Group 1 - The 27th China Association for Science and Technology Annual Conference featured a forum on "6G Technology Innovation and Future Industry Development" held in Beijing, focusing on the future direction, opportunities, challenges, and research achievements of 6G technology [1] - Keynote speeches included topics such as "Exploring 6G Innovation with AI as the Engine" by Professor Wu Hequan and "Continuous Innovation in 5G/6G Requires International Cooperation" by Zhao Houlin, emphasizing the importance of collaboration in advancing 6G technology [1] - Discussions on critical technologies and cutting-edge science related to 6G and AI were led by experts from various institutions, highlighting the integration of AI in enhancing 6G network security and architecture [1] Group 2 - A roundtable discussion on "Diverse Scenarios Driven 6G Networks" was hosted by Lu Lu, featuring experts from multiple universities and research institutes, indicating a collaborative effort to address the diverse applications of 6G networks [2] - A special session focused on "Youth Talent Supporting 6G Innovation Ecosystem" was moderated by Liu Guanghua, showcasing the involvement of young experts in building a sustainable innovation ecosystem for 6G [2]

Core Viewpoint - The China Securities Hong Kong 300 Modern Services Index has shown significant growth, with a year-to-date increase of 17.13% and a three-month rise of 18.38% [1][2]. Group 1: Index Performance - The China Securities Hong Kong 300 Modern Services Index reported a value of 1647.08 points [1]. - The index has increased by 0.47% over the past month [1]. - The index is based on a sample of securities selected from the China Securities Hong Kong 300 Index, reflecting the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [1]. Group 2: Index Holdings - The top ten weighted stocks in the index include Tencent Holdings (17.63%), Alibaba-W (10.98%), and HSBC Holdings (9.11%) [1]. - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1]. Group 3: Sector Allocation - The sector allocation of the index shows that finance accounts for 36.76%, communication services for 28.04%, and consumer discretionary for 21.51% [2]. - Other sectors include real estate (4.97%), utilities (3.59%), industrials (2.15%), healthcare (1.70%), and information technology (1.27%) [2]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Temporary adjustments may occur under special circumstances, such as delisting or corporate actions like mergers and acquisitions [2].

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]

Group 1 - The A-share market indices closed mixed, with the China Hong Kong Mainland Index (CESHKM) rising by 0.09% to 6523.98 points, with a trading volume of 57.76 billion [1] - Over the past month, the China Hong Kong Mainland Index has decreased by 0.19%, increased by 0.59% over the last three months, and has risen by 16.44% year-to-date [1] - The index is composed of several securities price indices, including the China 120 Index, China A80 Index, China Hong Kong Mainland Index, and China 280 Index, reflecting the overall performance of large and mid-cap securities listed in Shanghai, Shenzhen, and Hong Kong [1] Group 2 - The top ten holdings of the China Hong Kong Mainland Index include Tencent Holdings (9.89%), Alibaba-W (9.17%), Xiaomi Group-W (8.92%), China Construction Bank (8.45%), Meituan-W (6.23%), Industrial and Commercial Bank of China (4.56%), China Mobile (4.56%), BYD Company (3.84%), NetEase-S (3.53%), and JD Group-SW (3.38%) [1] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange [2] - In terms of industry allocation, consumer discretionary accounts for 30.61%, financials for 23.03%, communication services for 22.17%, information technology for 11.44%, energy for 5.74%, healthcare for 2.56%, real estate for 2.39%, consumer staples for 1.04%, industrials for 0.58%, and materials for 0.43% [2]

Core Viewpoint - The integration of 5G and industrial internet is crucial for expanding the large-scale application of 5G, facing challenges such as high costs and fragmented demand across various industries [3][4]. Group 1: 5G and Industrial Internet Integration - The deep integration of 5G and industrial internet is essential for expanding 5G applications, currently facing challenges in cost and demand matching [3][4]. - High costs associated with 5G network construction and equipment upgrades pose a significant burden, especially for small and medium-sized enterprises [3]. - The current "5G + industrial internet" applications primarily address common needs, lacking sufficient alignment with the unique demands of different industries [3]. Group 2: 5G-A Development and Its Implications - 5G-A is a key transitional phase towards 6G, enhancing network bandwidth and providing valuable insights for future 6G development [5]. - The development of 5G-A has led to the emergence of new application scenarios, indicating that 6G should focus on deeper integration with vertical industries [5]. - The emphasis on industry collaboration in 5G-A development highlights the need for a robust ecosystem to support 6G advancements [5]. Group 3: AI for Industry Trends - AI for Industry is expected to experience rapid growth, integrating with 5G-A and industrial internet to create a comprehensive intelligent system [9][10]. - The expansion of AI applications is moving from a few leading sectors to broader industries, enhancing production efficiency and reducing costs [9][10]. - Key issues for the information and communication industry include data quality and security, computational power support, standardization, and talent cultivation [10][11]. Group 4: Challenges in AI Model Development - The transition from general AI models to specialized industry applications faces challenges such as data barriers, algorithm precision, and scene adaptation [10][11]. - Data governance is prioritized to address the scarcity of high-quality datasets, utilizing proprietary tools for data cleaning and transformation [10][11]. - Collaboration with industry partners is essential for developing benchmark applications and optimizing models through practical scenarios [12].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年6月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國移動有限公司 | | | 呈交日期: | 2025年7月7日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號(如上市) | 00941 | | 說明 | 香港股份 | | | | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | | | | 股份期權計劃詳情 | 上月底結存的股份期權數 | | 本月內變動 | | 本月底結存的股份期權數 | 本月內因此發行的新股數 | 本月内因此自庫存轉讓的 ...

Core Viewpoint - The China Securities Hong Kong 300 Modern Services Index has shown positive performance, with a year-to-date increase of 16.86% and a recent monthly rise of 0.97% [1] Group 1: Index Performance - The China Securities Hong Kong 300 Modern Services Index closed at 1643.39 points [1] - The index has increased by 2.72% over the past three months [1] - The index is based on a sample of securities selected from the China Securities Hong Kong 300 Index, reflecting the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [1] Group 2: Index Holdings - The top ten weighted stocks in the index include Tencent Holdings (17.49%), Alibaba-W (10.97%), HSBC Holdings (9.09%), and others [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Group 3: Industry Composition - The industry composition of the index shows that finance accounts for 36.84%, communication services for 27.93%, and consumer discretionary for 21.51% [2] - Other sectors include real estate (4.95%), utilities (3.59%), industrials (2.16%), healthcare (1.74%), and information technology (1.29%) [2] Group 4: Sample Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Special circumstances may lead to temporary adjustments, and companies that are delisted will be removed from the index [2]

Investment Rating - Industry rating: Recommended [6] Core Insights - The GB300 is expected to start volume production in the second half of the year, with significant advancements in AI performance and capabilities [1][8] - The central government emphasizes high-quality development of the marine economy, with wind power generation rapidly increasing, accounting for over 12% of total power generation [2][10] - There is a strong growth in overseas AI demand, particularly from new enterprises, driving high capital expenditure in AI [3][14] Summary by Sections GB300 Launch - CoreWeave announced the first market delivery of the NVIDIA GB300 NVL72, featuring advanced AI performance with over exaflop capabilities and significant improvements in user response speed and throughput [1][8] Marine Economy Development - The central government is focusing on enhancing the marine economy through policy support and encouraging social capital participation, with wind power generation capacity rapidly increasing [2][10] Investment Recommendations - The report recommends focusing on the AI capital expenditure and related sectors, highlighting the growth potential in the optical module industry and PCB supply chain [3][14] - Specific beneficiary stocks include NewEase, Zhongji Xuchuang, and Tianfu Communication in the optical module sector, and China Telecom, China Mobile, and China Unicom in the telecommunications sector [3][16][17] - The marine economy sector is also highlighted, with companies like Zhongtian Technology and Hengtong Optic-Electric being potential beneficiaries [4][15]

Group 1 - The core message of the news is that the city of Qingyang in Gansu province is actively promoting investment opportunities through a diverse range of projects, aiming to enhance its economic development and attract businesses [1][2]. - Qingyang has introduced a comprehensive investment menu that includes 194 key projects across five sectors: fine chemicals, digital economy, low-altitude economy, modern agriculture, and cultural tourism integration [1]. - During the 31st Lanzhou Investment and Trade Fair, Qingyang signed 62 contracts with a total value of 1,033.98 billion yuan, indicating strong interest from investors [1]. Group 2 - Qingyang is strategically positioned as a hub for major national resource allocation projects, including the West-to-East Gas Transmission and the East-to-West Data Calculation initiatives [2]. - The city is focusing on developing four trillion-yuan industrial chains: comprehensive energy, oil-coal chemical, digital economy, and equipment manufacturing, along with four hundred-billion-yuan industrial chains in modern agriculture, cultural tourism, healthcare, and green environmental protection [2]. - In 2024, Qingyang aims to achieve the highest satisfaction rate for the business environment among investment enterprises in Gansu, positioning itself as a key growth area for the province [2]. Group 3 - The digital economy is identified as a new growth area for Qingyang, with the data center cluster reaching a scale of 31,000 racks and a computing power exceeding 66,000 PetaFLOPS [2]. - The China Mobile (Gansu·Qingyang) data center, a key project from the 29th Lanzhou Fair, has a computing capacity of over 30,000 PetaFLOPS, setting a benchmark for future projects [2]. - The successful signing of projects in various sectors, including a 100,000-ton immersion cooling liquid manufacturing base and a low-altitude economy entrepreneurship park, is expected to inject strong momentum into Qingyang's development [5].

浪潮集团、中国移动通信集团等企业负责人感谢自治区党委、政府对各自企业在桂发展给予的大力 支持，分别介绍了在人工智能领域发展以及与广西合作规划情况，表示广西是中国面向东盟开放合作的 前沿和窗口，区位优势明显，发展前景广阔，对布局广西充满信心。将充分发挥各自企业技术、人才和 资源等优势，全面落实好此次签署的合作协议，聚焦人工智能技术应用推广和赋能千行百业，共同推进 人工智能、云计算等领域务实合作，积极参与中国—东盟人工智能创新合作中心建设和第22届东博会、 峰会，更好助力广西经济社会高质量发展。 陈刚、韦韬代表自治区党委、政府对各企业积极响应广西人工智能产业发展战略布局、深化与广西 合作表示欢迎，对相关企业关心支持广西发展表示感谢。陈刚表示，人工智能时代大幕已拉开，广西已 经站在人工智能发展的舞台上，迎来了历史最好发展时期，正深入贯彻落实习近平总书记关于人工智能 的重要论述和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，突 出策略、整合、场景，协力打造"北上广研发+广西集成+东盟应用"的人工智能发展路径，加快建设中 国—东盟人工智能创新合作中心，筹备举办首届人工智能赋能千行百业大赛， ...