Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **US-China technology competition** and its implications across various sectors, including **artificial intelligence (AI)**, **semiconductors**, **advanced manufacturing**, **biopharmaceuticals**, and **5G technology** [7][11][24][45]. Core Insights and Arguments 1. Technology Competition Landscape - The US and China are engaged in intense competition in key technology areas, impacting economic, national security, and global influence [7][11]. - Both countries have increased investments in AI, semiconductors, and advanced manufacturing in recent years [7][11]. - The report aims to provide a comprehensive diagnosis of technology competition for government policy and investment recommendations [7][11]. 2. Key Findings - **China's Infrastructure Advantage**: China leads in manufacturing, 5G, and battery technology [11]. - **US Leadership in Cutting-Edge Technologies**: The US maintains an edge in AI, quantum computing, and biotechnology [11]. - **Diverging Priorities**: Some US industry stakeholders have shifted focus to AI and fintech, while government agencies continue to prioritize advanced networks and computing [11]. - **Commercialization Gaps**: China leads in biomanufacturing and biopharmaceutical markets [11]. 3. Advanced Battery Technology - China dominates battery production, while the US aims to close the gap through initiatives like the Inflation Reduction Act (IRA) [17][19]. - The number of US battery facilities is projected to increase from 2 in 2019 to over 34 by 2024, with nearly $43 billion in investments from 2023 to 2024 [17][19]. 4. Advanced Manufacturing - China accounts for 35% of global manufacturing output, significantly higher than the US's 12% [24]. - The Chinese government has ramped up support for advanced manufacturing, with loans increasing from $63 billion in 2019 to $680 billion in 2023 [24]. - The US leads in generative AI and smart manufacturing software, driving innovation in advanced manufacturing [24]. 5. Artificial Intelligence - The US AI ecosystem is led by private companies, with significant investments and talent concentration [29][30]. - China has emerged as a strong competitor, with a growing number of large model developers and advancements in AI applications [30]. 6. Biopharmaceuticals - The US remains dominant in innovation, supported by strong intellectual property protections and high research funding [33]. - China is accelerating its biopharmaceutical innovation, with investments reaching $21 billion in 2023 [33]. 7. Commercial Drones - China leads the global commercial drone market, with DJI holding over 90% of the consumer market share [40]. - US security concerns over Chinese drones have led to increased scrutiny and potential market restrictions [40]. 8. 5G Technology - China has deployed over 4 million 5G base stations, far exceeding the US's 100,000 [45]. - Chinese companies like Huawei and ZTE dominate the global 5G equipment market due to competitive pricing and government support [45]. 9. Fusion Energy - The US leads in fusion research and investment, achieving significant milestones in net energy gain [54]. - China is investing heavily in fusion infrastructure, with a focus on commercial applications [54]. Important but Overlooked Content - The report highlights the potential for AI to accelerate battery material research, significantly reducing development time from 20 years to one week [20]. - The US faces challenges in AI data center energy consumption, projected to account for 8% of US electricity by 2030 [32]. - The emergence of new training paradigms for AI models could address computational resource shortages [32]. - The geopolitical landscape may influence the future of technology collaboration and competition, particularly in biopharmaceuticals and AI [35][66]. This summary encapsulates the critical insights and findings from the conference call, providing a comprehensive overview of the current state and future outlook of US-China technology competition across various sectors.

Group 1 - The Ministry of Education's Vocational Education Development Center signed a memorandum of cooperation with Beijing Volcano Engine Technology Co., Ltd. to promote vertical model construction in vocational education [1][4] - The collaboration will focus on training in the automotive and e-commerce sectors, developing intelligent applications, and nurturing AI-skilled talent [4][8] - Volcano Engine will provide comprehensive support including funding, computing power, and industry data to selected vocational schools and teaching teams [4][9] Group 2 - The Vocational Education Development Center previously signed a strategic cooperation framework agreement with ZTE Corporation to work on communication, intelligent manufacturing, and computer fields [4][8] - The center plans to collaborate with Alibaba Cloud Computing in the fields of cloud computing, artificial intelligence, and cross-border e-commerce within the year [8] - The center's director emphasized that advancements in artificial intelligence, particularly generative AI, are reshaping the future of education and creating new opportunities for vocational education [8][9] Group 3 - Volcano Engine, as a subsidiary of ByteDance, has significant technical expertise in AI and large model technology, aiming to integrate industry advancements with vocational education [9][10] - ZTE Corporation, a leading global ICT solutions provider, has made notable investments in AI and large model technology, intending to drive educational transformation through technological innovation [10]

Core Insights - The company emphasizes the necessity of expanding overseas markets while considering cyclical balance in its development strategy [1] - In 2024, the company's international market revenue reached 39.293 billion yuan, a year-on-year increase of 4.04%, accounting for 32.39% of total revenue, up from 30.39% in 2023 [1] - The gross profit margin was 26.91%, reflecting a decline of 10.56 percentage points year-on-year [1] Revenue Contribution - Revenue contributions from different regions include 17.48 billion yuan from Europe, America, and Oceania, 15.39 billion yuan from Asia (excluding China), and 6.42 billion yuan from Africa [1] - The company has been expanding its international presence since 1996, focusing on key markets in Asia and Latin America [1] Strategic Considerations - The company aims to achieve periodic balance and complementarity in its market presence, noting that different regions have varying levels of economic development [1] - The company is particularly focused on the 5G market, as regions like Africa and Latin America are still modernizing their 4G infrastructure [1] Innovation and Challenges - The company identifies the need to transform challenges encountered in international expansion into sources of innovation [2] - Past collaborations, such as with Japanese partners during the 4G era, have driven improvements in product quality due to stringent requirements [2] - The company advocates for Chinese enterprises to collaborate and form synergies when expanding overseas [2] Digital Economy Insights - The company asserts that ICT technology is foundational to the digital economy, with decreasing computing costs potentially leading to a convergence of intellectual and energy costs [2] Future Outlook - The company plans to deepen its traditional business in major markets while exploring new growth opportunities in data centers and green low-carbon initiatives [2] - In Q1 2025, the company reported revenue of 32.968 billion yuan, a year-on-year increase of 7.82%, while net profit was 2.453 billion yuan, down 10.50% year-on-year [2] Revenue Structure Changes - The revenue structure has shifted from a previous ratio of approximately 7:2:1 (operators, government enterprises, and consumers) to a new ratio of 5:3:2, reflecting changes in market dynamics [3] - This transition is closely linked to the decline in operator investments in 5G networks and the rising demand for computing power, energy, and enterprise digitalization [3]

Core Viewpoint - The China Telecom Theme Index has shown mixed performance, with a slight decline on the latest trading day, reflecting broader market trends in the telecom sector [1]. Group 1: Index Performance - The China Telecom Theme Index decreased by 0.03% to 1792.12 points, with a trading volume of 26.344 billion yuan [1]. - Over the past month, the index has increased by 2.63%, but it has declined by 7.91% over the last three months and by 3.23% year-to-date [2]. Group 2: Index Composition - The index comprises 50 listed companies involved in telecom operations, value-added services, communication equipment, technology services, and data centers [2]. - The top ten weighted companies in the index are: China Telecom (17.66%), China Mobile (16.11%), China Unicom (15.28%), Yinzhijie (6.14%), China Satellite Communications (5.25%), ZTE Corporation (4.86%), Zhongji Xuchuang (4.12%), Xinyi Sheng (3.95%), Unisplendour (2.63%), and Zhongtian Technology (1.75%) [2]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (64.03%) and the Shenzhen Stock Exchange (35.97%) [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3].

Group 1 - The core focus of the Shenzhen Stock Exchange's 2025 Global Investor Conference is to promote cross-border investment opportunities in the Greater Bay Area, emphasizing the digital economy and consumption sectors [1][2] - The collaboration between Shenzhen Securities Information Co. and Hang Seng Index Co. resulted in the launch of the National Index Hang Seng Greater Bay Area Digital Economy Index and the National Index Hang Seng Greater Bay Area Consumption Index, aimed at providing distinctive cross-border investment targets [1][2] - The digital economy index includes 50 companies with high market capitalization and liquidity from sectors such as electronic components, telecommunications equipment, and internet services, featuring major players like Tencent Holdings and ZTE Corporation [2][3] Group 2 - The consumption index also comprises 50 companies from sectors like home appliances and personal care, including industry leaders such as Gree Electric Appliances and TCL Technology [2] - The initiative is seen as a positive innovation practice to enhance the interconnectivity between Shenzhen and Hong Kong's capital markets, facilitating high-level bilateral openness [2][3] - The CEO of Hang Seng Index expressed enthusiasm for the collaboration, highlighting the potential for increased liquidity and dual development between Hong Kong and mainland capital markets [3]

李莹 ，女，1978年出生。中兴通讯执行副总裁兼财务总监。李女士于1999年毕业于西安交通大学，获管理 学学士及工学学士学位；于2002年毕业于西安交通大学管理科学与工程专业，获管理学硕士学位。李女士 于2002年加入中兴通讯，2002年至2018年1月历任公司成本战略办公室负责人、物流财经部部长、产研财经 部部长、财经管理部副部长、财经管理部副主任；2018年1月至2018年7月任财经管理部主任；2018年7月至 今任公司执行副总裁兼财务总监。李女士拥有多年的财务和电信行业从业及管理经验。中兴通讯2024年营 收为1212.99亿元，同比下降2.38%，扣非归母净利润为61.79亿元，同比下降16.49%。 2024年度A股财务总监薪酬前一百名 美的集团财务总监钟铮以946.00万元年薪登顶；比亚迪财务总监周亚琳以896.00万元的年薪位居第二；中兴 通讯财务总监李莹以852.10万元的年薪位居第三。 钟铮 ，女，硕士，2002年加入美的集团，曾任金融中心、部品事业部财经总监、公司审计总监等职务，现 任美的集团副总裁、首席财务官兼财务总监。美的集团2024年营收为4071.50亿元，同比增长9.44%，扣非 ...

本报记者 田鹏 中 她提到，中国全球最大规模的5G网络为5G-A应用奠定基础，相关技术已在智能制造、智慧能源等领域 落地标杆案例，展现对实体经济的赋能价值。 6G方面，崔丽透露，6G标准预计将于2029年冻结，2030年开始商用。中兴通讯匹配时间窗积极推进标 准布局、技术创新和生态合作，已经连续3年参与IMT2030 6G推进组的测试，覆盖全技术领域，质量保 持第一梯队；率先进行了原型机测试，使6G更广泛的智能连接涌现；积极拥抱AI，探索具身智能，沉 浸式通信以及群智协同等多场景价值服务新范式。未来，中兴通讯将立足5G大规模商用网络的技术积 累，与全球ICT产业一起继续推动6G全球合作创新，为全球统一技术标准及开放可信的产业市场与AI蓬 勃发展做出贡献。 针对利润与现金流变化，崔丽解释，公司收入结构正从"721"（运营商70%、政企20%、消费者10%） 向"532"转型，这与运营商5G投资阶段性下降、政企数字化与算力业务增长相关。传统CT业务具"十年 一代"投资周期特点，新业务如算力、能源等尚处规模拓展期，碎片化需求导致短期成本较高。但随着 新业务规模扩大，规模效应将降低成本，AI等增值能力可提升解决方案附 ...

Group 1 - The 2025 Tsinghua Wudaokou Global Financial Forum opened in Shenzhen, focusing on the theme of building an open and inclusive economic and financial system [1] - Experts discussed the challenges and opportunities in international trade and investment amid global changes, emphasizing the need for resilient multilateral cooperation frameworks [1] - Hu Xiaolan highlighted three "rebalancing" aspects in international trade and investment, including cost-effectiveness, global trade adjustments, and currency diversification [1][3] Group 2 - Li Nan pointed out that while global GDP and trade have shown growth, foreign direct investment (FDI) remains stagnant, indicating a low-growth, high-debt global environment [3][5] - Investment protection policies in developed countries have surged by 140% since 2020, reflecting a shift towards national security considerations in trade and investment [5] - The digital economy is projected to grow at an annual rate of 10% to 12%, contrasting with the decline in other investment areas [5] Group 3 - Marshall Mills emphasized the need to eliminate trade barriers and protectionism to unlock potential growth in productivity and the private sector [7] - He suggested that China should increase fiscal spending to boost domestic demand and enhance social security to achieve economic rebalancing [7] - Cui Li stressed the importance of product strength and long-term competitive advantages in navigating the current challenging environment [9] Group 4 - Cui Li also discussed the significance of compliance, resilience, and resource connectivity in adapting to uncertainty [9] - The discussion included insights on how developing countries can achieve sustainable growth amid limited resources and the importance of Chinese investments abroad [9][10]

Core Insights - The top three companies with the highest short positions are WuXi AppTec (02359), Vanke Enterprises (02202), and Ganfeng Lithium (01772) with short ratios of 16.40%, 14.71%, and 13.17% respectively [1][2] - The company with the largest increase in short positions is Vanke Enterprises (02202), which saw an increase of 1.37% from the previous report [1][2] - Ganfeng Lithium (01772) experienced the largest decrease in short positions, with a reduction of 0.88% [1][3] Short Position Summary - **Top 3 Companies by Short Ratio** - WuXi AppTec (02359): 6,349.45 million shares, 16.40% [2] - Vanke Enterprises (02202): 325 million shares, 14.71% [2] - Ganfeng Lithium (01772): 5,313.62 million shares, 13.17% [2] - **Companies with Largest Increase in Short Positions** - Vanke Enterprises (02202): Increased from 13.34% to 14.71% [2] - COSCO Shipping Holdings (01919): Increased from 12.27% to 13.14% [2] - Yao Cai Securities (01428): Increased from 1.28% to 2.09% [2] - **Companies with Largest Decrease in Short Positions** - Ganfeng Lithium (01772): Decreased from 14.05% to 13.17% [3] - Horizon Robotics-W (09660): Decreased from 1.87% to 1.02% [3] - Hisense Home Appliances (00921): Decreased from 10.94% to 10.14% [3]

Core Viewpoint - The company is experiencing significant fluctuations in its business performance, particularly in Q4 2024, due to a decrease in revenue influenced by the domestic operator investment environment and a decline in gross margins from changes in revenue structure and lower margins in servers and storage [1] Group 1: Q4 2024 Performance - In Q4 2024, the company's net profit attributable to shareholders decreased, and the net profit excluding non-recurring items was negative, primarily due to reduced revenue from domestic operators and declining gross margins [1] Group 2: 2025 Outlook - The company anticipates revenue growth in 2025, mainly driven by server and computing products, with a significant increase in government and enterprise business revenue in Q1 2025 [2] - The company aims to capitalize on the growing demand for computing infrastructure, particularly from leading internet companies and domestic operators, as the market shifts from training to inference in computing needs [2] - The company expects stable performance in international operator network revenue, supported by ongoing wireless modernization and fiber construction opportunities in regions like South Asia and Africa [3] Group 3: AI and Consumer Market Developments - The company plans to upgrade its AI home terminal offerings, projecting over 100 million units shipped globally in 2024, with a focus on AI-enhanced home networks, computing, smart screens, and companion robots [4] - The company is increasing efforts to expand its international consumer smartphone market, with a projected 60% year-on-year growth in international 2C smartphone shipments in 2024 [4]