Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector [10] Core Insights - The combined capital expenditure of BAT (Baidu, Alibaba, Tencent) for Q1 2025 reached 54.4 billion RMB, representing a year-on-year increase of 105% but a quarter-on-quarter decline of 23% [2][3][15] - The decline in capital expenditure is attributed to the impact of NVIDIA's H20 export restrictions, but the long-term growth trend in capital expenditure is expected to remain intact [2][3][17] - The report suggests focusing on domestic GPU capabilities and related supply chains, including optical modules, AIDC, switches, and copper connections, as they are likely to fill the demand gap created by the restrictions [2][3][17] Summary by Sections Market Overview - The telecommunications index fell by 2.31% last week, while the Shanghai Composite Index and Shenzhen Component Index decreased by 0.57% and 0.46%, respectively [2][14] Key Companies and Dynamics - The report highlights a positive outlook for the AI computing chain in the telecommunications industry for 2025, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Taicheng Light, and Ruijie Network [4] - Core asset value reassessment is recommended for China Mobile, China Telecom, and China Unicom, along with a focus on new productivity in satellite internet, low-altitude economy, and deep-sea technology [4] Capital Expenditure Insights - In Q1 2025, Baidu, Alibaba, and Tencent's capital expenditures were 2.9 billion, 24 billion, and 27.5 billion RMB, respectively, with year-on-year growth rates of +42%, +136%, and +91% [3][15] - The report notes that the capital expenditure for Q1 is typically lower than that of Q4 in previous years, indicating a seasonal trend [17] Recommendations - The report recommends a focus on companies involved in the domestic GPU supply chain and related industries due to the anticipated growth in AI applications and infrastructure investments [2][3][17]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [11]. Core Insights - The communication sector experienced a decline of 1.85% in the 21st week of 2025, ranking 26th among primary industries in the Yangtze River region. Since the beginning of 2025, the sector has decreased by 4.71%, also ranking 26th [2][5]. - Recent releases of AI models, such as Google's Gemini 2.5 and Anthropic's Claude 4, continue to drive demand in data center communications, indicating a sustained positive outlook for AI and computing power [2][9]. - The current valuation of the telecommunications business segment remains low, suggesting a high cost-performance ratio for overall industry allocation [2]. Summary by Sections Market Performance - In the 21st week of 2025, the communication sector saw a 1.85% decline, with a year-to-date drop of 4.71%, both placing it 26th among primary industries [2][5]. - Among companies with a market capitalization above 8 billion, the top three gainers were Dongtu Technology (+14.5%), Haige Communication (+12.8%), and Mengwang Technology (+11.7%). The largest decliners were Lian Te Technology (-10.5%), Taicheng Light (-10.2%), and Cambridge Technology (-8.9%) [5]. AI and Computing Power Developments - Google's annual developer conference introduced the Gemini 2.5 series, enhancing multi-modal capabilities and platform integration, which is expected to bolster the AI ecosystem [6]. - Anthropic launched the Claude 4 series, focusing on coding capabilities and tool usage, with the Claude Code programming assistant now operational [7]. - Huawei's KADC 2025 emphasized the integration of AI and computing power, showcasing advancements in their software and hardware platforms [8]. Investment Recommendations - The report recommends focusing on several key players: - Telecom Operators: China Mobile, China Telecom, China Unicom [9]. - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, with a focus on Taicheng Light and Shijia Photon [9]. - Domestic Computing Power: Fenghuo Communication, Huafeng Technology, Yingweike, Runze Technology, Guangxun Technology, ZTE, and Unisplendour, with attention to Kehua Data and Aofei Data [9]. - IoT: Heertai, Tuobang, Yiyuan Communication, Meige Intelligent, and Aojie Technology [9]. - Satellite Applications: Haige Communication and Huace Navigation, with a recommendation to monitor Chengchang Technology [9].

Investment Strategy - The report highlights the impact of the US chip sanctions on China's computing power supply, indicating that China's computing system is now capable of competing with the US. The Ministry of Commerce's strong response to these sanctions suggests a potential for growth in China's computing ecosystem [10][14] - The global supply chain is facing a rebound against US restrictions, with Malaysia adopting Chinese technology to build an AI platform, marking a significant step in the region's AI infrastructure development [11] - The "Jiutian" drone is set to launch, with significant capabilities including a wingspan of 25 meters, a maximum takeoff weight of 16 tons, and the ability to carry diverse weaponry, indicating a promising future for low-altitude economic applications [12][18] Industry News - China's Ministry of Commerce has stated that any organization or individual executing US measures will face legal consequences, emphasizing the competitive landscape in computing power between China and the US. Companies to watch include Cambricon, Haiguang Information, and ZTE [14] - The construction of a computing power internet trial network has been initiated in China, with 499 computing resource pools identified, aiming to enhance the accessibility of computing resources across the country [15] - The civil aviation sector reported a total of 26.67 million hours of drone flight in 2024, reflecting a 15.4% year-on-year increase, with expectations for the low-altitude economy to reach a market size of 1.5 trillion yuan by 2025 [16][17] - The "Jiutian" drone, known as China's first "swarm mother ship," is expected to enhance the country's large drone product line, with advanced capabilities for both military and civilian applications [18] Weekly Review and Focus - The communication sector saw a slight increase of 0.02% this week, outperforming major indices, with a recommendation to focus on domestic computing power and low-altitude economic investment opportunities [19] - Key stocks to monitor include Cambricon, Haiguang Information, ZTE, and others related to the low-altitude economy [21]

Group 1 - The communication index increased by 0.73% as of May 26, 2025, with notable stock performances from Wuhan Fangu, Yongding Co., Wanma Technology, Haige Communication, and Shenglu Communication [1] - The communication ETF (159695) rose by 0.88%, with a 3.09% increase over the past month, ranking first among comparable funds [1] - The communication ETF recorded a trading volume of 1.0157 million yuan during the session, with an average daily trading volume of 8.9962 million yuan over the past year [4] Group 2 - The communication ETF's scale grew by 13.1801 million yuan in the past six months, leading in growth among comparable funds [4] - The ETF's shares increased by 13 million units in the last six months, also ranking first in new share growth among comparable funds [4] - The Ministry of Industry and Information Technology plans to accelerate the development of 5G-A and 6G technologies, enhancing modern industrial systems [4] Group 3 - The top ten weighted stocks in the communication index include China Telecom, ZTE, China Mobile, and China Unicom, accounting for 58.92% of the index [4] - Investors can access opportunities in optical communication under the AI transformation through the communication ETF linked fund (019072) [4]

Core Insights - The article highlights the innovative contributions of young technology workers in China, particularly focusing on three individuals from China Unicom who are driving transformation in traditional industries through technology [1][5]. Group 1: Innovations in Traditional Industries - He Shanshan's team developed the "Yiying" AI model that can complete clothing designs in just 3 seconds, enabling personalized customization [2]. - The team utilized 5G and IoT technologies to enhance operational efficiency in textile workshops, allowing for automated detection of yarn breakages [2]. - The "5G LAN factory" created by He Shanshan's team controls core production processes using 5G-A technology [2]. Group 2: Advancements in Marine Communication - Chi Kexun's "Woyu Tong" products reduced marine communication costs from 500 RMB per 1.2GB to a more accessible level, benefiting fishermen and tourists [2]. - The team developed a 5G-based marine ranch observation network that integrates IoT, AI, and big data, achieving significant cost savings compared to traditional methods [2]. Group 3: Digital Twin Technology in Communication - Zhu Mengyuan's team created "digital twin" technology that allows for virtual planning and operation of data centers, significantly reducing the time required for design work [3]. - The team implemented a "secondary clustering" method to improve AI's ability to recognize similar equipment, streamlining operational processes [3]. Group 4: Transition from Research to Industry - The article emphasizes the need for a shift from technical thinking to user-oriented thinking for successful industrial innovation [4]. - The "Digital Master" system developed by He Shanshan's team improved yarn quality by 40% through intelligent algorithms [4]. - Chi Kexun's team utilized a "problem-backtracking" method to design solutions based on real-world fishing operations, leading to an 80% cost reduction [4]. Group 5: Support for Young Innovators - China Unicom's "Youth Talent Support Program" provides a structured mentorship system to nurture young talent, with 16 individuals recognized by the Chinese Association for Science and Technology [5]. - The company encourages collaboration among experts from various fields to tackle challenges effectively [5]. Group 6: Spirit of Exploration - The article concludes with a message encouraging young technology workers to embrace exploration and align their aspirations with national needs, fostering confidence and strength [6].

Core Insights - The article discusses a coordination meeting held by the Henan Air Traffic Control Bureau with major telecom operators to ensure communication network safety during the upcoming rainy season [1][2] - The meeting focused on emergency communication support, risk identification, and collaborative response to extreme weather conditions [1][2] Group 1: Meeting Objectives - The meeting aimed to develop targeted measures for ensuring safe air traffic control operations during the rainy season [1] - Key topics included emergency communication support, risk assessment, and collaborative actions among telecom operators [1] Group 2: Responses from Telecom Operators - The three major telecom operators confirmed the establishment of comprehensive emergency flood prevention mechanisms and will implement measures based on meteorological warnings [2] - Operators addressed identified facility hazards, stating that local fiber optic cables are well-protected, and they will promptly address any issues with overhead cables [2] Group 3: Action Plans and Outcomes - A detailed inspection and rectification plan was developed to ensure timely identification and resolution of potential communication hazards during the rainy season [2] - The meeting resulted in a clearer division of responsibilities and improved collaborative mechanisms among the Henan Air Traffic Control Bureau and telecom operators, enhancing emergency response capabilities [2]

证券代码：600050 股票简称：中国联通 公告编号：2025-023 中国联合网络通信股份有限公司 关于公司董事离任的公告 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个别及 连带责任。 | | | | | | 是否继续 在上市公 | | 是否存 在未履 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 原定任期 | 离任 | | 具体 | | | 姓名 | 离任职务 | 离任时间 | 到期日 | 原因 | 司及其控 | 职务 | 行完毕 | | | | | | | 股子公司 | | 的公开 | | | | | | | 任职 | | 承诺 | | 王俊治 | 董事 | 2025 年 | 2027 年 | 年龄 | | | | | | 发展战略委员会委员 | | | | 否 | 不适用 | 否 | | | | 5 月 22 日 | 5 月 28 日 | 原因 | | | | | | 提名委员会委员 | | | | | | | 一、提前离任的基本情况 特此公告。 中国 ...

Core Viewpoint - China Unicom announced that its director Wang Junzhi has resigned from his position due to age reasons, and after his resignation, he will no longer hold any position within the company [1] Group 1 - Wang Junzhi's resignation is attributed to age-related factors [1] - Following his resignation, he will not serve in any capacity within China Unicom [1]

Core Viewpoint - The launch of 5G-A marks an enhancement over 5G, providing improved network capabilities and catering to both individual and industrial user needs [1][4]. Group 1: 5G-A Commercial Launch - China Telecom officially announced the commercial launch of 5G-A on May 17, offering various packages priced at 199, 299, and 399 yuan [2]. - China Mobile introduced its "Three Major Feedback Plans" on May 15, targeting 5G-A users with packages ranging from 199 to 999 yuan per month, aiming to acquire 50 million 5G-A users this year [2]. - China Unicom's 5G-A packages include multiple tiers, such as youth, business, and cloud acceleration versions, with prices starting at 21.9 yuan for 10GB [2]. Group 2: Technological Advancements - 5G-A integrates new technologies like 3CC carrier aggregation and low-latency reliable networks, enabling advancements in various sectors such as low-altitude economy, smart cities, and industrial internet [1][4]. - The transition from 5G to 5G-A is a necessary step towards 6G, with significant improvements in capacity, speed, latency, positioning, and reliability [1]. Group 3: Market Impact - The introduction of 5G-A is expected to drive double-digit growth in DOU (average monthly data usage per household) and ARPU (average revenue per user) for telecom operators [3]. - Operators are shifting their focus from resource-oriented to application-oriented network operations, creating diverse packages tailored to specific user needs [4]. Group 4: Infrastructure Development - By 2024, over 100,000 5G-A base stations are projected to be deployed, with significant investments planned by major operators [5][6]. - China Mobile plans to invest 9.8 billion yuan in 2025 for 5G-A, aiming for extensive coverage in key urban areas [6][7]. Group 5: Investment Recommendations - In the current macroeconomic environment, telecom operators are recommended for investment due to their strong profitability and high dividends, with the acceleration of 5G-A commercialization expected to enhance operational efficiency [8].

Group 1: Company Overview - Huili B's total market capitalization fell below RMB 300 million for the first time, closing at RMB 290 million on May 20, 2023, which may trigger delisting risk if it remains below this threshold for 20 consecutive trading days [1][2] - The company announced a share buyback plan, intending to repurchase shares worth between RMB 3 million and 6 million at a price not exceeding USD 0.51 per share [2] - Huili B's stock price dropped significantly, with a 24.49% decline over the last five trading days and a 55.6% decline over the last 30 trading days, closing at USD 0.222 per share [2] Group 2: Financial Performance - In Q1 2023, Huili B reported revenue of RMB 3.8144 million, a year-on-year decrease of 0.24%, and a net profit attributable to shareholders of RMB 1.2489 million, down 37.99% year-on-year [2] - Other companies facing delisting risks include *ST Lingyun B and *ST Jinguang B, with *ST Lingyun B's stock price falling below RMB 1 for the first time [4] Group 3: IPv6 Industry Insights - The Central Cyberspace Affairs Commission, the National Development and Reform Commission, and the Ministry of Industry and Information Technology issued a document outlining goals for IPv6 deployment by 2025, aiming for 850 million active users and 1.1 billion IoT connections [5][6] - The document includes nine key tasks to enhance IPv6 infrastructure and security, with major companies like China Unicom and ZTE leading in market capitalization and IPv6 deployment efforts [7][8] - IPv6 concept stocks have performed well this year, with an average increase of 13.45%, and several companies, including Dongtu Technology and Anbotong, seeing gains exceeding 50% [8][9]