Group 1 - China Telecom has integrated quantum technology into its strategic framework, achieving significant breakthroughs such as the world's largest quantum metropolitan network and over 6 million users of quantum secure communication [1] - The company has developed a distributed encryption system that combines Quantum Key Distribution (QKD) and Post-Quantum Cryptography (PQC) [1] - Under national laboratory guidance, China Telecom has established the "Tianyan-287" superconducting quantum computer, which is the most powerful in the country [1] Group 2 - The establishment of the "Central Enterprise Quantum Talent Innovation Space" is a major strategic initiative aimed at promoting quantum technology and industrial development [2] - The initiative focuses on collaborative innovation among state-owned enterprises, aiming to share research tasks, resources, and innovation outcomes [2] - The company plans to accelerate the transformation of research results into practical applications, creating a globally competitive open ecosystem for quantum technology [2] - A new talent mechanism will be implemented to enhance collaboration and establish a high-level quantum talent research zone [2]

Group 1 - The 2025 Quantum Technology and Industry Conference opened on November 20 in Hefei, showcasing significant achievements in the field [1] - A national high-tech zone quantum industry collaborative innovation network was officially launched, involving nine high-tech zones to enhance the integration of industry, academia, and research in quantum technology [1] - Quantum communication is a focal point in the global quantum technology competition, with the establishment of a quantum password infrastructure standardization technology alliance to create a controllable standard system [1] Group 2 - Financial support is crucial for the thriving development of the quantum technology industry, with Anhui province actively promoting financial initiatives [2] - The conference featured signing ceremonies for quantum technology financial support projects, including the establishment of the first central enterprise quantum industry venture capital fund by China Telecom [2] - The conference theme was "A Century of Quantum: Intelligence to Ignite the Future," with a record number of 117 participating companies and an unprecedented scale of personnel and exhibitions [2]

Core Viewpoint - The article highlights the comprehensive communication support provided by China Telecom Huizhou for the 15th National Games, ensuring stable and efficient network services for various sporting events, particularly the skateboarding competition. Group 1: Event Overview - The 15th National Games opened on November 9, with skateboarding competitions held on November 10-11 in Huizhou [1] - Huizhou is a key city in the Guangdong-Hong Kong-Macao Greater Bay Area, hosting multiple events including taekwondo and roller skating [3] Group 2: Communication Infrastructure - China Telecom Huizhou established a professional support team to enhance 5G network coverage and ensure reliable communication for media and event operations [1][3] - Significant investments were made in infrastructure, including the expansion of 5G networks and the installation of new equipment to improve network security and performance [4][6] Group 3: Technological Innovations - The implementation of an all-optical high-speed base achieved ultra-low latency connectivity, ensuring stable data transmission during peak traffic [6] - A dedicated event-specific network was created to physically isolate event data from public internet traffic, enhancing security [6] - Upgraded network management platforms allowed for real-time monitoring and quick recovery from issues, ensuring a seamless communication experience [6] Group 4: On-Site Support and Services - The communication support team was present at key locations, conducting regular inspections and optimizations to maintain network performance [7] - China Telecom Huizhou provided high-speed broadband services at ticket sales points to facilitate easier access for the public, particularly for the elderly [8] Group 5: Community Engagement and Social Responsibility - The company collaborated with local volunteer organizations to offer services such as fraud prevention and broadband testing during the event [10] - Efforts were made to extend support beyond the event, contributing to community welfare and enhancing public engagement [10] Group 6: Future Implications - The experiences and infrastructure developed during the National Games will contribute to the ongoing construction of a smart Huizhou, enhancing digital connectivity for residents [11] - The innovations tested during the event are expected to set a benchmark for future digital applications and urban management [11]

Core Insights - China Telecom Quantum Research Institute announced the completion of the "Tianyan-287" superconducting quantum computer, which features 105 data qubits and 182 coupling qubits, developed in collaboration with Keda Guandun Quantum Technology Co., Ltd [1][2] - The quantum computing system demonstrates "quantum computing superiority," processing specific problems 450 million times faster than the fastest supercomputer currently available, and will be integrated into the "Tianyan" quantum computing cloud platform for global application services [1][2] Group 1 - The construction of "Tianyan-287" showcases breakthroughs in three areas: "national production," "AI empowerment," and "super fusion" technology [2] - The hardware and components used in "Tianyan-287" are entirely domestically produced, with key parts like large-capacity dilution refrigerators and low-temperature components developed by local manufacturers [2] - The team developed an AI-enabled automatic calibration system for superconducting chip parameters, achieving efficient and high-precision calibration and maintenance of the quantum computing system [2] Group 2 - The integration of the superconducting quantum computer with the "Tianyi Cloud" supercomputing platform allows for high-bandwidth super fusion, enabling low-latency interaction between quantum computing and supercomputing resources [2] - The "Tianyan" quantum computing cloud platform was officially launched in November 2023, merging Tianyi Cloud supercomputing capabilities with 176 qubit superconducting quantum computing capabilities [2] - The platform has seen over 37 million visits, serving users across more than 60 countries and regions, with over 2.7 million experimental tasks completed [2] Group 3 - The company aims to provide computational support for more industry users and research institutions, expanding the application boundaries of quantum computing and enhancing China's core competitiveness and influence in the field [3]

Core Insights - Anhui Huangshan Scenic Area has initiated a comprehensive digital transformation, achieving full 5G-A network coverage across core attractions, enhancing network speed by 3 to 5 times, with peak download rates reaching up to 3 Gbps [2] Group 1: Low-altitude Economy - The scenic area has transitioned from a traditional "cableway + manpower" logistics model to a drone-based delivery system, addressing the challenges posed by an aging workforce and insufficient transport capacity [4] - A fixed 3.2 km drone route was established for regular transport, allowing drones to complete round trips in just 17 minutes, effectively transporting 2,268.77 tons of various goods from May 2023 to October 2025 [4] - The drone operations are independent of tourist pathways, ensuring safety and minimizing ecological disruption, thus creating a green transport system [4] Group 2: Tourism Live Streaming - Since launching its first official live streaming channel in 2020, Huangshan Scenic Area has developed a unique tourism IP through "tour guide live streaming," with hundreds of guides broadcasting daily [6] - The 5G-A network enables a stable, high-speed communication system that overcomes signal attenuation issues, providing an immersive and personalized online experience for visitors [6] Group 3: Resource Protection - The scenic area employs a smart fire prevention system powered by the 5G-A network, utilizing AI for real-time monitoring and early warning of forest fires, maintaining a 46-year record without forest fires [7] - This integration of technology and ecological protection exemplifies a successful model for safeguarding the area's authenticity and integrity [7] Group 4: Broader Applications - Beyond Huangshan, the 5G-A network is enhancing other cultural tourism sites, such as Hongcun, where a smart management platform has been established to oversee security, traffic, and visitor flow [9] - In Lingshan Village, digital infrastructure is driving local entrepreneurship, with traditional industries experiencing rapid growth, showcasing the potential of digital technology in rural revitalization [9] - The collaboration between China Telecom Anhui and Huawei highlights the transformative role of 5G-A technology in activating low-altitude economies, reshaping tourism experiences, and protecting natural resources [9]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [12] Core Insights - The communication sector continues to experience high growth in Q3 2025, driven by AI, with a significant expansion in computing power infrastructure and deepening applications [2][10] - The overall revenue for the communication industry (excluding the three major operators) reached CNY 659.77 billion in the first three quarters of 2025, a year-on-year increase of 16.10%, with a net profit of CNY 51.44 billion, up 19.20% [20][24] - In Q3 2025, the sector achieved revenue of CNY 225.41 billion, a 16.41% increase year-on-year, and a net profit of CNY 17.89 billion, reflecting a 26.42% growth [20][24] Summary by Sections Industry Overview - The communication industry shows sustained performance with a continued high level of sector prosperity, driven by strong demand for AI and optical communication [20][29] - The revenue growth for various sub-sectors includes optical devices, which saw a significant increase, and IDC and related equipment, which also experienced substantial growth [29] Computing Power Industry Chain - Operators are seeing a slight recovery in revenue growth, with capital expenditures increasingly directed towards intelligent computing centers [8] - The demand for high-speed interconnects is surging, leading to significant revenue and profit growth in optical modules, while supply constraints are pushing up profit margins [8][29] Big Connectivity Industry Chain - The Internet of Things (IoT) continues to grow, driven by 5G penetration and demand for smart terminals, with stable revenue and profit growth across the industry [9] - The satellite communication sector is also witnessing upward trends in revenue and profit, with accelerated civilian applications of satellite technology [9] Investment Recommendations - The report recommends focusing on key players in various segments, including operators like China Mobile, China Telecom, and China Unicom, as well as companies in optical modules, IDC, and AI applications [10][31]

Core Viewpoint - The company, Invt, has confirmed that its products are being applied in projects related to China Telecom through partnerships with system integrators in a "project-level" collaboration [2] Group 1 - The company engages in project-level cooperation with system integrators [2] - The application of the company's products is specifically linked to China Telecom-related projects [2]

人民财讯11月19日电，11月18日，斯洛文尼亚、罗马尼亚、波兰、斯洛伐克、匈牙利、塞尔维亚、克罗 地亚等中东欧多国政商界联合考察团参访雄安新区，先后到启动区综合服务中心、中国电信（601728） 智慧城市产业园等地实地考察，并参加专题介绍会，深入了解雄安新区规划建设发展情况。 ...

Core Points - Huang Xudan, former General Manager of the Audit Department at China Telecom Group, has been reassigned as a full-time external director at a state-owned enterprise [1][3] - Huang, born in 1969, is 56 years old and has not yet reached the typical retirement age for second-level cadres at 58 [3] - Huang has a long-standing career in financial management and auditing, having previously held significant positions at China Unicom and China Telecom [3][4] Summary by Sections - **Career Background** - Huang Xudan started her career at China Unicom, quickly rising to the position of Deputy General Manager of the Finance Department [3] - In 2008, she transitioned to China Telecom when the C network was transferred from Unicom, becoming Deputy General Manager of the Finance Department at China Telecom [3] - She was promoted to Chairman of Tianyi Financing Leasing Company in 2021 and later became General Manager of China Telecom Finance Company [3] - In 2023, she took over as General Manager of the Audit Department, a position she has now vacated [3] - **Reputation and Recognition** - Huang is recognized for her low-profile yet diligent work ethic, having been entrusted with multiple key roles, including Chairperson of the Supervisory Board of China Tongfu and Tianyi Cloud Technology Company [4] - Her annual pre-tax salary for 2024 is reported to be 740,000 [4]

Core Viewpoint - Changfei Optical Fiber (601869) and its cable segment saw a significant stock price increase, attributed to advancements in optical fiber technology and growing demand driven by AI computing needs [1] Company Summary - Changfei Optical Fiber's stock rose over 8% during trading, closing at 36.2 HKD with a transaction volume of 554 million HKD [1] - The company is positioned to benefit from the advancements in hollow-core fiber technology, which is expected to be a strategic growth lever [1] Industry Summary - China Telecom (601728) achieved a milestone by successfully completing the world's first transmission experiment using hollow-core fiber over a distance exceeding 100 kilometers, setting a new record in the field [1] - The experiment's four core indicators reached globally leading levels, indicating significant progress in quantum-classical co-transmission technology [1] - According to Zhongtai Securities (600918), the explosion of AI computing power demand in 2025 will be a key driver for optical fiber demand, with data centers transitioning to 800G/1.6T networks [1] - UBS highlighted the long-term development potential of hollow-core fiber, predicting that technology will mature over the next 2-3 years, contributing significantly to revenue, although short-term profit impacts remain limited [1]