作为公司重要战略股东，结构调整基金与中国联通在公司治理、业务发展、子企业改革等领域深化合 作，取得丰硕成果。本次减持是结构调整基金正常的股权安排，旨在促进国有资本结构优化并满足自身 发展需求，不会导致公司控制权发生变更。结构调整基金继续坚定看好中国联通的发展前景，并将持续 深化与中国联通在多领域的战略合作。中国联通也将进一步发挥多元化董事会融合开放治理优势，推动 与战略投资者的融合融通发展，助力高质量发展迈出更大步伐。 格隆汇11月12日丨中国联通(600050.SH)公布，2025年11月12日，公司收到结构调整基金通知，其已通 过集中竞价方式减持公司4070.03万股股份。本次权益变动后，其持有公司股份比例由6.08%减少至 5.95%，权益变动触及1%整数倍。 ...

Core Viewpoint - China Unicom announced a reduction in shareholding by its shareholder, the State-owned Enterprise Structural Adjustment Fund, which decreased its stake from 6.08% to 5.95% through a block trade [1] Group 1: Shareholding Changes - The Structural Adjustment Fund reduced its holdings by 40.7003 million shares [1] - The change in shareholding percentage is significant as it touches the 1% integer threshold [1] Group 2: Purpose and Future Outlook - The reduction is part of the Structural Adjustment Fund's normal equity arrangement aimed at optimizing state-owned capital structure and meeting its own development needs [1] - The Fund remains optimistic about China Unicom's development prospects and will continue to deepen strategic cooperation in multiple areas [1]

天眼查工商信息显示，近日，中国联通集团河北省通信有限公司发生工商变更，注册资 本由约25.3亿人民币增至约40亿人民币，增幅约58%。 【责任编辑：王少晨 】 该公司成立于1997年12月，法定代表人为李占伟，经营范围为通信技术研发、通信设备 及线路出租、通信器材销售、经营中国联通集团有限公司投资形成的国有资产和国有股权 等。股东信息显示，该公司由中国联合网络通信集团有限公司全资持股。 ...

天眼查工商信息显示，11月11日，中国联通集团河北省通信有限公司发生工商变更，注册资本由约25.3 亿人民币增至约40亿人民币，增幅约58%。 该公司成立于1997年12月，法定代表人为李占伟，经营范围为通信技术研发、通信设备及线路出租、通 信器材销售、经营中国联通集团有限公司投资形成的国有资产和国有股权等。股东信息显示，该公司由 中国联合网络通信集团有限公司全资持股。 ...

Core Viewpoint - Unicom Smart Network Technology Co., Ltd. (referred to as "Smart Network Technology") has initiated the IPO counseling process with the Beijing Securities Regulatory Bureau, aiming for a listing on the Growth Enterprise Market, with China International Capital Corporation as the counseling institution [1][2]. Company Overview - Smart Network Technology, established on August 7, 2015, has a registered capital of 246.8 million yuan and is a subsidiary focused on automotive digital operation services under China Unicom [2][4]. - The company specializes in providing vehicle information services and solutions for intelligent transportation systems, emphasizing open connectivity, big data aggregation, and real-time response [2]. Shareholding Structure - China Unicom directly holds 68.88% of Smart Network Technology's shares, while its wholly-owned subsidiary, Unicom Venture Capital, holds an additional 0.33%, totaling a 69.21% controlling stake [4]. Leadership Changes - Recent leadership changes include the departure of former chairman Zhao Yue, with Zhang Ranmao now serving as the party secretary, chairman, and general manager of the company [4]. - Zhang Ranmao has over 20 years of experience in the telecommunications industry and is also the head of China Unicom's Smart Transportation Corps [4].

Core Insights - The quantum technology sector is experiencing significant advancements, with both policy support and technological breakthroughs driving growth [2][3][4] - The global quantum computing industry is projected to grow from $4.7 billion in 2023 to over $800 billion by 2035, indicating substantial market potential [4] - A total of over 60 A-share companies are involved in quantum technology, with significant R&D investments, particularly in quantum security chips and modules [4][5] Policy Developments - Anhui Province is focusing on scaling quantum technology applications, aiming to implement nearly 300 application scenarios by the end of this year and 1,000 by 2027 [2] Technological Breakthroughs - Domestic advancements include a new architecture for atomic quantum computing that addresses challenges in high parallelism, speed, and stability [3] - Internationally, a team from the University of Chicago has theoretically extended the connection distance between quantum computers to 2,000 kilometers [3] Industry Growth and Investment - In the first three quarters of this year, A-share companies involved in quantum technology reported a total R&D expenditure of 69.47 billion yuan, accounting for 3.86% of total revenue [4] - Notable companies with high R&D expenditure include China Mobile, ZTE, and China Telecom, with 国芯科技 leading at 89.03% of revenue spent on R&D [4][5] Market Opportunities - Quantum communication, particularly quantum key distribution (QKD), is identified as the most mature and commercially viable area within quantum technology [3] - Quantum measurement is also highlighted as an early revenue-generating sector, akin to "hidden champions" in niche markets [3]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector has seen a 1.00% increase in the 45th week of 2025, ranking 15th among major industries in the Yangtze River region. Year-to-date, the sector has risen by 63.27%, placing it 2nd among the same industries [2][5]. - Lumentum's quarterly performance is strong, with revenue of $530 million for FY26Q1, a year-on-year increase of 58.4%. Over 60% of this revenue comes from cloud and AI infrastructure [6]. - The demand for indium phosphide (InP) laser chips is robust, with a supply-demand gap expected to widen to 25-30% in the coming quarters. Lumentum's production capacity is fully booked for the next six quarters, with an anticipated capacity increase of approximately 40% [6][8]. - The "AI x Space" initiative is accelerating, with companies like Starcloud, SpaceX, and Google launching projects to establish in-orbit computing capabilities, marking the beginning of a new era for space data centers [7][8]. Summary by Sections Market Performance - The communication sector's stock performance has been notable, with significant gains in individual stocks such as Keda (+24.6%), Yuanjie Technology (+16.2%), and Yihua Co. (+12.2%) [5]. Company Analysis - Lumentum's revenue growth is driven by strong shipments of InP laser chips, with component revenue reaching $380 million, a year-on-year increase of 64% [6]. - The company is transitioning from 3-inch to 4-inch wafer processes, focusing on cost and yield improvements [6]. Investment Recommendations - The report recommends several companies across different segments: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Technology, Tianfu Communication - Liquid Cooling: Yingweike - Hollow Core Fiber: Fenghuo Communication, Hengtong Optic-Electric - Domestic Computing: Runze Technology, Guanghuan New Network - AI Applications: Boshi Jie, Heertai - Satellite Applications: Huace Navigation, Haige Communication [8].

(中央纪委国家监委驻中国联通纪检监察组、河北省纪委监委) 新京报讯据中央纪委国家监委驻中国联通（600050）纪检监察组、河北省纪委监委消息：中国联通甘肃 省分公司原党委书记、总经理孙全涉嫌严重违纪违法，目前正接受中央纪委国家监委驻中国联通纪检监 察组纪律审查和河北省监委监察调查。 ...

中央纪委国家监委网站11月11日通报，据中央纪委国家监委驻中国联通纪检监察组、河北省纪委监委消 息：中国联通甘肃省分公司原党委书记、总经理孙全涉嫌严重违纪违法，目前正接受中央纪委国家监委 驻中国联通纪检监察组纪律审查和河北省监委监察调查。 ...

Core Insights - Quantum technology is viewed as the "key" to the next generation of information technology revolution, with significant breakthroughs in both policy and technology [1][3]. Policy Developments - The Anhui Provincial Development and Reform Commission announced that quantum technology is transitioning from technological breakthroughs to large-scale industrial applications, aiming to implement nearly 300 application scenarios by the end of this year and 1,000 by 2027 [1]. - The United Nations Educational, Scientific and Cultural Organization (UNESCO) has declared 2025 as the "International Year of Quantum Science and Technology" to commemorate the 100th anniversary of quantum mechanics [3]. Technological Advancements - A team from the Chinese Academy of Sciences has made significant progress in neutral atom quantum computing, proposing a new architecture based on fiber arrays that addresses challenges in achieving high parallelism, speed, and stability [1]. - Researchers at the University of Chicago have theoretically extended the connection distance between quantum computers to 2,000 kilometers, making the construction of a global quantum internet more feasible [2]. Industry Growth Potential - Quantum technology, encompassing quantum computing, quantum communication, and quantum precision measurement, is identified as a future industry with substantial growth potential, as highlighted in the 14th Five-Year Plan [3]. - The global quantum computing industry is projected to grow from $4.7 billion in 2023 to over $800 billion by 2035 [3]. R&D Investment - Over 60 companies in the A-share market are involved in quantum technology, with a total R&D expenditure of 69.47 billion yuan, accounting for 3.86% of total revenue [4]. - Among these, 35 companies reported R&D expenses exceeding 100 million yuan in the first three quarters, with seven companies surpassing 1 billion yuan [5]. Key Players and Financial Metrics - Notable companies include Guoxin Technology, which has the highest R&D expense-to-revenue ratio at 89.03%, and has successfully commercialized quantum security chips [5][6]. - Other companies with significant R&D investments include Suzhou Keda, Tianrongxin, and Digital Certification, with varying R&D expense ratios [5][6]. Institutional Interest - Institutional interest is high for companies like ZTE Corporation and China Mobile, with ZTE receiving ratings from 23 institutions [7]. - Forecasts indicate that nine companies are expected to achieve net profit growth rates exceeding 15% from 2025 to 2027 [7]. Market Predictions - Several stocks, including China Haifang and Keda Technology, are projected to have significant upside potential based on institutional target prices [8].