Core Viewpoint - The company is actively promoting green development and transformation in response to national strategies, achieving significant results in building shared communication infrastructure and supporting high-quality development under the "dual carbon" goals [1][2]. Group 1: Green Development Initiatives - The company is committed to ecological priority and green development, focusing on shared communication infrastructure to enhance resource efficiency and support the telecommunications industry in building a high-quality 5G network [2]. - As of March 2025, the company has constructed over 5.6 million base stations, with public network coverage along high-speed rail and subways exceeding 66,000 kilometers, and indoor signal coverage in key areas surpassing 17.3 billion square meters [2]. - The sharing rate of newly built towers has increased from 14.3% at the company's inception to 85% currently, with over 95% of 5G base stations built using existing resources, saving land equivalent to 1.22 million new towers and reducing carbon emissions by 31 million tons [2]. Group 2: Resource Sharing and Collaboration - The company collaborates with various sectors, including municipal, transportation, and power, to promote mutual sharing of communication and utility resources, achieving significant cost savings in infrastructure investment [3]. - By the end of 2024, 30% of new tower sites will utilize social resources for construction, with over 10,000 kilometers of railway ducts and more than 3,000 utility poles shared, enhancing the efficiency of digital infrastructure development [3]. Group 3: Digital Transformation and Smart Governance - The company is transforming traditional communication towers into "digital towers," contributing to smart governance across multiple industries, with over 234,000 digital towers deployed for applications such as environmental monitoring and disaster response [4]. - The company supports smart city initiatives, enhancing meteorological observation capabilities in Beijing by utilizing existing tower sites for advanced weather monitoring technologies [4]. Group 4: Renewable Energy and Charging Infrastructure - The company leverages its extensive site resources to develop distributed power networks and energy storage systems, establishing a comprehensive charging and battery swap network across over 320 cities, with more than 80,000 swap points and 139,000 users [5]. - As the largest lightweight electric vehicle battery swap operator in the country, the company continues to drive green and low-carbon development [5].

Group 1: Tender Results - China Tower announced the results of the 2025 centralized procurement project for office terminal products, revealing that Huawei won the bid for laptops with a 60% share, while Lenovo secured a 40% share [1] - Lenovo was the sole winner for the desktop computer category, with a total procurement of 1,790 units and a 100% share [1] Group 2: Government Procurement - The Central Government Procurement Center reported a budget of 37.84 million yuan for the 2025 desktop computer procurement project, highlighting the significant share of domestic chip-based computers [2] - Lenovo demonstrated strong competitiveness in multiple packages, having previously won several bids for desktop computers in January 2025, with total bid amounts reaching 290.6575 million yuan for one package [2] Group 3: Global PC Market Performance - According to IDC, global PC shipments reached a record high of 63.2 million units in Q1 2025, with Lenovo holding a 24.1% market share, marking a year-on-year increase of 1.3 percentage points [3] - IDC forecasts a 4% year-on-year growth in global PC shipments for 2025, driven by AI PCs, which are expected to account for 70% of shipments by 2027 [3] - International investment bank Lyon's latest view indicates that Lenovo's PC business will continue to experience strong growth in the second half of 2025, driven by market share gains from competitors and increased replacement demand due to the end of Windows 10 support [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The global AI sector remains highly prosperous, with continuous application development. Domestic telecom operators are experiencing a recovery in growth rates, and satellite internet is beginning to contribute to performance elasticity [4] - Telecom operators benefit from the ongoing promotion of the Digital China strategy, leading to stable overall business growth. Innovative businesses are growing faster and increasing their share, while new growth drivers continue to strengthen. Additionally, the reduction in capital expenditure as a percentage of revenue is favorable for profit release [4] Summary by Relevant Sections Telecom Operators - China Mobile's Q2 revenue is projected to be between 285.85 billion and 288.70 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is expected to be between 52.20 billion and 52.55 billion yuan, growing by 3.2%-3.9% [2] - China Telecom's Q2 revenue is expected to be between 132.80 billion and 134.10 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is projected to be between 13.57 billion and 13.66 billion yuan, growing by 2.7%-3.4% [2] - China Unicom's Q2 revenue is expected to be between 101.30 billion and 102.00 billion yuan, with a year-on-year growth of 3.5%-4.2%. The net profit attributable to shareholders is projected to be between 3.795 billion and 3.855 billion yuan, growing by 5.6%-7.3% [2] - China Tower's Q2 revenue is projected to be between 24.88 billion and 25.03 billion yuan, with a year-on-year growth of 2.5%-3.1%. The net profit attributable to shareholders is expected to be between 2.72 billion and 2.76 billion yuan, growing by 6.8%-8.4% [3] AI and Network Connection - The AI optical module sector is experiencing significant growth, with 800G optical modules continuing to ramp up production and 1.6T products entering mass production. Domestic companies are leading the industry and deeply participating in the global supply chain [3] - Zhongji Xuchuang's Q2 revenue is expected to be between 7 billion and 8 billion yuan, with a year-on-year growth of 18%-34%. The net profit attributable to shareholders is projected to be between 1.75 billion and 2 billion yuan, growing by 30%-48% [3] AI Liquid Cooling - The trend towards liquid cooling in data centers is becoming more pronounced due to the increasing power consumption of AI servers. Yingwei's Q2 revenue is expected to be between 12 billion and 14 billion yuan, with a year-on-year growth of 24%-45% [6] - Oulu Tong's Q2 revenue is projected to be between 11 billion and 12 billion yuan, with a year-on-year growth of 22%-33% [7] AI Applications - The demand for AI servers is expected to grow steadily, benefiting from the development of the digital economy and AI computing power. Huqin Technology's Q2 revenue is projected to be between 350 billion and 365 billion yuan, with a year-on-year growth of 51%-58% [8] Military Communication & Satellite Internet - Increased regional tensions are likely to lead to sustained investment in national defense construction, with communication and information technology being key investment areas. The domestic low-orbit satellite network is expected to continue advancing [11] - Changjiang Communication's Q2 revenue is expected to be between 2.3 billion and 3.4 billion yuan, with a year-on-year growth of 10%-63% [12]

Core Insights - The integration of artificial intelligence (AI) with mobile communication is expanding the boundaries of the information and communication industry, leading to new growth opportunities [1][2][3] - The development of AI technologies and their applications in various sectors, including telecommunications, is rapidly evolving, with significant advancements in smart devices and services [2][3][4] Industry Developments - In the first five months of this year, telecommunications revenue in China reached 748.8 billion yuan, marking a 1.4% year-on-year increase, driven by the growth of 5G and gigabit optical networks [1] - The number of 5G base stations in China reached 4.486 million by the end of May, accounting for 35.3% of all mobile base stations, with 5G mobile phone users totaling 1.098 billion, representing 60.8% of mobile phone users [7][8] Technological Innovations - The Shanghai World Mobile Communication Conference showcased various AI-driven technologies, including humanoid robots, electronic guide dogs, and smart connected vehicles, highlighting the transformative impact of AI on daily life [2][5][6] - China has developed 433 large models for AI applications, emphasizing the country's advancements in open-source, low-cost, and high-efficiency AI solutions [3] Future Trends - The concept of "carbon-silicon fusion" is emerging, where AI technologies are expected to enhance the integration of energy and information, leading to new forms of intelligent life and societal roles [4][6] - The telecommunications industry is transitioning towards a more integrated network that combines satellite and ground networks, enhancing overall connectivity and enabling advanced applications such as immersive XR and industrial automation [8]

Core Viewpoint - China Tower made its debut at the 2025 MWC Shanghai, emphasizing its role in digital infrastructure development and its contributions to the communication network in China [1][2]. Group 1: Company Contributions - Since its establishment, China Tower has constructed over 5.6 million base stations, playing a crucial role in the national communication infrastructure and 5G new infrastructure [1]. - The company has collaborated with telecom operators to build over 65,000 new telecom service sites, helping to bridge the digital divide and support network poverty alleviation and digital rural construction [1]. Group 2: Technological Innovations - China Tower aims to enhance technological innovation and expand shared resources, transitioning from traditional communication towers to "digital towers" and upgrading communication facilities to support digital economy development [2]. - The company showcased its latest achievements in building intelligent and comprehensive digital information infrastructure, including the 5G transformation of six subway lines in Shanghai [2]. Group 3: AI and Algorithm Development - China Tower has actively implemented the "Artificial Intelligence+" initiative, focusing on algorithm development for high-point scenarios, offering over 470 algorithms and serving nearly 10,000 AI analysis scenarios [3].

金融界6月20日消息，上证指数低开震荡，中证港股通TMT主题指数 (港股通 TMT，931026)报4113.66 点。 数据统计显示，中证港股通TMT主题指数近一个月上涨0.04%，近三个月下跌9.74%，年至今上涨 20.76%。 据了解，中证港股通TMT主题指数从港股通范围内选取50只TMT主题领域的上市公司证券作为指数样 本，以反映相关行业主题上市公司证券的整体表现。该指数以2014年11月14日为基日，以3000.0点为基 点。 本文源自：金融界 作者：行情君 从中证港股通TMT主题指数持仓样本的行业来看，通信服务占比56.77%、信息技术占比43.23%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。如果香港市场新上市TMT企业市值在香港上市公司中排名前十并纳入港股通范围，将在其 纳入港股通范围后第十一个交易日快速纳入该指数中。样本公司发生收购、合并、分拆等 ...

Group 1 - The 2025 World Mobile Communication Conference is currently being held in Shanghai, showcasing advanced technologies from China Tower that have attracted attention from both domestic and international peers [1] - China Tower demonstrated various industry application cases based on its extensive tower resources and AI algorithms, including solutions for agricultural burning, water and forest protection, and cultural heritage preservation [3] - The "Iron Tower Vision Link Platform" significantly improves the efficiency of handling straw burning alerts, reducing the average response time from detection to resolution to 20 minutes [3] Group 2 - China Tower has introduced innovative technologies aimed at high-quality network construction, including a new type of 13/8" leaky cable that supports the 3.5GHz frequency band, addressing high costs and low sharing efficiency in high-speed rail tunnel coverage [3] - The company has developed a spatial governance industry model called "Jingwei Model," which includes a visual model with 18 billion parameters and a multi-modal model with 200 billion parameters, enhancing detection accuracy and recall rates [3] - As of March 2025, China Tower has completed over 5.6 million base station construction projects, with a total coverage of over 66,000 kilometers for high-speed rail and subway public networks [4]

Core Viewpoint - The 9th China-South Asia Expo showcased China Tower Corporation's latest achievements in information communication infrastructure, new energy applications, and digital services, emphasizing its "one body, two wings" strategic layout aimed at supporting operator businesses and expanding tower intelligence and energy services [1]. Group 1: Infrastructure Development - China Tower has built a total of 58,000 new towers and achieved indoor coverage of 300 million square meters in Yunnan since its establishment [5]. - The company has implemented 5G network coverage in all administrative villages in Yunnan and is involved in public network coverage projects for high-speed rail and subways [5]. Group 2: Digital Services - China Tower is transitioning from industry sharing to social sharing, creating a unified open platform called "Tower Vision Link" that serves various industries, including forestry, water conservancy, and environmental protection [7]. - The company has established over 130 AI algorithms and signed strategic cooperation agreements with 22 clients across nine major industries [7]. Group 3: Energy Services - China Tower extends its communication base resources to provide diversified smart energy services, including tower battery swapping, charging, and backup power [7]. - The company has developed a three-in-one service system that integrates new energy travel, power assurance, and comprehensive energy solutions [7]. Group 4: International Expansion - China Tower has established a Southeast Asia Tower LLC to collaborate with telecommunications companies in Laos, contributing to the construction of over 290 communication towers [8]. - The company aims to deepen cooperation in technology innovation, standard setting, and ecosystem building with global partners to strengthen the foundation of digital infrastructure [8].

Core Viewpoint - China Tower Corporation has played a crucial role in building the world's largest and highest-quality mobile broadband network, focusing on innovation, resource sharing, and integrated infrastructure for future development [2] Group 1: Digital Infrastructure Development - Digital infrastructure is fundamental for economic and social development, with China aiming to build a smart, integrated digital information infrastructure by 2021 [2] - China Tower has established over 5.6 million base stations and improved network quality significantly, achieving the best historical performance [3] Group 2: Resource Utilization and Innovation - The company plans to transform traditional communication towers into "digital towers" and data centers, enhancing resource sharing and asset value [3] - China Tower aims to integrate into the national computing power system, promoting distributed computing networks that are accessible and efficient [3] Group 3: Air and Underground Network Development - The company is advancing integrated air-ground networks, providing services for drone operations and collaborating with satellite internet companies [4] - Efforts are being made to enhance digital services in underground spaces, utilizing digital technologies for improved governance and smart applications [4] Group 4: Future Collaboration and Goals - China Tower expresses a willingness to collaborate globally in technology innovation, standard setting, and ecosystem building to strengthen digital infrastructure [4]

Core Insights - The China Securities TMT Index (港股通 TMT) is currently at 4182.06 points, having decreased by 1.42% over the last three months but increased by 20.33% year-to-date [1] - The index comprises 50 listed companies in the TMT sector selected from the Hong Kong Stock Connect, reflecting the overall performance of related industry securities [1] - The index was established on November 14, 2014, with a base point of 3000.0 [1] Index Holdings - The top ten weighted companies in the index are Xiaomi Group-W (21.08%), Tencent Holdings (14.78%), China Mobile (14.49%), SMIC (7.15%), Kuaishou-W (5.81%), Cheung Kong (4.32%), China Telecom (2.79%), Lenovo Group (2.73%), China Unicom (1.99%), and China Tower (1.89%) [1] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange [2] Sector Distribution - The sector distribution of the index holdings includes: Electronics (29.41%), Media (25.52%), Telecommunications Services (24.60%), Semiconductors (8.98%), Computers (8.40%), and Communication Equipment & Technology Services (3.09%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]