Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The integration of 5G-A and AI is driving a new wave of technological revolution and industrial transformation globally, with a focus on creating a unified infrastructure that supports digital transformation across various sectors [4][9] - The report emphasizes the need for a "computing-network-intelligence" integrated solution to address the challenges faced by traditional network architectures in supporting industrial control and smart manufacturing [5][11] - China Mobile proposes a "5G-A × AI integrated solution" that leverages its network advantages and technological innovation to enhance production efficiency, optimize operational costs, and improve security [5][19] Summary by Sections 1. Background of 5G-A and AI Integration - The integration of 5G-A and AI is positioned as a core driver for new industrialization in China, supported by national policies aimed at enhancing the synergy between AI and the real economy [9][10] - Key challenges include the lack of integration among diverse network types, difficulties in real-time response to business needs, and the need for intelligent operations management [11][12] 2. 5G-A × AI Integrated Technology System - The report outlines a technology system based on the principle of "computing as the engine, network as the foundation, and intelligence as the brain," promoting deep integration of connectivity, computing power, and capabilities [14][15] - The architecture includes an edge intelligent core network, heterogeneous computing platform, and intelligent driving center, which collectively enhance the capabilities of enterprises [16][19] 3. Key Capabilities of Computing-Network-Intelligence - The edge intelligent core network is supported by a computing platform that allows for lightweight and elastic deployment, ensuring efficient resource allocation and high reliability [21][22] - Features such as heterogeneous access, intent-driven networking, and multi-modal perception are highlighted as essential for enhancing enterprise private networks [27][28][33] 4. Application Cases - The report presents case studies demonstrating the effectiveness of the integrated solution, such as reducing PLC control transmission latency from 60ms to under 20ms, significantly improving operational efficiency [48][53] - Another case illustrates the implementation of intent-driven intelligent management for 5G private networks, addressing challenges in traditional network operations [54][55]

Group 1 - China Mobile participated in the Series D financing of New Stone Technology, which raised over $600 million, led by UAE's Leishi Capital and supported by several other investment firms [1] - The Beijing Zhongyi Digital New Economy Industry Fund, a subsidiary of China Mobile, highlighted the economic advantages of autonomous driving in urban logistics, addressing issues like rising labor costs and safety concerns [1] - New Stone Technology is recognized for being a pioneer in the large-scale deployment of L4 autonomous vehicles, establishing significant advantages in scene understanding, road rights acquisition, data accumulation, and vehicle mass production [1] Group 2 - During the Global Partner Conference in Guangzhou, China Mobile announced three key collaborative research directions with New Stone Technology, focusing on 5G IoT integration, high-precision positioning, and edge cloud computing for real-time data transmission [2] - The collaboration aims to enhance the safety and reliability of autonomous vehicles in complex urban environments through improved communication and positioning capabilities [2] - Continuous cooperation will be established around self-built computing power hosting and mobile cloud services, particularly in key cities for integrated vehicle-road-cloud projects [2]

Core Insights - On November 10, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 30.14 billion, 25.38 billion, and 23.94 billion respectively [1][2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and China National Offshore Oil Corporation (00883) also ranked as the top three, with trading amounts of 22.88 billion, 17.66 billion, and 16.28 billion respectively [1][2] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 30.14 billion with a net buy of -7.48 billion [2] - SMIC (00981) recorded a trading amount of 25.38 billion with a net buy of -91.6453 million [2] - Tencent Holdings (00700) had a trading amount of 23.94 billion with a net buy of -4.19 billion [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 21.14 billion with a net buy of +5.64 billion [2] - Xiaomi Group-W (01810) had a trading amount of 20.62 billion with a net buy of +2.62 billion [2] - Pop Mart (09992) recorded a trading amount of 18.74 billion with a net buy of +834.075 million [2] - Hua Hong Semiconductor (01347) had a trading amount of 13.06 billion with a net buy of -1.98 billion [2] - Ganfeng Lithium (01772) recorded a trading amount of 11.42 billion with a net buy of -743.079 million [2] - China Duty Free Group (01880) had a trading amount of 10.92 billion with a net buy of -1.47 billion [2] - Xpeng Motors-W (09868) achieved a trading amount of 10.67 billion with a net buy of +1.03 billion [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 22.88 billion with a net buy of +952.690 million [2] - SMIC (00981) recorded a trading amount of 17.66 billion with a net buy of -1.26 billion [2] - China National Offshore Oil Corporation (00883) achieved a trading amount of 16.28 billion with a net buy of +7.50 billion [2] - Tencent Holdings (00700) had a trading amount of 16.25 billion with a net buy of +2.91 billion [2] - Pop Mart (09992) recorded a trading amount of 12.90 billion with a net buy of +4.35 billion [2] - Xiaomi Group-W (01810) had a trading amount of 11.95 billion with a net buy of -883.856 million [2] - China Mobile (00941) achieved a trading amount of 7.58 billion with a net buy of -789.845 million [2] - China Duty Free Group (01880) recorded a trading amount of 6.07 billion with a net buy of +1.18 billion [2] - 3SBio (01530) had a trading amount of 6.05 billion with a net buy of -11.6094 million [2] - Meituan-W (03690) achieved a trading amount of 5.70 billion with a net buy of -306.287 million [2]

Group 1 - The Hong Kong stock market saw significant gains on November 10, with the Hang Seng Index rising by 1.55% to close at 26,649.06 points, the Hang Seng Tech Index increasing by 1.34% to 5,915.56 points, and the National Enterprises Index up by 1.90% to 9,443.24 points [1] - The Hang Seng Index opened at 26,319.40 points, fluctuated around this level in the morning, and surged in the afternoon, ultimately gaining 407.23 points with a total turnover exceeding 214.7 billion HKD [1] - The southbound trading under the Stock Connect saw a net inflow of over 6.6 billion HKD on the same day [1] Group 2 - Most sectors experienced upward movement, including biopharmaceuticals, technology, real estate, gold, banking, insurance, brokerage, and new consumption, while sectors like coal, lithium batteries, and building materials showed mixed results, and chips and electricity sectors mostly declined [1] - Notable individual stock performances included Pop Mart rising by 8.11%, China Resources Land increasing by 4.45%, BYD gaining 3.98%, and Ideal Auto up by 2.39%, while SMIC fell by 0.99% [1] - Among the top three stocks by trading volume, Tencent Holdings rose by 2.44% with a turnover exceeding 9.3 billion HKD, Alibaba increased by 2.06% also with over 9.3 billion HKD in turnover, and Xiaomi Group saw a slight increase of 0.28% with a turnover exceeding 6.9 billion HKD [2]

Core Viewpoint - China Mobile's investment arm participated in the Series D financing of New Stone Technology's autonomous vehicles, indicating a strategic move towards AI and autonomous driving technology integration [1] Group 1 - On November 10, China Mobile's Beijing Zhongyi Digital New Industry Fund took part in the Series D financing round for New Stone Technology [1] - The collaboration was highlighted during a recent event focused on investment cooperation between China Mobile and New Stone Technology, where both companies discussed joint product expansion [1] - Initial consensus was reached on the integration of AI and autonomous driving technologies during the discussions [1]

Group 1 - China Mobile's Beijing Zhongyi Digital New Economy Industry Fund has participated in the D round financing of New Stone Technology, marking a significant investment in the autonomous vehicle sector [1] - New Stone Technology completed over $600 million in D round financing, making it the largest private equity financing in China's autonomous driving sector to date and one of the largest in the private equity space this year [1] - Since its establishment in 2018, New Stone Technology has become the largest supplier of unmanned vehicles for major companies like SF Express, JD.com, and China Post, capturing over 90% of their orders [1] Group 2 - New Stone Technology has delivered over 10,000 L4 autonomous vehicles, becoming the first company globally to achieve this milestone [2] - The company has also broken the record for monthly deliveries, surpassing 2,000 vehicles in a single month [2] - New Stone Technology has deployed over 1,200 vehicles in Qingdao, contributing to the city becoming the one with the highest number of unmanned vehicles globally [2] - The company has expanded its vehicle deployment to over 300 cities, making it the autonomous driving company with the widest city coverage [2] - Cumulatively, New Stone Technology's L4 autonomous vehicles have surpassed 50 million kilometers in driving distance [2]

Core Insights - China Mobile's Beijing Zhongyi Digital New Economy Industry Fund has participated in the Series D financing of New Stone Technology's unmanned vehicles [1] - The collaboration between China Mobile and New Stone Technology extends beyond capital investment to ecological cooperation, focusing on product development and resource sharing [1] Investment and Financing - The investment marks a significant step in the funding landscape for unmanned vehicle technology in China, highlighting the growing interest from major telecom companies in the autonomous driving sector [1] - The D round financing indicates a continued trend of investment in innovative transportation solutions, particularly in the context of AI integration [1] Strategic Collaboration - Both companies are exploring joint product development, including AI-driven autonomous driving technology and customized unmanned vehicle products for urban logistics [1] - Initial agreements have been reached on various collaboration aspects, including agency cooperation and resource sharing, which could enhance operational efficiencies [1]

Core Viewpoint - China Mobile's Beijing Zhongyi Digital New Economy Industry Fund has participated in the Series D financing of New Stone Technology, indicating a strategic investment in the autonomous vehicle sector [1] Group 1: Investment and Financing - The investment by China Mobile's fund in New Stone Technology highlights the growing interest in the autonomous vehicle market [1] - New Stone Technology attended a special event organized by China Mobile, showcasing its role as a participant in the financing round [1] Group 2: Collaboration and Development - Discussions between China Mobile and New Stone Technology focused on product joint expansion, product development, and mutual utilization [1] - Initial agreements were reached on areas such as AI and autonomous driving technology integration, agency cooperation plans, and customized urban logistics unmanned vehicle product development [1]

Core Insights - China Mobile's Beijing Zhongyi Digital New Economy Industry Fund has participated in the D-round financing of New Stone Technology's unmanned vehicles, indicating a strategic investment in the autonomous driving sector [1] - The collaboration between China Mobile and New Stone Technology extends beyond capital investment, focusing on ecological cooperation, product development, and resource sharing [1] Financing Details - New Stone Technology announced it completed over $600 million in D-round financing, led by UAE's Leishi Capital, marking the largest private equity financing record in China's autonomous driving sector [1] - Other co-investors in this round included Gaocheng Investment, Xincheng Capital, Dinghui VGC, Chaoxi Capital, Beijing AI Industry Investment Fund, and an unnamed large internet company [1] Collaborative Efforts - Discussions between China Mobile and New Stone Technology have centered on joint product expansion, AI and autonomous driving technology integration, and customized unmanned vehicle products for urban logistics [1] - Initial agreements have been reached on various collaboration directions, including agency cooperation and resource sharing [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.56%), Gree Power (69.48%), and COSCO Shipping Energy (68.98%) [1] - The companies with the largest increase in holdings over the last five trading days include CNOOC (+27.13 billion), Xiaomi Group (+25.79 billion), and Southern Hengtai Technology (+22.70 billion) [1] - The companies with the largest decrease in holdings over the last five trading days include SMIC (-22.26 billion), Hua Hong Semiconductor (-10.25 billion), and Alibaba Group (-9.05 billion) [2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728): 99.31 billion shares, 71.56% holding ratio [1] - Gree Power (01330): 2.81 billion shares, 69.48% holding ratio [1] - COSCO Shipping Energy (01138): 8.94 billion shares, 68.98% holding ratio [1] - Other notable companies include China Shenhua (67.68%) and Southern Hengtai Technology (61.58%) [1] Recent Increases in Holdings - CNOOC (00883): +27.13 billion, +12.81 million shares [1] - Xiaomi Group (01810): +25.79 billion, +6.11 million shares [1] - Southern Hengtai Technology (03033): +22.70 billion, +39.66 million shares [1] - Other companies with significant increases include China Mobile (+12.47 billion) and Industrial and Commercial Bank (+11.24 billion) [1] Recent Decreases in Holdings - SMIC (00981): -22.26 billion, -2.95 million shares [2] - Hua Hong Semiconductor (01347): -10.25 billion, -1.29 million shares [2] - Alibaba Group (09988): -9.05 billion, -0.57 million shares [2] - Other companies with notable decreases include Sunny Optical (-5.81 billion) and Jiangxi Copper (-5.34 billion) [2]