Investment Rating - The industry investment rating is "Positive" [7] Core Viewpoints - The official launch of 5G-A is expected to enhance user value, providing significant improvements in capacity, speed, latency, positioning, and reliability compared to 5G [1][3] - Major telecom operators have commenced 5G-A commercial services, with China Mobile aiming to develop 50 million 5G-A users in 2024 [1][2] - 5G-A is anticipated to drive double-digit growth in DOU (average monthly data usage per user) and ARPU (average revenue per user) due to its integration with AI and the introduction of diverse service packages [3][4] - The infrastructure for 5G-A is being rapidly developed, with over 100,000 5G-A base stations expected to be deployed in 2024 [4][5] - Telecom operators are adjusting their investment structures to focus on the future development of 5G-A, with significant planned investments for 2025 [5][9] Summary by Sections 5G-A Commercial Launch - China Mobile, China Telecom, and China Unicom have all launched 5G-A service packages with various pricing tiers [1][2] - China Mobile's 5G-A package ranges from 199 to 999 yuan per month, targeting a user base of 50 million [1] - China Telecom offers three 5G-A packages priced at 199, 299, and 399 yuan, along with additional data packages [1][2] User Experience and Market Potential - The integration of 5G-A with AI is expected to transform network operations and enhance user experience through tailored service offerings [3] - New technologies such as 3CC carrier aggregation and low-latency networks are set to empower various industries, including smart cities and industrial internet [3][4] Infrastructure Development - The Ministry of Industry and Information Technology has outlined plans for nationwide 5G-A coverage in major cities [4] - China Mobile plans to invest 9.8 billion yuan in 2025 to expand its 5G-A infrastructure [5] Investment Recommendations - The report recommends investing in China Mobile, China Telecom, and China Unicom due to their strong profitability and high dividend yields amidst a complex macroeconomic environment [9]

中国联合网络通信股份有限公司 二○二四年年度股东大会会议资料 2025 年 5 月 27 日 北 京 | 会议须知 | | | 1 | | --- | --- | --- | --- | | 会议议程 | | | 2 | | 议案 2024 年度财务决算报告的议案 4 | 1：关于 | | | | 议案 2024 | 2：关于 | 年度末期利润分配的议案 5 | | | 议案 3：关于续聘会计师事务所的议案 6 | | | | | 议案 2024 | 4：关于 | 年度董事会报告的议案 7 | | | 议案 2024 | 5：关于 | 年度监事会报告的议案 13 | | | 议案 2024 | 6：关于 | 年年度报告的议案 17 | | | 年度股东大会"渗透投票"的议案 | | 18 | | | 议案 7.01：关于联通红筹公司 2024 | | 年末期利润分配的事项 19 | | | 议案 7.02：关于联通红筹公司股东大会重选董事及授权董事会厘定董事酬金事项 20 | | | | | 购买联通红筹公司股份的事项 | | | 21 | | 处理联通红筹公司额外股份的权力的事项 22 | | | | | ...

Market Overview - The FTSE China A50 index components showed mixed performance with logistics, chemical pharmaceuticals, and home appliances leading in gains, while the coal sector faced declines [1] Sector Performance Insurance - China Pacific Insurance, China Ping An, and China Life Insurance reported market capitalizations of 980.99 billion, 361.31 billion, and 326.32 billion respectively, with trading volumes of 6.54 million, 10.71 million, and 5.58 million [3] Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1993.60 billion, 242.98 billion, and 501.66 billion respectively, with trading volumes of 18.64 million, 10.49 million, and 5.22 million [3] Semiconductor - Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 231.43 billion, 284.52 billion, and 325.85 billion respectively, with trading volumes of 7.93 million, 15.80 million, and 6.32 million [3] Automotive - BYD, Great Wall Motors, and Beijing-Shanghai High-speed Railway reported market capitalizations of 1192.71 billion, 199.78 billion, and 294.15 billion respectively, with trading volumes of 37.01 million, 1.61 million, and 2.02 million [3] Oil Industry - COSCO Shipping, Sinopec, and China National Petroleum had market capitalizations of 687.67 billion, 1498.94 billion, and 254.36 billion respectively, with trading volumes of 2.16 million, 2.49 million, and 14.71 million [3] Coal Industry - China Shenhua, Shaanxi Coal and Chemical Industry, and CATL reported market capitalizations of 194.68 billion, 1198.11 billion, and 777.26 billion respectively, with trading volumes of 3.11 million, 3.58 million, and 50.90 million [3] Power Industry - Dongfang Electric, Yangtze Power, and China Nuclear Power had market capitalizations of 753.62 billion, 197.66 billion, and 341.13 billion respectively, with trading volumes of 10.66 million, 7.40 million, and 21.45 million [4] Food and Beverage - CITIC Securities, Guotai Junan, and Haitian Flavoring reported market capitalizations of 387.85 billion, 311.87 billion, and 240.72 billion respectively, with trading volumes of 1.95 million, 7.07 million, and 2.48 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Heng Rui Medicine had market capitalizations of 379.50 billion, 235.47 billion, and 348.74 billion respectively, with trading volumes of 3.94 million, 17.94 million, and 15.65 million [4] Home Appliances - Gree Electric, Haier Smart Home, and Muyuan Foods reported market capitalizations of 261.19 billion, 245.55 billion, and 216.54 billion respectively, with trading volumes of 11.37 million, 5.03 million, and 4.47 million [4] Medical Devices - Mindray Medical, Wanhua Chemical, and SF Holding had market capitalizations of 178.50 billion, 224.01 billion, and 272.74 billion respectively, with trading volumes of 9.22 million, 6.67 million, and 4.36 million [4] Telecommunications - China Construction, China Unicom, and China Telecom had market capitalizations of 235.94 billion, 171.33 billion, and 466.44 billion respectively, with trading volumes of 11.23 million, 2.30 million, and 8.29 million [4] Transportation Equipment - China CRRC and Guodian NARI had market capitalizations of 209.50 billion and 184.02 billion respectively, with trading volumes of 1.15 million and 2.30 million [5]

Core Viewpoint - The China Telecom Theme Index has shown mixed performance, with a slight decline on the latest trading day, reflecting broader market trends in the telecom sector [1]. Group 1: Index Performance - The China Telecom Theme Index decreased by 0.03% to 1792.12 points, with a trading volume of 26.344 billion yuan [1]. - Over the past month, the index has increased by 2.63%, but it has declined by 7.91% over the last three months and by 3.23% year-to-date [2]. Group 2: Index Composition - The index comprises 50 listed companies involved in telecom operations, value-added services, communication equipment, technology services, and data centers [2]. - The top ten weighted companies in the index are: China Telecom (17.66%), China Mobile (16.11%), China Unicom (15.28%), Yinzhijie (6.14%), China Satellite Communications (5.25%), ZTE Corporation (4.86%), Zhongji Xuchuang (4.12%), Xinyi Sheng (3.95%), Unisplendour (2.63%), and Zhongtian Technology (1.75%) [2]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (64.03%) and the Shenzhen Stock Exchange (35.97%) [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3].

Group 1 - The core viewpoint of the news is the launch of the computing power internet experimental network by China's three major telecom operators, aiming to enhance the interconnectivity and efficiency of computing resources across the country [1][3][4] - The experimental network will facilitate the interconnection of computing resources from the three telecom operators and the dispersed social computing resources nationwide, making it easier to "find, allocate, and use" computing power [3][4] - China's total computing power ranks second in the world, and the computing power internet is seen as a new type of infrastructure, with a public service platform expected to launch in July 2024 [3][4] Group 2 - The construction of the computing power internet is still in its early stages, facing challenges such as resource dispersion and lack of unified standards, which complicates collaborative allocation [4] - The computing power is crucial for artificial intelligence, with significant capital expenditure increases by international tech giants aimed at AI and cloud service infrastructure [4] - IDC data predicts that China's intelligent computing power will reach 1,037.3 EFLOPS by 2025 and exceed 2,781.9 EFLOPS by 2028, with a compound annual growth rate of over 35% from 2025 to 2028 [4] Group 3 - Nearly 60 computing power concept stocks in the A-share market are expected to reverse their overall performance in 2024, with revenue and net profit growth rates of 9.85% and 9.46%, respectively, significantly surpassing the previous year [4] - The three major telecom operators are projected to see continuous revenue and net profit growth from 2020 to 2024, with significant growth in their proprietary intelligent computing scale in 2024 [4] - 15 concept stocks are predicted to achieve profitability in 2024, with net profit growth expected to exceed 20% in 2025 and 2026, including companies like Tianyuan Dike and Inspur [5]

中新网广东新闻5月17日电 (记者 王坚)在"双碳"目标指引下，传统能源行业正加速推进数字化转型。广 东肇庆大唐国际热电联产项目作为粤港澳大湾区重点能源工程，其"5G+智慧电厂"建设具有重要示范意 义。 日前，中国联通肇庆分公司凭借在工业互联网领域的深厚积累，成功中标该项目5G专网建设标段。该 项目的实施不仅关乎企业数字化转型进程，更是对广东省5G应用"扬帆"行动计划的积极践行。 据介绍，由中国联通肇庆分公司分管副总挂帅的专项工作组，构建"领导小组-技术专班-现场执行"三级 管理体系。网络部牵头组建涵盖无线、传输、核心网等专业的15人技术团队，建立"日调度、周会商、 月总结"工作机制。 据悉，5G专网建设项目，探索出传统能源数字化转型的新路径。肇庆联通将持续发挥"国家队、主力 军、排头兵"作用，为粤港澳大湾区能源安全保驾护航。(完) 肇庆联通正基于本项目经验，研发"5G+数字孪生"智慧电厂解决方案。预计到2025年，将打造覆盖珠三 角的能源行业5G应用创新中心。 其中，无线网络宏基站建设，采用8T8R Massive MIMO技术，实现厂区98%覆盖率；部署的室分基站， 重点覆盖廊道、集控室等关键区域；传输网 ...

金十图示：2025年05月19日（周一）富时中国A50指数成分股今日收盘行情一览：白酒、汽车、消费电子等板块跌势明显，半导 体、航运港口等板块小幅收高 0.00(0.00%) -0.02(-0.38%) -0.02(-0.27%) 保险 中国太保 中国平安 中国人保 01 3635.21亿市值 3228.59亿市值 9706.06亿市值 8.31亿成交额 17.30亿成交额 10.74亿成交额 53.30 8.22 33.56 +0.13(+0.39%) -0.09(-0.17%) +0.01(+0.12%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19835.11亿市值 5018.92亿市值 2441.15亿市值 60.22亿成交额 11.38亿成交额 30.63亿成交额 1578.98 129.30 200.10 -4.90(-2.39%) -35.15(-2.18%) -1.78(-1.36%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2323.66亿市值 2805.06亿市值 3251.75亿市值 16.89亿成交额 22.26亿成交额 11.15亿成交额 139.90 435.00 671 ...

Market Overview - The FTSE China A50 index components showed mixed performance in the banking and insurance sectors, while the semiconductor sector experienced gains [1] - The liquor and automotive sectors faced declines, with notable drops in companies like Kweichow Moutai and BYD [1] Sector Performance Banking and Insurance - China Pacific Insurance had a market capitalization of 363.96 billion, with a trading volume of 4.60 billion, showing a slight decrease of 0.03 (-0.06%) [3] - Ping An Insurance reported a market cap of 321.32 billion and a trading volume of 11.02 billion, also down by 0.03 (-0.09%) [3] - China Life Insurance had a market cap of 971.70 billion, with a trading volume of 6.91 billion, increasing by 0.02 (+0.24%) [3] Liquor Industry - Kweichow Moutai led with a market cap of 1,979.70 billion, experiencing a decline of 38.18 (-2.37%) [3] - Shanxi Fenjiu and Wuliangye Yibin also saw decreases of 4.09 (-2.00%) and 1.97 (-1.50%) respectively [3] Semiconductor Sector - Northern Huachuang had a market cap of 232.15 billion, with a trading volume of 12.09 billion, increasing by 6.00 (+1.40%) [3] - Cambrian and Haiguang Information reported market caps of 278.94 billion and 324.71 billion, with slight increases [3] Automotive Sector - Great Wall Motors had a market cap of 295.13 billion, down by 5.64 (-1.45%) [3] - BYD reported a market cap of 1,165.57 billion, decreasing by 0.36 (-1.52%) [3] Energy Sector - China Petroleum & Chemical Corporation had a market cap of 1,500.77 billion, with a trading volume of 3.59 billion, increasing by 0.03 (+0.53%) [3] - China National Offshore Oil Corporation reported a market cap of 690.09 billion, with a slight increase of 0.10 (+0.62%) [3] Other Sectors - The electric power sector saw China Yangtze Power with a market cap of 743.34 billion, increasing by 0.05 (+0.53%) [4] - In the food and beverage sector, Haitian Flavoring & Food had a market cap of 238.77 billion, increasing by 0.36 (+0.85%) [4] - The logistics sector featured SF Holding with a market cap of 273.56 billion, decreasing by 0.35 (-0.62%) [4]

原标题：中国联通正式发布抗量子安全手机 开启量子时代安全通信新纪元 5月16日，世界电信日前夕，中国联通在北京举办专场发布会，推出抗量子安全手机，标志着通信 安全领域的革新突破，开启了量子时代安全通信新纪元。 近年来，量子计算技术飞速发展，传统加密体系面临颠覆性挑战，抗量子密码算法与量子密钥安全 管理已成为信息安全领域的战略方向。中国联通作为网络安全现代产业链链长，率先发布抗量子安全手 机，全力筑牢网络安全坚实屏障。该产品由中国联通中讯设计院与本源量子合作，关键技术得到中国科 学技术大学院士郭光灿及教授郭国平团队的支持，开创性地将抗量子密码算法与国密算法融合，取得了 量子安全加密技术的革新突破，给行业发展注入了新的力量。 发布会现场汇聚的嘉宾有政府领导、高校教授、行业技术专家，与中国联通共同见证了这一重要时 刻，掀起了对市场首款抗量子安全手机的关注热潮。 量子计算时代的信息安全，需要终端、密码和应用系统的全面革新。中国联通抗量子安全手机 以"联通政企定制手机+抗量子密信+量子SIM卡"为核心，构建了三层防御体系；同时，在量子SIM卡内 集成量子随机数芯片、在密信业务中应用抗量子密码算法与国密算法创新融合技术， ...

Investment Rating - The report suggests focusing on domestic AI development-driven sectors such as servers, IDC, switches, and connectors, as well as overseas AI development-driven sectors like servers and optical modules [4] Core Insights - The U.S. Department of Commerce upgraded chip controls against China, banning Huawei's Ascend chips and limiting U.S. chips for AI training in China, which is expected to benefit domestic chip suppliers [1][6] - NVIDIA's AI chip shipments fell short of expectations, leading to a projected slight decline in capital expenditures from domestic internet companies in the short term, but this will accelerate the domestic replacement of AI chips [1][5] - The establishment of an AI chip R&D center in Shanghai by NVIDIA and a significant order for 18,000 GB300 servers from Saudi Arabia highlight the global strategic layout and increasing demand for high-speed optical modules and liquid cooling technology [1][6] Summary by Sections Communication Sector Overview - The telecom operators achieved a total revenue of 446.9 billion yuan in the first quarter of 2025, a year-on-year increase of 0.7%, with a total telecom business volume growth of 7.7% [3][12] - The optical module exports saw a growth of 19.6% year-on-year in March, with a cumulative growth of 3.18% from January to March 2025 [28][30] Server Sector - The server index experienced a slight decline of 2.51% this week, primarily due to delays in NVIDIA's GB200 deliveries and lower-than-expected capital expenditures from companies like Alibaba [5][6] - The report anticipates that the domestic AI chip supply will benefit from the U.S. chip control upgrades, which may lead to a long-term increase in AI-driven business growth [5][6] Optical Module Sector - The optical module industry is showing signs of recovery, with leading companies like NewEase and Zhongji Xuchuang reporting significant revenue growth of 179% and 264% respectively in Q1 2025 [7] - The overall revenue of the optical module sector increased by 48% year-on-year, driven by AI computing demand and cost reduction measures [7] IDC Sector - The IDC industry is expected to grow driven by increasing AI computing demand and supportive policies, with resources concentrating on companies that meet energy consumption standards and have sufficient project reserves [2]