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11月30日 狀態: 新提交 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 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- ...

Core Insights - The article highlights the significance of the Munich Shanghai Optical Expo as a pivotal event for the global optoelectronics and semiconductor industry, featuring over 1,200 leading companies and attracting hundreds of thousands of professional attendees, emphasizing the theme of "technological iteration + ecological integration" [2] Group 1: Policy Alignment - The forum aligns closely with the "14th Five-Year Plan," focusing on the critical role of laser technology in supporting 6G/5G-A, targeting key areas such as compound semiconductors, EDA tools, and optical communication chips, and aims to create a collaborative ecosystem through "policy - technology - capital" synergy [2][4] Group 2: Technical Focus - The forum emphasizes a comprehensive technology logic covering the entire supply chain from "materials - tools - chips - devices - components - applications," showcasing hard-core achievements from leading companies in critical areas like compound semiconductor mass production processes and AI-enabled optical chip design [3] Group 3: Demand-Supply Coupling - The forum effectively links the supply side, represented by leading technology firms like Silan Micro and Xizhi Technology, with the demand side, including major telecom operators and cloud service providers, creating a high-efficiency closed loop of "technology output - demand feedback - cooperation landing" [4] Group 4: Key Participants - Major telecom operators such as China Mobile, China Unicom, and China Telecom are participating to address 6G network architecture and 5G-A deployment needs, while leading cloud service providers like Alibaba Cloud and Tencent Cloud are seeking solutions for high-speed data transmission and green data center construction [6] Group 5: Final Opportunities - The article emphasizes the urgency of securing the last three sponsorship seats for the forum, highlighting the scarcity of resources and the potential for significant market engagement, with a focus on connecting with decision-makers from major telecom and cloud service companies [7][9]

Core Viewpoint - The article emphasizes the importance of central enterprises in China to strategically layout future industries driven by cutting-edge technologies, which are crucial for national development and economic transformation [1][2][3]. Group 1: Historical Mission of Central Enterprises - The layout of future industries is essential for national strategy, as it helps seize opportunities from the new technological revolution and industrial transformation [2]. - Central enterprises face risks in key areas like high-end chips and industrial software, which threaten national security and technological independence [2]. - The 14th Five-Year Plan outlines the need for initiatives in advanced technologies such as brain-like intelligence, quantum information, and hydrogen energy [2]. Group 2: Development of New Quality Productivity - New quality productivity is driven by technological breakthroughs and innovative resource allocation, representing the evolution of advanced productivity [4]. - Future industries, including quantum technology and bio-manufacturing, are seen as pivotal for economic growth and sustainability [4]. - The cultivation of future industries is viewed as a key strategy for enhancing China's competitive edge and achieving high-quality economic development [4]. Group 3: Opportunities for Transformation and Upgrading - Central enterprises are urged to transition from traditional growth models to high-value, high-tech industries to address challenges like overcapacity and declining profit margins [5]. - Future industries are expected to create new pillar industries worth hundreds of billions or even trillions, providing a second growth curve for central enterprises [5]. - A strategic plan is necessary for central enterprises to focus on high-collaboration areas within the industry chain [5]. Group 4: Advantages and Current Trends of Central Enterprises - Central enterprises possess strong capital strength and technical reserves, with total assets exceeding 90 trillion yuan by the end of 2024 [7]. - Since the 14th Five-Year Plan, central enterprises have invested 8.6 trillion yuan in strategic emerging industries [7]. - Central enterprises play a crucial role in national strategic missions, enabling resource integration and collaborative operations [7]. Group 5: Breakthroughs in Key Future Industries - Central enterprises have made significant progress in humanoid robotics, quantum computing, and controllable nuclear fusion, showcasing their technological capabilities [8][9]. - The establishment of a controllable nuclear fusion innovation consortium indicates a commitment to advancing this critical technology [9]. - Continuous reforms in state-owned enterprises aim to enhance innovation capabilities and core competitiveness [9]. Group 6: Systematic Planning for Future Industries - Central enterprises must adopt a systematic approach to strategically plan for future industries, ensuring they remain at the forefront of national development [10]. - Differentiated strategies are necessary for various sectors, considering their unique challenges and resource endowments [11]. - Emphasis on internal innovation and collaboration with external partners is crucial for building a robust industrial ecosystem [13]. Group 7: Reforming Mechanisms and Support Systems - Reforming governance structures and financial support systems is essential to foster innovation and provide long-term capital for future industries [14]. - Central enterprises should lead the establishment of common technology platforms and promote international cooperation in technology [14]. - Creating an open innovation ecosystem will facilitate collaboration across various sectors and enhance overall industry competitiveness [14].

它兼容数百种工业协议，能打通不同品牌、不同年代的设备数据壁垒，将纷繁复杂的设备数据统一采集 并上传至云端，构建起从"采集-承载-汇聚-应用"的完整数据流，让管理者能随时随地透视产线细节，大 幅降低对人力的依赖。在卫岗乳业的实践中，该平台通过实时监控产线压力、温度等工艺参数，实现单 位产能人力投入降低27%。 而"鲁班数控AI+MES"系统如同一位产线智慧指挥官。在金宁工装，该系统的使用助力企业实现生产效 率提升15%，产品不良率降低10%。它不仅能根据订单、物料和设备状态进行AI智能排产，更能基于实 时采集的工艺数据（如切削速度、进给量），对加工参数进行自适应微调，实现了生产环节的智能排产 与工艺自调。这确保了即使在频繁换线生产，质量也能始终稳定，直接帮助企业提升生产效率。 能协作、能预判，为园区管理构建"智慧生命体" 首批15家领航级智能工厂首次集体亮相；打拳、跳舞、绕酒杯，炫酷的"机器人军团"相继出场；节能、 智控、数字孪生，各种软硬一体的工业制造方案层出不穷……11月27日，第十届世界智能制造大会上在 南京国际博览中心开展。 随着工业互联网从概念验证迈向规模化部署，制造业数字化转型进入"深水区"。此次大 ...

11月26日，黑龙江伊春市中国电信集团合同能源管理技术服务项目招标公告发布，采购估算金额748万元，服务期限10年。 原文如下： 伊春市七号院合同能源管理技术服务项目招标公告 本招标项目为伊春市七号院合同能源管理技术服务项目，（招标编号：HLBBFA202511260002），招标人为中国电信集团有限公司伊春分公司，招标代理机构为鼎信项目管理咨询有限公司。项 项目概况与招标内容 1.1项目概况 根据经审批的采购需求，本项目需为七号院提供一体化热能解决方案。 1.2招标内容 1.2.1本次采购内容为：为七号院提供一体化热能解决方案，负责建设并运营覆盖七号院的集中供热系统，确保稳定、高效的热能供应。配套搭建先进的智慧运行监测平台，通过物联网技术实时 1.2.2采购估算金额:748万元（未含税），预算费用包括但不限于建设、运行、维护等为完成本项目所需的一切费用。 1.2.3签订方式：单项合同。 1.2.4服务期限：自签订合同之日起10年。 1.2.5工期：合同签订后5日内提供热能服务。 1.2.6服务地点：伊春市七号院。 | 管申扶求服务顶 | | | | 2 FIFT MM / 1 | | | --- | --- ...

Core Insights - The article discusses the transition of AI agents from "conversational intelligence" to "decision-making intelligence," highlighting their capabilities as "digital collaborative partners" with environmental awareness, autonomous planning, and task execution. However, this advancement brings unprecedented security challenges [1][2]. Summary by Sections AI Agent Security Risks - The white paper identifies unique systemic risks associated with AI agents, such as attackers using hidden commands to induce the agent to download malware or employing long messages to trigger privacy breaches. These cases indicate that traditional boundary defenses are ineffective [1]. - Risks span four layers: - **Perception Layer**: Vulnerable to multi-modal input deception and protocol abuse. - **Decision Layer**: Prone to errors due to hallucinations and semantic ambiguities leading to cascading mistakes. - **Memory Layer**: Risks include persistent poisoning and cross-session privilege escalation. - **Execution Layer**: Potential for privilege loss to turn into an attack vector [1][2]. AI Agent Security Governance - To address these challenges, the white paper proposes a dynamic defense system covering the entire lifecycle of AI agents, emphasizing three governance goals: "safe, controllable, and trustworthy." It outlines layered technical countermeasures such as sandbox isolation for tool invocation, dual verification for decisions, encryption and access control for memory content, and real-time blocking of execution behaviors [2]. - The report includes practical case studies from the Starry Sky AI platform, MCP protocol security scanning tools, and automated evaluation of edge AI agents, demonstrating the feasibility and effectiveness of the governance solutions [2]. Call to Action - The white paper serves not only as a technical guide but also as an action plan for building a trustworthy AI ecosystem. It calls for collaboration among government, industry, and enterprises to enhance top-level design, strengthen technical capabilities, and implement differentiated protection strategies for AI agents based on their autonomy levels, ensuring that technological development remains on a secure path [2].

其次，这10家省公司多为集团大省公司，发展基础好。这样的省公司拥有高速宽带网络、数据中心等完善的基础设施，能够保障云服务的高效运行。比如粤港澳大湾区、长三角地区等地，数据中 据运营商财经网副总经理康锐表示，中国电信天翼云近年来发展态势良好，已成为国内云服务市场的头部企业，尤其在政务云、专属云等领域占据领先地位，而这一成绩的背后这10家省公司的贡 据了解，对于中国电信云业务收入贡献最大的10家省公司是他们。 运营商财经网 吴碧慧/文 这一名单中，南方省公司占比更多，为8家，北方省公司只有2家，即河北电信和北京电信。 根据营收规模分别是广东电信、上海电信、江苏电信、浙江电信、四川电信、安徽电信、湖南电信、河北电信、北京电信和福建电信。 据知情人士独家透露，在今年前8月中，中国电信天翼云收入已达700多亿元，同比实现正增长，但却鲜少有人知晓中国电信旗下省公司天翼云收入情况如何？对于集团云业务收入的贡献又如何 首先，这10家省公司大多是经济较为发达的地区，比如产业结构以高新技术、金融、互联网等为主，企业数字化转型需求旺盛，为云业务发展提供了广阔的市场空间。 ...

Group 1 - The communication sector shows steady growth with a year-on-year increase in profit margins, with total revenue reaching 20,663.80 billion yuan in the first three quarters of 2025, a 4.23% increase, and net profit of 1,990.01 billion yuan, up 8.78% year-on-year [5][19] - The performance of major cloud service providers (CSPs) continues to improve, with capital expenditures from North America's top four cloud companies reaching approximately 112.47 billion USD in Q3 2025, marking an 18.38% quarter-on-quarter increase, the highest level since 2019 [26][27] - The ongoing rollout of 5G-A networks is expected to create new growth opportunities for various hardware sectors, as 5G-A offers superior performance compared to existing 5G networks, driving new business models and market spaces [5][6] Group 2 - The investment outlook for the communication industry remains positive, with a recommendation to overweight the sector, as the overall operation of the communication industry is stable, and the construction of network infrastructure continues to advance [5][6] - The capital expenditure guidance for computing power is optimistic, with significant investments from major operators in cloud and digitalization, indicating a shift towards increased spending in these areas [29][30] - The demand for optical modules is expected to remain strong, driven by increased capital expenditures and the acceleration of AI applications, with projected growth rates of 93% in the Ethernet optical module market in 2024 [51][52]

Core Viewpoint - The communication sector is experiencing significant growth driven by advancements in artificial intelligence (AI) and increased capital expenditure from domestic and international cloud service providers [1]. Group 1: Market Performance - As of November 26, 2025, the Guozheng Communication Index surged by 5.63%, with notable increases in constituent stocks such as Zhongji Xuchuang (up 13.91%), Xinwei Communication (up 10.38%), and Xinyi Sheng (up 10.10%) [1]. - The top ten weighted stocks in the Guozheng Communication Index account for 66.96% of the index, including Zhongji Xuchuang, Xinwei Communication, and ZTE Corporation [1]. Group 2: Industry Trends - Google is leveraging its breakthroughs in AI models to challenge Nvidia, while Meta is negotiating with Google for the use of TPU chips worth billions in its data centers by 2027 [1]. - The ongoing AI arms race is expected to drive demand for computing power, with the communication sector positioned as a key player in this growth [1]. - The "14th Five-Year Plan" emphasizes the acceleration of a new technological revolution and industrial transformation, highlighting the importance of AI applications [1]. Group 3: Investment Opportunities - The Communication ETF (159695) closely tracks the Guozheng Communication Index, providing an easy way to invest in the optical communication industry [2]. - Investors can also consider the Communication ETF linked fund (019072) to capitalize on investment opportunities arising from the AI transformation in the optical communication sector [3].

Core Insights - The communication services sector experienced a slight increase of 0.26% on November 25, with Chaoxun Communication leading the gains [1] - The Shanghai Composite Index closed at 3870.02, up 0.87%, while the Shenzhen Component Index closed at 12777.31, up 1.53% [1] Stock Performance - Chaoxun Communication (603322) closed at 48.20, with a rise of 7.35% and a trading volume of 140,800 shares, amounting to a transaction value of 658 million [1] - Online and Offline (300959) saw a closing price of 129.74, increasing by 6.54% with a trading volume of 54,100 shares, totaling 704 million [1] - Other notable performers included: - Erli San (002467) at 6.63, up 3.59% [1] - Dataport (603881) at 36.47, up 3.58% [1] - Nanling Technology (300921) at 24.27, up 3.14% [1] Fund Flow Analysis - The communication services sector saw a net outflow of 477 million from institutional investors, while retail investors contributed a net inflow of 454 million [2] - Notable stock fund flows included: - China Mobile (600941) with a net outflow of 46.68 million from institutional investors [3] - Erli San (002467) with a net inflow of 38.94 million from institutional investors [3] - Online and Offline (300959) with a net inflow of 31.11 million from institutional investors [3]