据悉，该综合创新中心将通过打造具身智能机器人训练中心，推进具身智能产业项目引育和具身智能产 业生态构建，加快孵化培育具有全国影响力的具身智能机器人整机产品、研发制造潜在独角兽企业，将 创新中心打造成为苏州培育"科技小龙"企业的摇篮。同时，苏州市还配套举办2025"赢在苏州"具身智能 机器人专项赛，围绕多模态智能感知(视觉、语义等)、硬件本体与核心零部件、具身智能决策与规划、 具身小脑与运动控制、灵巧操作与精细控制5大核心赛道，筛选极客团队，通过吸引全球顶尖团队落地 苏州，打造具身智能产业发展高地。 苏州市具身智能机器人综合创新中心由苏州市科技局牵头建设，总部设在吴中区，通过"1+X+N"战略布 局，整合全市创新资源，打造具有全球影响力的具身智能机器人创新策源地。吴中区在吴中太湖新城设 置13万平方米研发孵化基地，在吴中高新区具身智能产业园设置17万平方米生产制造基地，募集总规模 达14亿元的两只产业基金，致力加速创新资源集聚、标杆产品培育、应用场景拓展。 本报讯(雷霆)7月1日，苏州市具身智能机器人综合创新中心启用仪式在吴中太湖新城举行，苏州市具身 智能机器人训练中心、苏州(吴中)具身智能产业园同时揭牌启用。 ...

沪指7月3日上涨0.18%，申万所属行业中，今日上涨的有24个，涨幅居前的行业为电子、电力设备，涨 幅分别为1.69%、1.38%。通信行业今日上涨1.32%。跌幅居前的行业为煤炭、交通运输，跌幅分别为 1.16%、0.28%。 资金面上看，两市主力资金全天净流出45.11亿元，今日有9个行业主力资金净流入，电子行业主力资金 净流入规模居首，该行业今日上涨1.69%，全天净流入资金78.20亿元，其次是医药生物行业，日涨幅为 1.35%，净流入资金为13.82亿元。 通信行业今日上涨1.32%，全天主力资金净流入13.04亿元，该行业所属的个股共126只，今日上涨的有 97只，涨停的有2只；下跌的有25只。以资金流向数据进行统计，该行业资金净流入的个股有55只，其 中，净流入资金超亿元的有7只，净流入资金居首的是新易盛，今日净流入资金3.05亿元，紧随其后的 是中兴通讯、中际旭创，净流入资金分别为2.56亿元、2.43亿元。通信行业资金净流出个股中，资金净 流出超3000万元的有7只，净流出资金居前的有中国移动、中国联通、ST特信，净流出资金分别为1.52 亿元、8404.83万元、7204.85万元。（数据 ...

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: 2025年6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國電信股份有限公司 呈交日期: 2025年7月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00728 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 2. 股份分類 | 普通股 | 股 ...

Core Insights - Alibaba Cloud leads the AI IaaS market in 2024 with a market share of 23%, surpassing the combined shares of the second and third-ranked competitors [1] - Huawei Cloud ranks second with a 10% share, while Volcano Engine holds third place with 9% [1] - The report marks IDC's first statistical analysis specifically focused on AI IaaS [1] Market Share Comparison - In the second half of 2023, Alibaba Cloud held a 27.1% share, followed by Huawei Cloud at 13.5%, China Telecom at 12.9%, Tencent Cloud at 8.7%, and China Mobile at 8.6%, totaling 70.8% for the top five [1] - Tencent Cloud and China Telecom experienced a decline in rankings, while Volcano Engine entered the top five [1] AI IaaS Market Definition - The intelligent computing infrastructure service market includes IaaS services supported by AI-specific chips like GPU, FPGA, and ASIC, catering to both generative and non-generative AI scenarios [3] Generative AI IaaS Growth - The generative AI IaaS market in China is expected to grow by 165% year-on-year in the second half of 2024, reaching 8.74 billion yuan, accounting for over 70% of the overall AI IaaS market [4] - Alibaba Cloud leads in both model training and inference within the generative AI IaaS market [4] Future Projections - The demand for AI computing resources is projected to shift from training to inference by 2025, driven by the emergence of popular large models [4] - Major clients in sectors like internet, telecommunications, and autonomous driving are actively testing and deploying domestic computing resources to address computing gaps [4] Investment Trends - Alibaba plans to significantly increase investments in AI infrastructure over the next three years, exceeding the total of the past decade [5] - Tencent's annual capital expenditure for 2024 is projected to reach $10.7 billion, approximately 12% of its revenue, with plans for further increases in AI-related spending [5]

Core Insights - The low-altitude economy is rapidly emerging as a key driver for high-quality regional economic development and enhanced public service capabilities in China, supported by both policy and technology advancements [1] - Zhejiang Telecom is strengthening its core capabilities in low-altitude safety through the development of three major platforms to provide comprehensive solutions for various sectors including public security, emergency response, and urban governance [1] Group 1: Technological Advancements - The introduction of 5G-A communication technology allows for long-distance drone operations, overcoming the limitations of traditional drones which typically have a communication range of only 3 kilometers [2] - 5G-A technology enhances communication capabilities and integrates sensing technology, enabling real-time detection and identification of low-altitude targets, thus improving operational safety and efficiency [2][3] - Zhejiang Telecom has established a robust computing infrastructure with over 3,600 5G-A base stations and more than 5,600 integrated communication stations to support the low-altitude economy [2] Group 2: Practical Applications - The deployment of drones for monitoring water reservoirs has significantly improved surveillance efficiency, allowing for immediate response to illegal activities [4][5] - The "Shaoxing Xinchang Drone Service Platform" integrates over 63 drones and 40 recognition algorithms, facilitating various applications such as construction management, environmental monitoring, and public safety [5] - A flight service platform has been developed to enhance low-altitude resource utilization in mountainous areas, enabling diverse applications in governance and emergency services [6] Group 3: Future Developments - Zhejiang Telecom plans to expand the low-altitude service platform to include more applications such as healthcare, tourism, and logistics, aiming to create a "low-altitude + N" application model [6] - The introduction of a digital platform for forest management has drastically reduced the time required for patrols, enhancing efficiency in resource protection [7] - The company aims to leverage its platform capabilities for further development, focusing on technological innovation and market responsiveness to build a competitive edge in the low-altitude economy [7]

Core Viewpoint - The deployment of 10Gbps broadband, known as "10G optical network," is accelerating in China, with telecom operators launching "10G packages" in multiple cities, marking a significant upgrade from the existing gigabit broadband [1][2]. Group 1: Market Development - China's three major telecom operators have introduced "10G packages" targeting high-end households and enterprise users, with prices ranging from 999 to 1399 RMB per month [2]. - Over 70 global operators have launched "10G packages," indicating a growing trend in high-speed internet services [1]. Group 2: Technical Features - The 10G optical network offers ultra-large bandwidth, ultra-low latency, and high reliability, enabling seamless integration with new infrastructures like AI and IoT [2]. - Downloading a 100GB 8K movie takes 90 seconds with 10G broadband compared to 15 minutes with gigabit broadband, showcasing the significant speed advantage [2]. Group 3: Applications - The 10G optical network is applicable in various sectors, including industrial scenarios for smart manufacturing, where high-speed data transmission is crucial [3]. - In education, the network supports XR technology to create immersive learning environments, enhancing remote teaching capabilities [3]. Group 4: Policy and Initiatives - The Ministry of Industry and Information Technology in China has initiated pilot projects for the 10G optical network, aiming for implementation in key urban areas by the end of 2025 [3]. - Shanghai and Beijing have released action plans to accelerate the deployment of 10G networks, with significant projects already underway [3]. Group 5: Technological Maturity - Core technologies for the 10G optical network are becoming mature, with companies like ZTE and Huawei launching commercial equipment [5]. - The construction of the 10G optical network is still in the trial commercialization phase, with broader adoption dependent on technological breakthroughs and cost reductions [5].

Market Overview - The Shanghai Composite Index rose by 0.59% on June 30, with 28 out of the 31 sectors experiencing gains. The top-performing sectors were defense and military industry, and media, with increases of 4.35% and 2.82% respectively. The telecommunications sector ranked third in terms of growth [1] - The non-bank financial, banking, and transportation sectors were the worst performers, with declines of 0.77%, 0.34%, and 0.09% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 1.613 billion yuan across the two markets. However, 10 sectors saw net inflows, with the defense and military industry leading with a net inflow of 3.315 billion yuan, followed by the media sector with a net inflow of 1.441 billion yuan [1] - The non-bank financial sector had the largest net outflow, totaling 2.580 billion yuan, followed by the electronics sector with a net outflow of 2.391 billion yuan. Other sectors with significant outflows included computers, basic chemicals, and home appliances [1] Telecommunications Sector Performance - The telecommunications sector increased by 1.90% today, despite a net outflow of 205 million yuan. Out of 127 stocks in this sector, 97 rose, with 4 hitting the daily limit, while 26 fell, including 2 hitting the lower limit [2] - Within the telecommunications sector, 56 stocks experienced net inflows, with 7 stocks seeing inflows exceeding 100 million yuan. The top stock for net inflow was Dongxin Peace, with an inflow of 620 million yuan, followed by Tianfu Communication and Zhongji Xuchuang with inflows of 180 million yuan and 147 million yuan respectively [2] - The stocks with the highest net outflows included Hengbao Co., Ltd., with an outflow of 743 million yuan, followed by Erli San and Lian Te Technology with outflows of 296 million yuan and 225 million yuan respectively [3]

Core Viewpoint - Shanghai Telecom is leveraging Huawei's AI WAN solution to create a new service model for computing power rental, addressing the needs of various industries while ensuring data security and efficient resource allocation [1][2]. Group 1: Infrastructure Development - Shanghai Telecom is developing a 400GE IP metropolitan intelligent computing POD to connect enterprise parks with operator computing centers, providing integrated computing network services [2]. - The new infrastructure aims to facilitate the efficient flow of computing resources between operators and enterprises, promoting the widespread adoption of AI technology [1]. Group 2: Business Model and Demand - Enterprises, particularly state-owned and government sectors, are increasingly opting to rent computing resources from operators to meet their training and inference needs while keeping sensitive data within their premises [1]. - A growing trend among enterprises is to adopt a light-asset operation model, combining self-built computing servers with rented resources from operator intelligent computing centers to reduce procurement and operational costs [1]. Group 3: Data Security and Flexibility - The distributed training and inference model allows enterprises to deploy sensitive data models locally while utilizing operator resources for other parts, ensuring data security during transmission [2]. - The use of RDMA lossless transmission technology enables efficient inference over distances of up to 240 kilometers without performance degradation [2]. Group 4: Collaboration and Future Goals - Shanghai Telecom is collaborating with Huawei and various enterprises to tackle key technological challenges in intelligent computing networks and validate solutions in vertical industry scenarios [2]. - The ultimate goal is to achieve commercial implementation of integrated computing network services, contributing to the high-quality development of computing infrastructure in China [2].

Group 1 - The "2025 Digital Low Altitude Conference" emphasizes that the low-altitude economy is transitioning from an exploratory phase to a regulated development phase, with digital low altitude as a key foundation for urban digital transformation [1] - The general manager of Jitai Aviation Technology (Suzhou) Co., Ltd. highlighted two major opportunities for the company: the domestic production of large aircraft and the development of the low-altitude economy [4][7] - The concept of "digital low altitude" was introduced to explore how digital foundations can support the low-altitude economy, evolving from strategic concepts to actionable paths [6] Group 2 - The chairman of the China Communication Standards Association stated that digital low altitude is not only a technical issue but also a system engineering challenge, requiring standards and ecosystem collaboration [6] - The low-altitude economy is currently transitioning from the drone stage to air logistics and air traffic, with ongoing challenges in infrastructure and regulatory frameworks [12][13] - Companies in the low-altitude sector are focusing on industrial drones, eVTOL aircraft, and flying cars, with significant government support aiding their development [8][12]

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: differentiated AI computing networks, strengthened satellite industry, and optimized economic cycles [4][5]. Core Insights - The communication industry is expected to benefit from the evolution of AI, with a shift towards diversified computing solutions and a notable increase in demand for data centers and related technologies [4][5]. - The satellite communication sector is experiencing significant growth, with a complete industry chain forming and expectations for direct satellite connections to drive demand for antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with strong growth potential, particularly in sectors like Beidou navigation and controllers, which are expected to see a return to investment "pendulum" dynamics [4][5]. Summary by Sections AI Computing Network - The AI industry is transitioning towards inference-driven models, leading to a diversified computing solution landscape. Domestic chip and module manufacturers are beginning to integrate into the supply chain, with data center supply-demand turning positive and liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a catalyst for the satellite communication industry, with a complete industry chain established. The potential for terminal direct satellite connections is expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, identifying cyclical stocks with low valuations and strong growth potential. The investment focus is expected to shift back towards these quality stocks as economic conditions improve [4][5]. Performance Forecasts - The report predicts significant profit growth for key companies in the communication sector for Q2 2025, with expected net profit growth rates exceeding 50% for several companies, including NewEase (233%), Ruikeda (222%), and Aofei Data (59%) [4][5]. Key Companies and Their Prospects - **China Mobile**: Expected to see stable capital expenditure and improved ROE due to optimized revenue-cost dynamics [6]. - **ZTE Corporation**: Anticipated to benefit from the shift towards digitalization and internal profit margin improvements [7]. - **Unicom Technology**: Positioned to gain from AI and high-speed network investments, with profit growth expected [7]. - **HuaCe Navigation**: Focused on multiple business areas with strong performance stability [9]. - **AIoT Companies**: Companies like Lexin Technology and Meige Intelligent are expected to benefit from the AI and robotics trends, with significant growth forecasts [10][11].