Market Overview - On January 13, the Hang Seng Index rose by 0.90%, with total southbound trading amounting to HKD 137.35 billion, including buy transactions of HKD 69.32 billion and sell transactions of HKD 68.03 billion, resulting in a net buying amount of HKD 1.30 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) recorded a total trading amount of HKD 54.86 billion, with buy transactions of HKD 28.00 billion and sell transactions of HKD 26.85 billion, leading to a net buying amount of HKD 1.15 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 82.49 billion, with buy transactions of HKD 41.32 billion and sell transactions of HKD 41.17 billion, resulting in a net buying amount of HKD 0.15 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total trading amount of HKD 139.06 billion and a net buying amount of HKD 10.71 billion, closing with a price increase of 3.63% [1][2] - Tencent Holdings followed with a total trading amount of HKD 52.93 billion and a net buying amount of HKD 7.56 billion, closing with a price increase of 0.72% [1][2] - Xiaomi Group-W had a total trading amount of HKD 49.62 billion and a net buying amount of HKD 6.07 billion, closing with a price decrease of 1.96% [1][2] Continuous Net Buying and Selling - Three stocks experienced continuous net buying for more than three days, with Xiaomi Group-W, Tencent Holdings, and Kuaishou-W having net buying days of 9, 5, and 3 respectively [2] - Tencent Holdings had the highest cumulative net buying amount of HKD 69.99 billion, followed closely by Xiaomi Group-W with HKD 69.33 billion [2] - Two stocks faced continuous net selling, with China Mobile and Meituan-W having net selling amounts of HKD 52.84 billion and HKD 11.67 billion respectively [2]

报告导读： 中国新增申请 20 万颗卫星覆盖 14 个星座，含中国移动、中国星网、垣信卫 星等。本轮申报数量激增近一个数量级，未来可能引发全球对太空战略资源的新一轮关注 事件： 近日，中国向国际电信联盟（ ITU ）提交了新增 20.3 万颗的卫星申请，此次申报涵盖 14 个卫星星座，其中 CTC-1 和 CTC-2 两个星座各自申请 96,714 颗，成为本轮申报的主力。除中国星网、垣信卫星等专业卫星运营商外，申报主体首次广泛包括无线电创新院、银河航天、国电高科等商业航天企 业，以及中国移动、中国电信等传统通信运营商。 申报超 20 万颗，抢占频轨资源 " 制高点 " 。 此次中国向 ITU 提交的 20.3 万颗卫星申报，规模远超此前 "GW 星座 " （约 1.3 万颗）与 " 千帆星座 " （约 1.5 万颗）的总和，标志着中国低轨星座建设从 " 千星 " 迈向 " 十万星 " 量级的新纪元。其中， CTC-1 与 CTC-2 两个超大星座合计申报近 19.3 万颗，成为绝对主力。在近地轨道（ LEO ）频轨资源日益拥挤的背景下，这种 " 饱和式申报 " 体现了国家级战略意志，旨在通过 " 占频保轨 ...

5G通信 数十万5G与信息领域关注者的头部科技媒体 近日，中国移动2025年至2026年集中网络云资源池七期工程计算型服务器超大采购订单中标候选人结果 正式公示，本次采购涉及计算型服务器总计8581台，仅目前已公布的两个标包不含税总金额就已达到约 20亿元。 文 赵哲超/5G通信 移动的算力"加码"逻辑 作为行业老兵，我见证了太多运营商的投资周期变化。这次移动的大手笔采购，绝非一时兴起，而是有 着清晰的战略考量。 从财务数据看，2024年中国移动算力领域投入475亿元，同比增长21.5%，占资本开支比重从21.7%提升 至27.5%。这个比例变化很有意思——在总体资本开支下降4%的情况下，算力投资逆势上扬，说明移动 已经把算力当作下一个增长极来布局。 从集采规模看，今年移动的算力采购确实"疯狂"。先是191亿元的AI训练服务器集采，紧接着50亿元的 AI推理服务器集采，现在又来了20亿元的网络云资源池服务器。短短一年内，仅服务器采购就超过260 亿元，这在运营商历史上都是罕见的。并且目前，标包3、4、5的中标候选人尚未公布，意味着此次大 规模集采的最终总金额仍有上升空间。 更关键的是，中国移动时任董事长、党组 ...

Core Insights - On January 13, 2026, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 81.05 billion, 29.45 billion, and 28.57 billion respectively [1] - The same companies also led in trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 58.01 billion, 23.48 billion, and 21.05 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Alibaba-W (09988) had a trading amount of 81.05 billion and a net buy amount of -90.46 million [2] - Tencent Holdings (00700) recorded a trading amount of 29.45 billion with a net buy amount of +6.61 million [2] - Xiaomi Group-W (01810) achieved a trading amount of 28.57 billion and a net buy amount of +3.24 billion [2] - Other notable companies included Goldwind Technology (02208) with 23.07 billion and a net buy of +85.70 million, and SMIC (00981) with 22.72 billion and a net buy of -1.73 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Alibaba-W (09988) had a trading amount of 58.01 billion and a net buy amount of +1.16 billion [2] - Tencent Holdings (00700) recorded a trading amount of 23.48 billion with a net buy amount of +749 million [2] - Xiaomi Group-W (01810) achieved a trading amount of 21.05 billion and a net buy amount of +283 million [2] - Other significant companies included SMIC (00981) with 18.13 billion and a net buy of -661 million, and Kuaishou-W (01024) with 12.21 billion and a net buy of +114 million [2]

Core Viewpoint - Zhongke Kuyuan Technology (Wuhan) Co., Ltd. has completed a nearly 100 million yuan strategic financing round, exclusively invested by China Mobile Chain Long Fund, highlighting its significant position in the quantum technology sector [1] Group 1: Company Overview - Zhongke Kuyuan was established in 2020, with a core team originating from the Chinese Academy of Sciences, excelling in atomic interference precision measurement and neutral atom quantum computing [1] - The company is a leading enterprise in the quantum technology industry chain in Hubei Province and a founding member of the National Quantum Technology Industry-Academia-Research Innovation Alliance [1] - Zhongke Kuyuan has applied for over 70 patents related to quantum computing and precision measurement, with nearly 50% being invention patents [1] Group 2: Technological Advancements - In 2024, Zhongke Kuyuan launched the "Hanyuan 1" atomic quantum computer, which operates without the need for low-temperature environments, significantly reducing deployment costs [2] - The company also introduced the "Kuyuan Quantum Cloud" platform, enabling universities and enterprises to access quantum computing power via the cloud, accelerating technology dissemination [2] - The "Hanyuan" quantum computer offers advantages such as long coherence time and high control precision, making it suitable for building general-purpose quantum computers [4] Group 3: Commercialization Efforts - Zhongke Kuyuan is focusing on the commercialization of its "Hanyuan" series quantum machines, developing both full programming and global control technology routes, and creating a quantum computing cloud platform to lower user entry barriers [4] - The company collaborates with industries such as finance, pharmaceuticals, and materials to develop quantum algorithms, facilitating the transition from research to industrial application [4] Group 4: Funding and Strategic Partnerships - In the past year, Zhongke Kuyuan has secured multiple rounds of financing, including strategic investments from the Wuhan Guanggu Chip Quantum Technology Investment Fund and other funds totaling several million yuan [6] - The recent investment from China Mobile Chain Long Fund is seen as a strategic move to build an ecosystem that integrates quantum computing with 5G/6G network optimization and big data analysis, aligning with China Mobile's strategic goals [6][7] - This investment also supports the national focus on quantum technology as a key direction in the "9+6" strategic emerging industries layout by the State-owned Assets Supervision and Administration Commission [7]

Market Performance - The Hang Seng Index increased by 239.99 points, a rise of 0.9%, closing at 26,848.47 points [1] - The total turnover for the day on the main board was HKD 315.92 billion [1] - The National Enterprises Index rose by 65.33 points, closing at 9,285.41 points, with a gain of 0.71% [1] - The Hang Seng Tech Index saw a slight increase of 6.59 points, closing at 5,869.79 points, reflecting a gain of 0.11% [1] Blue-Chip Stocks - Tencent Holdings rose by 0.72%, closing at HKD 627.5 [1] - Hong Kong Exchanges and Clearing increased by 1.31%, closing at HKD 431.8 [1] - China Mobile decreased by 0.25%, closing at HKD 80.95 [1] - HSBC Holdings rose by 1.85%, closing at HKD 126.4 [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.19%, closing at HKD 42.56 [1] - Sun Hung Kai Properties increased by 1.22%, closing at HKD 107.9 [1] - Henderson Land Development rose by 2.99%, closing at HKD 31.72 [1] Chinese Financial Stocks - Bank of China increased by 0.9%, closing at HKD 4.48 [1] - China Construction Bank rose by 1.17%, closing at HKD 7.81 [1] - Industrial and Commercial Bank of China increased by 0.96%, closing at HKD 6.3 [1] - Ping An Insurance rose by 2.19%, closing at HKD 70 [1] - China Life Insurance increased by 3.51%, closing at HKD 33 [1] Oil and Petrochemical Stocks - Sinopec increased by 0.65%, closing at HKD 4.65 [1] - PetroChina rose by 1.36%, closing at HKD 8.22 [1] - CNOOC increased by 2.58%, closing at HKD 21.48 [1]

平治信息公告，近日，中国移动采购与招标网发布了《山东移动2025年新形态机顶盒采购项目_中选候 选人公示》，公司子公司深圳市兆能讯通科技有限公司为上述项目的中标候选人。采购内容为10英寸带 屏机顶盒，中标含税金额约为人民币3758.84万元。 ...

Core Insights - Zhongke Kuyuan Technology (Wuhan) Co., Ltd. has completed a nearly 100 million yuan strategic financing round, exclusively invested by China Mobile Chain Fund, aimed at accelerating quantum computing hardware R&D, new product and technology iterations, and application scenario exploration [1][4] - The company is the first in China to possess both atomic quantum computing and quantum precision measurement R&D and industrialization capabilities, and is recognized as a "chain master" enterprise in Hubei's quantum technology industry [1][4] - The global quantum technology market is projected to reach $8 billion in 2024, with China accounting for nearly one-fourth, and is expected to exceed $900 billion by 2035, with China's industry scale potentially reaching $260 billion, representing nearly 30% of the global market [3] Company Developments - Zhongke Kuyuan has launched the "Hanyuan 1" atomic quantum computing system, marking a significant breakthrough in China's quantum technology field, and is recognized as a landmark product by the Ministry of Industry and Information Technology [3][4] - The company plans to introduce the next-generation atomic quantum computing system "Hanyuan 2," which will enhance overall architecture, stability, and performance [4] - The company has developed a cloud platform for atomic quantum computing, allowing users to access "Hanyuan 1" and run tasks on the actual machine, with results directly fed back to users [4] Technology Advantages - The core advantage of atomic quantum computing lies in its scalability of qubit numbers, allowing for modular design, assembly, and integration [3] - This technology does not require contact cooling, utilizing laser cooling of atomic qubits, which results in high cooling efficiency and low power consumption, enabling operation in room temperature environments [3]

Core Viewpoint - The New Year's Eve celebration in Jining on December 31, 2025, successfully attracted a large number of citizens and tourists, with Jining Mobile providing robust communication support to enhance the festive atmosphere [1] Group 1: Event Overview - Multiple key commercial districts and attractions in Jining, including Wuyue Plaza and Aegean Shopping Park, hosted a grand New Year's Eve celebration [1] - The event aimed to create a vibrant atmosphere for welcoming the New Year, drawing significant crowds [1] Group 2: Network Support and Performance - Jining Mobile implemented comprehensive network testing and optimization in advance, completing 79 expansions for 5G and 52 for 4G in the event areas [3] - Emergency communication support vehicles were deployed at Wuyue Plaza and Fantawild Amusement Park to enhance network capacity and redundancy [3] - During the event, the network operated smoothly, with peak utilization rates of 89.0% for 4G and 89.47% for 5G, and peak users reaching 41,670 for 4G and 67,112 for 5G [3] - Total data traffic reached 46.95 TB, a 321.35% increase compared to normal levels, effectively supporting high-bandwidth activities such as video streaming and social sharing [3] Group 3: Future Plans - Jining Mobile is committed to enhancing its network support capabilities, focusing on optimizing network layout and strengthening emergency response for major city events and public service scenarios [4] - The company aims to provide reliable communication support to contribute to the high-quality economic and social development of Jining [4]

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the satellite communication industry, particularly the relationship between ground operators and satellite operators in China and abroad. The development of overseas satellite networks is driven by insufficient ground network coverage and high prices, which contrasts with the domestic operators' responsibilities to provide services in remote areas [1][2]. Core Insights and Arguments - **Collaboration Over Competition**: The future relationship between ground operators and satellite operators is expected to be collaborative rather than competitive. This is exemplified by the partnership between T-Mobile and SpaceX, where frequency authorization allows for mutual benefits [3][4]. - **Market Transformation Timeline**: The transition to satellite services in remote areas is anticipated to occur around 2030, with potential market impacts beginning as early as 2027-2028. This shift is influenced by the National Development and Reform Commission's (NDRC) inclusion of profit in the assessment of ground operators [4]. - **User Density and Market Potential**: Approximately 25% of China's population lives in areas where ground communication is economically unfeasible. This demographic is likely to be served by satellite networks in the future, leading to a significant market opportunity [5][6]. - **Market Size Estimation**: If satellite network penetration reaches 25%, it could correspond to a market size exceeding 200 billion yuan, with the overall market potential estimated to exceed 500 billion yuan, potentially reaching a trillion yuan level in the future [6]. Important but Overlooked Content - **Quantitative Analysis of Market Space**: The analysis emphasizes the SaaS business model, where increased user numbers lead to reduced costs, making profitability achievable. The model considers factors such as base station costs, operational expenses, and average revenue per user (ARPU) [5][6]. - **Key Companies to Watch**: In the network construction phase, companies with anti-deflation attributes such as Taikang Technology, Wuhan Institute of Communication, and Fenghuo Communication are highlighted. In the application phase, HaiGe Communication is noted for its strong partnerships with China Mobile and China Star Network, positioning it as a key player in the commercial space [7]. Conclusion - The satellite communication industry is poised for significant growth driven by collaboration between ground and satellite operators, with substantial market opportunities in underserved regions. Key players in both the network construction and application phases are positioned to benefit from this evolving landscape.