Core Insights - The article emphasizes the significant role of 5G technology as a driving force for high-quality economic development in China during the "14th Five-Year Plan" period, highlighting its rapid growth and integration into various sectors [1][2][8] Industry Development - China's 5G network has become the largest and most advanced globally, with the number of 5G base stations expected to reach 4.55 million by June 2025, a fivefold increase from 2020 [1] - The number of gigabit broadband users is projected to grow 34 times, reaching 226 million households by 2025 [1] - The focus is shifting from building a robust network to maximizing its commercial value and providing digital services to the public [2][6] 5G New Calling Innovation - 5G New Calling is a key innovation that enhances traditional voice calls by integrating features like video calls, content sharing, and smart customer service, redefining communication experiences [2][3] - The goal is to have over 100 million users of 5G New Calling by the end of 2027, indicating a transition from basic capabilities to value-added services [2][6] Market Dynamics - Major telecom operators are leading the deployment of 5G New Calling, driven by the need to innovate and counter the competition from OTT applications [6][7] - The integration of data channels with voice and video streams in 5G New Calling creates a more interactive and intelligent communication platform [6][7] Challenges and Opportunities - Despite the rapid development, challenges remain, including the need for unified technical standards and a viable business model that balances consumer and enterprise needs [7][8] - The ongoing support from government policies and industry collaboration is expected to strengthen the foundation for 5G New Calling's growth and its role in the digital economy [8]

Core Insights - The three major telecom operators in China have officially launched eSIM mobile services, marking a significant advancement in the eSIM technology for smartphones and creating new growth opportunities for the eSIM industry chain [1] Industry Overview - The global eSIM chip shipment reached 446 million in 2023, with predictions of 1 billion eSIM smartphone connections by the end of 2025 and 6.9 billion by 2030, accounting for three-quarters of total smartphone connections [1][6] - The eUICC chip is central to eSIM technology, enabling remote SIM configuration and management, which enhances user experience and positions the industry chain for growth [2] Market Dynamics - The demand for eUICC chips is expected to surge due to the commercial launch of eSIM services by telecom operators, with 3.62 million eSIM users in China as of 2023, predominantly in smartwatches [3] - The eSIM technology is anticipated to drive supply chain optimization within the telecommunications industry [1] Company Developments - New Henghui, a semiconductor packaging and testing company, has the capability to adapt its existing IoT eSIM packaging technology for smartphones and other devices, indicating a broad application potential [1][5] - Huada Electronics has developed an eSIM operating system in collaboration with a global eSIM service provider, achieving GSMA eUICC Security Assurance certification, which enhances its market position [2] Technical Advancements - The etching lead frame is a critical material for eSIM chip packaging, with significant potential for domestic substitution as eSIM applications accelerate [4] - The WLCSP (Wafer-Level Chip Scale Package) technology is crucial for miniaturizing eSIM chips and is already adopted by major international manufacturers like Apple and Samsung [5] Future Outlook - Companies that proactively invest in technology development and establish strong ties with terminal manufacturers and telecom operators are likely to gain competitive advantages in the evolving eSIM industry [6]

Group 1 - The "2025 China Top 100 Listed Companies" ranking was released, with major companies like ICBC, CCB, ABC, and others dominating the top positions [1][2] - Among the 500 listed companies, 97 reported profits exceeding 10 billion yuan, a decrease of 5 from the previous year; 24 companies surpassed 50 billion yuan, an increase of 5; and 12 companies exceeded 100 billion yuan, an increase of 2 [1] - Key characteristics of the ranking include slight revenue decline with profit growth, significant support from leading enterprises, and a notable performance in the financial sector [1][3] Group 2 - Beijing leads in the number of listed companies with 78 firms achieving a profit of 33,773.91 billion yuan, accounting for 51.08% of the total profits of the top 500 [2] - The eastern coastal provinces remain dominant, with Guangdong, Zhejiang, Shanghai, Jiangsu, and Shandong following in the number of listed companies [2] - The distribution of the top 500 companies spans 148 cities, indicating a growth breakthrough for quality enterprises in more third and fourth-tier cities, reflecting a degree of regional balance in corporate development [2] Group 3 - Current economic challenges in China include overcapacity, insufficient demand, a downturn in real estate, heavy debt burdens, and international friction affecting economic circulation [3] - Proposed strategies to address these challenges include establishing three world-class innovation centers, promoting collaboration between top companies and universities, and enhancing the policy-based financial system [3]

本报记者 许林艳 如果将数字经济比作一座高速运转的"智慧城市"，算力就相当于这座"城市"里必不可少的"自来水"。如今，"城市"里的"用 水需求"急速攀升，但"供水管网"还不具备"精准调度""随用随取"的能力。随着"智慧城市"的规模不断壮大，这一"供水管网"也 就是"全国一体化算力网"的建设迫在眉睫。 10月16日，行业迎来重磅利好消息。当日，工业和信息化部办公厅发布的《关于开展城域"毫秒用算"专项行动的通知》提 出，构建高速大容量、确定低时延、泛在广覆盖的城域网络，在城域内提供毫秒级算力资源网络通达能力。 这是一场算力网络的"速度革命"，专项行动将算力通达时延压缩至毫秒级，将使算力资源如水电般随取随用。"专项行动 将通过技术升级、网络优化、场景落地和资源整合，为全国一体化算力网建设提供坚实的网络基础，加速算力资源的跨区域协 同和行业应用，最终实现'算力即服务'的普惠化目标。"南开大学金融学教授田利辉对《证券日报》记者说道。 为高质量发展注入动能 在数字经济与实体经济深度融合的背景下，算力已成为驱动全球创新的核心引擎。我国正以"东数西算"工程为战略支点， 加速构建全国一体化算力网，通过优化资源配置和强化技术协同 ...

Core Viewpoint - On October 17, SPDB announced changes in its shareholding structure due to the conversion of convertible bonds held by China Mobile, impacting the total share capital and ownership percentages [1] Group 1: Shareholding Changes - As of October 13, 2025, SPDB's total share capital is approximately 31.829 billion shares, with China Mobile holding about 5.785 billion shares, representing an 18.18% stake [1] - Following the conversion of convertible bonds, SPDB's total share capital increased to approximately 32.503 billion shares, resulting in a dilution of China Mobile's stake to 17.80% [1] - On October 17, China Mobile converted 18.7407 million convertible bonds into approximately 150 million ordinary shares of SPDB, increasing its ownership percentage from 17.80% to 18.15% [1] Group 2: Convertible Bond Conversions - On October 13, SPDB announced that China Mobile converted 56.31454 million convertible bonds into 450 million ordinary shares [1]

Core Insights - The 2025 China Top 100 Listed Companies Ranking was released, highlighting the performance of major companies in various sectors [1] Group 1: Overall Performance - The total profit of the top 500 companies reached 66,119.84 billion yuan, an increase of 2,354.24 billion yuan year-on-year, accounting for 96.93% of the total profits of all listed companies [2] - Total revenue for the top 500 companies decreased by 1.95% to 493,947.70 billion yuan, representing 68.70% of all listed companies' revenue [2] - Total assets grew by 6.81% to 4,055,553.95 billion yuan, maintaining a stable share of 90.35% of all listed companies' total assets [2] Group 2: Sector Performance - The financial sector showed outstanding profitability, with 82 financial companies generating a profit of 31,386.93 billion yuan, a year-on-year increase of 10.90%, representing 47.47% of the total profit of the top 500 [4] - The manufacturing sector saw a profit increase of 13.60%, with 241 companies contributing 14,425.03 billion yuan, reversing previous declines [4] - The construction and energy sectors faced challenges, with profits declining by 5.71% to 14,105.92 billion yuan, and the number of companies in this sector decreasing [4] Group 3: Company Rankings - The top ten companies included Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, and China Petroleum, with ICBC leading with a profit of 421.83 billion yuan, remaining stable compared to the previous year [1] - The ranking of China National Offshore Oil Corporation improved by one position, with a profit increase of 9.83% [1] - The number of companies with profits exceeding 100 billion yuan decreased to 97, while those exceeding 500 billion yuan increased to 24 [1] Group 4: Regional Insights - Beijing accounted for 51.08% of the total profits of the top 500 companies, with 78 companies generating 33,773.91 billion yuan [7] - Eastern coastal provinces continued to dominate the rankings, with Guangdong, Zhejiang, and Shanghai following Beijing in the number of listed companies [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA MOBILE LIMITED 中國移動有限公司 （根據公司條例在香港註冊成立之有限公司） 股份代號：941（港幣櫃台）及80941（人民幣櫃台） 須予披露的交易 進一步轉換浦發銀行 A 股可轉債 進一步轉換浦發銀行 A 股可轉債 董事會宣佈，於 2025 年 10 月 17 日，廣東移動行使換股權將其持有的合計面值人民 幣 1,874,071,000 元（約合 2,053,753,931 港元）浦發銀行 A 股可轉債按照每股人民幣 12.51 元（約合 13.71 港元）之轉股價轉為約 149,805,835 股之浦發銀行 A 股。實際轉 換的浦發銀行 A 股股數可能會因清算及交收原因而有所差異。 香港上市規則之含義 就香港上市規則而言，本集團將被視為收購約 149,805,835 股之浦發銀行 A 股。由於 就轉換（與過去 12 個月內收購浦發銀行 A 股合併計算）根據香港上市規則第 14. ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHINA MOBILE LIMITED 中國移動有限公司 董事會宣佈，於 2025 年 10 月 17 日，廣東移動行使換股權將其持有的合計面值人民 幣 1,874,071,000 元（約合 2,053,753,931 港元）浦發銀行 A 股可轉債按照每股人民幣 12.51 元（約合 13.71 港元）之轉股價轉為約 149,805,835 股之浦發銀行 A 股。實際轉 換的浦發銀行 A 股股數可能會因清算及交收原因而有所差異。 香港上市規則之含義 就香港上市規則而言，本集團將被視為收購約 149,805,835 股之浦發銀行 A 股。由於 就轉換（與過去 12 個月內收購浦發銀行 A 股合併計算）根據香港上市規則第 14.07 條之規定所計算之最高適用百分比率超過 5%但低於 25%，故此根據香港上市規則第 十四章，轉換構成本公司一項須予披露的交易，須遵守香港上市規則項下的通知和 公告之規定。 茲提述 ...

Core Viewpoint - The 2025 Guangxi Road Cycling World Tour will take place from October 14 to 19, showcasing the beautiful landscapes of Guangxi while ensuring high-quality communication support through advanced 5G technology provided by China Mobile Guangxi Company [1][4]. Group 1: Event Overview - The event will be held across six cities: Fangchenggang, Chongzuo, Baise, Hechi, Laibin, and Nanning, attracting global attention [1]. - China Mobile Guangxi Company has developed tailored communication support plans based on the unique terrain and requirements of each race segment [4][7]. Group 2: Preparation and Deployment - A dedicated support team was established to ensure smooth communication, with emergency communication vehicles and base stations deployed along the race route [4]. - The company conducted multiple inspections of over 410 base stations and added more than 50 supplementary base stations to enhance coverage [12]. Group 3: Technical Strategies - The company implemented a "macro station expansion + small station supplementation + emergency vehicle support" strategy to address the diverse needs of each race segment [7]. - A comprehensive network testing was conducted to optimize weak coverage areas, ensuring continuous 5G coverage throughout the event [9][12]. Group 4: Service Quality Enhancement - Real-time monitoring and on-site support were employed to maintain stable network operations during the event, with personnel on standby to address any issues [9]. - The company achieved a high wireless connection rate and network speed that exceeded event requirements, ensuring seamless communication for spectators and media [9][12]. Group 5: Future Commitment - China Mobile Guangxi Company aims to continue leveraging innovative technology and quality service to support more international events and contribute to the digital sports development in Guangxi [12].

证券之星消息，10月17日通信服务板块较上一交易日下跌0.35%，蜂助手领跌。当日上证指数报收于 3839.76，下跌1.95%。深证成指报收于12688.94，下跌3.04%。通信服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300959 | 线上线下 | 80.43 | 4.63% | 10.80万 | | 8.69Z | | 603550 | ST通脉 | 8.21 | 2.11% | 1.91万 | | 1551.53万 | | 002115 | 三维通信 | 11.59 | 1.85% | 148.59万 | | 17.60亿 | | 301139 | 元道通信 | 20.88 | 1.26% | 9.39万 | | 1.96/Z | | 601728 | 中国电信 | 6.91 | 1.17% | 191.33万 | | 13.20亿 | | 600941 | 中国移动 | 107.93 | 0.11% | 12.27万 | | 13.26 ...