Group 1 - The 2025 China Mobile Industry Investment Ecosystem Cooperation Conference was held in Chengdu, attracting over 170 related enterprises and nearly 700 guests, releasing cooperation opportunities totaling approximately 360 billion yuan [2] - The conference is a significant outcome of the strategic cooperation agreement signed between Chengdu and China Mobile earlier this year, aiming to integrate innovation, industry, finance, and talent chains [2][3] - The event featured a major signing ceremony for industrialization projects and showcased local enterprises' capabilities in connecting with China Mobile's industrial chain resources [3] Group 2 - The released project list includes 198 cooperation projects, with 78 in intelligent manufacturing, 52 in artificial intelligence, 39 in low-altitude economy, and 29 in other fields such as smart cities and digital culture [3] - Chengdu has introduced 497 major industrialization projects from January to May this year, representing a year-on-year increase of 182.39%, with a total investment of approximately 406.85 billion yuan [4] - The city aims to strengthen strategic initiatives focusing on key industries like artificial intelligence and low-altitude economy, promoting further investment from central enterprises and leading private companies [4]

Group 1 - The 2025 China Mobile Industry Investment Ecological Cooperation Conference was held in Chengdu, focusing on collaboration opportunities in the mobile ecosystem with over 60 enterprises participating [1][3] - China Mobile Sichuan signed a deepening cooperation agreement for the Western Cloud Computing Center project, committing to an investment of no less than 1.5 billion yuan, with a total investment projected to reach 9 billion yuan over the next decade [3] - The project aims to meet the massive computing power demands in the Chengdu-Chongqing economic circle, enhancing integration between computing networks and local industries [3] Group 2 - The event facilitated investment cooperation agreements with companies like Berry Optoelectronics and Zhongguang Xinchuan, promoting the localization of key technologies in optical modules and strengthening the electronic information industry [5] - A 2025 information application opportunity list was released, targeting needs in artificial intelligence, security management, and software services, providing a focused pathway for technology enterprises [5] - China Mobile's future industry layout is guided by a "1+4+1" capability system, aiming to enhance strategic collaboration with the dual flow area and create a supportive business environment [5]

Group 1 - The core viewpoint of the article is the launch of the "Consumer Protection Anti-Fraud Charter 3.0" by the Hong Kong Monetary Authority and the Securities and Futures Commission, aimed at combating online fraud through collaboration with major tech and telecom companies [1] - The participating organizations in the charter include prominent international companies such as Douyin, Google, Meta, Microsoft, WeChat, Weibo, Xiaohongshu, China Mobile Hong Kong, and China Unicom Hong Kong [1] - The initiative represents a significant step in enhancing consumer protection and addressing the growing issue of online scams in Hong Kong [1]

Core Points - The A-share market's three major indices closed mixed, with the CSI 300 Infrastructure Theme Index reporting at 2163.03 points [1] - The CSI 300 Infrastructure Theme Index has increased by 0.51% over the past month, 0.96% over the past three months, and has decreased by 2.43% year-to-date [2] Index Composition - The CSI 300 Infrastructure Theme Index is composed of infrastructure-related listed companies selected from the CSI 300 Index, providing investors with a diversified investment option [2] - The index was established on December 31, 2004, with a base point of 1000.0 [2] - The top ten weighted companies in the index are: - China Yangtze Power (14.9%) - China State Construction Engineering (8.74%) - China Telecom (8.45%) - China Mobile (7.25%) - China Unicom (6.01%) - China Nuclear Power (5.51%) - Three Gorges Energy (4.37%) - China Railway (4.19%) - Guodian Power (3.07%) - China Power Construction (3.03%) [2] Market Distribution - The CSI 300 Infrastructure Theme Index has a market distribution of 96.01% on the Shanghai Stock Exchange and 3.99% on the Shenzhen Stock Exchange [2] - The industry composition of the index includes: - Utilities: 42.59% - Industrials: 34.52% - Communication Services: 22.90% [2] Sample Adjustment - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are adjusted in accordance with sample changes, typically remaining fixed until the next scheduled adjustment [3] - In the event of special circumstances affecting the CSI 300 Index samples, corresponding adjustments will be made to the index samples [3]

Core Viewpoint - The event in Chengdu's Wuhou District focused on linking China's mobile industry ecosystem, showcasing investment opportunities in cutting-edge fields like artificial intelligence and microwave radio frequency, and promoting major industrial projects [1][3]. Group 1: Investment Opportunities - Wuhou District has implemented the "Establishing Parks and Full Parks" initiative, aiming to cultivate new productive forces and release extensive development opportunities [3]. - The investment opportunity list includes 48 major collaboration projects across various sectors, including smart terminals, healthcare, artificial intelligence, and low-altitude economy [3]. - Key projects highlighted include Wuhou New Quality Innovation Valley and the International Clinical CRO Industry Center, among others [3]. Group 2: AI+ Industry Ecosystem - The "China Mobile-Wuhou District AI+ Industry Ecosystem Alliance" was launched to integrate regional research and industrial resources, accelerating AI field outcomes and enterprise incubation [4][5]. - The alliance aims to leverage 5G and AI integration to enhance Wuhou's industrial upgrades and foster high-quality development in the electronic information sector [5]. Group 3: Project Signings - A total of 16 major industrialization projects were signed during the event, with a total investment of nearly 3 billion yuan [7]. - Notable projects include the Sichuan Huixin Smart Computing AI Power Center and the Suzhou Futai Technology City Service Robot R&D Center, focusing on AI and smart city applications [7]. - The projects align closely with China Mobile's industrial ecosystem, emphasizing AI+, microwave radio frequency, and new energy materials [7]. Group 4: Ecosystem and Environment - The event showcased Wuhou District's clear industrial positioning, rich application scenarios, and favorable business environment, which provide a broad platform for enterprise development [9]. - The district has gathered over 60 key artificial intelligence enterprises, indicating a robust ecosystem for innovation and collaboration [5].

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector [6] Core Insights - The global telecommunications industry is experiencing steady demand growth, driven by emerging markets and increasing ARPU in regions like North America. AI is expected to bring transformative opportunities to the industry by enhancing operational efficiency and customer insights [1][4][12] Summary by Sections Global Telecommunications Development - The global telecommunications industry achieved a total revenue of 8.8 trillion RMB in 2024, with a year-on-year growth of 3.0%. The net profit attributable to shareholders was 834.2 billion RMB, reflecting a decline of 8.4% [12] - Revenue by region includes: Europe (2.2 trillion RMB, +4.9%), North America (2.4 trillion RMB, +2.7%), China (1.95 trillion RMB, +3.4%), Asia-Pacific (1.6 trillion RMB, -0.2%), Africa and Middle East (0.7 trillion RMB, +4.9%) [12] Market Observations - In North America and Europe, leading telecom operators are seeing steady user growth, while mobile penetration rates are high, resulting in low single-digit growth rates. In contrast, regions like India and Africa are experiencing rapid growth [2][17] - Fiber business is a significant growth driver, with AT&T's fiber revenue growing by 19% year-on-year in Q1 2025 [2] Profitability Trends - Profitability varies across regions, with Middle Eastern and North American operators showing strong profitability. The average ROE for major global telecom operators in 2024 was 15.66% [3][17] - Domestic operators in China have slightly lower ROE compared to the global average, but as 5G investments enter the recovery phase, profitability is expected to improve [3][17] AI Impact on the Industry - AI is transforming the telecommunications sector by reducing operational costs and enhancing customer service capabilities. For instance, Deutsche Telekom uses AI to monitor network performance and improve fiber deployment efficiency [4][22] - Companies like T-Mobile are leveraging AI to predict customer needs and enhance service offerings, improving customer satisfaction [4][22] Domestic Telecommunications Dynamics - In China, the telecommunications business revenue for the first five months of 2025 reached 748.8 billion RMB, a year-on-year increase of 1.4%. The average mobile internet access traffic per user reached a record high of 21.3 GB/month, up 14.9% year-on-year [5][57] - The three major operators in China are expanding their intelligent computing capabilities, with China Mobile achieving a computing power scale of 43 EFLOPS [5] Key Recommendations - The report recommends focusing on major Chinese telecom operators: China Mobile, China Telecom, and China Unicom, all rated as "Buy" or "Overweight" [9]

近日，由中国通信学会承办的第二十七届中国科协年会"6G技术创新与未来产业发展"专题论坛在北京 召开。专家学者围绕6G未来发展方向、机遇与挑战、前沿技术及6G研发成果等重要议题展开深入讨 论。中国通信学会副秘书长欧阳武主持论坛。 中国移动研究院基础网络技术研究所副所长陆璐担任"多样化场景驱动的6G网络"圆桌会议的主持嘉 宾，与来自北京科技大学、中国科学院计算技术研究所、北京理工大学、中国联通研究院、中兴通讯的 5位专家，就多样化场景驱动的6G网络进行讨论。 会上，邬贺铨教授发表题为《以AI为引擎探6G创新路》的主旨报告。中国通信学会名誉理事长赵厚麟 带来《5G/6G持续创新需要国际合作》的演讲。中国移动集团首席科学家、总工程师王晓云发表题为 《面向6G的无线接入网架构思考》的主旨演讲。 华中科技大学刘光华副教授主持"高端对话二：青年人才托举工程专场——6G创新生态构建"，来自电 子科技大学、西南交通大学、北京邮电大学、东南大学的5位青年专家就6G创新生态构建进行讨论。 （记者代小佩 中国科协供图） 北京邮电大学教授张建华主持了"6G+AI：关键技术与前沿科技"议题部分。中国电信首席科学家毕奇分 享《从移动通信的 ...

Core Viewpoint - The China Securities Hong Kong 300 Modern Services Index has shown significant growth, with a year-to-date increase of 17.13% and a three-month rise of 18.38% [1][2]. Group 1: Index Performance - The China Securities Hong Kong 300 Modern Services Index reported a value of 1647.08 points [1]. - The index has increased by 0.47% over the past month [1]. - The index is based on a sample of securities selected from the China Securities Hong Kong 300 Index, reflecting the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [1]. Group 2: Index Holdings - The top ten weighted stocks in the index include Tencent Holdings (17.63%), Alibaba-W (10.98%), and HSBC Holdings (9.11%) [1]. - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1]. Group 3: Sector Allocation - The sector allocation of the index shows that finance accounts for 36.76%, communication services for 28.04%, and consumer discretionary for 21.51% [2]. - Other sectors include real estate (4.97%), utilities (3.59%), industrials (2.15%), healthcare (1.70%), and information technology (1.27%) [2]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Temporary adjustments may occur under special circumstances, such as delisting or corporate actions like mergers and acquisitions [2].

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The global AI sector remains highly prosperous, with continuous application development. Domestic telecom operators are experiencing a recovery in growth rates, and satellite internet is beginning to contribute to performance elasticity [4] - Telecom operators benefit from the ongoing promotion of the Digital China strategy, leading to stable overall business growth. Innovative businesses are growing faster and increasing their share, while new growth drivers continue to strengthen. Additionally, the reduction in capital expenditure as a percentage of revenue is favorable for profit release [4] Summary by Relevant Sections Telecom Operators - China Mobile's Q2 revenue is projected to be between 285.85 billion and 288.70 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is expected to be between 52.20 billion and 52.55 billion yuan, growing by 3.2%-3.9% [2] - China Telecom's Q2 revenue is expected to be between 132.80 billion and 134.10 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is projected to be between 13.57 billion and 13.66 billion yuan, growing by 2.7%-3.4% [2] - China Unicom's Q2 revenue is expected to be between 101.30 billion and 102.00 billion yuan, with a year-on-year growth of 3.5%-4.2%. The net profit attributable to shareholders is projected to be between 3.795 billion and 3.855 billion yuan, growing by 5.6%-7.3% [2] - China Tower's Q2 revenue is projected to be between 24.88 billion and 25.03 billion yuan, with a year-on-year growth of 2.5%-3.1%. The net profit attributable to shareholders is expected to be between 2.72 billion and 2.76 billion yuan, growing by 6.8%-8.4% [3] AI and Network Connection - The AI optical module sector is experiencing significant growth, with 800G optical modules continuing to ramp up production and 1.6T products entering mass production. Domestic companies are leading the industry and deeply participating in the global supply chain [3] - Zhongji Xuchuang's Q2 revenue is expected to be between 7 billion and 8 billion yuan, with a year-on-year growth of 18%-34%. The net profit attributable to shareholders is projected to be between 1.75 billion and 2 billion yuan, growing by 30%-48% [3] AI Liquid Cooling - The trend towards liquid cooling in data centers is becoming more pronounced due to the increasing power consumption of AI servers. Yingwei's Q2 revenue is expected to be between 12 billion and 14 billion yuan, with a year-on-year growth of 24%-45% [6] - Oulu Tong's Q2 revenue is projected to be between 11 billion and 12 billion yuan, with a year-on-year growth of 22%-33% [7] AI Applications - The demand for AI servers is expected to grow steadily, benefiting from the development of the digital economy and AI computing power. Huqin Technology's Q2 revenue is projected to be between 350 billion and 365 billion yuan, with a year-on-year growth of 51%-58% [8] Military Communication & Satellite Internet - Increased regional tensions are likely to lead to sustained investment in national defense construction, with communication and information technology being key investment areas. The domestic low-orbit satellite network is expected to continue advancing [11] - Changjiang Communication's Q2 revenue is expected to be between 2.3 billion and 3.4 billion yuan, with a year-on-year growth of 10%-63% [12]

Group 1 - The A-share market indices closed mixed, with the China Hong Kong Mainland Index (CESHKM) rising by 0.09% to 6523.98 points, with a trading volume of 57.76 billion [1] - Over the past month, the China Hong Kong Mainland Index has decreased by 0.19%, increased by 0.59% over the last three months, and has risen by 16.44% year-to-date [1] - The index is composed of several securities price indices, including the China 120 Index, China A80 Index, China Hong Kong Mainland Index, and China 280 Index, reflecting the overall performance of large and mid-cap securities listed in Shanghai, Shenzhen, and Hong Kong [1] Group 2 - The top ten holdings of the China Hong Kong Mainland Index include Tencent Holdings (9.89%), Alibaba-W (9.17%), Xiaomi Group-W (8.92%), China Construction Bank (8.45%), Meituan-W (6.23%), Industrial and Commercial Bank of China (4.56%), China Mobile (4.56%), BYD Company (3.84%), NetEase-S (3.53%), and JD Group-SW (3.38%) [1] - The index's holdings are entirely composed of stocks listed on the Hong Kong Stock Exchange [2] - In terms of industry allocation, consumer discretionary accounts for 30.61%, financials for 23.03%, communication services for 22.17%, information technology for 11.44%, energy for 5.74%, healthcare for 2.56%, real estate for 2.39%, consumer staples for 1.04%, industrials for 0.58%, and materials for 0.43% [2]