Market Performance - On September 24, the communication services sector rose by 0.39% compared to the previous trading day, with Zhongbei Communication leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Zhongbei Communication (603220) closed at 26.51, with a gain of 6.30% and a trading volume of 587,100 shares, amounting to a transaction value of 1.526 billion yuan [1] - Other notable performers included: - Fengzhushou (301382) at 36.76, up 4.37% [1] - Hengshi Technology (300513) at 9.33, up 3.67% [1] - Runze Technology (300442) at 54.22, up 3.16% [1] - Jida Communication (300597) at 9.20, up 3.02% [1] Capital Flow Analysis - The communication services sector experienced a net outflow of 9.1232 million yuan from institutional investors, while retail investors saw a net inflow of 400.1 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Detailed Capital Flow for Selected Stocks - Zhongbei Communication saw a net inflow of 201 million yuan from institutional investors, but a net outflow of 5.1888 million yuan from speculative funds [3] - China Unicom (600050) had a net inflow of 182 million yuan from institutional investors, with a significant outflow from speculative funds [3] - Other stocks like Putian Technology (002544) and Aofei Data (300738) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Core Viewpoint - China Unicom launched the "Bailian Qiantong Wan (Anhui) Qizhi" series of activities at the 2025 World Manufacturing Conference, showcasing its innovation capabilities in industrial internet and artificial intelligence [1][3]. Group 1: Event Overview - The event was themed "Digital Intelligence Empowerment: AI Connecting the Future" and highlighted China Unicom's commitment to enhancing the smart transformation of manufacturing in Anhui [1]. - The series of activities aims to promote comprehensive connectivity in the era of the Internet of Everything, emphasizing the integration of IT, OT, and CT to empower the intelligent upgrade of Anhui's manufacturing industry [3]. Group 2: Strategic Initiatives - Anhui Unicom is focusing on "5G + Industrial Internet" as a key strategy, leveraging its self-developed platforms and models to create benchmark factories such as Tongling Nonferrous Metals and Midea [3]. - The company plans to accelerate the deep integration of AI with 5G and industrial internet, collaborating with ecological partners to build a new industrial ecosystem named "Wanmei Zhilian" [3]. Group 3: Technical Insights - Experts from China Unicom presented insights on the development framework of industrial internet, innovative applications of smart technology, and the support of data infrastructure in the field of industrial digitalization [4]. - Anhui Unicom aims to align with the province's strategic positioning of "Three Lands and One Area," enhancing technological innovation and collaboration to drive the intelligent transformation of the manufacturing sector [6].

Core Insights - The report by IDC indicates that the Chinese healthcare cloud IaaS+PaaS market is projected to reach 12.24 billion yuan in 2024, with a year-on-year growth of 8.8% [1] - Unicom Cloud ranks among the top three in the overall market share of healthcare cloud IaaS+PaaS, achieving a growth rate of 23.8% [1] - Unicom Cloud holds a 27.4% market share in the dedicated healthcare cloud market, reflecting its commitment to providing secure, reliable, and customized services [1] Market Position and Growth - Unicom Cloud's strong growth momentum and core competitiveness in the digital transformation of healthcare are highlighted by its comprehensive service offerings [1] - The company has established a full lifecycle solution for healthcare institutions, from cloud migration to intelligent upgrades, leveraging its differentiated advantages [1] Data Security and Compliance - Unicom Cloud adheres to strict security standards, including the national security compliance level 2.0 and healthcare industry data security maturity level 3 certifications [2] - The company employs domestically controlled server clusters and SDN network slicing technology to ensure hardware-level security isolation and dedicated encryption channels [2] Technological Integration - The integration of cloud, 5G, and AI technologies is crucial for addressing the computational challenges faced by healthcare institutions [3] - Unicom Cloud has achieved comprehensive coverage with over 320 resource pools and more than 6.4 million cores, ensuring 24/7 operation of medical business systems [3] Customized Services and Product Offerings - Unicom Cloud has developed a rich product ecosystem that includes AI IaaS, AI PaaS, and AI SaaS layers to meet the diverse needs of the healthcare sector [4] - The AI IaaS layer provides elastic cloud resources, while the AI PaaS layer offers a library of technical components for rapid application development [4] Solutions for Healthcare Scenarios - The company has launched various solutions such as Smart Hospital Cloud, Regional Medical Cloud, and Disease Control Cloud to address the unique demands of the healthcare industry [5] - These solutions aim to enhance resource sharing, improve operational efficiency, and support remote medical services [5] Industry Empowerment and Transformation - Unicom Cloud has successfully assisted over 2,000 healthcare institutions in their digital transformation efforts [7] - The company has implemented innovative AI applications and platforms in various hospitals, enhancing patient care and operational efficiency [7] Future Outlook - The IDC report emphasizes the transition of industry demand from basic resource provision to deep business empowerment [8] - Unicom Cloud plans to focus on core healthcare needs and continue investing in computational resource construction and security technology development [8]

Core Viewpoint - The integration of digital technology in traditional agriculture has significantly transformed farming practices, enhancing efficiency and productivity through the use of IoT and big data [1][4]. Group 1: Digital Transformation in Agriculture - The collaboration between China Unicom and Sanjianxi Village has led to the implementation of a comprehensive IoT sensor system that monitors various agricultural processes, including black pig farming and organic planting [1][4]. - The "four-dimensional circular agriculture" model emphasizes the importance of data management in optimizing agricultural practices, with a focus on tracking the entire lifecycle from pig farming to vegetable cultivation [2][4]. Group 2: Cost Reduction and Efficiency - Digital management has resulted in a significant increase in black pig output, rising from approximately 3,000 to 10,000 heads annually, while also reducing labor costs through data monitoring [4][6]. - Enhanced product quality has been achieved through precision farming, leading to improved taste and higher market value for crops such as tomatoes and cucumbers [6]. Group 3: Skills Development and Community Engagement - China Unicom is actively providing digital skills training for local farmers and small business owners, covering areas such as IoT software, e-commerce, and digital content creation [6][8]. - The initiative aims to empower villagers to effectively utilize digital tools, likening the acquisition of data to driving on a highway, where understanding how to navigate is crucial [6]. Group 4: Integration of Industries - The digital initiatives not only support the primary agricultural sector but also promote the integration of secondary and tertiary industries, enhancing local economic development [8][9]. - The introduction of a digital rural platform and a "one-code tour" mini-program facilitates access to local tourism and culinary information, benefiting the community [8][9]. Group 5: Replicable Model for Future Development - The success of the Sanjianxi model is attributed to a collaborative ecosystem involving government, enterprises, and local communities, creating a sustainable and mutually beneficial environment [9]. - China Unicom plans to replicate this model in other rural areas by employing standardized modules tailored to local needs, focusing on AI governance and digital agriculture [9].

Core Insights - The implementation of the "Unicom Digital Village" platform in Shizikou Village has transformed the traditional village landscape, enhancing convenience for residents and providing a smart tourism experience for visitors [1][2] - The platform features a three-screen linkage system that allows real-time updates on village affairs and facilitates communication between villagers and local authorities [2][4] - The deployment of a digital loudspeaker system has modernized the way information is disseminated within the village, improving management efficiency and safety communication [4][6] Group 1: Digital Infrastructure - The "Unicom Digital Village" platform enables tourists to access detailed information about attractions, book tickets, and accommodations through a mobile app [1][2] - The platform includes a "Leadership Mailbox" feature that allows villagers to send suggestions directly to village leaders, promoting community engagement [2] - The construction of the digital infrastructure faced challenges such as difficult terrain and signal coverage, which were addressed through innovative solutions like drone transportation and careful site selection for 5G base stations [4][6] Group 2: Smart Tourism and Livelihood - The village has developed unique "smart homestays" using traditional stone houses, equipped with smart home technology for enhanced guest experience [6][8] - A dedicated live-streaming room has been established to support local product sales, leveraging social media influencers to promote agricultural products [6][8] - The integration of digital technology in tourism and agriculture aims to create a new ecosystem that enhances the quality of life for villagers and promotes economic development [8]

Investment Rating - The report indicates a positive outlook for the communication industry, suggesting a potential shift towards a "stronger gets stronger" dynamic due to technological and capital barriers [1]. Core Insights - The communication industry is experiencing a transformation driven by technology and policy support, with a shift in demand from traditional to emerging services [1][39]. - The industry is expected to enter a recovery phase in Q3 2025, with capital expenditure expansion driven by technological breakthroughs and new infrastructure initiatives [39]. - The demand for AI computing power, accelerated commercialization of 5G-A, breakthroughs in 6G technology, and the rise of the "low-altitude economy" are key factors driving the industry's upgrade [1][39]. Supply Capacity Analysis - The report highlights the growth in the optical communication sector, particularly in high-speed optical modules, driven by AI computing demand and increased capital expenditure from global cloud service providers [3][10]. - The domestic penetration rate of traditional optical fiber and cable is nearing saturation, prompting companies to accelerate international expansion [5][4]. - The communication equipment integration market is recovering, with the Asia-Pacific region leading in 5G system integration and services [6]. Demand Matching Capability Analysis - The demand for optical modules, especially high-speed products for data centers, is robust, with a projected shipment increase from 6.4 million units in 2023 to over 31.9 million units by 2025 [3]. - The communication equipment market is experiencing strong growth, with a year-on-year revenue increase of 18.9% in Q2 2025, despite a contraction in 5G investment [11]. - The telecommunications service sector is seeing a shift towards emerging businesses, with significant growth in AI computing and quantum communication services [15][30]. Industry Chain Position Analysis - The communication industry is characterized by a high degree of market concentration, particularly among leading companies in optical communication and equipment integration [24][27]. - The report notes that traditional communication services are facing saturation, with new business areas becoming the core of competitive differentiation [28]. Innovation Capability Analysis - The report emphasizes the importance of policy support for technological advancements, particularly in AI, 6G, and satellite communication [31][32]. - Significant R&D investments are being directed towards AI and 6G technologies, with major companies like China Mobile leading initiatives in these areas [34]. Credit Rating Situation Analysis - The communication industry is witnessing a favorable credit environment, with a total bond issuance of 17.35 billion yuan in Q2 2025, primarily from leading companies [36][37]. - The report indicates that the dual barriers of technology and capital for leading firms will become more pronounced, reinforcing the trend towards market consolidation [36]. Cycle Development Outlook - The communication industry is expected to see revenue and profit growth, with cash flow recovery anticipated in Q3 2025 [38]. - The report forecasts a transition to an expansion phase driven by new infrastructure investments and a focus on domestic demand [39]. Key Segment Development Trends - The optical communication sector is evolving towards ultra-high-speed, intelligent, and integrated solutions, supporting the AI computing network [40]. - The commercialization of 5G-A and advancements in 6G technology are expected to enhance the capabilities of communication equipment integrators [41]. - Telecommunications services are anticipated to diversify, with new opportunities arising from the low-altitude economy and satellite internet developments [42].

来源：新浪证券-红岸工作室 9月22日，中国联通涨0.92%，成交额14.45亿元，换手率0.86%，总市值1710.16亿元。 异动分析 国资云+区块链+数据要素+5G+智能家居 1、2022年11月11日公告：公司在新时代下的新价值加快显现。聚焦重点区域，提升算力服务质量和利 用效率，持续丰富云产品品类，联通云加速发展，实现收入人民币 268.7亿元，同比提升 142%；IDC 实现收入人民币 186.1 亿元，同比提升 12.9%。发挥数据治理和数据安全长板优势，建设产品体系，深 耕数字政府、数字金融等重点领域，大数据实现收入人民币27.7 亿元。 2、据Bitcoins Channel报道，中国电商巨头阿里巴巴集团、跨国电信公司中兴、中国联通以及中国工业 和信息化部即将联合起来共同打造一个物联网区块链框架。公司认为，区块链与物联网的结合可以提升 信任、安全加密、成本降低，以及提升操作速度。 3、2023年年报，数据服务方面，公司抢抓"数字中国"建设、"数据要素X"三年行动计划等政策机遇，着 力强化数据产品和能力供给，赋能经济社会全方位数字化转型。依托一点集中和技术领先的大数据能 力，数据服务连续5年行 ...

Investment Rating - The report maintains a "Recommendation" rating for the communication industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [27]. Core Insights - The communication industry has shown a significant increase of 64.09% year-to-date, outperforming the Shanghai and Shenzhen 300 index by 49.68 percentage points [8][9]. - Huawei's recent announcements at the All-Connect Conference focus on "super nodes + cluster scaling" and self-developed HBM technology, aiming to meet the demands of large model training and inference [15][16]. - The successful launch of the satellite internet technology test satellite indicates a growing opportunity in the satellite industry chain, with a recommendation to focus on key players in the satellite communication sector [20]. Summary by Sections Industry Overview - The communication industry consists of 123 listed companies with a total market capitalization of approximately 49,248.97 billion and a circulating market value of about 23,006.93 billion [3]. - The industry has ranked 9th in weekly performance among all primary sectors, while it ranks 1st for the year [9]. Stock Performance - The communication sector's absolute performance over the past month, six months, and twelve months is 8.7%, 18.6%, and 30.5% respectively, with a relative performance of 4.9%, 11.2%, and 13.5% [4]. - The top five gainers in the communication sector this week include Dekeli (+59.09%), Junsheng Electronics (+44.25%), and Changfei Fiber (+35.07%) [12]. Key Recommendations - Key operators recommended include China Mobile, China Telecom, and China Unicom [21]. - In the satellite communication sector, recommended companies include Haige Communication, Shanghai Hanhua, and Qiyi Two [21]. - The report suggests focusing on companies in the domestic computing power sector, such as Huawei, Alibaba, and Cambrian [17].

Core Viewpoint - The launch of Apple's iPhone Air in China has been delayed due to regulatory issues surrounding eSIM technology, which is not yet supported by local telecom operators [2][3][4]. Group 1: iPhone Air Launch - The iPhone Air, Apple's lightest flagship smartphone, is currently not available for sale in China, with its release status marked as "to be updated" on official platforms [2]. - The iPhone Air only supports eSIM, which requires regulatory approval for telecom operators in China to offer eSIM services [2][3]. - Apple has indicated that the iPhone Air will only be supported by China Unicom for eSIM activation, requiring users to visit physical stores for identity verification [5][6]. Group 2: eSIM Technology and Regulatory Environment - eSIM technology is seen as a future trend in the telecom industry, but its adoption in China is hindered by regulatory and compliance challenges [3][11]. - Chinese telecom operators are prepared to offer eSIM services but are awaiting formal approval from regulatory bodies [4][11]. - The complexity of eSIM activation processes and the need for stringent security measures have led to delays in service rollout [8][9][14]. Group 3: Industry Perspectives - Industry analysts believe that the widespread adoption of eSIM in China is inevitable, but it will follow a cautious and phased approach [3][11]. - The telecom sector is currently focused on enhancing security measures for eSIM technology to address concerns over user privacy and fraud [8][9][14]. - Companies like China Unicom are exploring advanced technologies, such as blockchain, to improve the security of eSIM services [14].

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Insights - Huawei's Ascend roadmap was released, projecting a tenfold increase in computing power over the next decade, with AI storage capacity expected to grow 500 times by 2035, accounting for over 70% of total storage needs [14][15] - Microsoft announced the construction of the world's most powerful AI data center, Fairwater, with an initial investment of $3.3 billion, expected to be operational by early 2026, which will significantly boost demand for optical modules and switches [5][16] - The report emphasizes the importance of the Huawei AI chain, OCS, and domestic computing sectors, recommending various stocks across these segments [6][11] Summary by Sections 1. Investment Outlook - Huawei's new Ascend chip series will be launched in phases from 2026 to 2028, with significant improvements in bandwidth and computing power [11][12] - The report suggests focusing on seven key investment areas, including network equipment, AIDC construction, IT equipment, computing leasing, cloud computing platforms, AI applications, and satellite internet & 6G [17][18] 2. Communication Data Tracking - As of July 2025, China had 4.598 million 5G base stations, with 1.137 billion 5G mobile users, reflecting a year-on-year growth of 19.68% [25][27] - The report notes a decline in 5G smartphone shipments in June 2025, with a total of 18.436 million units shipped, a year-on-year decrease of 16.7% [25][32] 3. Operator Performance - In the first half of 2025, China Mobile's cloud revenue reached 56.1 billion yuan, a year-on-year increase of 11.3%, while China Telecom's cloud revenue was 57.3 billion yuan, up 3.8% [40][41] - The ARPU values for the three major operators remained stable, with slight decreases noted for China Mobile and China Unicom [40][44]