Group 1 - The company Tianyi Co., Ltd. announced on September 19 that it has been selected as one of the successful bidders for the China Telecom dual-band broadband integrated terminal centralized procurement project for the years 2024 to 2026 [2] - The announcement was made following the disclosure of the company as a candidate for the transaction on September 11, 2025 [2] - The company has received the "Notice of Transaction" confirming its status as one of the successful bidders in the second round of inquiries for the procurement project [2] Group 2 - The procurement project is significant as it involves the supply of dual-band broadband integrated terminals, indicating a focus on enhancing broadband capabilities [2] - This development may position the company favorably within the telecommunications industry, particularly in relation to partnerships with major telecom operators like China Telecom [2] - The announcement reflects the company's ongoing efforts to secure contracts in the competitive telecommunications market [2]

Core Viewpoint - The recent guidance from the Ministry of Industry and Information Technology (MIIT) aims to promote the development of satellite communication services, allowing for direct satellite connectivity in areas lacking mobile network coverage, thus creating significant opportunities in the commercial space sector [1] Group 1: Industry Developments - The MIIT has issued guidelines to optimize business access and stimulate innovation in the satellite communication industry, facilitating the opening of satellite communication services [1] - Satellite communication differs from traditional mobile networks as it does not require ground base stations, utilizing high-orbit communication satellites for connectivity [1] - The Tian Tong satellite system, consisting of three satellites, provides coverage across China and Southeast Asia [1] Group 2: Company Initiatives - Starting from September 2023, China Telecom has begun offering direct satellite services for mobile phones and vehicles, with nearly 3 million users currently connected to the Tian Tong satellite [1] - The MIIT has officially granted China Unicom a license for satellite mobile communication services, with China Mobile's related business license expected to be issued soon [1] - The Tian Qi constellation, China's first low-orbit satellite IoT constellation, was completed in May 2023, offering smaller terminals and lower power consumption for broader and more cost-effective IoT services [1]

Group 1 - China Tower Corporation Limited, a subsidiary of China Telecom, announced a public bidding for the "Industry Data Space Application R&D Service Project" on September 19, 2025, with a budget of 1.27 million yuan [1] - China Telecom holds a 20.50% stake in China Tower Corporation Limited, according to equity penetration data [1]

Core Viewpoint - China Telecom officially launched the "Tianyi Smart Screen" as part of its strategy to embrace artificial intelligence and enhance its cloud transformation, aiming to create a "smart home" experience through various intelligent services [1][2]. Group 1: Product Features - The Tianyi Smart Screen serves as a central hub for family voice interaction, smart control, and AI ecosystem integration, focusing on providing a comprehensive smart home experience [1]. - Key features include safety monitoring, health management, and travel planning, with capabilities such as remote gas shut-off, fall detection for the elderly, and health data management [2]. - The device supports multiple dialects, including Cantonese and Shanghainese, with plans to expand further, catering to diverse user needs [2]. Group 2: User Experience - During the launch event, attendees experienced live demonstrations of the Tianyi Smart Screen's functionalities, including safety monitoring and health consultations, showcasing the convenience and security of digital living [3]. - The device allows users to perform various tasks through voice commands, such as checking travel information and making video calls, enhancing both convenience and entertainment [2].

Group 1 - The company, Tianyi Co., has received a "Notice of Transaction," confirming its status as one of the successful bidders for China Telecom's dual-band broadband integrated terminal centralized procurement project for the years 2024-2026, with an expected transaction amount of 41 million yuan (including tax) [1]

Group 1 - The company, Tianyi Co., has received a "Notice of Transaction" confirming its status as one of the successful bidders for China Telecom's dual-band broadband integrated terminal centralized procurement project for the years 2024-2026, with an expected transaction amount of 41 million yuan (including tax) [1]

Group 1 - The company Tianyi Co., Ltd. has signed a procurement framework agreement with China Telecom Group Co., Ltd. and China Telecom Corporation Limited for the "China Telecom Home FTTR Equipment (2024-2025) Centralized Procurement Project Inquiry (Second) Equipment and Related Services" [1] - The agreement is valid from September 11, 2025, to December 31, 2025 [1]

Core Viewpoint - China Telecom officially launched the "Tianyi Smart Screen" as part of its "Beautiful Home" brand, aiming to create a smart home hub that integrates AI technology for various services including safety, health management, travel planning, and cultural interaction [1][4]. Group 1: Product Features - The Tianyi Smart Screen emphasizes safety features, offering services such as gas stove monitoring and health management through AI integration [2]. - It can remotely control gas stoves, provide alerts for potential risks, and monitor elderly individuals for falls, ensuring comprehensive home safety [2]. - The device also includes health management features like medication reminders, real-time health data entry, AI health consultations, and remote video consultations [2]. Group 2: User Interaction and Applications - The Tianyi Smart Screen supports voice commands for various daily needs, including travel inquiries, ticket bookings, and family video calls, enhancing user convenience [2]. - It features multi-dialect voice recognition, including Mandarin, Cantonese, and Shanghainese, with plans to expand to more dialects in the future [2][3]. - The product allows users to access additional applications such as data usage checks, top-ups, AI-generated art, storytelling, and poetry assistance [2]. Group 3: Future Development - China Telecom is committed to continuous innovation and product iteration to enhance user experience and lead the digital home into a smarter, safer, and more comforting era [4].

Group 1 - The communication services sector experienced a decline of 0.55% on September 19, with Beiwei Technology leading the drop [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] - Key stocks in the communication services sector showed varied performance, with notable gainers including Lian Technology (+4.68%) and Yuandao Communication (+4.26%) [1] Group 2 - Beiwei Technology saw a significant decline of 9.88%, closing at 10.95, with a trading volume of 997,600 shares and a turnover of 1.121 billion yuan [2] - The overall net capital outflow from the communication services sector was 1.346 billion yuan, with retail investors contributing a net inflow of 1.58 billion yuan [2] - Other notable decliners included Shiji Dingli (-3.28%) and Erli San (-3.05%), indicating a challenging day for many stocks in the sector [2]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][42]. Core Viewpoints - The year 2025 marks the beginning of 6G standardization, with 3GPP fully initiating research on 6G technology. A unified global technical standard is essential for building the 6G ecosystem and promoting industrial scale applications and sustainable development [3][38]. - The communication industry is currently in a phase of technological iteration and policy dividends, with new productivity directions such as AI, quantum communication, and low-altitude economy expected to continuously release growth momentum. The recovery of cellular IoT modules from inventory adjustments and ongoing construction of communication facilities like base stations and data centers will drive demand for new devices, equipment, and service operations [3][38]. - The report suggests focusing on three main lines of enterprise opportunities: "technology commercialization + policy catalysis + performance certainty" [3][38]. Summary by Sections 1. Industry Market Review - The communication sector index rose by 8.52% over the two weeks from September 5 to September 18, outperforming the CSI 300 index by 5.48 percentage points, ranking 5th among 31 first-level industries. Year-to-date, the communication sector has increased by 63.03%, surpassing the CSI 300 index by 48.72 percentage points [10][11]. 2. Industry News - China Telecom achieved the first 6G standard project approval in the 3GPP, marking a significant milestone in international standardization efforts [14]. - Microsoft signed a $6.2 billion agreement to build AI infrastructure in Norway, aiming to enhance service support for the European market [15][17]. - The global Ethernet switch market revenue reached $14.5 billion in Q2 2025, showing a year-on-year growth of 42.1%, driven by rapid data center expansion [18]. - The global enterprise WLAN market grew by 13.2% year-on-year in Q2 2025, reaching $2.6 billion, fueled by the rapid adoption of new Wi-Fi standards [19]. 3. Company Announcements - China Unicom signed a financial services agreement with its subsidiary, expected to facilitate daily business operations [21][22]. - Guangxun Technology plans to raise up to 3.5 billion yuan for projects related to optical connectivity and high-speed optical transmission [24]. 4. Industry Data Updates - As of July 2025, the mobile phone user base reached approximately 1.815 billion, a year-on-year increase of 2.68% [25]. - The length of optical cable lines reached about 73.77 million kilometers in Q2 2025, a year-on-year increase of 9.91% [31]. - The total number of 5G base stations reached 4.598 million by July 2025, with a net increase of 348,000 from the end of the previous year [35]. 5. Investment Recommendations - The report recommends focusing on companies such as China Mobile, China Telecom, FiberHome, Yangtze Optical Fibre, and Weisheng Information, which are expected to benefit from the ongoing technological advancements and policy support in the communication sector [38].