Core Viewpoint - The FCC has mandated Chinese telecom operators to resolve certification issues within 14 days, threatening to cut them off from the U.S. telecom network if they fail to comply, which could disrupt communication between users in China and the U.S. [1] Group 1: Regulatory Actions - The FCC has issued an order requiring China Mobile, China Telecom, and China Unicom to address certification issues in the U.S. Robocall Mitigation Database (RMD) within a 14-day timeframe [1] - The Chinese operators must demonstrate that their operations do not pose a threat to U.S. national security and align with public interest [1] Group 2: Consequences of Non-Compliance - Failure to respond adequately will result in the removal of Chinese operators from the RMD, leading to U.S. operators ceasing to receive direct calls from these Chinese companies [1] - This action would effectively block voice calls routed from China to the U.S. through these operators, severely disrupting normal communication between users in both countries [1]

【导读】中移互联网、支付宝、华为联合签署AI+DC新通信战略合作协议，开启"通话即服 务"新时代 中国基金报记者 郭玟君 创新实践验证服务模式 AI生活助手 初具 雏形 中移互联网与支付宝在生活服务领域深度协作，率先通过"纯语音驱动+多模态协同"的AI生活 助手，在医疗健康场景已打通服务闭环。用户通过自然语音交互，不限终端品牌、无需下载A pp 、无需复杂操作，即可高效获取健康科普、智能分诊、报告解读、线上挂号等一站式服 务。 这一实践成功验证了"通话即服务"模式的技术可行性与用户价值，标志着综合性AI生活助手 已初具雏形。它不仅为用户提供了全新的服务获取方式，也为DC通话助理向更广泛的民生服 务领域拓展奠定了坚实基础，证明了语音作为核心交互手段，能够直接驱动服务闭环的巨大 潜力。 三方协同构建核心能力 赋能通话服务智能变革 本次合作汇聚了三方在各自领域的核心优势：中移互联网将依托中国移动覆盖全国的5G新通 话网络和庞大的用户基础，提供稳定可靠的通信保障和产品运营；支付宝将整合其丰富的数 字生活生态能力，联合打造智能化服务场景；华为将提供领先的通信技术解决方案与广泛的 终端适配支持。三方强强联合，旨在共同打造 ...

Group 1 - The core theme of the event was "Mobility Intelligence and Carbon Pathways," marking the launch of China Mobile's mobility product strategy and the introduction of a national public transportation carbon standard [1] - The event was organized by China Mobile Financial Technology Co., Ltd., with participation from various partners including China Petroleum and Beijing Zhongjiao Jinka, focusing on digital mobility, green low-carbon initiatives, and industry collaboration [1] - The mobility product utilizes an "AI + communication + mobility" technology path, leveraging China Mobile's comprehensive transportation cloud platform to provide a seamless travel experience across public, shared, and private vehicle scenarios [1] Group 2 - A personal carbon account scheme was introduced, centered around the concept of "mobile number as carbon account ID," which automatically records users' green travel behaviors and creates a carbon incentive loop [2] - The mobility initiative is becoming a key vehicle for China Mobile's digital service capabilities, emphasizing the importance of technological innovation and green development in enhancing public transportation efficiency and promoting sustainable living [2] - The initiative aims to integrate more scenarios into the carbon account system, providing a practical pathway for the transportation industry's low-carbon transition [2]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The rapid development of artificial intelligence is profoundly changing production and lifestyle, driving the upgrade of 5G core networks to AI core networks. Leading operators are actively practicing the commercial monetization of 5G-A intelligent core networks and considering the evolution towards an intelligent native Agentic Core [7][21] - The report identifies six major trends in the evolution of core networks, which have generated significant impact in the industry [7] Summary by Sections Trend One: Experience Management - The exploration of experience management for commercial monetization is beginning to show results, with operators enhancing operational capabilities through intelligence. Over 60% of users are willing to pay for better experiences, making experience rights a core competitive trend for operators [9][30] - Leading operators are exploring how to convert network experience into profitable rights products, combining high-end packages with scenario-based acceleration services to enhance user loyalty and open new revenue channels [30][31] Trend Two: AI Calling - AI Calling helps operators build an exceptional basic calling experience, evolving from voice assistants to multi-modal general assistants, thus seizing the AI business entry point. Operators are leveraging their unique advantages, such as a large user base and trusted numbering systems, to create differentiated competitive barriers [10][60] - The integration of AI capabilities into the entire calling process is key to enhancing user stickiness and stabilizing average call duration [57][61] Trend Three: Autonomous Network Level 4 (AN L4) - AN L4 has become an industry consensus, with network stability and operational efficiency being core strategic goals for operators. The TM Forum has designated 2025 as the commercial year for AN L4, with leading operators beginning to formulate their strategies [11][69] - The introduction of "digital employees" based on intelligent agent technology is playing a crucial role in complaint handling and alarm processing workflows [11] Trend Four: Intelligent Private Networks - The evolution of 5G-A connectivity capabilities is accelerating the development of intelligent private networks, which serve as accelerators for digital transformation across various industries. The integration of AI capabilities into connectivity is essential for building a robust foundation for enterprise AI applications [12] Trend Five: Collaborative Network Operations - The integration of communication, sensing, and computing capabilities is expected to release suppressed traffic and activate intelligent computing services. The report highlights the growing demand for high-definition video and the need for operators to enhance their network capabilities to meet this demand [13] Trend Six: Telecom Cloud Evolution - The telecom cloud is evolving from traditional cloud infrastructure to AI-native infrastructure, enabling operators to transition from "connectivity pipelines" to "connectivity + intelligent computing." This evolution is crucial for supporting the comprehensive intelligence of operator networks [14] Trend Seven: Agentic Core - The trend of agentification in AI terminals and services is driving the agentification of network architecture, enhancing differentiated connectivity capabilities and creating new business paradigms for on-demand network usage. The global digital services market based on agentified networks is projected to exceed $2.5 trillion by 2030 [15]

在数字化转型加速推进的背景下，威海移动充分发挥AI大模型与算力网络优势，为山东乳山农商行推 出"AI+书+课"企业智慧学习解决方案，提供"多元化内容+数智化产品+一站式服务"的全方位知识服 务，助力企业构建高效、精准的数字化学习体系。 全品类资源供给，打造企业专属"知识宝库" 在AI+学习内容生产方面，威海移动为乳山农商行搭建了涵盖纸质与数字资源的综合性学习平台。其 中，纸质图书库包含100万册正版书籍，覆盖红色经典、经济金融、职场技能等多个领域，员工可自主 兑换并享受"1件包邮"便捷服务。数字资源方面，平台提供海量电子书、有声课程及AI朗读功能，满足 员工碎片化学习需求；同时引入"大咖说课"专栏，汇聚财经、科技等领域专家观点，并整合主流知识平 台资源，实现"一站式"学习体验。 线上线下融合，构建沉浸式学习场景 项目采用"OMO（Online-Merge-Offline）"模式，打造立体化学习场景，激发学员学习兴趣。线上，融 合图文/视频/音频多形态荐书形式，激发学习热情，助力企业知识沉淀，云端共读，实现思维碰撞，助 力企业塑造内部共识，AI知识竞答，打造趣味学习氛围。线下，组织开展"书香农商 阅启新程"共读 ...

Group 1 - A total of 3,762 A-share listed companies in China have distributed dividends amounting to 2.46 trillion yuan this year, setting a new historical record [1] - 36 companies have announced real-time dividend distributions, with a total proposed dividend amount of 151.8 billion yuan, indicating that the total annual dividend is expected to exceed 2.6 trillion yuan for the first time [1] - Major companies such as China Mobile and Industrial and Commercial Bank of China have distributed over 50 billion yuan in mid-term dividends, while several others, including China Construction Bank and Kweichow Moutai, have distributed over 30 billion yuan [1] Group 2 - The Hong Kong Dividend Low Volatility ETF (520550) has announced a dividend of 0.04 yuan per ten shares, with a distribution ratio of 0.32%, marking its eighth dividend distribution since inception [2] - The China Securities Dividend Quality ETF (159209) has a distribution ratio of 0.26% for its sixth dividend distribution, with both ETFs having a dividend rights registration date of December 12 [1][2] - Recent data shows that the Hong Kong Dividend Low Volatility ETF has seen a net subscription of 119 million yuan in the last ten days and 186 million yuan in the last twenty days, while the China Securities Dividend Quality ETF has experienced a net inflow of 64 million yuan in the last twenty days [2] Group 3 - Huachuang Securities anticipates a rebound in industry rotation strength, with a shift from technology to dividend and anti-involution assets, indicating a recovery in rotation intensity to the 52nd percentile since 2021 [3] - The Producer Price Index (PPI) has shown a narrowing of inflation levels from -3.6% to -2.1% in October, suggesting that cyclical assets with high weight in dividend stocks may benefit from this trend [3] - Recent policies have focused on capital market and consumption, with an emphasis on domestic demand and new industries, indicating a favorable environment for dividend sectors as traditional investment windows for insurance funds approach [3]

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.65%, Da Zhong Gong Yong (01635) at 69.99%, and Green Power Environmental (01330) at 69.49% [1][2] - The companies with the largest increase in holding amounts over the last five trading days are Xiaomi Group-W (01810) with an increase of 4.323 billion, YINGFU Fund (02800) with an increase of 2.993 billion, and Leap Motor (09863) with an increase of 1.016 billion [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are Tencent Holdings (00700) with a decrease of 3.533 billion, Alibaba-W (09988) with a decrease of 1.871 billion, and ASM PACIFIC (00522) with a decrease of 668 million [1][3] Group 2 - The latest holding ratio rankings for Hong Kong Stock Connect show that China Telecom holds 10.082 billion shares, Da Zhong Gong Yong holds 374 million shares, and Green Power Environmental holds 281 million shares [2] - The top ten companies with the largest increases in holdings over the last five trading days include China Merchants Bank (03968) with an increase of 821 million, BYD Company (01211) with an increase of 760 million, and Meituan-W (03690) with an increase of 614 million [2] - The top ten companies with the largest decreases in holdings over the last five trading days include China Mobile (00941) with a decrease of 568 million, COSCO Shipping Energy (01138) with a decrease of 430 million, and Hong Kong Exchanges and Clearing (00388) with a decrease of 424 million [3]

"十四五"时期，云南省民族团结进步示范区、生态文明建设排头兵、面向南亚东南亚辐射中心"三个定 位"建设取得新成就。中国移动云南公司（简称"云南移动"）围绕云南省"面向南亚东南亚辐射中心"定 位，争做"数字两亚"先行者，深耕信息通信领域新质生产力培育，为云南建设面向南亚东南亚的数字信 息大通道积极贡献力量。 推动技术应用，拓宽数字信息大通道 云南移动发布"云移智算"品牌，联合生态合作伙伴推动人工智能产业应用面向全国拓展铺开，带动人工 智能产业产值增长，"排头兵"作用充分彰显。 云南移动建强算力规模，全省单体最大的智算中心——中国移动数字两亚（昆明）智算中心全面投产， 千卡智算集群加速落地，算力供给能力达1.75万PFlops。该智算中心B02栋于11月入选《2025年度国家 绿色数据中心名单》，成为云南省唯一入选该名单的项目。智算中心通过高压冷水机组、板式换热、液 冷及全空气制冷等多种节能技术的综合应用，2024年PUE（电能利用效率）达1.22。 构建平台能力。云南移动打造云南数字出海公共服务平台，为出海企业、监管部门提供一体化支撑保障 服务，成为科学决策的"智慧大脑"。 盘活数据资源。云南移动建设运营昆明国 ...

Overview - The report by iResearch presents the overall development trends of China's mobile internet as of Q3 2025, highlighting user behavior shifts towards "low-frequency deep use" with a steady increase in mobile internet traffic [1][6] - As of Q3 2025, the number of monthly active devices reached 1.452 billion, reflecting a quarter-on-quarter growth of 0.83%, while daily usage time per device increased to 282.9 minutes, up 2.3% [1][16] User Changes - The proportion of unmarried users reached 32.7%, an increase of 1.39% year-on-year, with users from second-tier cities and above growing by 4.2%, indicating a core growth driver from the middle-to-high income unmarried demographic [1][22] - User preferences vary significantly by age and city tier, with younger users favoring gaming and entertainment, while those aged 25-30 lean towards parenting and life services [1][39][41] Industry Changes - The artificial intelligence sector emerged as a major growth driver, with monthly active users (MAU) reaching 470 million and a year-on-year growth of 321% [2][14] - The travel and transportation sector saw a steady increase in demand, with MAU reaching 1.13 billion and usage time growing over 15% year-on-year [2][14] - The food delivery sector experienced a decline in user stickiness after a surge due to platform subsidies, indicating a potential slowdown in growth [2][14] - The gaming services sector faced overall traffic decline, but MOBA and shooting games showed resilience with growth [2][14] APP Performance - The top three apps in terms of growth for billion-level MAU were Railway 12306, Doubao, and Quanmin K Ge, while Tencent Yuanbao and Soda Music led the 50 million-level apps [3][13] - The future direction of the industry will focus on AI technology integration, refined operations in niche markets, and enhancing user experience [3]

证券日报网讯 12月9日晚间，中国移动（600941）发布公告称，因港股股票期权激励计划行权致总股数 增至21，641，494，692股，中国移动通信集团有限公司合计持股比例由69.0022%被动稀释至 68.9993%，权益变动触及1%刻度。 ...