Core Insights - The low-altitude economy is recognized as a strategic emerging industry in China, essential for high-quality development and the establishment of a modern industrial system [2] - The market size of China's low-altitude economy is projected to reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035 [2] - A report from Bank of America forecasts a compound annual growth rate (CAGR) of 62% for the adoption of electric vertical takeoff and landing (eVTOL) aircraft globally from 2025 to 2030 [2] Group 1: Industry Developments - China Telecom aims to become a leader in low-altitude intelligent networking and has established a comprehensive low-altitude operation service system covering planning, infrastructure, application scenarios, and operational support [3] - The company has upgraded its low-altitude economic capability system to "1+1+3+N," which includes a comprehensive service solution, an intelligent network, and three operational platforms [3] - China Telecom has signed strategic cooperation agreements with 39 cities and initiated projects in 10 cities, focusing on various applications such as drone inspections and emergency rescue [3] Group 2: Competitive Landscape - China Mobile is positioning itself as a leading information service provider in the low-altitude sector, with a "four-wheel drive and two-wing" capability system to support high-quality development [4] - The company has launched the first 5G-connected airborne terminal, which is compatible with over 200 aircraft models, and has established a large-scale low-altitude communication network [4] - China Mobile has implemented 61 low-altitude coverage routes in key cities and won 166 low-altitude project bids [5] Group 3: Technological Innovations - China Unicom has developed a smart low-altitude application platform and a low-altitude safety supervision platform, focusing on data services and comprehensive urban governance [5] - The smart low-altitude application platform offers integrated services such as command scheduling and AI analysis, enhancing urban governance and emergency response capabilities [5] - The low-altitude safety supervision platform utilizes advanced 5G-A technology for precise positioning of low-altitude aircraft, ensuring safe development of the low-altitude economy [5]

Investment Strategy - The report highlights the recent updates in stablecoin policies in the US and Hong Kong, indicating a shift towards the formalization of cryptocurrencies, which may lead to increased adoption of stablecoins [10][11] - The global issuance of stablecoins has surpassed $240 billion as of May 3, 2025, suggesting that stablecoins are becoming a significant part of the cryptocurrency ecosystem [11] - The report emphasizes the growing demand for AI applications, with ChatGPT achieving 620 million monthly active users as of May 2025, surpassing traditional social media platforms [12][13] Industry News - The "Stablecoin Regulation" in Hong Kong will officially take effect on August 1, 2025, establishing a licensing system for stablecoin activities, which is expected to accelerate the compliance and formalization of stable currencies [14] - The Ministry of Industry and Information Technology has issued the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standard and rule system for computing power interconnection by 2026 [15][16] - China Mobile has announced the winners of its centralized procurement for AI general computing devices, with a total estimated procurement scale of 7,058 units, indicating ongoing investment in AI infrastructure [17] Market Review and Focus - The communication sector saw a 5.06% increase this week, outperforming major indices, with significant gains in optical modules and optical communication [19][20] - The report suggests focusing on investment opportunities in the digital currency and computing power sectors, highlighting companies such as Chutianlong and Hengbao [23]

Group 1 - Hainan has been selected as one of the first pilot areas for the expansion of value-added telecommunications services, allowing foreign investment in the telecommunications sector [5][6] - The establishment of international communication business entry and exit bureaus in Hainan marks a significant step in the country's telecommunications industry opening up to foreign investment [7][8] - The successful launch of the underwater computing center in Hainan signifies the region's commitment to developing a robust digital economy and enhancing data security and flow [3][9] Group 2 - The gaming industry in Hainan is experiencing rapid growth, with over 2,100 gaming companies established in the region, serving players across six continents [10][11] - Hainan's favorable policies for free movement of personnel and capital, along with improved data security measures, are attracting global gaming companies to the region [11] - The ongoing construction of international submarine cables and data centers is expected to further support Hainan's digital economy and international data industry development [8][9]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [9] Core Insights - The communication sector saw a 4.80% increase in the 23rd week of 2025, ranking first among major industries in the Yangtze River region; year-to-date, the sector is up 1.88%, ranking 16th [2][4] - Broadcom's FY25Q2 AI chip revenue reached approximately $4.4 billion, a 46% year-on-year increase, marking a historical high; demand for inference continues to grow [5] - Major tech companies are accelerating investments in AI infrastructure and applications, driving demand for inference and terminal computing power [6] - The communication sector is benefiting from the global acceleration of AI infrastructure and explosive demand for inference, with low valuations offering high cost-performance ratios [2][5] Summary by Sections Market Performance - In the 23rd week of 2025, the communication sector increased by 4.80%, leading the Yangtze River region; since the beginning of the year, it has risen by 1.88% [2][4] - Among companies with a market capitalization above 8 billion, the top three gainers this week were Taicheng Light (+30.3%), 263 (+24.4%), and Cambridge Technology (+23.7%); the top three losers were Ruijie Networks (-21.9%), Canqin Technology (-5.3%), and Haige Communication (-5.2%) [4] Company Performance - Broadcom's FY25Q2 revenue reached $15 billion, a 20.2% year-on-year increase, with net profit of $4.97 billion, up 134.1% [5] - Broadcom's AI-related chip revenue reached approximately $4.4 billion, a 46% year-on-year increase, contributing to a 17% growth in the semiconductor business [5] - The company has begun shipping its next-generation data center switch chip, Tomahawk 6, which significantly enhances AI workload network throughput [5] Investment Recommendations - The report recommends focusing on operators such as China Mobile, China Telecom, and China Unicom; for optical modules, it suggests Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [7] - For domestic computing, it highlights Fenghuo Communication, Huafeng Technology, and ZTE; for IoT, it recommends Heertai, Tuobang, and Meige Intelligent [7]

Investment Rating - Industry Rating: Outperforming the market (maintained rating) [6] Core Viewpoints - The report maintains a positive outlook on the AI industry as a key investment theme for the year, anticipating that 2025 may become a pivotal year for domestic AI infrastructure competition and application development [3][19] - The report emphasizes the importance of monitoring AI industry dynamics and investment opportunities in AI applications, alongside a focus on the "AI + overseas expansion + satellite" core investment targets [3][20] - The report highlights the acceleration of low-orbit satellite development and the promotion of the low-altitude economy, recommending companies involved in these sectors [24] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations for optical modules and devices include: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology; suggested companies include: Guangxun Technology, Suosi, Dingtong Technology, and others [4][22] - For switch server PCBs, key recommendations are: Hudian Co., ZTE Corporation, and Unisplendour; suggested companies include: Shengke Communication, Ruijie Networks, and others [4][22] - Low valuation and high dividend companies in cloud and computing IDC resources include: China Mobile, China Telecom, and China Unicom [4][22] - AIDC and cooling solutions key recommendations include: Yingweike, Runze Technology, and others; suggested companies include: Shenling Environment, Hongjing Technology, and others [4][22] - AIGC applications and edge computing key recommendations include: Yiyuan Communication, Guanghetong, and Meige Intelligent; suggested companies include: Caixun Co., Mengwang Technology, and others [4][22] 2. Offshore Wind and Marine Cables - Key recommendations for marine cables include: Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [5][23] - The report suggests focusing on companies with recovery potential in overseas markets, including: Huace Navigation, Weisheng Information, and others [5][23] 3. Satellite Internet and Low Altitude Economy - The report highlights the acceleration of national defense informatization and low-orbit satellite development, recommending companies such as Huace Navigation and Haige Communication; suggested companies include: Chengchang Technology, Zhenlei Technology, and others [6][24] 4. Market Performance Review - The communication sector rose by 5.06% during the week of June 3-6, outperforming the CSI 300 index by 4.18 percentage points [25] - Notable individual stock performances include: Huamai Technology, Zhongjia Bochuang, and Taicheng Light, which saw significant increases [26][29]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [6] Core Viewpoints - The report maintains a positive outlook on the AI industry as a key investment theme for the year, anticipating that 2025 may become a pivotal year for domestic AI infrastructure competition and application development [3][19] - The report emphasizes the importance of monitoring AI industry dynamics and investment opportunities in AI applications, as well as the potential for growth in the satellite internet sector due to recent domestic developments [3][20] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include: - Optical modules & optical devices: Focus on companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [4][22] - Switches and server PCBs: Recommended companies include Hudian Co., ZTE, and Unisplendour [4][22] - Low valuation, high dividend companies in cloud and computing IDC resources: China Mobile, China Telecom, and China Unicom [4][22] - AIDC & cooling solutions: Key recommendations include Yingweike and Runze Technology [4][22] - AIGC applications/edge computing: Focus on companies like Guohua Communication and Meige Intelligent [4][22] 2. Offshore Wind and Submarine Cables - Key recommendations for submarine cables: Hengtong Optic-Electric, Zhongtian Technology, and Oriental Cable [5][23] - Focus on recovery and concentration of leading companies in overseas markets, with recommendations including Huace Navigation and Weisheng Information [5][23] 3. Satellite Internet and Low-altitude Economy - Accelerated development of low-orbit satellites and low-altitude economy, with key recommendations including Huace Navigation and Haige Communication [6][24] - Suggested companies to watch include Chengchang Technology and Zhenlei Technology [6][24] 4. Industry Performance Review - The communication sector rose by 5.06% during the week of June 3-6, outperforming the CSI 300 index by 4.18 percentage points [25] - Notable individual stock performances included Huamai Technology and Zhongjia Bochuang, both showing significant gains [26][29]

Core Insights - The conference highlighted China's Telecom's advancements in the low-altitude economy, emphasizing its role in fostering new productive forces and strategic emerging industries [1] - The company has established a comprehensive low-altitude economic capability system, integrating various services and platforms to enhance operational efficiency and safety [2][3] Group 1: Low-altitude Economic Capability System - China Telecom has developed a "1+1+3+N" low-altitude economic capability system, which includes a comprehensive service solution base, an intelligent network, and three platforms for infrastructure management, service regulation, and flight operations [1][2] - The upgraded system offers a one-stop service for low-altitude consulting, construction, and operation, ensuring high-quality and safe connectivity [2] Group 2: Technological Innovations - The company leads in the integration of communication, perception, and intelligent computing within the low-altitude intelligent network, contributing to national standards and enhancing situational awareness through advanced technologies [3] - Innovations include the development of a millimeter-wave perception frame structure and AI-based target recognition, significantly improving detection accuracy and reducing false alarms [3] Group 3: Digital Platforms - The "Xinghan" platform is the first low-altitude infrastructure management platform, addressing industry challenges in standardization and equipment management, and has been implemented in six provinces [4] - The "Xingxun" service regulation platform enhances airspace management capabilities and has been applied in 45 cities across 16 provinces [4] - The "Xingyun" flight operation platform supports over 3,000 devices and has introduced new features for real-time modeling and intelligent operations, covering 28 provinces with over 400 projects [4] Group 4: Market Expansion and Applications - The "Xingyuan" low-altitude new standard product aims to meet rural governance needs and promote a "one village, one machine, one platform" model, with pilot projects already underway [5] - China Telecom is expanding low-altitude economic applications, developing over ten mature scenarios and collaborating with industry partners to foster continuous innovation [5]

Core Viewpoint - China Telecom is committed to advancing the low-altitude economy through technological innovation and collaboration with industry partners, aiming to establish itself as a leader in low-altitude intelligent networking and application services [1][2]. Group 1: Low-altitude Economic Development - The "1+1+3+N" low-altitude economic capability system was launched, which includes a comprehensive service solution, an intelligent network, and three platforms for infrastructure management, service regulation, and flight operations [2][3]. - China Telecom plans to implement 500 demonstration projects throughout the year to expand low-altitude application scenarios [2]. Group 2: Technological Innovations - The introduction of the Tianyi Low-altitude Card, the world's first dedicated low-altitude network card, aims to provide high-quality, secure, and efficient connectivity for low-altitude devices [3]. - The Tianyi Xinghan platform integrates multi-source data and enhances security, while the Tianyi Xingyun platform supports over 3,000 devices for online operations [3]. Group 3: Collaboration and Partnerships - China Telecom has established innovation centers focused on low-altitude communication infrastructure and terminal devices, aiming to bridge the gap between research and application [4]. - Strategic partnerships have been formed with 39 cities to enhance low-altitude economic initiatives, covering various applications such as drone inspections and emergency rescue [4].

Core Viewpoint - The report emphasizes the integration of computing networks and industrial internet, highlighting that computing networks serve as a new type of information infrastructure centered on computing and rooted in networking, facilitating the digital transformation of industries [1][21]. Group 1: Development Background and Trends - The digital economy and industrial digital transformation require superior network connectivity and robust computing power to meet demands for ultra-high bandwidth, ultra-low latency, and high security [22]. - Computing networks are emerging as a hot topic in the industry, with operators, equipment manufacturers, and research institutions actively engaging in research and establishing a development roadmap and architecture system [24][25]. - International organizations like ITU and IETF are working on establishing standards for computing networks, indicating a global push towards computing and network convergence [26][27]. Group 2: Key Technologies - Key technologies for computing networks include unified metrics for computing and network, real-time user demand and state perception, multi-factor joint scheduling algorithms based on IPv6/SRv6, and ensuring end-to-end service reliability [2]. - The report identifies the need to overcome technical bottlenecks such as heterogeneous hardware abstraction and edge computing collaboration to optimize industrial production processes [2]. Group 3: Application Scenarios - Computing networks will transform the supply, application, and service methods of computing power, enhancing service flexibility and efficiency across various industries [29]. - Specific application scenarios include Cloud VR services, V2X vehicle networking, and green low-carbon initiatives, all benefiting from the integration of computing and networking capabilities [30][32][37]. Group 4: Collaborative Development - The industrial internet network is crucial for connecting people, machines, and objects in industrial environments, with internal and external networks serving different operational needs [39].

智通财经6月5日电，中国电信四川公司原党委书记、总经理郑成渝被开除党籍和公职。 ...