Group 1 - The communication index has shown a strong increase of 1.23%, with notable stocks such as Qiyu Technology reaching the daily limit increase and Cambridge Technology rising by 7.18% [1] - The communication ETF has seen a weekly increase of 5.11%, ranking first among comparable funds [1] - The trading volume of the communication ETF was 4.34%, with a transaction value of 4.74 million yuan [3] Group 2 - The communication ETF has experienced a significant growth in scale, increasing by 2.26 million yuan over the past two weeks, leading among comparable funds [3] - The ETF's share count has grown by 22 million shares in the last three months, also ranking first among comparable funds [3] - Zhongji Xuchuang, a leading company in optical communication, reported a revenue of 23.862 billion yuan for 2024, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [3] Group 3 - The first quarter of 2025 saw Zhongji Xuchuang achieve a revenue of 6.674 billion yuan, a year-on-year increase of 37.82%, and a net profit of 1.583 billion yuan, up 56.83% [3] - Predictions indicate that global AI spending will reach 500 billion dollars in 2025, suggesting sustained high growth in revenue and profit for related companies [3] - Companies in the server and connector sectors are expected to perform well due to increased AI demand and capital expenditure growth from domestic and international internet firms [3] Group 4 - The top ten weighted stocks in the communication index account for 58.92% of the total, including major players like China Telecom, ZTE, and China Mobile [4] - Investors can access optical communication investment opportunities through the communication ETF linked fund [4]

Group 1: Market Performance - The Zhongzheng Guangdong-Hong Kong-Macao Greater Bay Area Development Theme Index (931000) rose by 1.05% as of May 12, 2025, with notable increases in constituent stocks such as Guangdong Hongda (002683) up 6.04%, China Shipbuilding Defense (600685) up 4.54%, and Huada Gene (300676) up 3.93% [1] - The Greater Bay Area ETF (512970) increased by 0.85%, with a latest price of 1.19 yuan, and has seen a cumulative rise of 2.34% over the past week as of May 9, 2025 [1] Group 2: Fund Performance - The State-Owned Enterprise Win-Win ETF (159719) rose by 0.20% as of May 12, 2025, with a latest price of 1.49 yuan, and has shown a cumulative increase of 1.02% over the past week as of May 9, 2025 [2] - The State-Owned Enterprise Win-Win ETF has achieved a net value increase of 44.07% over the past three years, ranking 77 out of 1747 index stock funds, placing it in the top 4.41% [2][3] - The fund has a year-to-date relative drawdown of 0.15%, the smallest among comparable funds [3] Group 3: Fee Structure - The management fee for the Greater Bay Area ETF is 0.15% and the custody fee is 0.05% [1] - The management fee for the State-Owned Enterprise Win-Win ETF is 0.25% and the custody fee is 0.05%, which is the lowest among comparable funds [3] Group 4: Strategic Insights - The State-Owned Assets Supervision and Administration Commission emphasized the need for state-owned enterprises to enhance their capabilities in key technological areas and integrate artificial intelligence into critical business processes [3] - Analysts believe that the ongoing benefits from state-owned enterprises present long-term investment value, with potential opportunities in debt reduction and mergers and acquisitions, as well as investments in undervalued sectors with high dividends [3] Group 5: Index Composition - The State-Owned Enterprise Win-Win ETF closely tracks the FTSE China State-Owned Enterprises Open Win-Win Index, which consists of 100 constituent stocks, including 80 A-share companies and 20 Chinese companies listed in Hong Kong [4] - The top ten constituent stocks of the Greater Bay Area Development Theme Index include BYD (002594), China Ping An (601318), and China Merchants Bank (600036), collectively accounting for 53.49% of the index [4][8]

Core Insights - The China Central Enterprise Innovation Driven Index (000861) has shown a strong increase of 1.37% as of May 12, 2025, with notable gains in constituent stocks such as Ruike Laser (300747) up 11.37% and Guorui Technology (600562) up 9.99% [3] - The Central Enterprise Innovation Driven ETF (515900) has also risen by 1.34%, with a latest price of 1.44 yuan, and has a trading volume of 562.87 million yuan [3] - The ETF's scale has reached 3.3 billion yuan, ranking it in the top quarter among comparable funds [3] Performance Metrics - As of May 9, 2025, the Central Enterprise Innovation Driven ETF has achieved a net value increase of 24.83% over the past three years, ranking 312 out of 1747 in equity funds, placing it in the top 17.86% [4] - The ETF has recorded a maximum monthly return of 15.05% since inception, with the longest consecutive monthly gain being five months and a total gain of 24.91% [4] - The average return for the months with gains is 4.08%, and the annual profit percentage stands at 80.00%, with a historical three-year holding profit probability of 97.34% [4] Risk and Fee Structure - The management fee for the Central Enterprise Innovation Driven ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [4] - The tracking error over the past five years is 0.038%, indicating the highest tracking precision among comparable funds [4] Index Composition - The top ten weighted stocks in the Central Enterprise Innovation Driven Index include Hikvision (002415), State Grid NARI (600406), and China Telecom (601728), collectively accounting for 34.48% of the index [5][6] - The individual weights of the top stocks range from 5.08% for Hikvision to 2.60% for China Railway (601390) [8]

Group 1: 5G-A Network Overview - The transition from "5G" to "5G-A" indicates a significant upgrade in network capabilities, with 5G-A offering peak download speeds of up to 10Gbps compared to 1Gbps for standard 5G [1] - To access 5G-A speeds, users must have compatible devices, activate a 5G-A data plan, and be within the coverage area of 5G-A base stations [1] - 5G-A is crucial for industries requiring high-speed connectivity, such as drones and smart driving, enhancing the overall user experience in various applications [1] Group 2: Technological Advancements - 5G-A enhances multiple dimensions including capacity, speed, latency, positioning accuracy, and connection stability, supporting advanced applications like XR and 3D without glasses [2] - In the smart driving sector, 5G-A's low latency and high precision enable real-time traffic signal reception and obstacle warnings, improving safety [3] - The integration of 5G-A with satellite navigation systems allows for centimeter-level vehicle positioning, facilitating advanced driving applications [3] Group 3: Industry Growth and Opportunities - The low-altitude economy is experiencing rapid growth, coinciding with the commercial rollout of 5G-A, which enhances operational efficiency in the drone industry [3] - Major telecommunications companies are actively expanding their 5G-A networks, with China Mobile planning to cover over 300 cities by the end of 2024 [5] - China Telecom and China Unicom are also increasing their 5G-A deployments, with significant investments and plans for extensive coverage [6] Group 4: Policy and Future Projections - Local governments are supporting 5G-A applications, with initiatives launched in provinces like Shandong and Chongqing to enhance network infrastructure [6] - By 2025, the information and communication industry aims to achieve comprehensive commercial deployment of 5G-A, with projections indicating that China will account for over 50% of global 5G-A users [7]

Core Viewpoint - The A-share market experienced a strong rebound this week, with the Shanghai and Shenzhen indices rising approximately 2%, driven by significant policy support and improved market sentiment [1][2]. Policy Support and Market Activity - Following the May Day holiday, trading activity in the A-share market improved significantly, with an average daily trading volume of 1.35 trillion yuan, a notable increase from the previous week [2]. - The State Council emphasized "expectation management" and the importance of capital markets, with the China Securities Regulatory Commission (CSRC) pledging to support the market's recovery and promote long-term capital inflows [2]. Index Performance - The 每经品牌100指数 (Everyday Brand 100 Index) surged by 3.19% this week, closing at 1086 points, approaching the 1100-point mark [2]. - A total of 74 constituent stocks within the index saw price increases, with 75% of the stocks rising [2]. Notable Stock Performances - Key stocks such as 吉利汽车 (Geely Automobile) and 浦发银行 (Shanghai Pudong Development Bank) recorded significant weekly gains of 10.07% and 7.66%, respectively [3][4]. - Other notable performers included 宁德时代 (CATL), 招商银行 (China Merchants Bank), and 美团 (Meituan), all achieving over 5% weekly growth [4]. Market Capitalization Growth - Several stocks, including 宁德时代, 招商银行, and 贵州茅台 (Kweichow Moutai), saw their market capitalizations increase by over 50 billion yuan this week [4]. - The 每经品牌100指数 outperformed major A-share indices over the past year, with a reported increase of 17.37% from May 9, 2024, to May 7, 2025 [4]. Historical Highs and Dividend Yields - Multiple constituent stocks reached historical highs, with 建设银行 (China Construction Bank) and 浦发银行 hitting 9.33 yuan and 11.88 yuan, respectively [5]. - The dividend yield for 建设银行 is reported at 6.56%, while 浦发银行's yield stands at 2.76%, both significantly higher than the 3.2% yield of the CSI 300 index [5]. Insurance Investment Trends - After four years of decline, the number of shares held by insurance companies in A-share bank stocks has shown signs of recovery, increasing from 383 billion shares at the end of 2024 to 391 billion shares by the end of Q1 2025 [5]. Telecommunications Sector Insights - Stocks of 中国电信 (China Telecom) and 中国移动 (China Mobile) are nearing historical highs, with projected dividend yields of 73% and 72% for 2024, respectively [6]. - The demand for IDC and intelligent computing resources is expected to improve due to the rapid growth in computing power needs driven by DeepSeek [6]. Public Fund Reforms - Recent reforms in public funds emphasize performance-based fee structures and performance assessments for fund managers, potentially benefiting dividend assets [7]. - The reforms suggest that dividend assets may see increased allocation, particularly for long-term holdings, as they have historically outperformed broader indices [7]. Dividend Indices - The 中证红利指数 (CSI Dividend Index) and 红利低波100ETF (Low Volatility Dividend ETF) focus on high dividend yield and stable dividend-paying companies, reflecting the overall performance of such securities [8][11].

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2] Core Viewpoints - The report suggests that the long-standing trade friction between China and the U.S. may ease, leading to potential benefits for the Chinese industry [10][11] - It highlights that Chinese manufacturers are becoming indispensable in the international supply chain, particularly in the IoT module market and AI hardware supply [11] - The report anticipates adjustments in AI chip export restrictions, which could alter the competitive landscape in the AI sector [12][13] Summary by Sections Investment Strategy - **U.S.-China Trade Relations**: The report indicates that U.S.-China negotiations may begin, with expectations of tariff reductions, particularly on the current 145% tariffs imposed by the U.S. [10] - **Chinese Industry Benefits**: It notes that Chinese firms dominate the global IoT module market, holding over 50% market share among the top three manufacturers [11] - **AI Chip Export Regulations**: The report discusses potential relaxations in AI chip export restrictions by the U.S., which could significantly impact American companies, especially in the context of the growing Chinese AI market projected to reach $50 billion [12][13] Industry News - **Low-altitude Economy in Wuhan**: Wuhan plans to establish 1,000 low-altitude takeoff and landing sites, aiming for a 20% increase in the low-altitude economy [14] - **Alibaba's ZeroSearch**: Alibaba has open-sourced the ZeroSearch model, significantly reducing costs by over 87% while enhancing search capabilities [15] - **Starlink in India**: Starlink has received approval to provide satellite communication services in India, which may accelerate satellite internet development globally [16] - **Shenzhen's 5G Network**: Shenzhen is constructing a comprehensive "5G + millimeter wave + satellite" network, aiming for full coverage and improved infrastructure [17] Weekly Review and Focus - **Market Performance**: The telecommunications sector saw a slight increase of 0.02%, underperforming compared to major indices, with notable gains in optical modules and low-altitude economy sectors [18][21] - **Investment Recommendations**: The report suggests focusing on companies involved in the overseas supply chain, such as Yiyuan Communication and Industrial Fulian, as well as long-term attention on major telecom operators and infrastructure providers [22]

Core Viewpoint - The communication industry is experiencing significant growth in Q1 2025, particularly in sectors such as optical modules, Beidou navigation, and AI supply chains, while some traditional sectors are facing declines in profitability [2][3][4]. Summary by Sections Overall Industry Performance - In 2024, the communication industry (A-shares) with 170 companies achieved a net profit of 208.29 billion yuan, a year-on-year increase of 4.4%. Excluding the three major operators, the net profit was 27.88 billion yuan, a decrease of 4.2% [2]. - In Q1 2025, the same 170 companies reported a net profit of 52.51 billion yuan, a year-on-year increase of 5.4% and a quarter-on-quarter increase of 88.3%. Excluding the three major operators, the net profit was 10.41 billion yuan, a year-on-year increase of 13.7% [2]. Sub-industry Performance in 2024 - The sub-industry net profit growth rates for 2024, ranked from highest to lowest, are as follows: - Optical Modules: 12.30 billion yuan, +113% - IoT: 1.18 billion yuan, +69% - AI Supply Chain: 43.59 billion yuan, +37% - Operators: 180.41 billion yuan, +6% - Server Supply Chain: 14.69 billion yuan, +3% - Fiber Optics and Cables: 6.28 billion yuan, -4% - Main Equipment: 8.85 billion yuan, -7% - Connectors and Cables: 7.49 billion yuan, -7% - IDC: 5.01 billion yuan, -9% - Switches: 1.61 billion yuan, -30% - Enterprise Communication: 3.25 billion yuan, breakeven - Beidou Navigation: -0.05 billion yuan, N/A - Network Visualization: -0.33 billion yuan, N/A - Antenna RF: -0.005 billion yuan, N/A - Satellite Communication: -0.49 billion yuan, N/A - Private Networks: -3.33 billion yuan, N/A [3]. Sub-industry Performance in Q1 2025 - The sub-industry net profit growth rates for Q1 2025, ranked from highest to lowest, are as follows: - Beidou Navigation: 0.13 billion yuan, +193% - Optical Modules: 4.50 billion yuan, +110% - AI Supply Chain: 12.82 billion yuan, +65% - IoT: 0.34 billion yuan, +18% - Fiber Optics and Cables: 1.34 billion yuan, +11% - Server Supply Chain: 3.94 billion yuan, +4% - Operators: 42.10 billion yuan, +4% - Enterprise Communication: 0.68 billion yuan, +0% - Connectors and Cables: 1.90 billion yuan, -6% - Main Equipment: 2.35 billion yuan, -10% - Switches: 0.38 billion yuan, -16% - IDC: 1.11 billion yuan, -20% - Satellite Communication: 0.07 billion yuan, -31% - Private Networks: -0.03 billion yuan, -112% - Network Visualization: -0.17 billion yuan, N/A - Antenna RF: -0.036 billion yuan, N/A [4]. Top Companies by Profit in Q1 2025 - The top 10 companies by net profit in Q1 2025 are: - China Mobile: 30.63 billion yuan, +3% - China Telecom: 8.86 billion yuan, +3% - China Unicom: 2.61 billion yuan, +7% - ZTE: 2.45 billion yuan, -11% - Zhongji Xuchuang: 1.58 billion yuan, +57% - Runze Technology: 0.43 billion yuan, -9% - Unisplendour: 0.35 billion yuan, -16% - NewEase: 1.57 billion yuan, +385% - Zhongtian Technology: 0.63 billion yuan, -1% - Yilian Network: 0.56 billion yuan, -1% [5][8]. Top Companies by Year-on-Year Growth in Q1 2025 - The top 10 companies by year-on-year growth in net profit for Q1 2025 are: - Bochuang Technology: 0.09 billion yuan, +322652% - Ruijie Networks: 0.11 billion yuan, +4544% - Guangha Communication: 0.0009 billion yuan, +1034% - Shijia Photon: 0.093 billion yuan, +1004% - Yongding Co.: 0.29 billion yuan, +961% - NewEase: 1.57 billion yuan, +385% - Pingzhi Information: 0.011 billion yuan, +287% - Yiyuan Communication: 0.21 billion yuan, +287% - Gongjin Co.: 0.022 billion yuan, +268% - Xingwang Ruijie: 0.042 billion yuan, +265% [9].

Core Viewpoint - The annual general meeting of China Telecom Co., Ltd. will address various proposals including financial reports, profit distribution, and related party transactions with China Tower Co., Ltd. [1][2][3] Financial Reports - The financial statements for the year 2024 have been audited and received a standard unqualified opinion from external auditors [5][6] - The proposed cash dividend for 2024 is RMB 0.0927 per share, totaling approximately RMB 8.48 billion, which represents 72% of the company's profit attributable to shareholders [13][14] Profit Distribution - The company seeks authorization from shareholders to determine the mid-term profit distribution plan for 2025 [5][6] - The total profit distribution plan for 2024 includes a cash dividend of RMB 23.77 billion, which includes previously distributed mid-term dividends [14] Related Party Transactions - The company will continue to execute the related party transaction agreement with China Tower, which includes leasing services for communication towers [15][16] - The agreement is set for five years, from January 1, 2023, to December 31, 2027, with a focus on fair pricing based on construction costs and maintenance [19][20] External Auditors - The company recommends reappointing KPMG Huazhen and KPMG Hong Kong as external auditors for the year 2025, citing their satisfactory performance in the previous audit [21][22] Insurance for Directors and Officers - The company proposes to purchase liability insurance for its directors, supervisors, and senior management to mitigate management risks [23][24] Board Elections - The company will elect Mr. Lu Yongzhong as a non-executive director to replace Mr. Chen Shengguang, who is undergoing a work adjustment [24][25] Share Buyback Authorization - The company seeks authorization to repurchase up to 10% of its issued A and H shares, allowing flexibility in response to market conditions [26][27]

中国电信股份有限公司 2024 年年度股东大会 2025 年第一次 A 股类别股东会 和 2025 年第一次 H 股类别股东会 会议资料 2025 年 5 月 21 日 中国电信股份有限公司 2024 年年度股东大会 2025 年第一次 A 股类别股东会和 2025 年第一次 H 股类别股东会会议资料 目 录 | 会议须知 | 3 | | --- | --- | | 会议议程 | 4 | 2024 年年度股东大会会议资料： | 议案一：关于公司 年度财务决算报告（国际/国内口径）的议案 | 2024 | 7 | | --- | --- | --- | | 议案二：关于公司 年年度报告的议案 | 2024 | 8 | | 议案三：关于公司 年度董事会报告的议案 | 2024 | 9 | | 议案四：关于公司 年度监事会报告的议案 | 2024 | 10 | | 议案五：关于公司 年度利润分配和股息宣派方案的议案 | 2024 | 14 | | 议案六：关于授权董事会决定公司 2025 年中期利润分配方案的议案 | | 15 | | 议案七：关于公司与中国铁塔股份有限公司继续履行关联交易协议的议案 | | | | ...

Core Viewpoint - 5G-A, also known as 5.5G, is an upgraded version of traditional 5G, offering significant improvements in speed, latency, and connectivity, thus enhancing various applications and industries [1][2][5]. Group 1: Technical Advancements - 5G-A achieves a maximum data download speed of 10 Gbps, up from 1 Gbps in early 5G, and an upload speed peak of 1 Gbps, increased from 100 Mbps [2]. - It features millisecond-level low latency, making it suitable for real-time communication and applications such as online gaming and remote surgeries [2]. - The technology supports a larger number of devices simultaneously, enhancing connectivity in crowded environments and smart city applications [2][3]. Group 2: Deployment and Testing - Chinese operators have deployed 5G-A test networks across 31 provinces, with the capacity to support 50 million users [3]. - China Mobile has established over 7,000 5G-A base stations in Beijing, aiming to expand coverage to over 300 cities nationwide [8]. Group 3: Application Scenarios - 5G-A introduces new capabilities such as "integrated sensing and communication," which enhances environmental awareness and can be applied in smart homes and traffic management [4]. - The technology is expected to drive automation and efficiency in traditional industries, enabling real-time data sharing across supply chains [5][9]. Group 4: Industry Impact - 5G-A is seen as a productivity engine, facilitating the integration of artificial intelligence and smart manufacturing, thus promoting high-quality development in various sectors [5][9]. - The technology's capabilities are anticipated to support emerging fields like brain-computer interfaces and low-altitude economy applications [11].