Core Insights - Central state-owned enterprises (SOEs) are crucial to national strategy and play a key role in maintaining the stability of the capital market, accounting for approximately 30% of the total market capitalization of A-shares [1] - The "value management" strategy has become a core focus for SOEs, transitioning from a marginal topic to a central strategy, with the National New SOE Composite Index rising over 20% in 2024 [1][2] - Experts emphasize that SOE value management is a systematic project aimed at aligning intrinsic value with market value, rather than merely short-term stock price management [1][2] Value Creation and Performance - The fundamental aspect of value management is enhancing intrinsic value, with over 220 SOEs reporting year-on-year growth in net profit in the first three quarters of 2025, and 19 companies doubling their net profits [2] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for SOEs to focus on improving the quality of development through mergers, share buybacks, and cash dividends [2] Case Study: China Mobile - China Mobile serves as a leading example of effective value management among SOEs, achieving an A-grade in SASAC's annual assessment and focusing on strategic emerging industries like artificial intelligence for growth [3] - SOEs are increasingly using market-oriented methods such as mergers and acquisitions to concentrate resources in core and strategic emerging sectors, enhancing asset securitization and capital operation efficiency [3] Value Transmission - Effective communication of created value to the market is critical for successful value management, with cash dividends being a direct method for SOEs to convey value to investors [4] - Over 310 SOEs distributed dividends totaling over 408 billion yuan in 2024, with several companies making their first-ever dividend payments [4][5] - Stock buybacks and increases in shareholding are also important tools for maintaining investor confidence, with over 60 SOEs announcing buyback or increase plans in 2024 [5] Long-term Strategy and Institutionalization - The SASAC has incorporated value management into the performance assessment of SOE leaders, enhancing its importance and prompting SOEs to develop specific value management systems [6] - More than 120 SOEs have disclosed dedicated value management systems, with over 45 companies creating targeted valuation enhancement plans [6] - The shift towards institutionalized value management aims to transform it from a short-term action into a long-term strategy, focusing on sustainable value creation [7]

Core Viewpoint - Junzhi Group (01300) announced that its wholly-owned subsidiary, Jiangsu Junzhi Technology Co., Ltd., has been shortlisted for the centralized procurement project of telecommunication power cables by China Mobile for 2025-2026, indicating a significant business opportunity for the company [1] Group 1: Company Information - Jiangsu Junzhi Technology's bid for the centralized procurement project was quoted at RMB 1.79995 billion, ranking third with a market share of 19.44% [1] - China Mobile is a major client of the company, and this procurement project is expected to positively impact the deployment of 5G new infrastructure [1] Group 2: Industry Impact - The centralized procurement project by China Mobile for telecommunication power cables is part of the broader 5G infrastructure development, which is crucial for the telecommunications industry [1]

Core Insights - Junzhi Group (01300.HK) announced that its wholly-owned subsidiary, Jiangsu Junzhi Technology Co., Ltd., has been shortlisted for the centralized procurement project of telecommunication power cables by China Mobile for the years 2025 to 2026 [1] - The bid amount submitted by Junzhi Technology is RMB 1,799,952,662.07, ranking third with a market share of 19.44% [1] - China Mobile is a major client of the group, and this procurement is expected to positively impact the deployment of 5G new infrastructure [1] Company Summary - Junzhi Technology has been identified as a candidate for a significant procurement project by China Mobile, indicating strong business prospects [1] - The bid amount reflects the company's competitive positioning in the telecommunications sector [1] Industry Summary - The centralized procurement project by China Mobile is part of the broader 5G infrastructure development, which is crucial for the telecommunications industry [1] - The project is expected to enhance the scale of 5G new infrastructure deployment, benefiting companies involved in telecommunications equipment and services [1]

Core Viewpoint - Junzhi Group (01300.HK) announced that its wholly-owned subsidiary, Jiangsu Junzhi Technology Co., Ltd., has been shortlisted for the centralized procurement project of telecommunication power cables by China Mobile for the years 2025 to 2026, with a bid amount of RMB 1.8 billion and a market share of 19.44% [1][1][1] Group 1 - The bid amount for the centralized procurement project is RMB 1.8 billion, excluding tax [1] - Junzhi Technology ranked third in the bidding process, securing a market share of 19.44% [1] - China Mobile is a major client for Junzhi Group, and this procurement is expected to positively impact the deployment of 5G infrastructure [1][1]

Core Viewpoint - Junzhi Group's subsidiary, Jiangsu Junzhi Technology Co., Ltd., has been shortlisted for a major procurement project by China Mobile, indicating a significant opportunity for the company in the telecommunications sector [1] Group 1: Procurement Details - The procurement project involves the supply of telecommunications power cables for the years 2025 to 2026, with Junzhi Technology's bid amounting to RMB 1.79995 billion, excluding tax [1] - Junzhi Technology ranked third in the bidding process, securing a market share of 19.44% [1] Group 2: Client Relationship and Market Impact - China Mobile is a key client for Junzhi Group, and this procurement is expected to positively impact the deployment of 5G infrastructure [1] - The public announcement period for the procurement results was from November 11 to November 14, 2025, indicating a timely update for stakeholders [1]

俊 知 集 團 有 限 公 司 * 香 港 交易 及 結 算 所 有限 公 司 及 香港 聯 合 交 易 所有 限 公 司 對 本公 佈 的 內 容概 不 負 責， 對 其 準 確 性或 完 備 性 亦無 發 表 任 何 聲明 ， 並 明 確 表示 概 不 就 因本 公 佈 全部 或 任 何 部 分內 容 而 產 生或 因 依 賴 該 等內 容 引 致 的 任何 損 失 承 擔任 何責任。 TRIGIANT GROUP LIMITED （ 於開曼群島註冊成立的有限公司） （股份代號：1300） 自願公佈 — 預中標中國移動通信有限公司（「中國移動」） 2025年至2026年通信用電力電纜產品 集中採購項目 此乃俊知集團有限公司（「本公司」，連同其附屬公司合稱「本集團」）之自願 公佈。 本集團 董事會欣然公 佈，2025年11月11日，中 國移動通過其 線上商務平臺 公 佈 了 中 國 移 動2025 年 至 2026 年 通 信 用 電 力電 纜 產 品 集 中 採 購 項 目 中 選 結 果公示（ 以下簡稱「中標公示」）， 本集團之全 資附屬公 司，江蘇 俊知技術有 限公司（ 以下簡稱「俊知技術」）為相關中 ...

Core Insights - The company emphasizes the integration of green development concepts with customer-centric service, aiming to enhance operational efficiency while protecting the environment [1][2] - The implementation of advanced technologies and energy-efficient practices is a priority, ensuring stable communication services and reducing operational costs [1][2] Group 1: Green Development Initiatives - The company has deployed photovoltaic systems at communication base stations, creating a clean energy supply model that significantly reduces energy consumption and enhances communication reliability during extreme weather [2] - A comprehensive system of "intelligent energy saving + technological energy saving + management energy saving" has been established, optimizing electricity usage and reinvesting savings into network construction and service upgrades [2] Group 2: Technological Upgrades - The introduction of smart control systems allows for automatic adjustment of air conditioning based on demand, minimizing unnecessary energy consumption while ensuring optimal operating conditions for equipment [1] - The company is actively replacing outdated high-energy-consuming equipment to improve service speed and stability, achieving dual upgrades in energy efficiency and customer experience [1] Group 3: Commitment to Sustainability - The company promotes a green low-carbon philosophy, encouraging employee and public participation in environmental protection initiatives [2] - Future plans include deepening research and application of green technologies to build an efficient, environmentally friendly, and intelligent communication network, benefiting both customers and the broader community [2]

Core Insights - China has completed the first phase of 6G technology trials, establishing over 300 key technology reserves, and is progressing through three stages of development: key technology trials, technical solution trials, and system networking trials [1][2][3] Industry Developments - The global technology innovation landscape is highly active, with 6G positioned as a core driver of new productive forces, aiming for a peak transmission rate of 100 Gbps and a latency of less than 1 millisecond [2][3] - The number of connections per square meter in 6G is expected to support 10 to 100 devices, facilitating the concept of "Internet of Everything" [2] Company Initiatives - Major Chinese telecom operators are collaborating closely with the Ministry of Industry and Information Technology (MIIT) to transition technology from labs to market, leveraging their experience from the 5G era [3] - China Mobile has applied for over 1,200 6G patents, focusing on key technology areas such as integrated sensing and AI [4] - China Telecom has led a research project on 6G billing systems, achieving a breakthrough in international standardization [4] - China Unicom is advancing 6G development through the establishment of a dedicated working group and various innovation labs [5]

Group 1 - China has completed the first phase of 6G technology trials, forming over 300 key technology reserves [1][2] - The 6G technology trials are divided into three phases: key technology trials, technical scheme trials, and system networking trials [1] - The Ministry of Industry and Information Technology emphasizes the importance of global collaboration in advancing 6G development [2] Group 2 - 6G is positioned as a core driver of new productive forces, with expected peak transmission rates of 100 Gbps and latency under 1 millisecond [2][3] - The number of connections per square meter in 6G is projected to reach between 10 to 100 devices, enabling the concept of "Internet of Everything" [2] - Chinese telecom operators are expected to play a crucial role in the development and testing of 6G prototypes, leveraging their experience from the 5G era [3] Group 3 - ZTE Corporation holds over 20% of global 6G patents and is a leader in communication equipment, with significant advancements in terahertz communication systems [4] - China Mobile has applied for over 1,200 6G patents, focusing on key technology areas such as integrated sensing and AI [4] - China Telecom has made strides in international standardization for 6G, proposing a research project on 6G billing systems [4] - China Unicom is advancing 6G development through the establishment of a dedicated working group and various innovation labs [5]

Key Points - On November 11, Xiaomi Group-W (01810), Yingfu Fund (02800), and Pop Mart (09992) ranked the top three in net inflow of southbound funds, with net inflows of 1.176 billion, 860 million, and 577 million respectively [1] - Xpeng Motors-W (09868), Alibaba-W (09988), and Tencent Holdings (00700) ranked the top three in net outflow of southbound funds, with net outflows of -2.277 billion, -2.026 billion, and -464 million respectively [1] - In terms of net inflow ratio, Southern Hong Kong American Technology (03442), Wanwu Cloud (02602), and Southern East-West Select (03441) led the market with ratios of 104.46%, 79.46%, and 71.68% respectively [1] - In terms of net outflow ratio, Poly Property (06049), Huadian International Power (01071), and CIMC Group (02039) led the market with ratios of -56.53%, -52.40%, and -51.26% respectively [1] Top 10 Net Inflow Stocks - Xiaomi Group-W (01810) had a net inflow of 1.176 billion with a net inflow ratio of 17.99% and a closing price of 42.980 (+1.46%) [2] - Yingfu Fund (02800) had a net inflow of 860 million with a net inflow ratio of 5.58% and a closing price of 26.840 (+0.15%) [2] - Pop Mart (09992) had a net inflow of 577 million with a net inflow ratio of 23.31% and a closing price of 223.200 (+0.81%) [2] Top 10 Net Outflow Stocks - Xpeng Motors-W (09868) had a net outflow of -2.277 billion with a net outflow ratio of -25.24% and a closing price of 108.500 (+17.93%) [2] - Alibaba-W (09988) had a net outflow of -2.026 billion with a net outflow ratio of -17.36% and a closing price of 160.400 (-1.84%) [2] - Tencent Holdings (00700) had a net outflow of -464 million with a net outflow ratio of -5.47% and a closing price of 650.000 (+0.08%) [2] Top 10 Net Inflow Ratios - Southern Hong Kong American Technology (03442) had a net inflow ratio of 104.46% with a net inflow of 24.9565 million and a closing price of 9.405 (+0.53%) [3] - Wanwu Cloud (02602) had a net inflow ratio of 79.46% with a net inflow of 26.8071 million and a closing price of 23.380 (+1.12%) [3] - Southern East-West Select (03441) had a net inflow ratio of 71.68% with a net inflow of 18.7161 million and a closing price of 10.430 (+0.68%) [3] Top 10 Net Outflow Ratios - Poly Property (06049) had a net outflow ratio of -56.53% with a net outflow of -11.1643 million and a closing price of 35.500 (+1.43%) [3] - Huadian International Power (01071) had a net outflow ratio of -52.40% with a net outflow of -40.7926 million and a closing price of 4.640 (-0.22%) [3] - CIMC Group (02039) had a net outflow ratio of -51.26% with a net outflow of -27.2594 million and a closing price of 7.080 (-2.21%) [3]