移动合作伙伴大会召开，星舰五飞成功

Investment Rating - The report maintains a "Buy" rating for China Mobile and China Telecom, and a "Hold" rating for China Unicom [1][33]. Core Insights - The report highlights three key points from the 12th China Mobile Global Partner Conference: 1) Initiation of strategic emerging industry co-chain cooperation to accelerate the formation of new productive forces; 2) Intensive release of AI large model achievements; 3) Launch of the low-altitude economy industry conference, introducing a high-quality development capability system [2][3][5]. - The report suggests focusing on investment opportunities in AI, low-altitude, and new productive forces driven by state-owned operators [2][3]. - The report emphasizes the significance of SpaceX's recent successful flight, suggesting investment opportunities in the commercial aerospace sector [2][19]. Summary by Sections Market Overview - The communication index fell by 1.99% last week, while the Shanghai Composite Index and Shenzhen Component Index fell by 3.56% and 4.45%, respectively [2][25]. Key Developments - China Mobile launched a strategic emerging industry co-chain cooperation initiative during the conference, aiming to promote the integration of industrial chains and technological innovation [3][4]. - AI was a central theme at the conference, with China Mobile releasing a new multi-modal base model and 30 self-developed industry models, setting a standard for evaluating large models [4][5]. - The low-altitude economy development capability system was introduced, focusing on various layers including terminal, network, platform, and application, to enhance low-altitude economic development [5][6]. Company Recommendations - The report recommends several companies for investment, including China Mobile, China Telecom, China Unicom, ZTE, and others, highlighting their growth potential and market positions [1][33]. - Specific target prices and investment ratings for these companies are provided, indicating a positive outlook for their financial performance [33][34][35].