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].

IPv6重磅文件发布，资金加仓多股。 汇丽B总市值低于3亿元 5月20日晚间，汇丽B(900939)公告称，公司股票2025年5月20日收盘总市值为人民币2.90亿元，首次低于人民币3亿元。根据《上海证 券交易所股票上市规则》，若连续20个交易日的每日股票收盘总市值均低于人民币3亿元，公司股票可能被上交所终止上市交易。这 是公司可能触发市值退市的第一次终止上市风险提示公告。 当日晚间，公司还公告称，拟斥人民币300万~600万元回购公司股份，回购股份价格不超0.51美元/股。 据公开资料显示，汇丽B于1996年上市，已上市近29年。5月20日，该股跌停，收盘价报0.222美元/股，近5个交易日累计跌24.49%， 近30个交易日累计跌55.6%。公司今年一季度营业收入381.44万元，同比减少0.24%；归母净利润124.8 9万元，同比减少37.99%。 据证券时报·数据宝统计，除汇丽B之外，今年内*ST凌云B、*ST锦港B也公告有退市风险。 *ST凌云B在5月13日公告，公司可能被终止上市，其 5月12日收盘价为0.136美元/股，折合人民币为0.9805元/股，首次低于人民币1 元。截至最新，*ST凌云 ...

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 | | | | | ...

通信周观点： 1）美国商务部 5 月 13 日升级对华芯片管制，撤销《AI 扩散规则》并出台三项新规：全球禁用华为昇腾芯片、限制美 芯片用于中国 AI 训练、强化供应链审查。此外黄仁勋受访时表示英伟达将重新推出面向中国市场的芯片，但不会再 推出 Hopper 系列产品，预计将采用 GDDR7 显存替代 HBM 高带宽内存，以满足美国出口限制要求。我们认为从性能看， 国产芯片性能或将大超英伟达改版后芯片性能，利好国产算力芯片。2）因英伟达 AI 芯片出货量不及预期（GB200 出 货不及预期，且 H20 受到管制，NVIDIA 计提约 55 亿美元的与 H20 相关的费用损失），而国内芯片供应增长需要时间， 阿里、腾讯等互联网厂商 1Q25 资本支出略低于市场预期。我们认为短期看，互联网厂商全年资本开支可能略有下滑， 但这也将加速 AI 芯片的国产替代进程。长期看伴随国产 AI 芯片的起量，AI 仍将驱动业务增长。3）英伟达 5 月 14 日 宣布在上海设立 AI 芯片研发中心，并与沙特签署 18000 台 GB300 服务器订单。此举凸显其全球布局战略，将推动高 速光模块及液冷技术需求。海外算力基建需求激增， ...

Group 1 - China Unicom is leveraging its strengths in computing power and network capabilities to create an integrated solution that combines cloud, network, endpoint, and security services [1] - The company has launched a family robot named "Zhi Jia Tong Tong," which represents its innovation in integrating computing power networks, artificial intelligence, and the real economy [1] - The deployment of over 300 intelligent computing cloud pools allows for resource allocation closer to users, enhancing service responsiveness [1] Group 2 - The company aims to enhance complex task processing capabilities and provide intelligent emotional support through the "Zhi Jia Tong Tong" product, utilizing the Yuanjing large model [2] - Huawei emphasizes the collaboration of endpoint, network, cloud, and user experiences to redefine the smart home concept, supporting the development of "Zhi Jia Tong Tong" [2] - The integration of hardware and intelligent interaction innovations is a key focus, ensuring an optimal user experience through dual 10G capabilities [2]

Core Viewpoint - China Telecom officially launched its 5G-A package on May 17, marking a significant advancement in mobile communication technology, enhancing speed, capacity, and reliability compared to 5G [1][2][4] Group 1: 5G-A Overview - 5G-A is an enhanced version of 5G, serving as a transitional phase towards 6G, with substantial improvements in capacity, speed, latency, positioning, and reliability [1][4] - Users can experience up to 400 Mbps upload and 3 Gbps download speeds under optimal conditions, significantly reducing upload times for large files [1][5] Group 2: Pricing and Packages - China Telecom offers three tiers of 5G-A packages priced at 199 yuan/month, 299 yuan/month, and 399 yuan/month, with varying data limits and speed capabilities [2][3] - Existing users can opt for a 5G-A add-on package, available for monthly or per-use purchase, catering to both individual and family needs [2][3] Group 3: Network Expansion and Coverage - The coverage of 5G-A networks is expanding, with China Telecom planning to deploy approximately 70,000 stations across 121 cities by 2024 [3][4] - China Mobile aims to invest nearly 10 billion yuan to enhance its 5G-A network, targeting over 400,000 intelligent base station upgrades [4] Group 4: Technological Advancements - 5G-A supports a wide range of new functionalities, including high-precision positioning and low-cost IoT applications, which are expected to accelerate digital transformation across various industries [4][5] - The technology is anticipated to facilitate advancements in sectors such as autonomous driving and drone operations, leveraging its low latency and high connectivity capabilities [5]

Group 1 - The event on May 17 marked the launch of the computing power internet experimental network by China Telecom, China Mobile, and China Unicom in collaboration with the China Academy of Information and Communications Technology [1] - The computing power internet aims to interconnect dispersed computing resources, including general computing, intelligent computing, supercomputing, and cloud-edge-end resources, allowing users to easily access and utilize computing power [1] - The computing power internet is seen as a new type of infrastructure that enhances heterogeneous computing and elastic network capabilities, transforming the supply and usage patterns of computing resources [1] Group 2 - Hongbo Co., Ltd. has developed its own "Yingbo Cloud" platform, which integrates core technologies such as computing power scheduling, storage solutions, and cluster monitoring [2] - Tuo Wei Information is a core partner of Huawei's Ascend ecosystem, collaborating to develop AI servers and edge computing solutions [2]

Core Insights - Shanghai's three major telecom operators are advancing initiatives related to "dual 10G + AI" technology, aiming to enhance their service offerings and infrastructure [1] Group 1: Shanghai Mobile - Shanghai Mobile has launched the "10G Park Computing Network Upgrade Action," initiating a pilot construction of a "10G Optical Network" [1] - The company aims to create a 1ms Jiangpu computing optical network and has formed an "AI Cooperation Alliance" with partners including iFlytek, SenseTime, Huawei, and others [1] Group 2: Shanghai Unicom - Shanghai Unicom has kicked off the "Dual 10G Community Carnival" [1] - The company is also involved in the establishment of the Yangtze River Delta Integrated Intelligent Computing Hub, with Qingpu as the core node and Lingang as a collaborative node [1] Group 3: Shanghai Telecom - Shanghai Telecom has introduced the "AI Smart Screen" for households and the "Smart Cloud Version" of its enterprise products [1]

Core Viewpoint - The annual "World Telecommunication and Information Society Day" emphasizes achieving gender equality through digital transformation, advocating for equitable access to digital technologies across different regions and groups, and promoting social inclusion and sustainable development [1] Group 1: AI Development by Telecom Operators - Major telecom operators highlighted the importance of AI in their speeches during the event, indicating a shift towards a new era of technological revolution and industrial transformation driven by AI [2][3] - China Mobile's chairman emphasized the integration of data, computing power, and AI as a new engine for technological innovation, reshaping production, lifestyle, and governance [2] - China Unicom's chairman announced a comprehensive innovation strategy aimed at building a digital future that benefits everyone, with plans to upgrade their infrastructure to support AI applications [2] - China Telecom's chairman stated the company's commitment to embracing AI for strategic upgrades and enhancing social welfare through technology [3] Group 2: AI Products and Services - Guangdong Unicom launched four AI products aimed at enhancing communication for special groups, including a product designed for hearing-impaired individuals that facilitates real-time voice-to-text conversion [3] - Guangzhou Mobile is developing an AI+ ecosystem by integrating capabilities from over 20 partner companies, focusing on various AI applications [5] Group 3: 10-Gigabit Optical Network Initiatives - The construction of a 10-gigabit optical network was a key focus, with China Unicom planning to accelerate its development to support high-speed connectivity in communities and industrial parks [7] - The Ministry of Industry and Information Technology announced plans for pilot projects to deploy 10-gigabit optical networks by the end of 2025, with 86 cities already initiating trials [7] - Guangdong Telecom has completed the delivery of its first "10-gigabit household" and launched a promotional campaign for 10-gigabit broadband services [8] - Guangzhou Mobile announced plans to establish 10 benchmark communities and parks with 10-gigabit network coverage, aiming to enhance user experience and service quality [9]

Core Viewpoint - The launch of the computing power internet trial network aims to address the growing demand for computing power in the digital economy, facilitating the interconnection of distributed computing resources across different regions and entities [1][2]. Group 1: Definition and Importance of Computing Power - Computing power refers to the ability to process data, which is essential for various applications such as AI, big data, and cloud computing, impacting daily life significantly [2]. - In the digital economy, computing power is likened to essential public resources like water and electricity, highlighting its critical role in serving diverse industries [2]. Group 2: Current Challenges - There is a notable supply-demand imbalance in computing power, driven by rapid advancements in technology, while the resources remain fragmented and lack unified interfaces and protocols [2]. - The need for a system that allows users to access computing resources anytime and anywhere is emphasized, necessitating the interconnection of computing resources [2][3]. Group 3: Functionality of Computing Power Internet - The computing power internet aims to aggregate distributed computing resources online, enabling the transmission of computing tasks and data to appropriate resource pools [2]. - It is compared to the human circulatory system, where computing resources act as the heart and the computing power internet serves as the veins supplying "blood" to the digital economy [3]. Group 4: Benefits to Society - The computing power internet can enhance medical diagnostics and personalized treatment plans through AI, and improve user experiences in entertainment via cloud rendering and gaming [4]. - The construction of the computing power internet is expected to accelerate the arrival of a consumer-level computing power application era, making applications more accessible and flexible [4]. Group 5: Future Focus Areas - Key efforts for the computing power internet include deploying trial networks in critical regions and industries, enhancing resource perception and demand-supply matching capabilities [5]. - There is a focus on overcoming key technological challenges in areas such as computing power identification, scheduling, and cross-domain transmission, alongside building a technical standards system [5]. - Expanding industry applications in fields like AI, scientific computing, and smart manufacturing is crucial for deep integration with sectors such as healthcare, education, and intelligent manufacturing [5].