Core Viewpoint - The government work report emphasizes the development of a "new intelligent economy" and the integration of technology and industry, highlighting the importance of artificial intelligence (AI) and its application across various sectors [4][5][6]. Group 1: Intelligent Economy - The report introduces the concept of "new intelligent economy," calling for the promotion of new intelligent terminals and AI applications in key industries [4][5]. - Industry leaders express strong support for the government's focus on AI, indicating a shift from AI as a mere technology to a driver of value creation across sectors [5][6]. - The report outlines the need for deep integration of technology innovation and industrial innovation, marking a significant trend in the economy [6]. Group 2: Technological Infrastructure - The report mentions the implementation of large-scale intelligent computing clusters and the need for coordinated power supply, suggesting a focus on enhancing the efficiency of energy and computing resources [7]. - Recommendations include establishing a unified national electricity market to support intelligent computing centers and reduce energy costs for AI development [7]. Group 3: Future Industries - The report emphasizes the cultivation of future industries such as quantum technology, embodied intelligence, and 6G, indicating a strategic focus on advancing new productive forces [12][15]. - Industry representatives highlight the importance of developing quantum communication and embodied intelligence, with a call for government support in overcoming common challenges in these fields [12][15]. Group 4: International Logistics and Trade - The report stresses the need to strengthen international logistics systems and expand digital trade, which is seen as beneficial for companies engaged in global supply chain services [16][17]. - Companies are adapting to a shift from "stocking mode" to "branding mode" in cross-border logistics, necessitating higher standards for logistics stability and compliance [16]. Group 5: AI and Data Security - The report raises concerns about data security and user authorization in AI applications, highlighting the need for regulatory frameworks to address potential issues arising from data usage [9][10]. - Experts emphasize the importance of user rights and data protection in the deployment of AI agents, advocating for clear guidelines on data handling and user consent [10].

Group 1 - The core viewpoint of the article highlights significant advancements in various technology sectors, including Micro LED displays, AI smartphones, and battery technology [2][3][4]. Group 2 - Omdia's report predicts that Micro LED display revenue will grow by 100% year-on-year, increasing from $52.4 million in 2025 to $105.4 million in 2026, driven by improved manufacturing capabilities and new product adoption [2]. - China Mobile unveiled the world's first over 100T intelligent computing interconnection router prototype at the MWC, achieving a throughput of 115.2 Tbps, marking a major breakthrough in core technologies for interconnecting intelligent computing centers [2]. - BYD is set to launch its second-generation blade battery and fast-charging technology on March 5, following the success of its first-generation blade battery that initiated a period of rapid business growth [2]. - Viettel of Vietnam has partnered with Qualcomm to jointly produce AI smartphones, indicating a strategic move towards enhancing technological capabilities in the smartphone sector [2].

第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00941 | | 說明 | 於香港聯交所上市的股份（「香港股份」） | | | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 20,748,353,197 | | | 0 | | 20,748,353,197 | | 增加 / 減少 (-) | | | | 2,805,017 | | 0 | | | | 本月底結存 | | | 20,751,158,214 | | | 0 | | 20,751,158,214 | 足夠公眾持股量的確認(註4) 股份發行人及根據《 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國移動有限公司 | | | 呈交日期: | 2026年3月4日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00941 | | 說明 | 於香港聯交所上市的股份（「香港股份」） | | | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | 庫存股份數目 | | | 已發 ...

Core Viewpoint - China Telecom has announced an emergency procurement project for fiber optic cables in its Guangdong branch for Q1 2026, indicating a significant price increase in the fiber optic market, with the maximum price for GJYXFCH-1 core cable set at 310 yuan per kilometer, reflecting a 45.36% increase from previous prices [1][2]. Group 1: Procurement Details - The procurement focuses on FTTH butterfly-shaped fiber optic cables, with a maximum response price of 1,726,955.49 yuan for the project [2]. - The previous maximum price for GJYXFCH-1 core cable was 213.27 yuan per kilometer, highlighting a substantial price increase in the current procurement [2]. Group 2: Market Trends - The demand for fiber optic cables is increasing, with operators raising procurement prices; for instance, China Telecom's procurement prices for G.652.D cables have risen by over 31% year-on-year, with some prices increasing by as much as 64.29% [3]. - The price of G.652.D fiber has exceeded 50 yuan per core kilometer, compared to 20 yuan in November 2025 and 35.6 yuan in January 2026, indicating a robust market [3]. Group 3: Industry Outlook - The fiber optic market is experiencing sustained price increases due to rapid growth in AI and computing networks, with a projected global demand increase of 4.1% for fiber optic cables by 2025, and a 75.9% increase in data center fiber cable demand [4]. - Supply constraints are expected to persist due to the long expansion cycle for optical fiber preform, which is approximately two years, suggesting continued price potential for fiber optic cables [4]. Group 4: Key Companies - The report highlights several core manufacturers in the fiber optic cable sector, including Zhongtian Technology, Hengtong Optic-Electric, Yangtze Optical Fibre and Cable, TeFa Information Technology, Yongding Co., and FiberHome Technologies [5].

Investment Rating - The report maintains a "Buy" rating for the telecommunications industry and related companies, including specific recommendations for stocks such as China Telecom, Wolong Materials, and others [8][59]. Core Insights - Nvidia's acquisition of Groq for $20 billion highlights its commitment to the inference market and LPU products, indicating a potential shift in resource allocation towards these technologies [2][12][27]. - The LPU technology, designed for low-latency and high-efficiency real-time token generation, is expected to drive demand for copper cabling and liquid cooling solutions in the future [1][2][27]. - The report identifies a primary investment theme in the telecommunications sector focused on AI computing power, with recommended companies including Zhongji Xuchuang, New Yisheng, and others [3][59]. Summary by Sections Market Performance - The telecommunications index rose by 4.76% last week, outperforming the Shanghai Composite Index, which increased by 1.98%, and the Shenzhen Component Index, which rose by 2.80% [1][11]. Key Company Developments - Nvidia's integration plan for Groq's LPU technology aims to enhance its overall architecture, particularly in addressing low-latency decoding bottlenecks in AI applications [12][27]. - The LPU hardware is expected to be deployed in rack form, maintaining a focus on cost-effectiveness and energy efficiency, with copper connections being favored for short-distance interconnects [22][27]. Recommended Companies - The report recommends several companies for investment, including: - China Telecom (601728 CH) with a target price of 9.11 CNY - Wolong Materials (002130 CH) with a target price of 43.21 CNY - China Mobile (600941 CH) with a target price of 126.20 CNY - New Yisheng (300502 CH) with a target price of 476.71 CNY - StarNet Ruijie (002396 CH) with a target price of 39.16 CNY - Arista Networks (ANET US) with a target price of 166.30 USD - Zhongji Xuchuang (300308 CH) with a target price of 626.68 CNY - Ruijie Networks (301165 CH) with a target price of 102.51 CNY - Guanghuan New Network (300383 CH) with a target price of 18.87 CNY [8][59].

Core Viewpoint - 6G is seen as a strategic core for the future of the mobile communication industry, essential for overcoming current challenges such as stagnant revenue growth and intensified competition [1] Industry Transformation - The communication industry is at a critical juncture, with 5G not meeting initial expectations in areas like B-end empowerment and operational upgrades [2] - 6G represents a necessary battle for the mobile communication industry, as traditional "pipeline" development models are no longer viable [2] - The industry must avoid repeating past mistakes with 6G, as continuing along traditional paths could lead to a loss of vitality [2] - 6G is viewed as an opportunity for operators to find new growth curves and explore new business models [2] Technology Integration - 6G aims for deep integration of communication, sensing, computing, and intelligence, breaking away from siloed approaches [3] - The transition to a "generalized" approach in technology is necessary, moving from specialized hardware and software to modular, flexible solutions [4] - A prototype for 6G has been developed, addressing technical challenges in integrating various capabilities and enabling customized network services [4] Application-Driven Development - The development of 6G must break the "technology-first" model, with standard-setting, product development, and application cultivation progressing simultaneously [6] - The first version of the 6G standard is expected to be completed by 2029, with commercial capabilities anticipated by 2030 [6] - There are challenges in global standardization due to international competition and differing industry perceptions [6] - Collaboration across various sectors, including communication, AI, and robotics, is essential for defining requirements and designing solutions for 6G [6]

Core Viewpoint - 6G is seen as a strategic core for the future of the mobile communication industry, essential for overcoming current challenges such as stagnant revenue growth and intensified competition [1] Industry Transformation - The communication industry is at a critical juncture, with 5G not meeting initial expectations in areas like B-end empowerment and operational upgrades [2] - 6G represents a necessary battle for the mobile communication industry, as traditional "pipeline" development models are no longer viable [2] - The industry must avoid repeating past mistakes with 6G, as continuing on the old path could lead to a loss of vitality [2] Technological Integration - 6G aims for deep integration of communication, sensing, computing, and intelligence, breaking away from siloed approaches [3] - The transition to a "generalized" hardware platform is crucial for flexibility and rapid iteration in response to diverse B-end needs [4] - A prototype for 6G has been developed to address technical challenges in integrating these capabilities, enhancing industry confidence [4] Application-Driven Development - The development of 6G must break the traditional model of "technology first, then applications," advocating for simultaneous progress in standards, product development, and application cultivation [6] - The first version of 6G standards is expected to be completed by 2029, with commercial capabilities anticipated by 2030, although challenges in global consensus remain [6] - Collaboration across various sectors, including communication, AI, and robotics, is essential for defining requirements and designing solutions for 6G [6]

Core Insights - The article discusses the rapid development and implementation of 5G factories in China, driven by government policies and the increasing demand for digital transformation in manufacturing [1][7][10]. Group 1: Overview of 5G Factories - 5G factories utilize advanced information technologies, particularly 5G, to create interconnected production units that enhance operational efficiency and product quality [1][2]. - The construction of 5G factories has transitioned from initial exploration to large-scale application, with over 8,000 factories expected to be built by the end of 2025, covering various industries such as electronics and chemical manufacturing [1][11]. Group 2: Government Policies - The Ministry of Industry and Information Technology (MIIT) has introduced several policies to encourage the establishment of 5G factories, including the "5G Scale Application 'Sailing' Action Upgrade Plan" and the "512 Project Implementation Plan" [7][9]. - Local governments are also providing financial incentives to support the construction of high-level 5G factories, with cities like Hangzhou and Chongqing offering substantial rewards for recognized projects [9][10]. Group 3: Current Status of 5G Factory Construction - As of now, 1,260 5G factories have been recorded, with a total investment of 59.13 billion yuan, covering 41 industrial categories and nearly 90 industries [13][15]. - The majority of these factories are concentrated in Jiangsu and Zhejiang provinces, which are recognized as leaders in manufacturing, with 301 and 116 factories respectively [15][16]. Group 4: Industry Distribution - The 1,260 5G factories are primarily located in sectors such as electrical machinery, computer and communication equipment, and automotive manufacturing, with respective counts of 142, 126, and 103 [16][17]. - The leading telecom operators involved in these projects include China Unicom, China Mobile, and China Telecom, with China Unicom having the highest number of projects [16][17]. Group 5: Future Trends - The construction of 5G factories is shifting from quantity expansion to quality enhancement, with a focus on deeper technological integration and the expansion of application scenarios [17]. - Future developments will likely include more intelligent, integrated, and open factory environments, fostering collaboration across industries and regions [17].

Core Viewpoint - Chuling Information (300250) has confirmed its participation as a limited partner (LP) in the China Mobile Chain Long Beijing Fund, indicating a small investment share of approximately 1.08% in the fund [1] Group 1 - The company is involved in the China Mobile Chain Long Beijing Fund and the China Mobile Chain Long Shanghai Fund [1] - The investment in the Beijing Digital New Economy Industry Fund is characterized as a minor contribution [1] - The company has advised investors to be aware of the uncertainties in the secondary market [1]