Group 1 - The sixth Multinational Corporation Leaders Summit was held in Qingdao, showcasing China's digital economy and open cooperation [1] - Qingdao Mobile deployed 38 5G-A base stations in key areas, achieving a downlink peak rate of 3.6 Gbps and an uplink rate of 305 Mbps, ensuring a 99.9% network quality perception during the summit [3] - Customized high-quality internet lines were provided, featuring a "dual routing + dual device" hard isolation solution, with 10 Gbps internet lines for seamless business continuity [5] Group 2 - A 24/7 network monitoring system was implemented to optimize network parameters in real-time, ensuring smooth operation of high-bandwidth services like video conferencing and live streaming [8] - Qingdao Mobile demonstrated its technological strength and strategic commitment to high-level national openness, supporting global corporate dialogue through its "dual 10 Gbps" network [11]

Group 1 - Hong Kong's financial market liquidity remains abundant, with average daily trading volume reaching HKD 240.1 billion as of June 18, 2025, significantly higher than HKD 110.8 billion in the same period last year and HKD 131.8 billion for the entire year of 2024 [1] - The Hang Seng Tech Index has increased by 16.7% since 2025, indicating a positive trend in the technology sector [1] - The report highlights active stocks in southbound trading, including Alibaba-W (09988), Meituan-W (03690), China Mobile (00941), Tencent Holdings (00700), SMIC (00981), and Li Auto-W (02015) [1] Group 2 - The IPO market in Hong Kong has thrived, with total financing amounting to HKD 77.99 billion in 2025, representing a year-on-year increase of 559.8% [2] - Southbound trading recorded a net inflow of RMB 650.7 billion since 2025, a 104% increase compared to the previous year [2] - Mainland companies have increasingly dominated the Hong Kong stock market, accounting for 81.01% of total market capitalization and 91.04% of total trading volume as of May 2025 [2] Group 3 - The strong demand for Hong Kong-listed stocks through southbound trading is expected to continue in 2025, driven by more high-quality technology and advanced manufacturing stocks, attractive valuations, and high dividend yields [3] - The projected net inflow from southbound trading for the year is expected to reach RMB 1.2 trillion, surpassing RMB 744 billion in 2024 and RMB 289.4 billion in 2023 [3] - The interconnection mechanism between mainland and Hong Kong stocks is seen as a key driver for the long-term re-rating potential of the Hong Kong market [3]

Market Insights - The market requires increased trading volume to activate investor sentiment, and if there is a clear focus in direction with expanded volume, the 3400-point threshold is likely to be broken [1][12] - Recent attempts to break through the 3400-point level have been unsuccessful, leading to a "psychological curse" that exacerbates investor caution [12] - The 3400-point area is identified as a significant trading concentration over the past six months to three years, with ongoing low trading volume failing to absorb selling pressure [12] Company Developments - Guoxin Securities has received approval from the Shenzhen Stock Exchange's M&A restructuring review committee for the acquisition of 96.08% of Wanhe Securities [7] - Zhaoyi Innovation has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [8] - Kangda New Materials plans to acquire at least 51% of Chengdu Zhongke Huamei Electronics to expand into the semiconductor integrated circuit sector [10] Industry Trends - The collaboration between Honor and China Mobile marks a strategic upgrade in AI terminal product innovation and ecosystem development [5] - The global foreign direct investment (FDI) is projected to grow by 4% in 2024, reaching $1.5 trillion, although actual investment is expected to decline by 11% when excluding European financial transaction fluctuations [4] - The international project financing has decreased by 26%, while digital investment has increased by 14% [4]

Group 1 - The Shanghai World Mobile Communication Conference (MWC Shanghai 2025) showcased the first 5G-A embodied intelligent robot developed by Leju in collaboration with China Mobile and Huawei, addressing technical challenges in high-concurrency scenarios [1] - The "Kua Fu" humanoid robot, which debuted at the HDC 2024 Huawei Developer Conference, utilizes Huawei's cloud-based Pangu intelligent model and demonstrates multi-scenario application capabilities based on 5G-A technology [1] - The 5G-A network's high bandwidth supports large-scale data collection, providing training data for humanoid robots' deep learning models, thus shortening development cycles and adapting to diverse industry needs [1] Group 2 - Haichen Co., Ltd. signed a strategic cooperation agreement with Leju Robotics to collaborate on intelligent logistics robots and automated warehousing systems, aiming to promote the intelligent upgrade of the logistics industry [2] - BlueDai Technology's wholly-owned subsidiary, BlueDai Automation, and Leju Robotics have invested in Wuxi Quanzhibo Technology, with the latter commissioning BlueDai Technology for the research and production of integrated robotic joints and core components [2]

Gaming Industry - Beijing Municipal Bureau of Press and Publication issued support measures for the high-quality development of the gaming and esports industry, including financial rewards for hosting major esports events, with up to 5 million yuan for international events and 300,000 yuan for national events [1] - The domestic gaming market's actual sales revenue reached 85.7 billion yuan in Q1 2025, a year-on-year increase of 18%, with mobile game revenue at 63.6 billion yuan, up 20% [1] - The gaming industry is expected to see improved competition dynamics and attractive valuations, especially with the integration of AI applications [1] Robotics Industry - The first 5G-A humanoid intelligent robot was launched by Leju in collaboration with China Mobile and Huawei, addressing technical challenges in high-concurrency scenarios [2] - The 5G-A technology enhances multi-machine collaboration and real-time decision-making, supporting various application scenarios and reducing development cycles for humanoid robots [2] - The humanoid robot market is expected to expand rapidly due to advancements in AI and 5G-A technology [2] Rare Earth Industry - The Ministry of Commerce emphasized the acceleration of export license applications for rare earths, aiming to stabilize global supply chains [3] - Some rare earth magnetic material companies have received export licenses, which is crucial for the production of electric vehicle motors [3] - The recovery of rare earth exports is anticipated to narrow the price gap between domestic and international markets, benefiting the profitability of magnetic material companies [3] Solid-State Battery Industry - The 5th China International Solid-State Battery Technology Conference highlighted advancements in solid-state battery technology and related materials [4] - The industry is experiencing accelerated commercialization, with significant investments and pilot projects from major automotive companies [4] - The solid-state battery sector is expected to see continuous innovation and capacity expansion, with a critical period for industrialization approaching in 2025-2026 [4] Audiovisual Electronics Industry - A joint notification was issued by multiple government departments to promote high-quality development in the audiovisual electronics industry, focusing on new application scenarios [5] - The industry is driven by technological iterations and market demand, with significant growth expected in new display technologies and AI-enhanced audio devices [5] Foldable Smartphone Market - Apple is set to begin production of its first foldable iPhone by late Q3 or early Q4 2025, with initial production estimates in the millions [6] - The foldable smartphone market is viewed as a structural opportunity, with significant growth potential in China, projected to reach 10 million units by 2025, a 53.2% year-on-year increase [6]

Core Insights - Zhejiang University Network New (浙大网新) has launched the "Saizhi Zhulong Fund" in collaboration with Jingye Intelligent, Nandu Property, and Saizhi Boluo, focusing on the embodied intelligence industry, with its first investment in Hangzhou Yundongchu Technology Co., Ltd. [1] - Yushu Technology has recently completed a Series C financing round, with a pre-investment valuation exceeding 10 billion RMB, led by funds from China Mobile, Tencent, Jinqiu, Alibaba, Ant Group, and Geely Capital [1] - The founder of Yushu Technology, Wang Xingxing, stated that AI and robotics are poised to transform productivity structures similarly to electricity and the steam engine [1] Investment Strategy - The chairman of Zhejiang University Network New, Shi Lie, emphasized that embodied intelligence is rapidly maturing due to technological and policy catalysts, enhancing its general applicability [1] - The dual-driven strategy of "technology + capital" aims to integrate innovative technology companies like Yundongchu, enabling mutual empowerment through technology integration and market expansion [1] - Investments in technology firms will enrich Zhejiang University Network New's technological chain and ecosystem, positioning the company to seize opportunities in technological transformation and industrial upgrades [1] - The establishment of the fund aims to foster a strong collaboration between technology, resources, talent, and application scenarios, promoting a virtuous cycle of "production and finance integration" in the intelligent industry [1]

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 Viewpoint - During the 2025 Shanghai World Mobile Communication Conference, China Mobile and Honor announced a strategic partnership focused on AI terminal development, aiming to integrate their capabilities in products, technology, branding, and ecosystem to launch a deeply customized AI smartphone based on the Honor X70i model [1] Group 1 - China Mobile and Honor are collaborating on AI terminal strategy [1] - The partnership will leverage both companies' strengths in various areas [1] - A customized AI smartphone product will be developed based on the Honor X70i [1]

Core Viewpoint - The collaboration between China Mobile and Honor aims to leverage AI technology to create innovative AI terminal products, marking a significant shift in the industry landscape and enhancing user experience through smart services [1][3][5]. Group 1: Strategic Collaboration - China Mobile and Honor have launched a strategic partnership focused on AI terminals, with the goal of exploring new opportunities in the AI terminal market [1][6]. - The partnership emphasizes the integration of both companies' strengths in product, technology, brand, and ecosystem to develop customized AI smartphone products [5][6]. Group 2: AI Technology Integration - The collaboration will utilize China Mobile's "Nine Sky" large model and Honor's "Magic" model to create a seamless service experience for users [5]. - The YOYO smart life assistant will be integrated with China Mobile's eight specialized ecological scenarios, providing personalized services such as travel planning and financial reports [5]. Group 3: Product Features and User Experience - The Honor X70i will feature an AI one-click access function, allowing users to quickly access various services and functionalities, enhancing the overall AI experience [5]. - Users will benefit from features like one-click cleaning, payment code retrieval, and real-time translation during voice calls, making AI services more accessible [5]. Group 4: Market Strategy - The partnership aims to create a comprehensive AI terminal ecosystem that promotes deep collaboration between multiple devices and systems, enhancing user convenience and intelligence [6]. - China Mobile plans to leverage its extensive network and operational capabilities to drive the sales of AI terminal products, positioning them as industry benchmarks [6].

Core Insights - The global cellular IoT module shipments are expected to continue their growth trend, with a year-on-year increase of 16% in Q1 2025, driven by strong demand in India, China, and Latin America for smart meters, POS terminals, and asset tracking [1] - India leads the growth with a remarkable 32% year-on-year increase, while North America and some Asia-Pacific markets experience a decline due to weak demand and macroeconomic headwinds [1] - 5G technology is the fastest-growing segment, with a year-on-year growth of 37%, followed closely by Cat 1 bis technology, which also shows strong growth at 35% [1] Market Dynamics - China maintains its leadership in the global IoT module market with a 19% year-on-year growth, supported by the adoption of 5G and Cat 1 bis technologies in various sectors [1] - The average selling prices of modules and chips are decreasing, leading to increased price pressure from Chinese competitors, prompting companies to seek breakthroughs in higher-margin areas [4] - Qualcomm remains the leader in the chip market, with ASR and UNISOC following in second and third place, respectively [5] Manufacturer Performance - Quectel retains the top position in global cellular IoT module shipments, with China Mobile and Fibocom following closely, collectively accounting for over 50% of global shipments [4] - China Mobile's market share has surpassed double digits due to strong domestic demand for 4G Cat 1 bis modules [4] - u-blox has exited the cellular IoT module business to focus on its core strengths in GNSS and short-range connectivity [4] Future Outlook - The cellular IoT module market is expected to grow steadily in 2025, driven by demand for smart interconnected devices, asset tracking, and automotive applications in emerging markets [6] - Geopolitical tensions, strategic adjustments by manufacturers, and supply chain dynamics may constrain growth [6] - Chinese manufacturers are likely to maintain their global dominance, while Western manufacturers may benefit from demand recovery and easing geopolitical tensions [6]