港股市场中资电信股集体走强，其中，中国电信涨超5%，中国联通涨超4%，中国移动涨3%。 本文源自：金融界AI电报 ...

电信股涨幅扩大，截至发稿，中国电信（601728）(00728)涨5.1%，报5.36港元；中国联通（600050） (00762)涨4.79%，报8.1港元；中国移动（600941）(00941)涨2.93%，报80.8港元。 消息面上，1月28日，国务院国资委改革局局长林庆苗在国新办新闻发布会上表示，将扎实做好新央企 组建和战略性重组。国务院国资委副主任庞骁刚则表示，国资央企将更大力度推进"AI+"专项行动，切 实当好我国智算基础设施的重要供给者、人工智能赋能千行百业的重要破题者、产业体系化布局的重要 组织者。 浙商证券（601878）本月初发布研报称，中央强调国企反内卷，利于运营商ARPU值企稳回暖。而险资 风险因子下调，有利于红利板块配置。该行认为，运营商板块当前位置股息投资价值凸显。在复杂宏观 环境背景下，运营商板块整体具备强盈利韧性+高股息属性，铸就安全边际。推荐中国移动、中国电 信、中国联通、中国铁塔、中国通信服务。 ...

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of artificial intelligence (AI) as a driving force for technological revolution and industrial transformation, launching the "AI+" initiative to enhance the capabilities of central enterprises [1][2] Group 1: High-Value Application Scenarios - Central enterprises are focusing on key industries such as energy, manufacturing, and telecommunications, creating over a thousand application scenarios, with notable implementations in smart management and fault prediction by State Grid and Southern Power Grid [1] - The initiative includes the use of intelligent robots in manufacturing and the development of advanced models for rail transit equipment by China CRRC Group, highlighting AI's role in upgrading traditional industries [1] Group 2: Quality Computing Power Supply - Central enterprises are actively participating in the national computing power layout, increasing investment in computing resources, with major telecom operators establishing four "ten-thousand card clusters" to support large model training [1] - Platforms like "Xirang" and "Computing Network Brain" are being developed to provide standardized computing power services, emphasizing low-cost and high-intelligence advantages while adapting to domestic chip technologies [1] Group 3: Accelerating Large Model Adaptation - Companies are enhancing their full-stack capabilities for large models, with China Mobile's "Jiutian" and China Telecom's "Xingchen" empowering over 200 external units in sectors like energy and manufacturing [2] Group 4: High-Level Open Cooperation - The "Renewal Community" initiative offers over 2,000 domestic intelligent computing chips for free to young entrepreneurs and tech enthusiasts, gathering over 4,000 models and 800 datasets to promote the widespread application of AI technology [2] Group 5: Future Directions of the "AI+" Initiative - The SASAC plans to strengthen investment in AI, focusing on the "14th Five-Year Plan" for AI development, enhancing infrastructure for information communication networks and computing power [2] - There will be an emphasis on cultivating application scenarios in key areas like embodied intelligence and energy, aiming to create an "AI+" industry community and increase the openness of scenarios [2] - The optimization of data supply will be prioritized, particularly in sectors like transportation, smart energy, and financial services, to support model optimization and large-scale application [2]

来源：上海证券报·中国证券网 本次增资引战过程中同步实施员工股权激励计划，公司管理层、核心骨干及研发团队与外部投资方同股 同价同权参与本轮融资。实施员工股权激励旨在构建核心人才与企业风险共担、利益共享、价值共创的 长效激励机制，充分激发核心人才的创新潜能，提升公司的凝聚力和综合竞争力。 未来，天翼视联将聚焦核心功能，持续深化改革，加快发展，强化科技创新和开放合作，实现资本运作 与产业合作的相互融通相互成就，提升核心竞争力，凸显天翼视联网的战略价值，彰显国家战略科技力 量担当。 作为中国电信旗下专注于视联业务的载体型、数据型、创新型专业公司，天翼视联依托中国电信第五张 基础网—视联网的 "一张网、一朵云、一个平台"统一底座，打造"1+31+X+N"云边端协同架构，构建全 国统一的视频服务基础设施，持续发挥"云网数智安"一体化优势，推动视频技术在智慧家庭、社会治 理、数字政府等领域的深度应用，助力数字中国建设与社会经济高质量发展。 天翼视联将以此次增资引战为新的起点，基于"让每一个摄像头更AI更安全"的理念，加快核心技术攻 关，深耕国家级公共视频服务基础设施的建设，赋能国家治理，筑牢社会民生安全防线，为我国社会治 ...

Core Viewpoint - The State Grid Zhongwei Power Supply Company has successfully completed the temporary power supply for the data center construction project of China Telecom Zhongwei Branch, demonstrating efficient project management and tailored power solutions [1] Group 1: Project Execution - The project involved a comprehensive understanding of the power demand at the initial stage, leading to a customized power supply plan [1] - The company expedited various processes including site surveys, completion inspections, and meter installations, significantly reducing the time required for power connection [1] - During the power delivery process, staff efficiently completed equipment acceptance, debugging, and power delivery operations to ensure smooth construction and subsequent equipment installation [1] Group 2: Future Commitment - The company will continue to monitor the project's progress and provide high-quality, efficient power services to ensure reliable electricity supply for the data center [1]

Core Insights - The article discusses the limitations of traditional Retrieval-Augmented Generation (RAG) systems in supporting long-term memory and continuous learning for AI agents, highlighting the need for a more structured memory framework [2][10][43] - A new memory framework called TeleMem, developed by the China Telecom Artificial Intelligence Research Institute, is introduced, which utilizes a Directed Acyclic Graph (DAG) to enhance memory organization and support sustainable learning [3][11][43] Limitations of Traditional RAG - Traditional RAG systems face structural bottlenecks in long-term memory management and continuous learning capabilities [2] - They struggle with expressing temporal sequences, causal relationships, and state evolution, leading to issues like memory drift and knowledge forgetting as historical data scales [5][10] - The fragmented memory structure limits the agent's learning ability and behavioral stability, especially in long-term interactions [3][8] TeleMem Framework - TeleMem redefines memory organization by structuring historical memories into a DAG, allowing for cumulative, retrievable, and evolvable memory [3][11] - Each node in the DAG represents a stable memory state, while edges denote explicit semantic and causal dependencies, ensuring a coherent learning trajectory [12][13] - The framework supports a dual-layer update mechanism for representation and indexing, allowing for efficient memory management and retrieval [20][21] Performance and Results - In tests on the ZH-40 benchmark, TeleMem achieved an accuracy of 86.33%, improving by approximately 38 percentage points over the RAG baseline [38] - The system significantly reduces inference costs and latency, enabling support for thousands of dialogue rounds without being limited by the model's context window [41][42] Future Trends - The development of TeleMem signifies a shift in agent capabilities from mere retrieval systems to structured memory and continuous learning mechanisms [43][44] - Future intelligent agents will require traceable cognitive evolution paths, sustainable long-term memory, and explainable context retrieval to enhance their learning and decision-making processes [46][47]

近日，恒丰银行与中国电信签署战略合作协议，双方将在科技融合创新、业务生态共建、资源协同共享等方面开展全方位、深层次合作，探索"通信+金 融"融合创新路径，共筑数字金融新生态。恒丰银行党委书记、董事长辛树人与中国电信董事、党组副书记唐珂出席签约活动。 恒丰银行党委副书记、行长白雨石，党委委员、副行长房毅；中国电信政企信息服务事业群金融行业事业部总裁、中电信翼金科技公司总经理王志宏，中国 电信山东分公司党委书记、总经理李延平等出席签约活动。 此次战略合作协议的签署，标志着恒丰银行与中国电信的合作迈入了全面深化、共谋发展的新阶段。根据合作协议，双方将共同推进智能算力中心建设、金 融信创攻关、数据联合建模与安全应用，探索5G+智慧网点、量子通信在金融领域的应用，同时加强客户资源互荐、渠道互联互通，联合开展市场拓展活 动，共同服务国家战略和区域经济社会发展。恒丰银行将为中国电信及产业链上下游企业提供综合金融服务，中国电信将支持恒丰银行完善通信基础设施， 并提供智慧楼宇、绿色数据中心等解决方案。 辛树人表示，中国电信作为全球领先的综合智能信息服务运营商，在5G、云计算、人工智能、量子通信等前沿科技领域实力雄厚，与恒丰银行 ...

Group 1 - The industry investment rating is "Buy" [2] - The report indicates that the communication sector's fund holdings have continued to rise quarter-on-quarter, with a notable increase in the allocation towards optical modules in Q4 2025 [6][20] - The communication sector's PE-TTM as of December 31, 2025, is 49.5 times, ranking it 7th among all Shenwan first-level industry indices, with a slight increase compared to the previous quarter [14][20] Group 2 - In Q4 2025, the total market value of fund holdings in the communication sector reached 186.39 billion CNY, an increase of 23.88 billion CNY from Q3 2025, marking the highest proportion of fund stock holdings in four years at 9.5% [23][25] - The report highlights a significant trend of increasing fund concentration in optical modules, with major holdings in companies like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [28][31] - The report notes a shift in fund strategies, with increased holdings in China Telecom (H shares) and a reduction in holdings of telecom equipment manufacturers like Zhongtian Technology and ZTE [46][54]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][44]. Core Insights - The communication industry index has shown a cumulative increase of 1.61% over the past two weeks (January 9 to January 22), outperforming the CSI 300 index by 1.91 percentage points, ranking 21st among 31 first-level industries [4][11]. - In January, the communication sector has risen by 2.48%, again surpassing the CSI 300 index by 0.45 percentage points [4][11]. - The report highlights a critical period of annual performance forecasts for listed companies, which serves as a key window to validate the growth potential and market conditions of various sectors [4][39]. Industry Performance Review - The communication sector's six sub-sectors have varied performance over the past two weeks, with the highest increase in the SW Communication Application Value-Added Services (+11.59%) and the lowest in SW Communication Terminals and Accessories (-1.64%) [4][15]. - The report notes that the communication industry is entering a phase of technological iteration and policy benefits, with new growth drivers expected from AI, quantum communication, and low-altitude economy [4][39]. Industry News and Company Announcements - IDC predicts that by 2030, AI agents will become a significant part of the global workforce, with a projected increase from approximately 28.6 million active agents in 2025 to 2.216 billion [16]. - China Mobile has established a special office for computing power strategy, marking a new phase in its systematic approach to computing power deployment [17][19]. - The Ministry of Industry and Information Technology reports that AI has penetrated over 70% of business scenarios in leading smart factories [20]. - Tianfu Communication expects a net profit increase of 40%-60% for 2025, driven by the growth in AI and data center construction [23]. - Changxin Bochuang anticipates a net profit increase of 344%-413% for 2025, fueled by demand in cloud computing and AI [24]. Industry Data Updates - As of November 2025, the mobile phone user base reached approximately 1.828 billion, a year-on-year increase of 2.20% [27]. - The internet broadband access user base was about 697 million, reflecting a year-on-year increase of 4.28% [29]. - The length of optical cable lines reached approximately 74.44 million kilometers, with a year-on-year growth of 3.63% [30]. - By November 2025, the total number of 5G base stations reached 4.83 million, with a net increase of 579,000 from the previous year [36]. Investment Recommendations - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and earnings certainty," highlighting potential opportunities in the sector [4][39]. - Recommended stocks include China Mobile (600941.SH), China Telecom (601728.SH), ZTE Corporation (000063.SZ), Changfei Optical Fiber (601869.SH), and Weisheng Information (688100.SH) [40][42].

Group 1 - The communication services sector increased by 0.33% on January 23, with Sanwei Communication leading the gains [1] - The Shanghai Composite Index closed at 4136.16, up 0.33%, while the Shenzhen Component Index closed at 14439.66, up 0.79% [1] - Key stocks in the communication services sector showed significant price increases, with Sanwei Communication rising by 7.85% to a closing price of 15.39 [1] Group 2 - Major stocks in the communication services sector experienced varied performance, with some stocks like Guoan Co. and ST Tongmai showing declines of 2.69% and 2.52% respectively [2] - The overall net capital flow in the communication services sector indicated a net outflow of 489 million yuan from institutional investors, while retail investors saw a net inflow of 666 million yuan [2][3] - Specific stocks such as China Unicom and Puhua Technology had notable net inflows and outflows, reflecting diverse investor sentiment [3]