Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The new calling service integrates media, data interaction, and application functions into traditional audio and video calls, providing innovative real-time communication services that are fun, intelligent, and diverse, becoming a key focus for operators' transformation and industry empowerment [2][3] - The introduction of interactive data channels and mini-program-based service models increases the complexity of security risk prevention in network, operation, and business management [2][3] - The report evaluates potential security risks associated with new calling services, including anti-fraud security and capability opening security, and proposes strategies for developing a comprehensive and efficient business security capability system [3][44] Summary by Sections 1. Development Trends of New Calling Services - The new calling service is an upgrade of traditional audio and video calls, providing multimedia calling and deep integration with data applications to meet diverse communication needs [6][7] - The commercial use of new calling services is divided into two phases: the first phase focuses on video calling enhancements, while the second phase introduces data channel-based services [8][9] 2. Security Risks and Protection Strategies - The report identifies various security risks, including network-side security, mini-program security, terminal-side security, data security, and intercommunication security [22] - Specific risks include control plane security, media plane security, and the need for compliance and security audits for mini-programs [22][29] 3. Future Business Security of New Calling - The report anticipates that the integration of new calling services with industry digital transformation will lead to the evolution from audio-video communication to multimodal communication, blurring the boundaries of network security [44][45] - It emphasizes the importance of building a robust security capability system to support the healthy and sustainable development of new calling services [45] 4. Security Development Strategy Recommendations - The report suggests enhancing internal security risk management through standardization, integrating dynamic risk identification into daily operations, and learning from internet business practices for rapid iteration of risk management measures [52][53][55]

Investment Rating - The report provides a positive investment rating for the manufacturing industry's digital transformation, highlighting significant growth potential and ongoing initiatives across various provinces and cities in China [1]. Core Insights - The report emphasizes the importance of digital transformation in the manufacturing sector, driven by advancements in information technology and the integration of smart manufacturing practices [2][3]. - It outlines various successful case studies from different regions, showcasing how local governments and enterprises are implementing digital strategies to enhance productivity and efficiency [2][3]. - The report identifies key trends such as the adoption of industrial internet platforms, AI technologies, and digital twins, which are crucial for achieving high-quality development in manufacturing [3][4]. Summary by Sections Provincial Insights - Zhejiang Province is leading with a "smart brain + future factory" approach to accelerate digital transformation [2]. - Anhui Province focuses on "two full coverage" strategies to enhance manufacturing digitization [2]. - Fujian Province is pursuing "smart upgrades" to leverage digital technologies for manufacturing [2]. - Shanghai is promoting "chain development" to improve the quality and efficiency of its manufacturing sector [2]. City Insights - Beijing's Shunyi District is advancing digital transformation for high-quality regional manufacturing development [2]. - Tianjin's Beichen District is applying an integrated model to promote digital transformation in manufacturing [2]. - Wuxi City in Jiangsu Province is driving digital transformation through a dual supply-demand approach [2]. Enterprise Case Studies - Beijing Tianma Smart Control Technology Co., Ltd. is utilizing advanced manufacturing technologies to build smart factories [3]. - CRRC Tangshan Railway Vehicle Co., Ltd. is implementing a digital design platform for integrated engineering design [3]. - Jiangsu Bosideng Technology Co., Ltd. is leveraging digital solutions for comprehensive lifecycle management in the apparel industry [3]. - Haier Smart Home Co., Ltd. is integrating digital processes across its entire supply chain for transformation [3].

Industry Overview - Edge computing is becoming a new direction in the computing system, a new format in the information field, and a new platform for industrial transformation, serving as a critical infrastructure for the digital and intelligent transformation of vertical industries [2] - The global digital wave is driving the rapid development of edge computing, which provides key capabilities such as computing, networking, and intelligence to accelerate economic transformation and upgrading [2] - China has issued several policies to promote the development of edge computing, including the "High-Quality Development Action Plan for Computing Infrastructure" and the "14th Five-Year Plan for Digital Economy Development" [9][11] Edge Computing Concept and Characteristics - Edge computing refers to the deployment of computing resources closer to data sources and users, reducing data transmission latency and improving response speed [16] - Edge computing is characterized by resource heterogeneity, network heterogeneity, ubiquitous distribution, low latency, low cost, and high privacy [19] - Edge computing is not just about new facilities or architectures but a new ecosystem that integrates network, computing, storage, application, and intelligence resources at the network edge [17] Key Technologies in Edge Computing - Edge computing infrastructure includes hardware resources (CPU, GPU, storage, network) and resource virtualization, which abstracts physical hardware into logical resources for unified management and scheduling [21][22][27] - Edge computing networks focus on distributed computing resource perception, measurement, scheduling, and control, enabling efficient resource allocation and task execution [33][34][39] - Edge intelligence involves deploying AI models at the edge for real-time decision-making, with key technologies including model optimization, edge training, and edge inference [42][51][60] Edge Computing Applications in Industrial Internet - Edge computing addresses the challenges of high latency, bandwidth pressure, and data security risks in traditional industrial internet applications by bringing computing resources closer to the data source [73] - In industrial internet scenarios, edge computing enables real-time control, fault prediction, and dynamic deployment of applications, improving production efficiency and flexibility [74][77] - A cloud-edge collaborative architecture, supported by 5G networks and edge computing, allows for rapid deployment and dynamic scheduling of industrial applications, enhancing operational efficiency [76][77] Edge Computing Security - Edge computing faces security risks such as node attacks, data privacy breaches, and network vulnerabilities, requiring comprehensive security measures across infrastructure, data, and network layers [65][66][69] - Security technologies for edge computing include lightweight data encryption, secure storage, and privacy-preserving computation, ensuring data integrity, confidentiality, and availability throughout its lifecycle [67][68] - Blockchain technology is being explored to ensure secure and trustworthy transactions in edge computing services, enabling distributed and trusted management of computing resources [72]

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Central Dynamics - The Central Committee of the Communist Party approved a decision on July 14 to actively respond to population aging and improve policies for the elderly care industry, promoting diverse and personalized employment opportunities for seniors[2] - The decision includes a gradual and orderly reform of the statutory retirement age based on voluntary and flexible principles, optimizing basic elderly care service supply, and encouraging social participation in mutual elderly care services[2] Ministry Dynamics - The Ministry of Industry and Information Technology released a telecommunications service quality notice for Q2 2024, indicating an effective improvement in information communication service levels[3] - The Ministry of Civil Affairs published eight recommended industry standards for elderly care facilities, effective from August 1, 2024, including guidelines for safety risk assessment and home environment adaptations for seniors[3] Local Progress - Shanghai's government issued an action plan for promoting elderly care technology innovation from 2024 to 2027, focusing on technology development, product application, and optimizing the industry ecosystem[4] - Yunnan and Ningxia provinces introduced measures to promote the silver economy, with Yunnan outlining five key tasks and 22 initiatives to enhance elderly services and product quality[4] Corporate and Social Actions - The first "Smart Elderly Assistance Conference" was held in Beijing on July 27, emphasizing the need for a collaborative approach to address aging, with a focus on technology and financial integration in elderly care[5] - A forum on "Human-Machine Relationships in the AI Era" was successfully held in Shenzhen, discussing the potential of robotics in elderly care and personalized education[5] - The "China Healthy Aging Development Blue Book (2023-2024)" was released on July 14, exploring new trends and policies in the elderly care industry, particularly in digital elderly care and the silver economy[6]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant advancements in China's efforts to eliminate inequality and protect economic, social, and cultural rights, including the successful poverty alleviation of nearly 100 million rural residents and the establishment of the world's largest education, social security, and healthcare systems [5][6] - The report emphasizes the importance of developing the silver economy, focusing on elderly products, rehabilitation aids, smart health care, and age-friendly transformations to promote high-quality development in the aging industry [7][13] Summary by Sections International Dynamics - Chinese representatives shared achievements in eliminating inequality and protecting economic and social rights at the UN Human Rights Council [5] - The report mentions the historical accomplishments of China in poverty alleviation and the establishment of inclusive environments for disabled individuals [5] Central Dynamics - The Central Political Bureau of the Communist Party of China discussed current economic conditions and emphasized the need to support the development of elderly care and childcare industries [7] Ministry Dynamics - The Ministry of Industry and Information Technology released the "2024 Elderly Products Promotion Directory," which includes products aimed at improving the quality of life for the elderly [8] - The Ministry of Civil Affairs reported on the progress of elderly care services, highlighting a shift towards serving all elderly individuals and improving service quality [9] Local Progress - Jiangsu Province issued an implementation plan to promote high-quality development in the silver economy, focusing on ten key areas including elderly products and smart health care [13] - Gansu Province's new regulations on barrier-free environment construction will take effect on November 1, 2024, aiming to improve accessibility for the elderly and disabled [14] Corporate and Social Actions - A forum on digital technology for the elderly was held, promoting practices and innovations in age-friendly technology [15][17] - A joint initiative was launched to collect outstanding cases of technology assisting the disabled, focusing on products and solutions that leverage modern technology [18]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report emphasizes the growing demand for computing power resources driven by the digital transformation of industries and households, highlighting the importance of all-optical capacity as a foundational support for connecting users and computing resources [3][4] - It identifies key application scenarios in various sectors such as smart transportation, industrial simulation, digital cultural tourism, and smart home entertainment, while also exploring distributed model training scenarios [3][4] - The report outlines critical technologies required to meet the quality computing needs of enterprises and users, including ultra-large bandwidth, determinism, high reliability, business awareness, and collaborative computing [3][4] Summary by Sections Overview - The report discusses the emergence of various computing applications that create new demands and challenges for networks, driven by the growth of consumer internet and industrial internet applications [7][8] - It notes that the construction of all-optical networks has made significant progress, with China having the largest optical fiber communication network globally, and highlights the rapid increase in the number of users with gigabit and above internet access [7][8] All-Optical Capacity Application Demand - **Smart Transportation**: The report details the upgrade of traffic cameras to smart cameras, which necessitates increased bandwidth from 9 Mbps for traditional cameras to 103 Mbps for high-definition smart cameras [9][10] - **Industrial Simulation**: It highlights the integration of cloud technology and AI in industrial simulation, emphasizing the need for high-performance computing and the ability to dynamically adjust bandwidth for data transmission [16][20] - **Digital Cultural Tourism**: The report discusses the trend of internet cafes moving to cloud services, with expectations of cloud adoption increasing from 6% in 2023 to 15% in 2024, requiring stable and high bandwidth for seamless user experience [22][26] - **Smart Home Entertainment**: It outlines the requirements for cloud gaming and VR applications, emphasizing the need for low latency and high bandwidth to ensure a smooth user experience [38][40] Key Technologies for All-Optical Capacity - The report identifies essential technologies such as ultra-large bandwidth, deterministic carrying, high reliability, business awareness scheduling, and collaborative computing control as critical for supporting industry applications [3][4] Industry Application Cases - The report presents various innovative application cases across sectors, including smart transportation, digital cloud internet cafes, smart home computers, and remote computing [3][4] Conclusion and Outlook - The report concludes by emphasizing the need for collaborative efforts in advancing all-optical capacity technologies and applications to support the digital economy's high-quality development [3][4]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report emphasizes the growing demand for computing power driven by the digital transformation and AI advancements, highlighting the importance of all-optical networks as a foundational infrastructure to support this demand [3][7] - It identifies four key demands for the all-optical network in the computing era: high-quality cloud access, urban computing interconnectivity, interconnectivity between hubs, and intelligent network scheduling [3][9] - The report outlines the target architecture and key technology systems for the all-optical network, aiming to provide flexible and high-quality access to computing resources [30][31] Summary by Sections 1. High-Quality Innovation Development in the Computing Era - The report discusses the increasing requirements for computing and network integration services due to AI advancements and the need for high-quality communication networks to support distributed computing clusters [7][8] - It highlights global initiatives to enhance optical network infrastructure as a foundation for digital economy development [7][8] 2. Four Key Demand Characteristics of the All-Optical Network - The report identifies four characteristics: stable high bandwidth, high reliability and security, deterministic low latency, and intelligent services [9][10] - It emphasizes the need for the all-optical network to evolve towards ultra-large bandwidth and ultra-low latency to meet the demands of various applications [9][10] 3. Target Architecture and Key Technologies of the All-Optical Network - The target architecture consists of four components: computing access network (DCA), interconnect network (DCI), data center network (DCN), and unified scheduling system [30][31] - The report outlines the importance of high-quality access and interconnectivity to enhance the efficiency of computing resource utilization [30][31] 4. High-Quality Cloud Access - The report discusses the global shift towards 10Gbps optical access networks, with various countries implementing plans to enhance broadband connectivity [11][12] - It highlights the increasing demand for high-bandwidth home networks driven by diverse applications and devices [12][16] 5. Urban Computing Interconnectivity - The report emphasizes the critical need for low-latency networks in sectors like finance, where microsecond-level latency savings are significant [22][23] - It discusses the requirements for cloud service providers to maintain low latency between availability zones [22][23] 6. Interconnectivity Between Hubs - The report notes the surge in demand for distributed computing clusters due to the training of large AI models, necessitating high-capacity interconnects between data centers [24][25] - It highlights the need for high reliability in data center interconnect networks to minimize downtime during model training [27] 7. Intelligent Network Scheduling - The report discusses the integration of AI and big data technologies to enhance the efficiency of network operations and resource management [28][29] - It emphasizes the importance of intelligent scheduling for optimizing computing resource allocation and service delivery [28][29]

Core Insights - The report emphasizes the importance of data as a fundamental resource and innovation engine, highlighting the need for a unified data factor market in China to enhance economic growth and industrial development [2][3] - It categorizes data factor markets into four types based on competition levels and transaction costs, which influences their development focus and value release pathways [2][3][10] - The report indicates that the contribution of the data economy to China's GDP reached 2.05% in 2023, reflecting a growth of 0.99 percentage points from 2022, showcasing the increasing role of data in driving economic growth [2][3][30] Group 1: New Theories - The report identifies four types of data factor markets: low transaction cost competitive markets, low transaction cost monopoly markets, high transaction cost monopoly markets, and high transaction cost competitive markets, each with distinct characteristics and development focuses [2][3][10] - It discusses the characteristics of data factors, emphasizing their scarcity due to high externalities and competition, which complicates their pricing and trading [7][10][19] - The marketization of data factors is seen as essential for maximizing efficiency and productivity, aligning with the principles of a socialist market economy [11][20] Group 2: New Developments - The report notes that data value realization is accelerating, with significant advancements in data resource management, asset registration, and market activity [2][3][29] - It highlights the establishment of a data management system and the formation of data management institutions at various levels to enhance data governance and utilization [29][30] - The report mentions the development of data infrastructure, which supports the entire lifecycle of data from collection to application, thereby improving data supply quality [30][31] Group 3: New Value - Data is recognized for its ability to enhance overall productivity and drive economic growth, with specific contributions from various industries such as agriculture, manufacturing, and healthcare [2][3][30] - The report outlines how data applications are fostering innovation across multiple sectors, indicating a clear path for data empowerment in achieving high-quality development [2][3][30] Group 4: New Strategies - Recommendations include improving data property rights, market access, fair competition, and data security governance to stimulate market vitality and unlock data value [2][3][30] - The report suggests a tailored approach to developing data factor markets based on their unique characteristics, advocating for support in data service industries to facilitate value release [2][3][30] - It emphasizes the importance of encouraging practical applications of data factors to stimulate corporate innovation and market engagement [2][3][30]

Global Quantum Computing Landscape - Quantum computing is entering a rapid development phase, with over 30 countries actively investing in quantum information technologies, including quantum computing [7] - The US has invested $39 39 billion in quantum information from 2019 to 2023, exceeding its initial $12 75 billion plan, with quantum computing receiving the highest share of $14 billion [8] - The EU has launched a new Quantum Flagship Program with short-term (2027) and mid-term (2030) goals to achieve leadership in quantum technology and industry [9] - China has integrated quantum computing into its national development strategy, with over 20 provinces including quantum computing in their local development plans [10] Technological Advancements and Challenges - Quantum computing research has seen a 4x increase in global publications over the past decade, with the US and China leading in both publication volume and patent applications [13][16] - Superconducting quantum computing remains the most prominent technology route, with 9380 patent applications and 3976 granted patents globally [18] - Quantum error correction research is advancing, with IBM achieving a 0 7% error threshold using 288 physical qubits to protect 12 logical qubits [30] - Multiple hardware routes (superconducting, ion trap, neutral atom, photonic, silicon-based) are competing, with no clear convergence in the near term [23][28] Industry Ecosystem and Investment Trends - Global quantum computing companies reached 329 by July 2024, with a significant slowdown in new company formation (only 1 new company in H1 2024) [19] - The US leads in quantum computing companies (93), followed by China (36), with superconducting technology being the most pursued route (25 companies) [20] - Quantum computing investments showed signs of recovery in H1 2024, with $1 2 billion raised, following a dip to $1 4 billion in 2023 from $2 billion in 2022 [21][22] - Venture capital remains the dominant funding source, accounting for over 60% of the 143 investment deals in 2023 [22] Application Exploration and Cloud Platforms - Quantum computing applications are being explored in finance, chemistry, biology, transportation, and AI, with potential market value estimated at $1 trillion by 2035 [40][41] - Quantum cloud platforms are emerging as a key service model, with IBM, IonQ, and Chinese companies like Origin Quantum offering access to various quantum processors [46][48] - China has launched several quantum cloud platforms, including Quafu (100+ qubits) and Tianyan (504 qubits), aiming to expand quantum computing applications [48][49] - Quantum-classical hybrid computing is gaining traction, with NVIDIA and Microsoft developing systems to integrate quantum and classical computing resources [56] Benchmarking and Standardization - Quantum computing benchmarking is evolving, with IBM introducing new metrics like EPLG and CLOPSh to better assess hardware performance [52] - The QED-C updated its application-oriented benchmarking suite in 2024, expanding evaluation criteria for quantum algorithms like HHL and VQE [53] - Standardization is becoming a focus area, with international efforts to establish evaluation systems and interoperability standards for quantum computing [54]