Group 1 - The Shanghai Stock Exchange 180 Industry Layered Equal Weight Index (180 Layered, 000093) rose by 0.12% to 10,993.14 points, with a trading volume of 134.33 billion yuan [1] - Over the past month, the 180 Layered Index increased by 0.93%, while it decreased by 0.57% over the last three months and has fallen by 2.62% year-to-date [1] - The 180 Layered Index and the Equal Weight Index share the same sample as the 180 Index, with the former using an equal weight method for industry distribution, providing different risk-return characteristics for investors [1] Group 2 - The top ten holdings of the 180 Layered Equal Weight Index include Zhangjiang Hi-Tech (4.17%), Poly Developments (3.91%), China Telecom (2.83%), China Mobile (2.58%), China Unicom (2.38%), China Satcom (2.15%), Dongpeng Beverage (1.25%), Baillie Gifford (1.17%), China Petroleum (1.17%), and China National Offshore Oil Corporation (1.12%) [1] - The index is fully composed of stocks listed on the Shanghai Stock Exchange, with the largest sector allocations being Communication Services (9.94%), Consumer Staples (9.62%), Healthcare (9.62%), Financials (9.53%), and Materials (9.28%) [2] - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, typically not exceeding 10% of the sample [2]

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5月31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6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 Points - The Shanghai Composite Total Return Index increased by 0.44%, closing at 3766.89 points with a trading volume of 468.29 billion [1] - Over the past month, the index has risen by 2.23%, 1.03% over the last three months, and 0.42% year-to-date [1] - The index includes stocks and depositary receipts listed on the Shanghai Stock Exchange, accounting for dividend income [1] Index Composition - The top ten weighted stocks in the index are: Kweichow Moutai (3.67%), Industrial and Commercial Bank of China (3.66%), Agricultural Bank of China (3.39%), China Petroleum (2.58%), Bank of China (2.24%), China Merchants Bank (1.72%), China Life Insurance (1.53%), Yangtze Power (1.42%), China Shenhua Energy (1.25%), and China Telecom (1.20%) [1] - The index is composed entirely of stocks from the Shanghai Stock Exchange, with a 100% market share [1] Industry Breakdown - The industry composition of the index is as follows: Financials (26.27%), Industrials (18.53%), Information Technology (10.43%), Materials (8.07%), Consumer Staples (7.48%), Energy (7.02%), Consumer Discretionary (6.32%), Health Care (5.94%), Utilities (4.94%), Communication Services (3.76%), and Real Estate (1.24%) [2] - Securities are included in the index based on their market capitalization and time since listing, with specific rules for risk warnings and delisting [2]

Investment Rating - Industry Rating: Recommended [4] Core Insights - The report emphasizes the acceleration of low-altitude intelligent network layout and the normalization of satellite constellation launches, which are expected to catalyze the application of low-altitude economy [2][13] - The "Jiutian" drone is set to make its maiden flight, with potential applications in logistics and aerial photography, paving the way for urban transportation and emergency rescue in the medium to long term [2][16] - The report highlights the strategic importance of low-altitude intelligent networks as a digital foundation for low-altitude economic development, ensuring efficient regulation and safe operations in an open airspace [8][12] Summary by Sections 1. "Jiutian" Drone Maiden Flight - The "Jiutian" drone features a wingspan of 25 meters, a maximum takeoff weight of 16 tons, and a maximum payload of 6 tons, with capabilities for various types of munitions [6][7] - The drone is designed by the Aviation Industry Corporation of China and is expected to complete its maiden flight by the end of June 2024 [6][7] 2. Low-altitude Intelligent Network Layout - The National Development and Reform Commission plans to promote policies for high-quality development of the low-altitude economy by 2025, including the research and layout of low-altitude intelligent networks [8][12] - The report outlines a three-tier architecture for the low-altitude intelligent network, including airborne terminals, data support layers, and application systems [11] 3. Investment Logic and Beneficiary Stocks - The report recommends continuous investment in the low-altitude sector, highlighting companies like China Telecom, China Mobile, and China Unicom for their roles in low-altitude intelligent network infrastructure [2][16] - Other beneficiary stocks include ZTE Corporation, Tongyu Communication, and Haige Communication, which are involved in various aspects of the low-altitude and satellite communication industries [2][16]

Core Viewpoint - The Beijing-Tianjin-Hebei region is enhancing its digital economy through collaborative development, with significant advancements in digital infrastructure, including 5G coverage and high-speed broadband initiatives [1][3][14]. Digital Infrastructure Development - The three regions are jointly promoting the construction of 5G base stations, aiming for a total of 383,000 by the end of October 2024 [1]. - The Zhangjiakou computing center, part of the national integrated computing network, is expected to be operational next month, enhancing connectivity and reducing broadband latency to under 0.5 milliseconds [3][5]. - The first phase of the Zhangjiakou center is projected to be completed by June 2023, providing services for AI data labeling and model training [7]. Computing Power and Capacity - The Zhangjiakou center will have a computing capacity exceeding 50,000 PFlops, supporting advanced technology applications in the region [8]. - Currently, Zhangjiakou has 30 operational data center projects with 1.72 million servers, achieving a computing capacity of 29,100 PFlops [8]. - The Wuqing District is becoming a hub for digital economy with significant investments in high-capacity networks, supporting low-latency connections to major internet enterprises [10][11]. High-Speed Broadband Initiatives - The Xiong'an New Area has launched a trial for 10G broadband, achieving download speeds of 9,834 Mbps and upload speeds of 1,008 Mbps, with a latency of just 3 milliseconds [13]. - This new broadband infrastructure is expected to enhance communication quality and provide new services across various sectors, including education and healthcare [13]. Policy and Economic Impact - Policies such as the "Beijing-Tianjin-Hebei Collaborative Development Plan" outline the roles of each region: Beijing as a tech innovation center, Tianjin as a manufacturing and digital base, and Hebei as a data center hub [17][18]. - The digital economy in Beijing is projected to contribute 2 trillion yuan to GDP by 2024, accounting for over 40% of the total [17]. - The collaboration is fostering a talent-sharing mechanism and cross-regional investment in digital projects, enhancing the overall digital economy [18].

Event Overview - The 2025 MWC Shanghai Mobile Communication Conference will be held from June 18 to 20, 2025, serving as a key platform for showcasing the latest developments and strategies in the mobile industry in China and the Asia-Pacific region [1] - MWC is one of the largest and most influential exhibitions in the global mobile communication field, featuring leading companies, experts, government departments, and decision-makers [1] Key Themes and Agenda - The conference will focus on four main themes: Artificial Intelligence+, 5G Integration, Empowering Connectivity, and Industry Connectivity, with industry leaders delivering keynote speeches [1] - A detailed agenda includes various summits and sessions, such as the IoT Summit and Open Gateway Summit, scheduled throughout the event [2] Industry Growth Projections - According to the GSMA's report on the mobile economy in the Asia-Pacific region, the mobile industry is expected to contribute over $1 trillion by 2030, with growth rates in the region anticipated to exceed the global average due to the accelerated application of 5G technology [3] Historical Performance of Leading Companies - ZTE Corporation announced ten innovative products and solutions related to 5G-A during the MWC 2024, experiencing a continuous rise in stock prices before and during the conference [4] Participating Companies - Notable speakers at the conference will include executives from major companies such as Meige Intelligent, Unisoc, ZTE, China Mobile, and China Unicom, among others [6]

Core Insights - Inner Mongolia is advancing the construction of a green computing power base, achieving a computing power scale of 126,000 P, with intelligent computing power at 116,000 P, ranking first in the country [1] - The region's data center cluster has a green electricity usage ratio of 84.57%, leading nationally, and is supported by the national policy to accelerate the development of integrated computing power networks [1][2] - Inner Mongolia is leveraging its advantages in renewable energy to create a collaborative system of "green electricity + computing power + industry," contributing to high-quality economic development [1][2] Green Computing Power Development - The data center cluster in Inner Mongolia, including the Hohhot and Ulanqab data parks, is a key hub for the "East Data West Computing" project, benefiting from a unique geographical position [2] - The region's data centers are enhancing the green electricity ratio through direct supply and grid-based energy storage, aiming to establish a national green computing power base [2] - In Q1 2023, the data centers consumed 1.22 billion kWh of electricity, with green electricity accounting for 84.57%, significantly reducing electricity costs [2] Full-Chain Low-Carbon Development - Inner Mongolia's green computing industry encompasses a full low-carbon chain from production to operation, with companies like Baichuan Digital Technology producing energy-efficient servers [3] - The region is implementing policies to promote green computing power, including phasing out high-energy-consuming data centers and controlling new data center energy consumption [3] - Inner Mongolia has established national-level internet backbone direct connection points and dedicated international internet data channels, facilitating rapid information transmission [3] Comprehensive Industry Chain - Inner Mongolia has built a complete green computing power industry chain, covering various computing systems and involving 79 data center projects with an investment of 280 billion yuan [5] - The China Mobile Intelligent Computing Center in Hohhot is the largest single liquid-cooled intelligent computing center globally, capable of performing 67 trillion floating-point operations per second [5] - The region is developing applications in finance, AI diagnostics, and physical simulations, with a focus on enhancing operational efficiency [5] Market and Application Expansion - Inner Mongolia is accelerating the integration of digital technology with the real economy, promoting AI applications in agriculture, industry, and renewable energy [7] - The Inner Mongolia Data Trading Center is set to launch in June 2024, aiming to stimulate data market transactions and has already facilitated transactions exceeding 50 million yuan [7][9] - The region is establishing a multi-cloud computing resource monitoring and scheduling platform, enhancing connectivity with other regions for efficient computing power trading [8] Employment and Economic Impact - The rapid development of the digital economy in Inner Mongolia has created numerous job opportunities, with companies providing data labeling services employing over 500 people [9] - The information transmission and software service industry contributed 24.7% to GDP growth last year, highlighting the sector's significance in the regional economy [9] - The "green electricity + computing power + industry" model is driving high-quality development in Inner Mongolia, supporting national digital economic growth [9]

Core Viewpoint - The disciplinary inspection team at China Telecom is focusing on addressing the issue of "eating from the enterprise" by identifying and rectifying typical problems within the company, thereby enhancing supervision and compliance [2][5]. Group 1: Problem Identification and Analysis - The inspection team has compiled a list of 64 categories and 240 types of "eating from the enterprise" issues, which serves as a reference for enhancing daily supervision across various levels of China Telecom [2]. - Since the compilation was published in December of the previous year, the company has received 740 problem leads, initiated 144 cases, and imposed penalties on 130 individuals [2]. Group 2: Risk Prevention and Control - The inspection team has urged the company to tighten responsibility and improve risk prevention by developing guidelines based on typical cases related to "funds, policies, data, and products," proposing 35 preventive measures across 17 fields [3]. - The Guangxi branch has utilized big data models to analyze irregular behaviors, identifying 23 violations related to abnormal point redemption and fund misappropriation [3]. Group 3: Rectification and Supervision - The Guangdong branch has conducted a special investigation into "eating from the enterprise" issues, uncovering six cases of misconduct involving customer managers and sales personnel [4]. - The Sichuan branch has identified 437 issues and has pushed for the optimization of over 50 systems to strengthen the company's integrity and compliance management [4]. Group 4: Future Directions - The inspection team plans to continue summarizing new cases of "eating from the enterprise" to guide various levels of disciplinary institutions in strengthening learning and application, aiming for stricter rectification of these issues to support the company's high-quality development [5].

Group 1 - The core index, the China Securities National New Central Enterprises Modern Industry Leading Index, rose by 1.33% to 1166.46 points with a trading volume of 20.746 billion yuan [1] - Over the past month, the index has increased by 0.43%, but it has decreased by 4.56% over the past three months and by 5.29% year-to-date [1] - The index is customized by Guoxin Investment Co., Ltd., selecting 50 representative listed companies in fields such as new mobile technology, new energy, new materials, and high-end equipment from state-owned enterprises [1] Group 2 - The top ten weighted stocks in the index include China Telecom (9.94%), Hikvision (9.38%), China Mobile (9.3%), CRRC (7.34%), China Unicom (6.6%), China Shipbuilding (5.97%), Three Gorges Energy (5.35%), China Heavy Industry (3.59%), Baosteel (3.43%), and SMIC (2.99%) [1] - The index's holdings are primarily listed on the Shanghai Stock Exchange (68.55%) and the Shenzhen Stock Exchange (31.45%) [1] Group 3 - The industry composition of the index shows that information technology accounts for 30.35%, communication services for 29.67%, industrials for 24.19%, materials for 7.73%, utilities for 5.54%, healthcare for 2.03%, and consumer staples for 0.49% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in line with sample changes, and temporary adjustments may occur under special circumstances [2]

Group 1 - The core theme of the article is the shift from 5G infrastructure to AI computing power as the new battleground for investment and development in China [1][3][6] - The three major telecom operators in China are significantly increasing their capital expenditures on AI computing power, with China Mobile planning to invest 37.3 billion yuan by 2025, which will account for 25% of its total capital expenditure [4][6] - China Telecom's AI computing investment is expected to increase by 22% year-on-year to 22 billion yuan, while China Unicom anticipates a 28% growth, exceeding 18 billion yuan in 2025 [4][6] Group 2 - The emergence of generative AI models like ChatGPT and the anticipated launch of OpenAI's multimodal model Sora in 2024 are driving the demand for AI computing infrastructure [6][7] - North American cloud service providers are leading the investment in AI infrastructure, with a combined capital expenditure of $140.35 billion in 2023, a 30% increase year-on-year, and projected to reach $228.5 billion in 2024, a 55% increase [6][7] - Chinese internet companies and telecom operators are following suit, with a combined capital expenditure of approximately 50 billion yuan in 2023, which is only one-fifth of North America's scale [6][7] Group 3 - The competition for AI computing power is fundamentally about seizing the high ground of AI infrastructure, which is essential for the training and operation of AI models [7] - The AI computing industry chain is experiencing high demand, with investment opportunities across various segments including optical communication, AI chips, and edge computing [7] - Investment vehicles such as the Huaxia AI ETF and the 5G Communication ETF are highlighted as effective tools for investors to gain exposure to the AI and 5G sectors, with the former focusing on AI hardware and software companies and the latter on 5G industry leaders [7][8]