Core Insights - The China Telecom Gansu Qingyang Intelligent Computing Power Center Phase I project is about to commence operations, marking a significant milestone in the construction of data center clusters in Qingyang and indicating a new phase of large-scale, high-quality operations for the national "East Data West Computing" project in Gansu [1] Group 1 - The first Qingyang computing power center (Phase I) was put into operation in August 2023, providing 1,664 racks of computing power [1] - The larger intelligent computing power center project is set to begin construction in October 2024, achieving main structure completion and civil works within just over a year [2] - The Phase I data center and dispatch center have been fully completed, with over half of the electromechanical supporting projects finished, and the introduction of external power is in the final stages [1][2] Group 2 - The intelligent computing center park is located in the core area of the digital industry in Xifeng District, with a total planned building area of approximately 183,000 square meters, a PUE value as low as 1.192, and a WUE value of 0.982, ultimately forming an advanced computing capacity of about 13,700 racks and 135 megawatts [2] - The park's scientific layout of personnel, vehicles, and goods flow, along with seven data center main buildings and complete supporting facilities, creates a reliable, flexible, and efficient modern computing base [2] - The Qingyang Telecom has signed contracts totaling over 330 million yuan, with a rack utilization rate of 97.06%, and high-performance computing services contracts nearing 80 million yuan, indicating a continuous optimization of business structure and strong growth potential [2]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector saw a 4.21% increase in the 52nd week of 2025, ranking 8th among major industries in the Yangtze River region. Year-to-date, the sector has risen by 87.14%, ranking 1st [2][4]. - Nvidia has entered a non-exclusive licensing agreement with AI inference chip leader Groq, with a transaction value of $20 billion, significantly above Groq's September valuation of $6.9 billion. This acquisition enhances Nvidia's capabilities in inference processing [5]. - Alibaba's Tongyi Laboratory has launched a self-developed layered architecture image model, Qwen-Image-Layered, which optimizes computing power and enables precise image editing, facilitating the international expansion of domestic multimodal large models [6]. - The Long March 12 rocket successfully completed its first flight, marking a milestone for China's commercial aerospace sector, with new regulations facilitating the listing of rocket companies on the Sci-Tech Innovation Board [7]. Summary by Sections Market Performance - In the 52nd week of 2025, the communication sector increased by 4.21%, with a year-to-date rise of 87.14%, leading among major industries [2][4]. - Top gainers in the sector include Tongyu Communication (+30.7%), Yongding Co. (+28.1%), and Beidou Star (+27.3%), while China Telecom (-5.3%), Dekeli (-3.6%), and Shijia Photon (-3.6%) faced declines [4]. Key Developments - Nvidia's acquisition of Groq focuses on Groq's LPU architecture, which uses on-chip SRAM to enhance memory access speed, improving the overall inference processing ecosystem [5]. - Alibaba's Qwen-Image-Layered model breaks traditional diffusion model limitations, achieving element-level decoupling and precise editing, thus supporting the export of domestic multimodal models [6]. - The successful flight of the Long March 12 rocket represents a significant advancement in commercial aerospace, with new guidelines supporting the listing of rocket companies [7]. Investment Recommendations - Recommended operators include China Mobile, China Telecom, and China Unicom. - For optical modules, recommended companies are Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Shijia Photon, with attention to Taicheng Light and Yuanjie Technology. - In liquid cooling, the recommendation is for Yingweike, while for hollow core fibers, Fenghuo Communication, Hengtong Optic-Electric, and Zhongtian Technology are suggested, with a focus on Changfei Optical Fiber. - For domestic computing power, recommended companies include Runze Technology, Guanghuan New Network, Aofei Data, Huafeng Technology, Guangxun Technology, ZTE, and Unisplendour. - In AI applications, recommended firms are Boshi Jie, Heertai, Tuobang Co., Yiyuan Communication, Meige Intelligent, and Guanghetong. - For satellite applications, recommended companies include Huace Navigation, Haige Communication, and Canqin Technology [8].

Core Viewpoints - The report anticipates a continuation of high demand for AI computing power in 2026, driven by both domestic and international investment opportunities in the computing power supply chain [21][23] - The investment strategy focuses on three main lines: embracing AI computing power, new productive forces, and core assets [21][22] Group 1: AI Computing Power Chain - The report predicts a significant increase in demand for 800G and 1.6T optical modules in 2026, benefiting leading manufacturers and upstream material suppliers [21][23] - Domestic liquid cooling manufacturers are expected to accelerate their international expansion, leveraging China's manufacturing advantages to gain market share [21][23] - The report highlights the importance of super nodes in bridging the performance gap between domestic and foreign computing cards, with 2026 projected as a pivotal year for domestic super node deployment [21][23] Group 2: Core Assets - Despite a slowdown in revenue growth for the three major domestic telecom operators, improved operational efficiency and declining capital expenditures are expected to support steady profit and dividend growth [22][21] - The telecom operators are positioned to play a crucial role in AI transformation across various industries, adhering to prudent investment and project evaluation principles [22][21] Group 3: Emerging Industries - The "14th Five-Year Plan" outlines significant investment opportunities in emerging sectors such as commercial aerospace, low-altitude economy, and quantum technology [22][21] - The commercial aerospace sector is expected to accelerate due to favorable policies, increasing launch frequencies, and technological advancements in reusable rocket technology [22][21]

Core Viewpoint - The announcement of the 2025 National Green Computing Power Facility List aims to promote the green and low-carbon development of computing power facilities in accordance with the national energy-saving and carbon reduction action plan [1]. Group 1: Industrial Sector - The list includes various computing power facilities in the industrial sector, such as Hongsheng Copper Industry Data Center [2]. - The facilities are part of a broader initiative to enhance energy efficiency and reduce carbon emissions in the industrial domain [1]. Group 2: Information and Communication Sector - Numerous data centers from China Telecom and China Mobile are featured, including the China Telecom Hangzhou Smart Computing Center and the China Mobile Yangtze River Delta (Jinhua) Data Center [2][3]. - These facilities are expected to contribute significantly to the digital infrastructure and support the transition to a low-carbon economy [1]. Group 3: Energy Sector - The list highlights energy-related computing power facilities, such as the State Power Investment Corporation Guian Data Center and the Southern Power Grid Green Smart Data Center [3][4]. - These facilities are crucial for integrating renewable energy sources and enhancing the overall efficiency of energy management [1]. Group 4: Internet Sector - The Internet sector is represented by facilities like the Karamay Carbon and Water Cooling Data Center and the New Silk Road Cloud Computing Center [4]. - These centers are designed to support large-scale data processing and storage while adhering to green standards [1]. Group 5: Financial Sector - Financial institutions are also included, with data centers such as the Bank of Communications Data Center and the People's Insurance Group Northern Information Center [4]. - This inclusion reflects the financial sector's commitment to sustainability and efficient data management practices [1]. Group 6: Public Institutions - The list features data centers from public institutions, including the Beijing Urban Sub-center Administrative Office Data Center [4]. - These facilities are essential for improving public service delivery and enhancing data management capabilities in government operations [1].

Core Viewpoint - The announcement of the "2025 National Green Computing Power Facility List" aims to promote the green and low-carbon development of computing power facilities in accordance with the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" issued by the State Council [2][3]. Group 1: Announcement Details - The announcement was made by six departments: the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Commerce, the Financial Regulatory Bureau, the National Administration of State Assets, and the National Energy Administration [2]. - The list includes various sectors, with a total of 60 facilities recognized for their contributions to green computing power [3][4]. Group 2: Sector Breakdown - **Energy Sector**: Two facilities were recognized: - State Power Investment Corporation Gui'an Data Center - Southern Power Grid Green Smart Data Center [3][4]. - **Industrial Sector**: Includes facilities such as: - Hongsheng Copper Industry Data Center - China Telecom Hangzhou Smart Computing Center [3][4]. - **Telecommunications Sector**: Notable entries include: - China Telecom's multiple data centers across various locations, including Wenzhou and Changji [3][4]. - **Financial Sector**: Facilities such as: - Bank of Communications Data Center in Pujiang Park (Phase I) - China People's Insurance Group Northern Information Center [5][6]. Group 3: Public Institutions and Educational Facilities - Public institutions and educational facilities also feature in the list, including: - Beijing Urban Sub-center Administrative Office Data Center - Karamay Vocational Technical College Data Center [6].

Core Viewpoint - The communication services sector experienced a decline of 1.09% on December 29, with ST Tongmai leading the losses, while the Shanghai Composite Index rose slightly by 0.04% [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3965.28, up 0.04% [1]. - The Shenzhen Component Index closed at 13537.1, down 0.49% [1]. - The communication services sector saw a net outflow of 994 million yuan from major funds, while retail investors contributed a net inflow of 626 million yuan [2]. Group 2: Individual Stock Performance - Jida Communication (300597) closed at 9.54, up 4.26% with a trading volume of 258,600 shares and a turnover of 247 million yuan [1]. - ST Tongmai (603559) closed at 7.29, down 4.95% with a trading volume of 22,200 shares and a turnover of 16.26 million yuan [2]. - The top gainers in the communication services sector included Jida Communication and ST Yitong, with respective increases of 4.26% and 3.35% [1][2]. Group 3: Fund Flow Analysis - Major funds showed a net inflow of 46.24 million yuan into Runze Technology (300442), while retail investors had a net outflow of 24.86 million yuan [3]. - Jida Communication (300597) had a net inflow of 13.11 million yuan from major funds, but a net outflow of 15.94 million yuan from retail investors [3]. - The overall fund flow indicates a mixed sentiment among different investor types within the communication services sector [2][3].

中国电信（601728）(00728)发布公告，经公司职工代表民主选举，一致同意选举关丽莘女士为公司第 八届董事会职工董事，其任期自2025年12月25日起至公司第八届董事会任期届满为止。 ...

近日，中国企业改革与发展研究会（中企研）2025（第九届）中国企业改革发展优秀成果申报审定发布 活动候选名单正式公布，中国电信翼支付与行业权威咨询机构联合申报的《数智科技型企业的改革创新 发展路径》改革案例在716项申报成果中脱颖而出，荣获"中国企业改革发展优秀成果"一等奖。 中国企业改革与发展研究会（中企研）是经国务院批准、国务院国资委主管的全国性一级社团组织，其 组织评选的"中国企业改革发展优秀成果"是国内企业改革领域具有高度权威性和影响力的奖项。本届受 理申报的716项成果经审定办公室初审、专家审定委员会复审，最终评选出特等奖5项、一等奖49项、二 等奖68项、三等奖78项。中国电信翼支付荣列一等奖榜单，标志着其改革实践获得国家层面的高度认 可。 获奖课题《数智科技型企业的改革创新发展路径》立足全球数字经济浪潮，聚焦人工智能、大数据、云 计算等技术驱动的产业变革，为响应国家"数字中国"战略，探索国有科技型企业的发展新路。中国电信 翼支付通过企业访谈、集中座谈、专家研讨等方式，深入调研数智科技企业的转型进展与成效，系统分 析当前数智科技型企业数字化转型现状及改革痛点，研究体制机制、技术应用、人才激励等关键 ...

Core Insights - China Telecom Research Institute, in collaboration with Peking University, has achieved a significant technological breakthrough in distributed inference optimization for large models, addressing the core contradiction between inference efficiency and hardware costs [1][2] Group 1: Technical Achievements - A high-efficiency, low-cost enterprise-level LLM inference optimization solution has been developed, covering major application scenarios for large model inference [1] - In multi-task scenarios, a scheduling algorithm was developed to reduce average end-to-end latency by 40% and decrease short request first token latency and decoding latency by 75% in mixed request lengths from 1k to 32k [2] - An improved low-bit quantization algorithm was implemented to compress model weights while maintaining accuracy, reducing the minimum deployment unit from 6 A800 units to 1, resulting in over 80% savings in hardware costs and a 50% increase in inference efficiency [2] Group 2: Practical Applications and Impact - Since its launch earlier this year, the technology has provided API services for over 30 research projects, processing more than 26 billion tokens, demonstrating its feasibility and performance gains in inference efficiency and throughput [3] - The technology has been piloted in various projects within the China Telecom Group and provincial companies, providing a reference for large-scale deployment solutions [3] - Future efforts will focus on further optimizing distributed inference technology and collaborating with industry partners to drive innovation and standardization in inference optimization [3]

智通财经APP讯，中国电信(00728)发布公告，经公司职工代表民主选举，一致同意选举关丽莘女士为公 司第八届董事会职工董事，其任期自2025年12月25日起至公司第八届董事会任期届满为止。 ...