Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [1] Core Insights - The report highlights the acceleration of domestic substitution in computing power technology, driven by breakthroughs in hardware and software ecosystems, particularly represented by Huawei [5][13] - The introduction of standardized data circulation contracts by the National Data Bureau is expected to enhance transaction efficiency by 30% [4][17] - The establishment of a 6G industry policy in Beijing aims to foster key technology development and standardization efforts [8][18] - The report emphasizes the significant market demand for domestic AI chips and the commercial viability of the HarmonyOS ecosystem [14][15] Summary by Sections Investment Strategy - Domestic substitution in computing power is entering an accelerated phase, with Huawei's Matrix 384 super node providing 300 PFLOP computing power, significantly outperforming competitors [5][13] - The shipment of Ascend 910 series AI chips has begun, with initial orders for the 910C chip expected to exceed 70,000 units, valued at approximately $2 billion [14] - National funding and local government support are paving the way for opportunities in domestic semiconductor and operating system development [15] Industry News - The National Data Bureau's new contract templates for data circulation are expected to standardize agreements and enhance transaction efficiency [4][17] - Beijing's 6G industry policy focuses on key technology breakthroughs and aims to establish a robust 6G ecosystem by 2030 [8][18] - The Civil Aviation Administration of China has formed a leadership group to promote general aviation and low-altitude economy development [20] - China Telecom has launched a full-scenario application for satellite direct connection, marking a significant step in integrated network applications [21] Market Performance Review - The telecommunications sector saw a 2.19% increase this week, outperforming major indices [9][22] - Key sectors such as optical modules and industrial internet showed strong growth, with increases of 5.04% and 2.57% respectively [22][25] - The report suggests focusing on investment opportunities within the domestic AI computing chain [22][27]

Core Viewpoint - The launch of the 5G+ drone medicine delivery route in Linyi City marks the beginning of a new era in smart medicine delivery, enhancing efficiency and user experience in the logistics sector [1][3]. Group 1: Technology and Innovation - The drone, developed by Linyi Low-altitude Economy College, successfully completed its first delivery of medicines over a distance of 2.5 kilometers, demonstrating the practical application of 5G technology in logistics [3]. - China Unicom's 5G-A technology provides low latency, high bandwidth, and large capacity, ensuring reliable communication for the drone's operations, including real-time data transmission to the monitoring center [3][5]. - The integration of 5G technology allows for real-time data interaction between the drone and the control center, enabling optimal route planning and enhancing safety during transportation [3][5]. Group 2: Advantages of Drone Delivery - Compared to traditional delivery methods, drone delivery is not affected by ground traffic, significantly reducing delivery times, especially for emergency medicines [5]. - The point-to-point delivery capability of drones minimizes intermediate steps, ensuring faster and more accurate delivery of medicines to patients, thereby lowering labor and logistics costs [5]. - The introduction of this innovative delivery model by Renhe Pharmacy aims to optimize the pharmaceutical supply chain and enhance customer service experience [5]. Group 3: Broader Applications - The application of 5G drones extends beyond logistics; they can be utilized in emergency rescue operations during natural disasters, providing timely assistance and real-time monitoring of affected areas [5]. - In industrial sectors, 5G drones can carry specialized detection equipment for efficient inspections of power lines and oil pipelines, improving safety and reducing the workload of manual inspections [5]. Group 4: Future Developments - Shandong Unicom's Linyi branch plans to collaborate with ecological partners to explore more application scenarios, promoting the development of low-altitude economy and the digital transformation across various industries [6].

Core Viewpoint - The introduction of the "Automatic Supervision of Clue Cases" module by the Central Commission for Discipline Inspection and National Supervisory Commission at China Unicom has significantly improved the efficiency of case handling, with a 27.8 percentage point increase in case closure rates and a 15.4% decrease in overdue cases since its launch in February this year [1][2]. Group 1 - The "Automatic Supervision of Clue Cases" module allows real-time monitoring of ongoing clue cases across the system, enhancing the ability of various disciplinary inspection agencies to manage cases effectively [2]. - The module is an extension of the existing smart disciplinary inspection platform, which includes nine components such as complaint reporting, investigation, case management, and supervision [1]. - A three-tier automatic warning mechanism has been established to send reminders at different stages to case handlers and their supervisors, ensuring timely alerts [1]. Group 2 - The module enables the generation of management data and detailed reports, allowing for the identification of overdue cases and facilitating timely warnings [2]. - Future developments will include the creation of reports and indicator systems for case supervision management personnel, aimed at improving the quality and efficiency of case handling [2].

Core Insights - The rise of the "store broadcast" model is reshaping the consumption ecosystem through a combination of professional content and intelligent services [3][7] - Telecom operators are providing essential support for this transformation by enhancing infrastructure and services [6][7] Group 1: Store Broadcast Growth - The store broadcast model has seen significant growth, with its transaction volume accounting for over 58% of total sales [3] - During the 618 shopping festival, store broadcasts contributed 53% of GMV on Douyin, with 74% of high-revenue broadcasts coming from brand self-broadcasting [3] - Innovations such as 3D fitting technology and blockchain traceability have led to substantial sales increases, with some brands reporting sales growth of 310% during promotional periods [3] Group 2: Challenges Facing Store Broadcast - The store broadcast model faces challenges in technology, operations, and compliance, with technical infrastructure being a primary concern [4][5] - High operational costs are evident, as seen in a beauty brand's 180% increase in traffic procurement costs with only a 45% increase in users [4] - The loss of skilled hosts has led to a cycle of training and attrition for many small store broadcasts, impacting sales significantly [4] Group 3: Telecom Operators' Role - Telecom operators are addressing industry pain points through hardware upgrades and software empowerment, exemplified by the "5G live broadcast private network" solution [6] - Innovations in storage and distribution technology have improved content retention, with one retailer seeing long-tail sales increase from 12% to 35% after implementing new systems [6] - Compliance measures are being enhanced, with AI technology reducing violation rates by 87% for brands utilizing monitoring platforms [6]

证券代码：600050 证券简称：中国联通 公告编号：2025-031 中国联合网络通信股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 召开的日期时间：2025 年 7 月 29 日 9 点 00 分 召开地点：北京市西城区金融大街 21 号中国联通大厦 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 29 日至2025 年 7 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 （六）融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 本次股东大会审议议案及投票股东类型 投票股东类型 序号 议案名称 A 股股东 （一）各议案已披露的时间和披露媒体 上述议案已经 ...

证券代码：600050 证券简称：中国联通 公告编号：2025-031 （一）股东大会类型和届次：2025年第二次临时股东大会 中国联合网络通信股份有限公司 关于召开2025年第二次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 （二）股东大会召集人：董事会 （三）投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合 的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 7 月 29 日 9 点 00 分 召开地点：北京市西城区金融大街 21 号中国联通大厦 （五）网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 7 月 29 日至2025 年 7 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过 1 股东大会召开日期：2025年7 ...

Group 1 - The 2025 China Unicom Partner Conference will be held on July 18-19 at the Shanghai Expo Center, focusing on the theme "Walking Together Towards a New Ecosystem of Integration" [1][2] - China Unicom aims to become a "world-class technology service enterprise" and will explore digital technology integration and innovation with global partners [2] - The conference will cover five key areas: network foundation, technology empowerment, industrial innovation, consumer upgrade, and security protection, promoting collaborative innovation among industry, academia, and research [2] Group 2 - Trade Number Technology has been invited to participate in the China Unicom Partner Conference for two consecutive years and successfully signed contracts with 31 provincial companies of China Unicom in 2024 [2] - The Trade Number AI Smart Mouse integrates voice recognition, translation, one-click screenshot, and AI functions, significantly enhancing work efficiency for business users [4] - Trade Number Technology has received multiple awards for its AI applications, indicating strong industry recognition and market potential for its products [4]

Group 1: Market Overview - The FTSE China A50 Index components showed a positive trend with insurance, oil, and securities sectors rising significantly, while the banking sector also performed well [1][6]. Group 2: Sector Performance - The insurance sector, including companies like China Life and Ping An, saw increases in market capitalization, with China Life at 1,387.12 billion and Ping An at 1,036.22 billion, reflecting gains of 2.05% and 2.04% respectively [3]. - The oil sector, represented by Sinopec and PetroChina, also experienced growth, with Sinopec's market cap at 698.73 billion and PetroChina at 1,588.62 billion, both showing positive changes of 1.17% and 1.41% respectively [3]. - The semiconductor industry, including Northern Huachuang and Cambrian, faced slight declines, with Northern Huachuang down by 1.43% [3]. - The beverage sector, particularly Kweichow Moutai, reported a market cap of 1,780.16 billion, with a minor decrease of 0.13% [3]. Group 3: Trading Volume - Trading volumes varied across sectors, with the insurance sector leading with a total trading volume of 24.01 billion for Ping An, while the semiconductor sector had lower volumes, with Northern Huachuang at 9.73 billion [3][4]. - The automotive sector, represented by BYD, had a significant trading volume of 47.62 billion, indicating strong investor interest [3].

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Infrastructure Theme Index reporting at 2163.03 points [1] - The CSI 300 Infrastructure Theme Index has increased by 0.51% over the past month, 0.96% over the past three months, and has decreased by 2.43% year-to-date [2] Index Composition - The CSI 300 Infrastructure Theme Index is composed of infrastructure-related listed companies selected from the CSI 300 Index, providing investors with a diversified investment option [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] - The top ten weighted companies in the index are: - China Yangtze Power (14.9%) - China State Construction Engineering (8.74%) - China Telecom (8.45%) - China Mobile (7.25%) - China Unicom (6.01%) - China Nuclear Power (5.51%) - Three Gorges Energy (4.37%) - China Railway (4.19%) - Guodian Power (3.07%) - China Power Construction (3.03%) [2] Market Distribution - The CSI 300 Infrastructure Theme Index has a market distribution of 96.01% on the Shanghai Stock Exchange and 3.99% on the Shenzhen Stock Exchange [2] - The industry composition of the index includes: - Utilities: 42.59% - Industrials: 34.52% - Communication Services: 22.90% [2] Sample Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are adjusted in accordance with sample changes, typically remaining fixed until the next scheduled adjustment [3] - In the event of special circumstances affecting the CSI 300 Index samples, corresponding adjustments will be made to the index samples [3]

Market Overview - The FTSE China A50 Index components showed varied performance, with the liquor sector rising throughout the day while the semiconductor sector experienced a decline in the afternoon [1] Insurance Sector - China Life Insurance, China Pacific Insurance, and Ping An Insurance had market capitalizations of CNY 376.78 billion, CNY 356.91 billion, and CNY 1,017.95 billion respectively, with trading volumes of CNY 0.75 billion, CNY 2.22 billion, and CNY 0.84 billion [3] - The stock prices changed as follows: China Life Insurance decreased by CNY 0.73 (-1.93%), China Pacific Insurance decreased by CNY 0.55 (-0.97%), and Ping An Insurance decreased by CNY 0.14 (-1.62%) [3] Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of CNY 1,782.39 billion, CNY 217.50 billion, and CNY 472.00 billion respectively, with trading volumes of CNY 3.95 billion, CNY 2.00 billion, and CNY 2.48 billion [3] - Stock price changes included Kweichow Moutai increasing by CNY 2.38 (+1.35%), Shanxi Fenjiu increasing by CNY 0.82 (+0.68%), and Wuliangye increasing by CNY 2.77 (+0.20%) [3] Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Hygon had market capitalizations of CNY 238.96 billion, CNY 223.82 billion, and CNY 314.69 billion respectively, with trading volumes of CNY 1.47 billion, CNY 1.23 billion, and CNY 2.64 billion [3] - The stock prices changed as follows: Northern Huachuang decreased by CNY 7.77 (-1.43%), Cambricon Technologies decreased by CNY 1.51 (-1.10%), and Hygon decreased by CNY 2.82 (-0.84%) [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 187.27 billion, CNY 1,790.16 billion, and CNY 280.83 billion respectively, with trading volumes of CNY 3.97 billion, CNY 0.31 billion, and CNY 0.56 billion [3] - Stock price changes included BYD decreasing by CNY 1.08 (-0.33%), Great Wall Motors decreasing by CNY 0.08 (-0.36%), and Beijing-Shanghai High-Speed Railway increasing by CNY 0.03 (+0.53%) [3] Shipping and Oil Sector - COSCO Shipping Holdings, Sinopec, and PetroChina had market capitalizations of CNY 235.91 billion, CNY 688.67 billion, and CNY 1,570.32 billion respectively, with trading volumes of CNY 0.77 billion, CNY 1.08 billion, and CNY 0.76 billion [3] - The stock prices changed as follows: COSCO Shipping Holdings remained unchanged, Sinopec decreased by CNY 0.09 (-0.59%), and PetroChina increased by CNY 0.01 (+0.12%) [3] Coal and Battery Sector - China Shenhua, Shaanxi Coal and Chemical Industry, and CATL had market capitalizations of CNY 185.95 billion, CNY 745.07 billion, and CNY 1,234.66 billion respectively, with trading volumes of CNY 0.79 billion, CNY 0.69 billion, and CNY 7.95 billion [3] - Stock price changes included China Shenhua increasing by CNY 7.49 (+2.84%), Shaanxi Coal and Chemical Industry decreasing by CNY 0.22 (-0.58%), and CATL increasing by CNY 0.03 (+0.16%) [3] Other Sectors - Various sectors such as food and beverage, electronics, and pharmaceuticals showed mixed performance in terms of market capitalization and stock price changes [4]