Core Viewpoint - The launch of "5G-A + 10G Optical Network" by Hainan Mobile marks a significant advancement in technology, facilitating the digital transformation of Hainan Free Trade Port and accelerating the transition to the AI era [1][2] Group 1: Technology Advancement - "5G-A" is an intermediate stage in the evolution from 5G to 6G, providing a tenfold increase in network speed compared to the initial 5G, enhancing user experience in live streaming and high-definition video [1] - The dual-engine support of "5G-A and 10G Optical Network" enables a leap in network speed and connectivity capabilities across various scenarios, including home life, personal entertainment, and enterprise office needs [1] Group 2: Strategic Goals - Hainan Mobile aims to upgrade networks, applications, and foster innovative integration as part of its strategy to establish a global benchmark for digital infrastructure in Hainan Free Trade Port by 2025 [2] - The company is committed to injecting significant digital momentum into the transformation of various industries, aligning with the broader goals of the Hainan Free Trade Port [2]

【中信证券通信】推荐三条投资主线240218 一、【旭创＋天孚等】AI巨头竞逐火热，光模块龙头有望补涨！ 1、1月底到2月份，AI模型和应用端的突破加速，推动英伟达、Coherent等核心龙头年初以来涨幅接近 40％～50％，旭创、天孚涨幅只有10％～20％。 2、云巨头capex趋势向好，微软、谷歌均认可AI对核心业务增长的明显拉动，各家均表示2024年资本支 出将保持较好的增长，24-25年的增长清晰度加强。 3、短短假期，AI巨头竞逐火热：假期，GeminiUltra开放、Gemini 1.5火速推出，OpenAI取消了GPT-4 Turbo的所有每日限制、视频生成模型Sora重磅发布，巨头的火热竞逐，算力与网络升级仍是最确定的 高景气方向。 4、光模块核心龙头有望补涨：在AI模型和应用端竞逐、云厂商Capex向好的推动下，2024年1.6T加速部 署、800G新客户都是潜在的超预期机会，旭创＋天孚等有望迎来估值回升和补涨行情，坚定推荐！ 二、【中国铁塔＋运营商】优质央企持续兑现。 三、关注优质细分龙头的超跌机会：设备商＋物联网龙头等。前期市场波动，导致部分优质龙头存在明 显错杀，从价值回归的角度，推荐 ...

Core Viewpoint - China Telecom officially launched its 5G-A package on May 17, marking a significant advancement in mobile communication technology, enhancing speed, capacity, and reliability compared to 5G [1][2][4] Group 1: 5G-A Overview - 5G-A is an enhanced version of 5G, serving as a transitional phase towards 6G, with substantial improvements in capacity, speed, latency, positioning, and reliability [1][4] - Users can experience up to 400 Mbps upload and 3 Gbps download speeds under optimal conditions, significantly reducing upload times for large files [1][5] Group 2: Pricing and Packages - China Telecom offers three tiers of 5G-A packages priced at 199 yuan/month, 299 yuan/month, and 399 yuan/month, with varying data limits and speed capabilities [2][3] - Existing users can opt for a 5G-A add-on package, available for monthly or per-use purchase, catering to both individual and family needs [2][3] Group 3: Network Expansion and Coverage - The coverage of 5G-A networks is expanding, with China Telecom planning to deploy approximately 70,000 stations across 121 cities by 2024 [3][4] - China Mobile aims to invest nearly 10 billion yuan to enhance its 5G-A network, targeting over 400,000 intelligent base station upgrades [4] Group 4: Technological Advancements - 5G-A supports a wide range of new functionalities, including high-precision positioning and low-cost IoT applications, which are expected to accelerate digital transformation across various industries [4][5] - The technology is anticipated to facilitate advancements in sectors such as autonomous driving and drone operations, leveraging its low latency and high connectivity capabilities [5]

Core Viewpoint - China Mobile Sichuan Company has launched a series of AI-driven services aimed at enhancing food safety, operational efficiency, data security, and low-altitude flight management, contributing to the high-quality development of the Sichuan economy [4][7]. Group 1: AI+ Services - The "Mingchu Liangzao" platform offers services to government departments, catering enterprises, and the public, focusing on food safety through video monitoring and intelligent analysis [2][4]. - The AI+ Vision service enables real-time monitoring of food handling processes, enhancing transparency and trust in the catering industry [6][7]. - The company has introduced a "Smart Property" service that utilizes AI and video surveillance to enhance community safety and operational efficiency [7]. Group 2: AI+ Computing - China Mobile Sichuan Company has developed a four-layer service system integrating AI IaaS, AI PaaS, MaaS, and AI SaaS, transitioning from traditional cloud computing to intelligent computing [7]. - Key products include "Zhiwen," an AI-powered enterprise assistant that transforms historical data into a proprietary knowledge base, improving operational efficiency and data security [7]. Group 3: AI+ Security - The company offers a range of security products and services, including "Dedicated Line Guardian" for network security and a cloud security marketing service package for asset protection [7]. Group 4: AI+ Low Altitude - The company has implemented a low-altitude management system using drones to enhance safety during large events and ensure effective monitoring of airspace [7]. - Services include automated drone inspections, airspace regulation against unauthorized drones, and emergency communication support for disaster response [7].

Investment Rating - The report maintains a "Strong Buy" rating for the telecommunications sector [4]. Core Insights - Tencent and Alibaba have shown initial results from their AI investments, indicating a positive impact on their business growth and revenue generation [1][13]. - The report emphasizes the importance of AI capabilities in enhancing advertising effectiveness and user experience in gaming [11][12]. - The investment focus is on three key areas: computing power sector, quality dividend assets in telecom operators, and sectors like military communication, submarine cables, IoT, and smart controllers that are expected to recover gradually [1][16]. Summary by Sections Investment Recommendations - The report suggests focusing on high-growth, low-valuation stocks in the computing power sector, quality dividend assets in telecom operators, and sectors with potential recovery [1][16]. - Recommended stocks include China Mobile, Qii712, Haige Communication, Hengtong Optics, Tuobang Co., and Yiyuan Communication [17][23]. Market Review - The telecommunications sector performed moderately, with the telecommunications index down by 0.12%, underperforming the CSI 300 index by 1.23 percentage points [2][26]. - Among sub-sectors, communication services fell by 1.15%, while communication equipment rose by 0.48% [26]. Industry News - Tencent and Alibaba's Q1 2025 financial results show significant revenue growth, with Tencent's revenue at 180 billion yuan (up 13%) and Alibaba's at 236.5 billion yuan (up 7%) [11][12]. - Both companies reported substantial capital expenditures, with Tencent at 27.5 billion yuan (up 91%) and Alibaba at 23.993 billion yuan (up 136%) [11][12]. Recommended Focus Areas - Suggested areas for attention include smart controllers, IoT modules, telecom operators, military communication and satellite sectors, cables and deep-sea technology, cloud computing, liquid cooling, industrial internet, and cloud communication [24].

Group 1 - The event on May 17 marked the launch of the computing power internet experimental network by China Telecom, China Mobile, and China Unicom in collaboration with the China Academy of Information and Communications Technology [1] - The computing power internet aims to interconnect dispersed computing resources, including general computing, intelligent computing, supercomputing, and cloud-edge-end resources, allowing users to easily access and utilize computing power [1] - The computing power internet is seen as a new type of infrastructure that enhances heterogeneous computing and elastic network capabilities, transforming the supply and usage patterns of computing resources [1] Group 2 - Hongbo Co., Ltd. has developed its own "Yingbo Cloud" platform, which integrates core technologies such as computing power scheduling, storage solutions, and cluster monitoring [2] - Tuo Wei Information is a core partner of Huawei's Ascend ecosystem, collaborating to develop AI servers and edge computing solutions [2]

Core Insights - Shanghai's three major telecom operators are advancing initiatives related to "dual 10G + AI" technology, aiming to enhance their service offerings and infrastructure [1] Group 1: Shanghai Mobile - Shanghai Mobile has launched the "10G Park Computing Network Upgrade Action," initiating a pilot construction of a "10G Optical Network" [1] - The company aims to create a 1ms Jiangpu computing optical network and has formed an "AI Cooperation Alliance" with partners including iFlytek, SenseTime, Huawei, and others [1] Group 2: Shanghai Unicom - Shanghai Unicom has kicked off the "Dual 10G Community Carnival" [1] - The company is also involved in the establishment of the Yangtze River Delta Integrated Intelligent Computing Hub, with Qingpu as the core node and Lingang as a collaborative node [1] Group 3: Shanghai Telecom - Shanghai Telecom has introduced the "AI Smart Screen" for households and the "Smart Cloud Version" of its enterprise products [1]

Investment Rating - The report maintains a rating of "Add" for the industry [3] Core Viewpoints - The rapid development of AI is driving operators to optimize their capital expenditures, with a clear trend towards structural optimization. Despite a decline in overall capital expenditures, investments in computing power are expected to grow or remain stable, indicating the operators' commitment to AI [1][21] - Cloud computing is experiencing a new growth curve catalyzed by AI, significantly enhancing its application potential. The roles of the three major operators in cloud infrastructure are being redefined as they deepen their investments in cloud construction [2][23] Summary by Sections Investment Strategy - The report suggests focusing on the computing power sector, particularly in optical communication and related companies such as Zhongji Xuchuang and Xinyi Sheng. It also highlights the importance of operators like China Mobile, China Telecom, and China Unicom in this space [8][14][31] Industry Trends - The report notes a significant slowdown in 5G user growth across the three major operators, with a total of approximately 1.2 billion 5G users. The average revenue per user (ARPU) is also declining, indicating intensified competition among operators [7][26] Operator Capital Expenditure - China Mobile plans to invest CNY 37.3 billion in computing power for 2025, accounting for 25% of its capital expenditures. China Telecom's computing power investment is projected to reach CNY 22 billion, a 22% increase year-on-year. China Unicom expects a 28% increase in computing power investment, exceeding CNY 18 billion [23][24][25] Market Performance - The report highlights that the optical communication index outperformed other segments within the communication sector, with a notable increase in stock prices for key players in the computing power industry [17][20] Key Recommendations - The report recommends focusing on companies within the computing power supply chain, including optical communication leaders and related technology firms, as they are expected to benefit from the ongoing AI wave [8][31]

Core Viewpoint - The annual "World Telecommunication and Information Society Day" emphasizes achieving gender equality through digital transformation, advocating for equitable access to digital technologies across different regions and groups, and promoting social inclusion and sustainable development [1] Group 1: AI Development by Telecom Operators - Major telecom operators highlighted the importance of AI in their speeches during the event, indicating a shift towards a new era of technological revolution and industrial transformation driven by AI [2][3] - China Mobile's chairman emphasized the integration of data, computing power, and AI as a new engine for technological innovation, reshaping production, lifestyle, and governance [2] - China Unicom's chairman announced a comprehensive innovation strategy aimed at building a digital future that benefits everyone, with plans to upgrade their infrastructure to support AI applications [2] - China Telecom's chairman stated the company's commitment to embracing AI for strategic upgrades and enhancing social welfare through technology [3] Group 2: AI Products and Services - Guangdong Unicom launched four AI products aimed at enhancing communication for special groups, including a product designed for hearing-impaired individuals that facilitates real-time voice-to-text conversion [3] - Guangzhou Mobile is developing an AI+ ecosystem by integrating capabilities from over 20 partner companies, focusing on various AI applications [5] Group 3: 10-Gigabit Optical Network Initiatives - The construction of a 10-gigabit optical network was a key focus, with China Unicom planning to accelerate its development to support high-speed connectivity in communities and industrial parks [7] - The Ministry of Industry and Information Technology announced plans for pilot projects to deploy 10-gigabit optical networks by the end of 2025, with 86 cities already initiating trials [7] - Guangdong Telecom has completed the delivery of its first "10-gigabit household" and launched a promotional campaign for 10-gigabit broadband services [8] - Guangzhou Mobile announced plans to establish 10 benchmark communities and parks with 10-gigabit network coverage, aiming to enhance user experience and service quality [9]

"女性有很强的技术洞察力、创新力，同时也有严谨和责任心，在合作和沟通中刚柔并进，在国际标准 制定中发挥着很重要的作用。"黄宇红在圆桌论坛上表示。 中新社北京5月17日电 题：数字化时代：中国女性群星闪耀时 中新社记者 刘育英 2025年世界电信和信息社会日主题是"在数字化转型中实现性别平等"。在5月17日举行的纪念活动上， 特意举办"提升女性在数字化时代的影响力和参与度"圆桌论坛，见证中国女性在ICT(信息通信技术)领 域做出的杰出贡献。 这场对话汇聚了数字化转型中教育界、产业界、学术界的五位杰出女性代表。 中国移动研究院院长黄宇红是通信领域顶尖女性专家，从2G到6G全程参与中国移动通信技术演进，主 导研发TD-LTE技术，推动中国自主知识产权的4G标准成为国际主流；担任IMT-2030(6G)推进组专家， 主导制定全球5G关键技术指标，推动中国移动主导的"5G之花"9项技术指标中8项被国际电信联盟(ITU) 采纳。 2025年3月，中国移动研究院5G/6G国际标准制定团队荣获"全国三八红旗集体"称号，该团队在5G阶段 勇闯技术"无人区"，原创性提出5G服务化架构及协议、大规模天线、通算智融合、无源物联、新通 ...