Market Overview - The Shanghai Composite Index rose by 0.52% on June 11, with 28 out of the 31 sectors experiencing gains. The top-performing sectors were non-ferrous metals and agriculture, forestry, animal husbandry, and fishery, with increases of 2.21% and 2.02% respectively [1] - Conversely, the sectors that saw declines included pharmaceuticals and biotechnology, telecommunications, and beauty care, with decreases of 0.41%, 0.28%, and 0.10% respectively. The telecommunications sector ranked second in terms of decline [1] Capital Flow Analysis - The net inflow of capital in the two markets was 1.506 billion yuan, with 14 sectors experiencing net inflows. The non-bank financial sector led with a net inflow of 4.469 billion yuan and a rise of 1.90%, followed by the automotive sector, which saw a 1.70% increase and a net inflow of 2.750 billion yuan [1] - In contrast, 17 sectors experienced net outflows, with the pharmaceuticals and biotechnology sector leading with a net outflow of 2.629 billion yuan. The basic chemicals sector followed with a net outflow of 1.909 billion yuan, along with significant outflows in telecommunications, electric equipment, and banking sectors [1] Telecommunications Sector Performance - The telecommunications sector declined by 0.28%, with a total net outflow of 1.359 billion yuan. Out of 127 stocks in this sector, 52 rose, including one that hit the daily limit, while 66 fell [2] - Notably, the stocks with the highest net inflows included Chutianlong, with a net inflow of 255 million yuan, followed by Hengbao and Yitong Century, with inflows of 116 million yuan and 44.586 million yuan respectively [2] - The stocks with the highest net outflows included Xinyi Sheng, with a net outflow of 435.88 million yuan, China Unicom with 174.598 million yuan, and Yongding with 120.577 million yuan [3]

金十图示：2025年06月11日（周三）富时中国A50指数成分股午盘收盘行情一览：证券、石油行业走强，银行股涨跌不一 保险 R 中国人保 中国太保 中国平安 咖啡 3701.55亿市值 3417.15亿市值 9900.90亿市值 24.63亿成交额 5.07亿成交额 6.20亿成交额 35.52 54.37 8.37 +0.64(+1.83%) +0.94(+1.76%) +0.05(+0.60%) 酸酒行业 贵州茅台 山西汾酒 五粮液 18645.12亿市值 2170.80亿市值 4846.96亿市值 29.50亿成交额 11.07亿成交额 7.71亿成交额 1484.25 177.94 124.87 +9.24(+0.63%) +0.48(+0.39%) +1.12(+0.63%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2226.12亿市值 3165.52亿市值 2519.64亿市值 7.68亿成交额 29.28亿成交额 9.26亿成交额 416.74 603.57 136.19 +1.68(+0.28%) -5.79(-4.08%) -0.26(-0.06%) 汽车整车 铁路公路 比亚迪 ...

| 代码 | 简称 | 6月10日涨跌幅 | 融资净买入额 | 最新融资余额 | 占流通市值比例 | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | | | （%） | （万元） | （万元） | （%） | 业 | | 688041 | 海光信 息 | 4.30 | 62787.79 | 376296.34 | 2.99 | 电子 | | 002384 | 东山精 密 | -1.79 | 21631.95 | 415294.00 | 9.59 | 电子 | | 300364 | 中文在 线 | 13.19 | 12056.60 | 110306.75 | 6.51 | 传媒 | | 600050 | 中国联 通 | -1.48 | 11550.64 | 303268.08 | 1.86 | 通信 | | 300468 | 四方精 创 | 1.80 | 10509.29 | 130500.12 | 8.70 | 计算机 | | 002456 | 欧菲光 | -1.38 | 10148.04 | 225783.12 | 5.67 | 电子 | | 6005 ...

Group 1 - The article emphasizes the importance of deepening the integration of the digital economy with the real economy to create a strong driving force for high-quality development [1] - Guangzhou is implementing the "Guangzhou Smart Innovation Plan" to promote digital industrialization and industrial digitalization, aiming to build a modern industrial system [3] - The collaboration between Guangzhou and major telecommunications companies like China Telecom and China Unicom is highlighted as a foundation for advancing information and digitalization efforts [3] Group 2 - The leaders of the telecommunications companies express gratitude for Guangzhou's support and recognize the city as a key area for strategic development within the Guangdong-Hong Kong-Macao Greater Bay Area [4] - The companies plan to accelerate the integration of digital technologies and enhance cooperation in areas such as new infrastructure, quantum communication, and smart cities to support Guangzhou's high-quality economic development [4] - The article mentions the commitment of local government to provide quality services to enterprises, supporting their growth and innovation [3][4]

在人工智能浪潮席卷全球的今天，央国企作为"国家队"，正加速驶入AI赛道。政策推动、产业升级、技术变革的多重压力下，一场关于"速度与质量"的 博弈悄然展开。 一方面，地方政府考核、行业竞争倒逼央国企"快"字当头：AI项目批量上马，大模型争先发布，智能化场景遍地开花，央国企在AI领域的投入和应用增 速超10%，2024年披露招标金额32.2亿元，国家专项资金保驾护航； 但另一方面，能源、交通、金融等关键领域容不得半点闪失，一旦技术"空心化"或应用"烂尾"，可能引发系统性风险。互联网企业可以"快速迭代、容忍 失败"，但央国企的AI化必须兼顾效率与安全、创新与稳健。 当AI竞赛进入深水区，央国企似乎正站在十字路口：继续以"头号玩家"姿态领跑行业，还是蹄疾步稳深耕技术和场景落地？ 01 投入资金抢跑： 从谨慎试水到战略性加码 过去十年，央国企AI资金投入呈现出鲜明的阶梯式跃迁。 早期阶段（2015-2019年）：在这一阶段，央国企开始探索人工智能技术的应用，以试点项目和初步应用为主。中国电信、中国移动等企业开始尝试将人 工智能技术应用于客户服务、网络优化等领域。此时央国企的在人工智能资金投入上偏重谨慎，年投入普遍在亿元 ...

长江电力 中国核电 东方财富 7399.19亿市值 1945.73亿市值 3353.62亿市值 10.77亿成交额 2.55亿成交额 27.70亿成交额 9.46 30.24 21.22 +0.26(+0.87%) 0.00(0.00%) -0.24(-1.12%) 食品饮料 证券 中信证券 国泰海通 海天味业 期天 2338.79亿市值 3894.84亿市值 3305.57亿市值 7.31亿成交额 10.19亿成交额 2.81亿成交额 18.75 26.28 42.06 -0.15(-0.57%) +0.20(+1.08%) -0.06(-0.14%) 消费电子 化学制药 恒瑞医药 立讯精密 工业富联 4027.38亿市值 3674.20亿市值 2328.34亿市值 5.77亿成交额 18.90亿成交额 16.09亿成交额 55.64 32.12 20.28 -0.15(-0.73%) +1.28(+2.35%) +0.19(+0.60%) 家电行业 农牧饲渔 格力电器 牧原股份 海尔智家 出台名字 2516.15亿市值 2343.85亿市值 2318.95亿市值 7.83亿成交额 4.93亿成交额 6.4 ...

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2]. Core Insights - The report highlights the regulatory advancements in stablecoin policies in the US and Hong Kong, indicating a shift towards the formalization of cryptocurrency applications, particularly stablecoins [10][11]. - It emphasizes the growing adoption of stablecoins for cross-border payments and the increasing demand for AI applications, which are driving the need for enhanced computational liquidity [12][13]. Summary by Sections Investment Strategy - The US Senate has advanced the "Stablecoin Unified Standards Guarantee Act" with a vote of 66 to 32, mandating that all stablecoins must be backed 1:1 by high-quality, low-risk liquid assets [10]. - Hong Kong has introduced the "Stablecoin Ordinance," effective August 1, 2025, requiring entities to obtain licenses for issuing stablecoins, with stringent financial and compliance requirements [14]. - The global issuance of stablecoins has surpassed $240 billion as of May 3, 2025, indicating a significant market presence [11]. - AI applications are experiencing rapid growth, with ChatGPT reaching 620 million monthly active users, surpassing traditional social media platforms [12][13]. Industry News - The "Stablecoin Ordinance" in Hong Kong aims to regulate stablecoin activities and establish a licensing system, which is expected to accelerate the compliance and formalization of stable currencies [14]. - The Ministry of Industry and Information Technology has released the "Computational Power Interconnection Action Plan," aiming to standardize and enhance the interconnectivity of computational resources by 2026 [15][16]. - China Mobile has announced the winners of its AI general computing device procurement, with a total estimated procurement of 7,058 units [17]. - The successful launch of the fourth batch of low-orbit satellites for the "GW Constellation" marks a significant step in China's satellite internet capabilities [18]. Market Review and Focus - The telecommunications sector saw a 5.06% increase this week, outperforming major indices, with significant gains in optical modules and AI computing indices [19][20]. - The report suggests focusing on investment opportunities in the digital currency and computational power sectors, highlighting companies such as Chutianlong and Hengbao [23].

Core Insights - The low-altitude economy is recognized as a strategic emerging industry in China, essential for high-quality development and the establishment of a modern industrial system [2] - The market size of China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [2] - A report from Bank of America forecasts a compound annual growth rate (CAGR) of 62% for the adoption of electric vertical takeoff and landing (eVTOL) aircraft globally from 2025 to 2030 [2] Group 1: Industry Developments - China Telecom aims to become a leader in low-altitude intelligent networking and has established a comprehensive low-altitude operation service system covering planning, infrastructure, application scenarios, and operational support [3] - The company has upgraded its low-altitude economic capability system to "1+1+3+N," which includes a comprehensive service solution, an intelligent network, and three operational platforms [3] - China Telecom has signed strategic cooperation agreements with 39 cities and initiated projects in 10 cities, focusing on various applications such as drone inspections and emergency rescue [3] Group 2: Competitive Landscape - China Mobile is positioning itself as a leading information service provider in the low-altitude sector, with a "four-wheel drive and two-wing" capability system to support high-quality development [4] - The company has launched the first 5G-connected airborne terminal, which is compatible with over 200 aircraft models, and has established a large-scale low-altitude communication network [4] - China Mobile has implemented 61 low-altitude coverage routes in key cities and won 166 low-altitude project bids [5] Group 3: Technological Innovations - China Unicom has developed a smart low-altitude application platform and a low-altitude safety supervision platform, focusing on data services and comprehensive urban governance [5] - The smart low-altitude application platform offers integrated services such as command scheduling and AI analysis, enhancing urban governance and emergency response capabilities [5] - The low-altitude safety supervision platform utilizes advanced 5G-A technology for precise positioning of low-altitude aircraft, ensuring safe development of the low-altitude economy [5]

入选全国首批增值电信业务扩大对外开放试点，获批设立国际通信业务出入口局，"游戏出海"规模逐步扩大 —— 海南稳步推进数据安全有序流动 邓白氏中国区总裁吴广宇表示，此次获得增值电信业务经营试点批复，将让该公司有机会向市场提供更 加丰富多元的服务，帮助各类供应商链接全球市场，深度参与全球化产业链分工。 去年10月，海南等四地正式获批启动"增值电信业务扩大对外开放"试点工作，标志着我国电信业对外开 放迈入新阶段。 今年2月18日，海南海底智算舱在陵水海域完成下水，与正在运营的海底数据中心相链接，标志海底智算 中心正式启用。 (资料图) 海南日报全媒体记者 邵长春 全球数字贸易发展离不开频繁的数据跨境活动，而探索实现数据安全有序流动，正是海南自由贸易港建 设的一项重要任务。 近年来，在中央网信办、工信部等部委的指导支持下，海南积极推动数据安全有序流动，成功入选全国 首批增值电信业务扩大对外开放试点，获批设立国际通信业务出入口局，不断完善基础设施建设，推进跨境 海缆建设，"游戏出海"规模逐步扩大，"来数加工"等技术验证成功，加快构建高效便捷安全的数据跨境流动 机制，打造开放型数字经济创新高地，为海南自贸港建设注入新动能 ...

Core Viewpoint - The report emphasizes the integration of computing networks and industrial internet, highlighting that computing networks serve as a new type of information infrastructure centered on computing and rooted in networking, facilitating the digital transformation of industries [1][21]. Group 1: Development Background and Trends - The digital economy and industrial digital transformation require superior network connectivity and robust computing power to meet demands for ultra-high bandwidth, ultra-low latency, and high security [22]. - Computing networks are emerging as a hot topic in the industry, with operators, equipment manufacturers, and research institutions actively engaging in research and establishing a development roadmap and architecture system [24][25]. - International organizations like ITU and IETF are working on establishing standards for computing networks, indicating a global push towards computing and network convergence [26][27]. Group 2: Key Technologies - Key technologies for computing networks include unified metrics for computing and network, real-time user demand and state perception, multi-factor joint scheduling algorithms based on IPv6/SRv6, and ensuring end-to-end service reliability [2]. - The report identifies the need to overcome technical bottlenecks such as heterogeneous hardware abstraction and edge computing collaboration to optimize industrial production processes [2]. Group 3: Application Scenarios - Computing networks will transform the supply, application, and service methods of computing power, enhancing service flexibility and efficiency across various industries [29]. - Specific application scenarios include Cloud VR services, V2X vehicle networking, and green low-carbon initiatives, all benefiting from the integration of computing and networking capabilities [30][32][37]. Group 4: Collaborative Development - The industrial internet network is crucial for connecting people, machines, and objects in industrial environments, with internal and external networks serving different operational needs [39].