week, outperforming the CSI 300 by 2.04 percentage points [8][9] MWC Highlights - Major announcements included the release of the "Agentic AI for Telco" white paper by China Mobile and several partners, outlining a framework for AI collaboration in telecommunications [15][16] - China Mobile introduced a series of AIoT products, emphasizing the integration of AI with IoT and satellite communications [21][22] - China Telecom showcased its cloud-network integration strategy, focusing on AI-driven applications across various sectors [25][27] Investment Recommendations - Recommended companies include: - Telecom Operators: China Mobile, China Telecom, China Unicom [51] - Optical Components: New Yisheng, Tianfu Communication, Zhongji Xuchuang [51] - Satellite Communication: Haige Communication, Shanghai Hanhua, Qiyi Er [51] - Equipment Manufacturers: Gongjin Co., Unisoc, ZTE, Ruijie Networks [51] - IoT Modules: Guanghetong, with a focus on AI applications [51]

陈刚感谢中兴通讯长期以来对广西发展的支持，欢迎中兴通讯积极参与广西人工智能发展。陈刚表 示，人工智能时代，广西不能缺席、不能落后，正深入贯彻落实习近平总书记关于广西工作论述的重要 要求，抢抓国家实施人工智能能力建设普惠计划等重大机遇，协力构建"北上广研发＋广西集成＋东盟 应用"发展路径，加快推进中国—东盟人工智能创新合作中心建设，打造面向东盟的人工智能国际合作 高地，服务构建更为紧密的中国—东盟命运共同体。希望双方进一步加强沟通对接，深挖合作潜力，拓 展合作领域，共同推进人工智能应用、东盟国家大语言模型建设、面向东盟人工智能人才培养等合作事 项落地建设，实现互利共赢、共同发展。 6月20日，自治区党委书记、自治区人大常委会主任陈刚在南宁会见中兴通讯股份有限公司董事长 方榕一行，并共同见证自治区大数据发展局与中兴通讯股份有限公司签署战略合作协议。 自治区领导许永锞、卢新宁、周异决及钟得志，中兴通讯股份有限公司执行副总裁谢峻石，副总裁 陈新宇、韩晶昀、黄如意等参加会见。（罗昌亮） 方榕介绍了中兴通讯产业发展和布局情况。她表示，中兴通讯非常看好广西面向东盟的人工智能发 展，将以签署合作协议为契机，积极参与中国—东盟 ...

Group 1 - The core industry signal observed is the shift from providing "connectivity" to offering "intelligence" as 5G-A scales up, with AI becoming the central driving force in restructuring network architecture and the entire value chain [2] - Traditional equipment manufacturers and terminal vendors face dual challenges and opportunities as AI's demand for computing power and energy grows exponentially, necessitating efficient and sustainable infrastructure [2][4] - Companies are focusing on precise differentiation and capturing emerging growth points to navigate intense market competition, with ZTE emphasizing emotional resonance with Generation Z through a blend of technology and culture [2][6] Group 2 - AI models have rapidly evolved from technical iterations to ecological symbiosis since the release of ChatGPT in 2022, with efficient infrastructure and algorithms remaining key themes [3] - The demand for computing power and energy is continuously increasing, leading to a need for sustainable infrastructure solutions across various industries [4] - ZTE proposes a systematic innovation approach to create an integrated intelligent foundation of "network, computing power, and energy," aiming to transition network architecture to "AI-native" [4][5] Group 3 - ZTE's strategy includes modular and prefabricated designs to reduce delivery cycles by 40%, and the introduction of AI's autonomous learning capabilities to improve operational efficiency by over 10% [5] - The collaboration of AI agents is being explored, with the industry pushing towards standards for agent cooperation, which will enhance AI applications in complex scenarios [5] - ZTE's terminal strategy focuses on precise differentiation and leveraging its three brands to address the competitive landscape, with an emphasis on making high-end technology accessible to a broader audience [6][7] Group 4 - The ultimate goal is to transform the company's B-end technology advantages into perceptible C-end consumer experiences, creating a seamless integration of technology into daily life [7][8] - The integration of devices such as smartphones, AI screens, and home gateways will enable non-intrusive interactions and proactive services, enhancing user experience through collaborative technology [8] - The industry is undergoing a transformation from connectivity to intelligence, with the challenge being to effectively leverage ICT technology to drive sustained growth in terminal businesses [8]

Core Viewpoint - The "Su Super" football league has gained significant popularity in a short time, with average attendance increasing from 7,745 to 25,802 in just one month, and related topics on Douyin reaching over 7 billion views by June 16, 2025 [3][5][15]. Sponsorship Expansion - The number of sponsors for the "Su Super" has tripled from the first to the fourth round, reaching 19 sponsors, indicating a surge in interest and brand engagement [5][7]. - Notable sponsors include major brands like JD.com, Ideal, and Heineken, reflecting the event's growing prestige [7][15]. - The sponsorship fees have skyrocketed to 3 million RMB, compared to the initial total season sponsorship of 8 million RMB by Jiangsu Bank [15][25]. Sponsorship Dynamics - "Karma Sports," the previous official partner, has been replaced by "Wuqiku Sports," highlighting a competitive sponsorship landscape [8][10]. - The official partnership structure has specific limitations, with only two official partners remaining, indicating a selective sponsorship approach [8][12]. - The shift in sponsorship reflects a deeper connection to local enterprises, as "Wuqiku" is a Jiangsu-based company, while "Karma" is a foreign brand [12][13]. Regional Brand Engagement - The event has attracted local brands, with three out of six fixed sponsors being Jiangsu-based companies, emphasizing regional representation [15][16]. - Other sponsors, while not local, maintain strong ties to Jiangsu, showcasing a blend of local and national brands [16][18]. - The local cultural context and humor have played a significant role in the event's popularity, with social media engagement driving interest [20][23]. Comparison with Other Events - The "Su Super" has been compared to the grassroots "Village Super" league, which also gained massive online traction, but "Su Super" has a more professional feel due to its corporate sponsorship [24][25]. - The success of "Su Super" is attributed to its entertainment value and local engagement, contrasting with the more restrained commercial approach of "Village Super" [24].

最近，济南的"顶格招商团"有点"忙"—— 根据公开报道消息，5月15日，济南市委书记刘强和市委副书记、市长于海田在山东大厦会见了百度集团创始人、董事长兼CEO李彦宏一行，并见证济南 市政府与百度集团签署人工智能产业发展战略合作协议。 再接再厉，6月13日，济南市政府与中兴通讯股份有限公司签署战略合作框架协议。济南市委书记刘强，市委副书记、市长于海田在龙奥大厦会见了中兴 通讯股份有限公司总裁徐子阳一行，并共同见证签约。 屈指算来，不到一个月的时间，百度、京东、中兴等"大厂"先后到济南签署合作协议，而且是级别比较高的政府层面战略合作协议。 虽然这些协议的内容尚未公布，但这种战略合作协议往往跨越多个领域、涉及多个项目、合作周期比较长，含金量比较高！ 百度、京东、中兴等公司，都是互联网领域和数字领域很活跃的企业。这些企业与济南签合作协议看中了这座城市什么？ 再看京东。 除了济南市政府，百度集团还同步签署了好几个协议，分别与济南高新区管委会，以及济南城市投资集团有限公司、济南财金投资控股集团有限公司就深 化人工智能领域产业合作签署战略合作协议。 没过多久，5月23日，济南市人民政府与京东集团在龙奥大厦签署战略合作协议。 ...

Investment Strategy - The satellite sector is showing a trend of "East rising, West falling," indicating that China may achieve a latecomer advantage in low Earth orbit satellites. The number of Starlink satellites falling has increased significantly, with 316 expected to fall in 2024, compared to only 2 in 2020. This trend correlates with heightened solar activity [12][16] - The "computing satellite" sector is emerging as a new avenue, with China potentially holding a first-mover advantage. The "Star Computing" plan aims to establish a space-based computing network with 2,800 satellites, while the "Three-body Computing Constellation" will achieve a total computing power of 1,000 POPS [13][14] - Four key advantages are expected to establish satellites as a new type of infrastructure: universal connectivity, high-speed communication, large-scale user access, and safety and reliability. Satellite internet can provide access in remote areas, with latency as low as 20-50 milliseconds and peak speeds reaching 500 Mbps [14][15] Industry News - Starlink satellites have been falling at an increasing rate, with over 500 reported to have fallen between 2020 and 2024. This trend provides valuable insights for China's satellite development, helping to avoid similar risks in the future [16][17] - China Mobile has initiated a procurement project for 170,000 data center switches, with Huawei and ZTE among the winning bidders. This reflects ongoing investments in infrastructure to support AI demand [17][18] - China Mobile has successfully launched a trusted data space project for data annotation, which aims to support various sectors including smart vehicles and healthcare, marking a shift towards a more skill-intensive data industry [18][19] - China Post has successfully conducted long-distance cargo transport using fixed-wing drones, marking a significant breakthrough in low-altitude logistics [19] Market Review and Focus - The communication sector saw a slight decline of 0.5% this week, with notable performances in optical modules and low-altitude economy sectors. The satellite internet sector is highlighted as a potential investment opportunity [20][21] - Recommended stocks for next week include companies involved in satellite internet, such as Aerospace Universe and Tianyin Machinery, as well as long-term focus on major telecom operators like China Mobile and China Telecom [24]

Core Viewpoint - The surge of A-share companies listing in Hong Kong is driven by the desire to access international financing and expand into global markets, supported by favorable policies from both the Hong Kong Stock Exchange and mainland China [1][2]. Group 1: A-share Companies Listing in Hong Kong - In the first five months of 2025, Hong Kong IPO fundraising reached 77.68 billion yuan, nearing the total for the entire year of 2024 [1]. - At least 37 A-share companies have listed in Hong Kong this year, indicating a strong trend [1]. - The dual policy benefits from the Hong Kong Stock Exchange's reforms and mainland China's expanded overseas listing channels are facilitating this trend [1]. Group 2: ZTE Corporation Overview - ZTE Corporation, the first A-share company to list on the Hong Kong Stock Exchange, has been a leader in the telecommunications sector since its establishment in 1985 [2][4]. - The company has a significant global presence, operating in over 160 countries and regions, serving more than a quarter of the world's population [6]. Group 3: Financial Performance and R&D Investment - ZTE's overseas revenue accounted for over 30% in both 2023 and 2024, highlighting its successful international market penetration [3][7]. - From 2015 to 2024, ZTE invested a total of 168.87 billion yuan in R&D, with annual investments exceeding 10 billion yuan [9]. - The company has applied for 93,000 patents globally, with approximately 48,000 patents granted, placing it among the top in global patent filings [9]. Group 4: Profitability and Market Position - Since its A-share listing, ZTE has accumulated profits of approximately 60.63 billion yuan and distributed cash dividends totaling 17.14 billion yuan [11]. - The company's net profit for the years 2021 to 2024 showed a consistent upward trend, with figures of 6.81 billion yuan, 8.08 billion yuan, 9.33 billion yuan, and 8.43 billion yuan respectively [10].

Group 1 - The core viewpoint of the articles emphasizes the importance of university-industry collaboration in enhancing employment quality and aligning educational outcomes with market demands [1][7] - Xi'an Jiaotong University has implemented various employment education projects such as "visiting enterprises to expand job opportunities" and "supply-demand matching" to improve the alignment between talent cultivation and social needs [1][2] - The university has established elite classes in collaboration with companies like ZTE Corporation, focusing on 5G/B5G wireless communication to meet industry demands and enhance students' practical skills and innovative thinking [2][3] Group 2 - The "Xi'an Jiaotong University·ZTE 5G Wireless Communication Elite Class" has successfully trained 121 students over three phases, with 70 students participating in subsequent internships [3] - The university collaborates with enterprises to conduct career development activities, helping students understand employment trends and requirements, thereby aligning their values with societal needs [6][7] - The university aims to integrate employment education into the entire industry-university-research chain, enhancing students' understanding of real workplace expectations and improving the efficiency of talent matching with market demands [7]

上海市政府与中兴通讯签署战略合作协议 陈吉宁龚正会见方榕徐子阳一行 智通财经6月12日电，据上海发布，上海市人民政府与中兴通讯股份有限公司今天（6月12日）在沪签署 战略合作协议。市委书记陈吉宁，市委副书记、市长龚正会见中兴通讯董事长方榕、总裁徐子阳一行。 龚正、方榕出席签约活动并见证签约。根据协议，双方将以AI终端、芯片、新型通讯、智算等新一代 信息技术为核心，聚焦集成电路、人工智能、电子信息等关键行业，在新型数字基础设施建设、数字经 济核心产业发展、产业数字化转型、智慧城市和数字政府建设、信息技术人才培养等领域深化合作，打 造世界级数字产业集群，全面提升数字消费能级，助力上海加快打造具有世界影响力的国际数字之都， 推动中兴通讯在上海的业务发展。 ...

Core Viewpoint - The article discusses how ZTE's AIM team has developed two new evaluation metrics and a repository-level code corpus processing framework to enhance AI code completion tools, making them more aligned with developer needs [1][2]. Group 1: New Evaluation Metrics - The team introduced two new metrics: Longest Common Prefix (LCP) and ROUGE-LCP, which are designed to better reflect user perceptions of code completion quality [6][8]. - LCP focuses on the longest continuous matching characters from the start of the output sequence, emphasizing the importance of the initial part of the AI's suggestion for user acceptance [10]. - ROUGE-LCP normalizes LCP by the length of the reference sequence, allowing for fair comparisons across different lengths of completion samples [12]. Group 2: Code Corpus Processing Framework - The SPSR-Graph framework was developed to help AI models understand complex code repository structures and semantic dependencies, moving beyond limited contextual understanding [14][15]. - This framework constructs a specialized code knowledge graph that models structural information and cross-file dependencies, enhancing the depth of understanding for the AI model [15][19]. - The process includes strict data filtering, AST-based semantic unit extraction, and the construction of a directed graph to represent dependencies among code units [20][30]. Group 3: Experimental Results - The team conducted experiments to validate the effectiveness of the new metrics and methods, analyzing over 10,000 real user data records from ZTE-Code-Copilot [27]. - A significant positive correlation was found between LCP values and user acceptance rates, with Pearson correlation coefficients exceeding 0.69, indicating that higher LCP values lead to increased user adoption [31][38]. - The new metrics outperformed traditional evaluation metrics in correlating with user acceptance rates, demonstrating their ability to capture user behavior and intent more accurately [43]. Group 4: Future Prospects - The team aims to further explore the adaptability of LCP and ROUGE-LCP metrics across various code generation tasks and model types [51]. - There are plans to integrate the SPSR-Graph method with reinforcement learning techniques to enhance the model's reasoning capabilities and expand its application to more complex software engineering domains [52].