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]

Core Viewpoint - China Telecom has successfully completed the world's first transmission experiment using hollow-core fiber over a distance exceeding 100 kilometers, marking a significant breakthrough in quantum-classical co-fiber transmission technology [1] Company Summary - Longi Fiber Optic Cable (06869) saw its stock price increase by over 8% during trading, closing at 36.2 HKD with a transaction volume of 554 million HKD [1] - UBS indicates that hollow-core fiber has long-term development potential, with expectations for technology maturation and significant revenue contributions in the next 2-3 years, although short-term impacts on profitability remain limited [1] Industry Summary - According to Zhongtai Securities, the explosion in AI computing power demand will be the main driver for fiber optic demand by 2025, as data centers transition to 800G/1.6T networks to ensure training efficiency for large AI clusters [1] - Hollow-core fiber is viewed as the ultimate solution for internal communication within AI clusters and ultra-low latency data center interconnects (DCI) [1]

Core Points - Jiangsu Province signed a strategic cooperation agreement with China Telecom Group on November 17, aiming to enhance collaboration in digital economy development and infrastructure construction [1] Group 1: Strategic Cooperation - The agreement is seen as a catalyst for deepening cooperation in new infrastructure, emerging industries, and social governance [1] - Jiangsu's leadership expressed gratitude for China Telecom's support in the province's development [1] Group 2: Digital Economy Development - Jiangsu is focusing on the integration of the real economy and digital economy, leveraging opportunities in digitalization, networking, and intelligence [1] - China Telecom plans to implement the "Smart Cloud Jiangsu" initiative, collaborating closely with research institutions and enterprises across the industry chain [1] Group 3: Future Prospects - Both parties aim to contribute significantly to the construction of a digital China through their partnership [1] - The collaboration is expected to expand in breadth and depth, promoting mutual benefits [1]

Core Viewpoint - The strategic cooperation agreement signed between Jiangsu Province and China Telecom aims to enhance digital economy development and infrastructure construction in the region [1] Group 1: Strategic Cooperation - Jiangsu Province and China Telecom signed a strategic cooperation agreement on November 17 [1] - The agreement is seen as a catalyst for deepening collaboration in new infrastructure, emerging industries, and social governance [1] Group 2: Digital Economy Development - Jiangsu is focusing on digitalization, networking, and intelligence to reshape its economic advantages [1] - The province is implementing the "Artificial Intelligence +" initiative to integrate the real economy with the digital economy [1] Group 3: Collaborative Efforts - China Telecom plans to leverage its strengths to implement the "Smart Cloud Jiangsu" initiative, collaborating closely with research institutions and enterprises [1] - The goal is to expand the breadth and depth of cooperation with Jiangsu, aiming for mutual benefits [1]

Core Points - Jiangsu Province signed a strategic cooperation agreement with China Telecom on November 17, emphasizing the importance of digital economy development and collaboration in new infrastructure and emerging industries [1] Group 1: Strategic Cooperation - The agreement aims to deepen cooperation in new infrastructure construction, emerging industries, and social governance [1] - Jiangsu's leadership expressed gratitude for China Telecom's support in the province's development [1] Group 2: Digital Economy Development - Jiangsu is focusing on digitalization, networking, and intelligence to enhance its economic growth [1] - China Telecom plans to leverage its strengths to implement the "Smart Cloud Jiangsu" initiative, collaborating closely with research institutions and industry partners [1]

Core Viewpoint - China Telecom has successfully completed a transmission experiment of over 100 kilometers using hollow-core optical fibers, setting a new record in the field [1] Group 1: Technological Breakthrough - The joint transmission of quantum and classical signals is a key bottleneck for the large-scale deployment of quantum communication [1] - The research team proposed an innovative spectrum collaborative allocation mechanism, achieving efficient and stable joint transmission of quantum and classical signals, addressing the interference issue in traditional solid-core fibers [1] Group 2: Industrial Implications - The industrialization prospects of this technological breakthrough are widely regarded as promising, injecting innovative momentum into multiple fields [1] - In network construction, this technology can significantly reduce the integration deployment costs of quantum communication with existing classical communication networks, accelerating the large-scale implementation of quantum communication and promoting the rapid development of related industries [1] Group 3: Recent Achievements - China Telecom has been continuously focusing on quantum-related innovative technologies, recently achieving new results in quantum computing [1] - The superconducting quantum computer "Tianyan-287," equipped with the same chip as "Zuchongzhi No. 3," has officially started operation, demonstrating "quantum superiority" by processing specific problems 450 million times faster than the fastest supercomputer currently available [1]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [11]. Core Insights - In the 46th week of 2025, the communication sector experienced a decline of 4.70%, ranking 32nd among major industries, while it has risen by 55.59% since the beginning of the year, ranking 2nd [2][4]. - Tower's Q3 performance validates the high demand for silicon photonic modules, with a $300 million investment to expand PIC capacity, expected to triple by the second half of 2026 [2][7]. - Global computing infrastructure continues to expand, with Anthropic announcing a $50 billion investment to build custom data centers in Texas and New York, and Microsoft unveiling its "planetary" AI super factory architecture [6][7]. Summary by Sections Market Performance - The communication sector's performance in the 46th week of 2025 showed a 4.70% decline, while year-to-date, it has increased by 55.59% [2][4]. - Among companies with a market capitalization above 8 billion, the top gainers were Online and Offline (+46.6%), Sanwei Communication (+8.6%), and Cambridge Technology (+6.6%), while the biggest losers were Keda (-14.4%), Guodun Quantum (-14.3%), and Lian Te Technology (-12.0%) [4]. Company Performance - Tower's Q3 revenue reached $396 million, a year-on-year increase of 7%, with net profit at $54 million, up 15% [5]. - The silicon photonic business generated approximately $52 million in revenue in Q3, a 70% year-on-year increase, with an expected annual revenue exceeding $220 million, more than doubling from $105 million in 2024 [5]. - The company plans to invest an additional $300 million to expand PIC wafer capacity, with a total investment of $650 million, and anticipates revenue from the silicon photonic business to exceed $900 million in the future [5]. Investment Recommendations - The report recommends several companies based on their sectors: - Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid Cooling: Invec - Hollow Core Fiber: Fenghuo Communication, Hengtong Optic-Electric, Zhongtian Technology - Domestic Computing: Runze Technology, Guanghuan New Network, Aofei Data, Huafeng Technology, Guangxun Technology, ZTE, Unisplendour - AI Applications: Boshi Jie, Heertai, Tuobang Co., Yiyuan Communication, Meige Intelligent, Guanghetong - Satellite Applications: Huace Navigation, Haige Communication, Canqin Technology [7].