Market Overview - The communication services sector experienced a decline of 1.48% on January 21, with Sanwei Communication leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Stock Performance - Notable gainers in the communication services sector included: - Zongheng Communication: closed at 16.28, up 2.71% with a trading volume of 176,200 shares and a turnover of 285 million yuan [1] - Wajingke: closed at 39.34, up 2.29% with a trading volume of 49,100 shares and a turnover of 193 million yuan [1] - Hengxin Oriental: closed at 5.66, up 1.43% with a trading volume of 363,300 shares and a turnover of 206 million yuan [1] - Conversely, significant decliners included: - Sanwei Communication: closed at 13.43, down 5.75% with a trading volume of 2.215 million shares and a turnover of 2.994 billion yuan [2] - China Telecom: closed at 5.80, down 2.52% with a trading volume of 3.0047 million shares and a turnover of 1.758 billion yuan [2] - Putian Technology: closed at 31.49, down 1.47% with a trading volume of 223,400 shares and a turnover of 708 million yuan [2] Capital Flow - The communication services sector saw a net outflow of 978 million yuan from institutional investors, while retail investors contributed a net inflow of 495 million yuan [2] - Key stocks with notable capital flows included: - Data Port: net outflow of 55.1 million yuan from institutional investors, with a retail net outflow of 74.6 million yuan [3] - China Mobile: net inflow of 37.96 million yuan from institutional investors, but a net outflow of 83.09 million yuan from retail investors [3] - Hengxin Oriental: net inflow of 15.33 million yuan from institutional investors, with a retail net outflow of 18.77 million yuan [3]

Group 1: Fund Manager Insights - Fund manager Fu Pengbo reduced holdings in companies with weak fundamentals and increased investments in data center liquid cooling, storage, and computing-related companies [1][2] - Fu noted that the annual reports of listed companies for 2025 will be pre-disclosed by the end of January 2026, with high-growth sectors like AI, non-ferrous metals, and lithium battery materials expected to show significant growth [1][3] - Li Xiaoxing increased positions in Hong Kong internet and consumer stocks while reducing holdings in some Hong Kong financial stocks, believing that overall opportunities in the equity market for 2026 outweigh risks [1][4] Group 2: Fund Performance and Adjustments - Fu's fund saw minor changes in its top ten holdings, with Maiwei Co. replacing China Mobile, and increased positions in Han's Laser while reducing stakes in companies like Ningde Times and Tencent [2][3] - Li's fund reported a stock position of 88.55% at the end of Q4 2025, a decrease of 4.54 percentage points from Q3 2025, with new entries in the top ten holdings including Tencent, Alibaba, and Meituan [4][5] Group 3: Market Outlook - Fu and Zhu believe that the stock market's activity is increasing, with a "spring excitement" arriving early, and expect high growth in sectors like AI and semiconductor manufacturing [3][6] - Li highlighted that AI remains the main line of global technological innovation, with significant capital expenditure growth in the AI sector, and domestic internet companies expected to maintain stable growth [6][7] - The consumer sector's performance needs dynamic observation, with many quality consumer stocks showing favorable dividend yields [6][7] Group 4: Sector-Specific Insights - The pharmaceutical sector experienced fluctuations in Q4 2025 due to previously high market expectations and capital flowing to other popular sectors, but long-term prospects for domestic innovative drugs remain positive [7] - The CRO and CDMO segments are showing clear signs of recovery in domestic and international demand, indicating an industry turning point [7]

Group 1 - The core point of the article highlights that Yongying Fund's manager Ren Jie achieved a remarkable annual return of 233.29% for the Yongying Technology Smart A fund in 2025, breaking a 17-year record in the public fund industry [1] - The fund significantly reduced its equity investment from 91.59% in Q3 to 78.76% by the end of Q4 2025, reallocating assets to bank deposits and clearing out bond investments [2] - The top ten holdings of the Yongying Technology Smart A fund saw changes, with new additions including Dongshan Precision, Jingwang Electronics, Industrial Fulian, and Cambridge Technology, while previous holdings like Taicheng Light, Lanke Technology, and Shijia Light did not appear in the top ten [2][3] Group 2 - The fund manager emphasized a continued focus on global cloud computing investments, particularly in the optical communication and PCB sectors, while also acknowledging the potential for mean reversion after valuation expansion cycles [1][4] - The Yongying Hong Kong Stock Connect Technology Smart fund also underwent significant changes, with major reductions in holdings of Tencent Holdings and Bilibili-W, both exceeding 20% [5][7] - The performance of the Yongying Hong Kong Stock Connect Technology Smart A and C shares showed a net value growth rate of -22.02% and -22.14% respectively, underperforming their benchmarks by 7.88 and 8.00 percentage points [7]

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]

在数字基建的赛道上，枢纽效应持续释放。中国移动（600941）鲁南算力网络中心正式投产，辐射济宁、枣庄等四地市的算力版图，为新质生产力注入核 心动能；全市累计实施500万元以上工业新上和技改项目5543个，规上工业企业数字化深度转型率达到50%，实数融合效能全面释放。全市1.8万个5G基站 织就的通信网络，如同绵延舒展的"数字动脉"，持续为城市数字化迭代扩容。 产业集群的聚合效应愈发显著。珞石机器人作为链主企业，不仅成为首个挺进小米YU7焊装车间的国产工业机器人品牌，更吸引苏州明池、天达航科等20 余家上下游企业落户，推动核心零部件国产化率大幅提升。山东时代新能源基地的首批产品扬帆出海，山东时代新能源科技有限公司ISD经理郭孟超表 示："待整个项目全面建成后，济宁有望成为宁德时代（300750）北方产能最大、工艺最先进的储能电池与动力电池生产基地。"2025年，全市数字经济核 心产业营收突破700亿元，较2021年实现翻番，曲阜汽车电子、高新区数字终端等集群已成为省级标杆。 齐鲁晚报.齐鲁壹点孔茜 当鼓乐声与机械臂的运转韵律共振，光影秀中机器人精准勾勒出儒家文化符号。2026山东省机器人春节晚会的节目单上，济 ...

为最大化节省客户时间，厅内大力推行"无纸化受理"、"一证通办"等便捷服务，超80%的常规业务可在 3分钟内办结。智能自助终端与线上预约叫号系统有效分流了客流，实现了"即来即办、即办即走"的高 效流程，让服务速度触手可及。 关爱同行，跨越数字鸿沟 针对老年群体，营业厅设立了配备老花镜、急救药箱等便利设施的"爱心专席"，并定期开设"银发课 堂"。工作人员耐心辅导智能手机使用、普及防诈骗知识，累计已举办多场公益培训，切实帮助老年人 融入数字生活，传递服务的温度。 倾听延伸，担当社会责任 在数字化浪潮与人文关怀并重的今天，山东移动聊城分公司闸口营业厅完成了一次深刻的转型。它不再 只是一个办理业务的场所，而是深度融合本地水城文化与宋式美学，借助5G、AI等智能科技，打造出 的一个集高效办事、沉浸体验、暖心关怀于一体的"有速度、有温度、有质感"智慧服务新空间。 智慧融合，重塑服务动线 营业厅彻底打破了传统布局，围绕客户动线与体验，精心规划了智慧体验区、自助服务区、爱心专席、 银发课堂、宋风雅韵角等多元功能区。在这里，客户不仅能快速办理业务，更能亲身感受前沿科技：在 FTTR全光组网环境下体验无缝漫游的千兆网络，通过VR设 ...

Core Viewpoint - China Mobile has successfully completed the first large-scale, cross-provincial commercial trial of the BeiDou satellite co-view synchronization system, marking a significant advancement in high-precision time synchronization capabilities from "metropolitan autonomy" to "national integration" [1][2]. Group 1: Technical Achievements - The trial utilized the distributed satellite co-view (DCV) technology to achieve nanosecond-level high-precision time synchronization across a nationwide network, overcoming the previous issue of "time islands" in metropolitan areas [1]. - The implementation of the industry standard for the BeiDou satellite co-view synchronization system (YD/T 4769-2024) in this large-scale trial represents a significant milestone in the integration of communication networks and high-precision time synchronization [1][2]. - The relative time difference between different regional time servers was stabilized within 9 nanoseconds, which is an improvement of more than an order of magnitude compared to traditional methods [2]. Group 2: Infrastructure and Future Outlook - The trial achieved a deep integration of national-level timing infrastructure with communication networks, utilizing the high-precision ground timing system from the National Time Service Center as a unified reference for standard time signals [2]. - China Mobile plans to continue enhancing collaboration with various sectors to accelerate the construction of a nationwide integrated time-space synchronization network, which will support emerging services such as 6G communication, computing networks, and artificial intelligence [2].

Core Insights - The three major telecom operators in China are shifting their strategies towards "strategic contraction and focused transformation," moving away from a "large and comprehensive" approach to concentrate resources on core business areas such as computing power, AI applications, and enterprise markets [1][4] Financial Performance - In 2024, the total revenue of the three operators approached 2 trillion yuan, with a year-on-year growth rate slowing to approximately 3%, a significant decline compared to previous years. The combined net profit was about 192 billion yuan, reflecting a year-on-year increase of approximately 6.1%. The combined EBITDA was around 574 billion yuan, showing a slight decline of about 0.7%, indicating a fatigue in profitability [2] Strategic Focus - China Telecom is upgrading its strategy from "cloud transformation" to "intelligent and beneficial cloud transformation," emphasizing AI empowerment and security in enterprise construction. In 2024, the revenue from digitalization in its industry is expected to increase, with a 22% year-on-year growth in capital expenditure for computing power [3] - China Unicom is focusing on four core areas: connectivity, computing power, services, and security, moving away from a comprehensive coverage model. Its investment in computing power is expected to rise by 19% in 2024, with plans to build a multi-layered computing supply system [3] - China Mobile aims to strengthen its three main businesses: communication services, computing services, and intelligent services, with a focus on technology leadership and scale synergy. The planned investment in computing power for 2025 is 37.3 billion yuan, maintaining the same level as 2024 but increasing its share in capital expenditure to 25% [4] Embracing AI - All three operators are sending a clear signal of "fully embracing AI." China Unicom is focusing on the synergy between AI and its core areas, while China Telecom is integrating AI throughout its operations. China Mobile is also prioritizing intelligent services and plans to develop 15 million AI terminals by 2026 [5][6] Capital Expenditure Trends - The capital expenditure of the three operators is showing a trend of "overall contraction with localized increases," with a total planned capital expenditure for 2025 reduced by 9.1% to 289.8 billion yuan. The focus is shifting towards "intelligent computing centers" and "massive card clusters" [7]

Core Viewpoint - The deployment of "5G-A" technology by China Mobile Zhejiang is enhancing network speed and coverage, contributing to the economic and social development of Zhejiang province while improving the quality of life for its residents [1] Group 1: 5G-A Technology Implementation - The establishment of the first 5G-A×AI uplink demonstration zone in West Xixi Wetland allows for a maximum uplink speed of 1 Gbps, facilitating various intelligent applications [1][3] - The deployment of 5G-A three-carrier aggregation at the recent New Year's concert in Chuzhou significantly improved network capacity and speed, supporting high-bandwidth applications like live streaming [3][5] Group 2: Smart Applications and User Experience - The AI-guided robot "Xiao Tian" utilizes 5G-A technology for real-time interaction and navigation, enhancing the visitor experience at tourist sites [3] - The introduction of the "UE LOGO display" feature by China Mobile in Wenzhou allows mobile signals to provide location-specific information, enriching the cultural tourism experience [5][7] Group 3: Infrastructure and Economic Impact - The deployment of over 1,600 5G-A base stations in Wenzhou has improved network performance, achieving peak speeds of up to 2.8 Gbps in key areas [7] - The integration of 5G technology in rural areas, such as in Anji County, is enhancing the quality of services in homestays and reducing operational costs, thus supporting rural revitalization [8] - At Jiaxing Nanhu Airport, the implementation of 5G-A technology is creating a smart communication network that improves operational efficiency and passenger experience [9][11]

Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 3.663 billion today [1] - The top net purchases included Tencent Holdings at HKD 663 million, Meituan-W at HKD 573 million, and Xiaomi Group-W at HKD 395 million [1] - Continuous net buying trends were observed for Tencent over 10 days totaling HKD 10.62116 billion and Alibaba over 7 days totaling HKD 4.75655 billion [1] Group 2 - Southbound funds net sold shares of SMIC at HKD 717 million and China Mobile at HKD 637 million [1] - China Mobile has seen continuous net selling for 12 days, amounting to HKD 9.29936 billion [1] - Hua Hong Semiconductor and Xiaomi also experienced net buying trends over multiple days, with Hua Hong totaling HKD 1.33901 billion over 4 days and Xiaomi HKD 1.42914 billion over 3 days [1]