Group 1 - The core viewpoint is that the launch of satellite IoT commercial trials is a key link connecting commercial aerospace and low-altitude economy, aiming to enhance service capabilities and establish a regulatory framework for emerging industries [1][2] - The Ministry of Industry and Information Technology (MIIT) announced the official start of satellite IoT commercial trials, which will last for two years, to stimulate market vitality and support the healthy development of new industries [1][4] - Satellite IoT is expected to enable real-time tracking and data transmission for low-altitude vehicles, addressing communication gaps in the low-altitude economy and fostering deep integration between commercial aerospace and low-altitude sectors [2][3] Group 2 - The satellite IoT business connects various IoT devices through satellite communication technology, providing wide-area IoT connectivity in regions where terrestrial networks are unavailable [3][4] - The MIIT has proposed 19 specific measures to promote the development of the satellite communication industry, including organizing satellite IoT commercial trials and expanding market access for private enterprises [4][5] - Major telecommunications companies like China Telecom, China Mobile, and China Unicom are actively expanding their satellite communication services, enhancing applications in emergency communication and remote area connectivity [5][6] Group 3 - The integration of satellite IoT technology is expected to attract more capital and resources into the low-altitude sector, promoting collaborative development across various industry segments such as drone manufacturing and airspace management [3][5] - The commercial trials are anticipated to create opportunities for upstream and downstream enterprises in the satellite IoT industry chain, leading to a more complete industrial ecosystem [2][5] - The MIIT aims to enhance the synergy between industrial internet and artificial intelligence, promoting the development of smart manufacturing and digital infrastructure [6][7]

Core Insights - Quantum technology is a strategic emerging field crucial for national information security, experiencing rapid market growth under national strategic guidance, with China's market size projected to grow from 4.523 billion yuan in 2015 to 13.104 billion yuan in 2024, reflecting a compound annual growth rate of 12.55% [1][14] - Significant breakthroughs in quantum technology are anticipated globally in 2024, transitioning from theoretical research to practical applications, with advancements in quantum computing platforms and quantum communication systems [1][14] - The development of quantum technology is expected to drive the next technological revolution, providing new tools and perspectives for exploring the unknown [1][14] Industry Overview - Quantum technology integrates principles of quantum mechanics with information science, computing, and materials science, focusing on information acquisition, processing, and transmission through quantum effects [4][13] - The industry primarily encompasses three core areas: quantum computing, quantum communication, and quantum precision measurement [4][13] Industry Development History - The Chinese government has emphasized the importance of advancing quantum technology, with strategic planning and support increasing since 2020 [6][9] - Notable achievements include the successful development of the "Zu Chongzhi No. 3" quantum computing prototype in March 2025, positioning China among the global leaders in superconducting quantum computing [1][7] - Recent advancements include the establishment of a 300-kilometer quantum direct communication network, validating the feasibility of long-distance secure communication [1][7] Industry Policies - The Chinese government has prioritized quantum technology in its "14th Five-Year Plan," aiming to implement significant national projects in frontier fields like quantum information [9][10] - The upcoming "15th Five-Year Plan" is expected to further promote quantum technology as a new economic growth point, alongside other emerging industries [9][10] Industry Value Chain - The quantum technology industry chain includes upstream components and technology development, midstream core equipment and system development, and downstream applications across various sectors such as cloud computing, finance, and defense [10][11] Market Size and Trends - The global quantum technology market is projected to reach $8.02 billion in 2024, with a year-on-year growth of 10.77%, and is expected to grow to $11.93 billion by 2025 [13] - Quantum computing dominates the market, accounting for 64.92% of the total, with North America leading in technological breakthroughs and industry applications [13][14] Key Companies - Major players in the Chinese quantum technology sector include China Great Wall Technology Group, Keda Technology, State Grid Information Communication, and others, contributing to a diverse competitive landscape [2][16] - China Great Wall Technology has reported significant growth in its computing industry, achieving a revenue of 5.148 billion yuan in the first half of 2025, a year-on-year increase of 9.63% [16] - Wuhan Guangxun Technology focuses on optical electronic devices and has seen a substantial increase in revenue from its data and access business, growing by 149.16% year-on-year in the first half of 2025 [16][17] Future Development Trends - Quantum computing is expected to overcome hardware performance bottlenecks, enhancing stability and developing new quantum bit architectures [17] - Quantum communication aims to establish broader and faster quantum key distribution networks, facilitating the construction of a future quantum internet [18] - Quantum measurement technology is anticipated to achieve significant precision improvements, expanding its applications in various fields [19]

Core Viewpoint - China Telecom showcased its innovative achievements and practical experiences in industrial digital transformation and intelligent manufacturing at the 2025 China 5G + Industrial Internet Conference, emphasizing the importance of building a digital foundation to empower smart manufacturing [1][10]. Group 1: Industrial Applications - China Telecom presented the "Six Networks" industrial application results, which include mobile networks, broadband networks, IoT, satellite networks, video networks, and computing networks, supporting diverse digital needs from ground communication to satellite interconnectivity [3]. - The company highlighted its advanced capabilities in industrial AI, showcasing a comprehensive model technology system and the Xingchen MaaS platform, which integrates computing power, models, data, tools, and applications to meet the needs of over 100 industries [5]. Group 2: Digital Transformation Platforms - China Telecom displayed its self-developed industrial internet platforms, including the Yizhi Enterprise Procurement and Control Integration Platform, which is designed to meet enterprise digital transformation needs by enabling visual, manageable, and controllable production processes [5]. - The Yigong Cloud Industrial Internet Platform, tailored for small and medium-sized enterprises, offers low-cost, modular, and easily deployable digital solutions, covering 18 key industries and providing over 150 scenario-based solutions [6]. Group 3: Innovation and Collaboration - The company emphasized its commitment to open cooperation and collaboration with various partners to advance the construction of a digital China and create a better future for smart industries [10]. - During the conference, China Telecom hosted several forums focusing on satellite internet innovation applications, AI empowerment in industrial internet ecosystems, and financial technology collaboration, inviting guests from government, industry, academia, and research to discuss new opportunities in 5G and industrial internet [10].

Core Viewpoint - The 2025 China 5G + Industrial Internet Conference was inaugurated in Wuhan, marking a significant step in the development of satellite IoT business trials, which will enhance the satellite communication market supply and support the growth of emerging industries such as commercial aerospace and low-altitude economy [1] Group 1 - The Ministry of Industry and Information Technology officially launched commercial trials for satellite IoT services during the conference [1] - The commercial trials aim to enrich the supply in the satellite communication market and support the safe and healthy development of new industries [1] - A cooperation memorandum was signed between the Hubei Provincial Government and major telecom companies including China Telecom, China Unicom, China Mobile, China Information Communication Technologies, and China Tower [1] Group 2 - The industrial and information technology departments of Jiangxi, Hubei, and Hunan provinces signed a memorandum for collaborative development of the industrial internet in the Yangtze River Middle Reaches urban agglomeration [1]

Core Insights - The 2025 Mobile Communication High-Quality Development Forum was held in Wuhan, focusing on 5G applications, 5G-A technology breakthroughs, 6G planning, and integrated network construction [2] - The forum highlighted the transition of China's 5G industry from "technology leadership" to "value empowerment" [2] Group 1: Technological Advancements - 5G-A and 6G are key focal points, with major telecom operators showcasing their technological innovations and breakthroughs [3] - China Mobile is advancing a "hexagonal" technology framework for 6G, focusing on ten innovation areas, including high-performance networks and integrated sensing [3] - China Telecom is conducting outdoor trials for millimeter-wave sensing and has established over 300 low-altitude sensing stations across 18 provinces [4] - China Unicom has achieved full commercial use of 5G-A, with download speeds reaching 5Gbps outdoors and 5.7Gbps indoors [4] Group 2: Industry Applications - 5G applications are now in a phase of large-scale deployment, significantly driving the digital transformation of various industries [6] - China Mobile has integrated 5G into industrial production, while China Unicom has served over 20,000 industry-specific clients with more than 50,000 large-scale application projects [6] - China Telecom's low-altitude economy and satellite internet initiatives are emerging as new growth areas, with direct satellite services covering 25 million mobile devices [6] Group 3: Communication and Public Perception - The "2025 China 5G Development Communication Power Analysis" report indicates a shift in public perception from technical parameters to actual value [8] - From January to November 2025, there were 13.47 million online news reports related to 5G development, with a peak in August [8] - Key provinces leading in 5G communication include Beijing, Shanghai, and Guangdong, with major telecom companies acting as core communicators of 5G value [8] Group 4: Emerging Trends - Five major trends in communication were identified, including the mainstreaming of application results and the economic and social value of large-scale deployments [9] - The integration of 5G with AI is creating a new paradigm for intelligent communication networks [9] - The forum emphasized the importance of collaboration among telecom operators and industry players to build a synergistic ecosystem for innovation and value creation [9]

Core Insights - The AI computing industry is transitioning into an "application dividend period," driven by the integration of artificial intelligence and high-performance computing, with a projected global market size of $234 billion in 2024 and expected to exceed $2.75 trillion by 2032, reflecting a compound annual growth rate of 36.8% [5][6][10] AI Computing Industry Overview - AI computing (Intelligent Computing) combines AI with high-performance computing, utilizing dedicated hardware and distributed architecture to provide efficient and scalable computing power for AI tasks [2][3] - The industry is characterized by a three-pronged model of "computing power + algorithms + data," which supports complex AI model training and inference, making it a critical infrastructure for the digital economy [2][3] Global and Chinese AI Computing Development - The global AI market is evolving from a "model dividend period" to an "application dividend period," becoming a core engine for the digital economy, with significant advancements in computing power architecture [5][6] - In 2024, the total global computing power is expected to reach 2207 EFLOPS, with intelligent computing power contributing 1610 EFLOPS, marking a year-on-year growth of 63.8% [5][6] - China's total computing power is projected to reach 280 EFLOPS in 2024, with intelligent computing power at 90 EFLOPS, indicating a significant gap between supply and future demand [6][10] AI Computing Industry Chain in China - The AI computing industry chain in China consists of upstream hardware (GPUs, NPUs), midstream service providers (telecom operators, cloud service providers), and downstream application sectors (internet, finance, manufacturing) [8][10] - The market for AI acceleration chips is expected to grow from 17.56 billion yuan in 2020 to 142.54 billion yuan in 2024, with a compound annual growth rate of 68.8% [9][10] Competitive Landscape - Major players in the infrastructure layer include Huawei, which leads in domestic chip production, and Inspur, which dominates the AI server market [10] - Telecom operators and cloud service providers, such as China Telecom, Alibaba Cloud, and Tencent Cloud, are key players in the computing service layer [10] Future Trends in AI Computing Industry - The industry is expected to evolve towards collaborative evolution, with a focus on efficient resource utilization and deep integration with the real economy [11][12] - The emphasis will shift from model performance to creating measurable business value through large-scale applications in key sectors such as manufacturing, finance, and healthcare [13]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中国电信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 海外監管公告 中國電信股份有限公司第八屆董事會第二十三次會議決議公告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 兹載列中國電信股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國電信股份有 限公司第八屆董事會第二十三次會議決議公告》，僅供參考。 承董事會命 中國電信股份有限公司 董事長兼首席執行官 柯瑞文 中國北京，2025 年 11 月 21 日 於本公告刊發之日的本公司董事會包括柯瑞文（董事長兼首席執行官）；劉桂清（總裁兼首席 運營官）；唐珂、李英輝（財務總監）（皆為執行副總裁）；呂永鐘（非執行董事）；吳嘉寧、 楊志威、陳東琪、呂薇（皆為獨立非執行董事）。 一、董事会召开情况 中国电信股份有限公司（以下称"公司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中国电信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 中国电信股份有限公司 独立董事提名人及候选人声明 中国电信股份有限公司独立董事提名人声明 提名人中国电信股份有限公司董事会，现提名李惠光先生为中国 电信股份有限公司第八届董事会独立董事候选人，并已充分了解被提 名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失信 等不良记录等情况。被提名人已同意出任中国电信股份有限公司第八 届董事会独立董事候选人（参见该独立董事候选人声明）。 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 兹載列中國電信股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國電信股份有 限公司獨立董事提名人及候選人聲明》，僅供參考。 承董事會命 中國電信股份有限公司 董事長兼首席執行官 柯瑞文 中國 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中国电信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 海外監管公告 《中國電信股份有限公司章程》《中國電信股份有限公司股東大會議事規則》 《中國電信股份有限公司董事會議事規則》修訂對照表 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 兹載列中國電信股份有限公司（「本公司」）在上海證券交易所網站刊登的《《中國電信股份 有限公司章程》《中國電信股份有限公司股東大會議事規則》《中國電信股份有限公司董事會 議事規則》修訂對照表》，僅供參考。 承董事會命 中國電信股份有限公司 董事長兼首席執行官 柯瑞文 中國北京，2025 年 11 月 21 日 於本公告刊發之日的本公司董事會包括柯瑞文（董事長兼首席執行官）；劉桂清（總裁兼首席 運營官）；唐珂、李英輝（財務總監）（皆為執行副總裁）；呂永 ...

Core Viewpoint - China Telecom announced the resignation of independent non-executive director Yang Zhiwei due to the expiration of his term, in accordance with regulations from the China Securities Regulatory Commission [1] Group 1 - Yang Zhiwei has served as an independent non-executive director for the maximum allowed term and will resign from his positions on the remuneration committee, audit committee, and nomination committee [1] - The resignation will take effect on the date of the special shareholders' meeting, where a new independent non-executive director will be elected [1] Group 2 - The board has proposed to shareholders at the special meeting to elect Li Huiguang as the new independent non-executive director [1] - Upon election, Li Huiguang will also serve as the chairman and member of the remuneration committee, as well as a member of the audit committee and nomination committee [1] - Li Huiguang's appointment will be effective from the date of approval at the special shareholders' meeting until the annual general meeting in 2026 [1]