Core Viewpoint - Morgan Stanley has reduced its stake in China Tower Corporation (00788) by selling 4,019,718 shares at a price of HKD 12.2516 per share, totaling approximately HKD 49.248 million, resulting in a new holding of about 278 million shares, representing 5.96% ownership [1] Group 1 - Morgan Stanley sold 4,019,718 shares of China Tower Corporation on December 12 [1] - The sale price per share was HKD 12.2516, leading to a total transaction value of approximately HKD 49.248 million [1] - After the reduction, Morgan Stanley's remaining shares in China Tower Corporation are approximately 278 million, equating to a 5.96% ownership stake [1]

Group 1 - Morgan Stanley reduced its stake in China Tower Corporation (00788) by 4,019,718 shares at a price of HKD 12.2516 per share, totaling approximately HKD 49.248 million [1] - After the reduction, Morgan Stanley's remaining shareholding is approximately 278 million shares, representing a holding percentage of 5.96% [1]

Core Viewpoint - The emphasis is on enhancing the integrated network layout of air, space, and ground to develop a digital infrastructure system that meets the needs of artificial intelligence development [1] Group 1: Strategic Initiatives - The company is urged to strengthen its strategic mission and value, focusing on building a robust information communication network foundation [1] - There is a call for greater efforts in centralized, scaled, and specialized operations to improve service and support capabilities comprehensively [1] Group 2: Innovation and Planning - The importance of reinforcing technological and industrial innovation is highlighted, along with the need to prepare a comprehensive "14th Five-Year" plan [1] - The company is encouraged to develop a differentiated competitive business system and accelerate the cultivation of emerging pillar industries [1] Group 3: Reform and Management - The necessity for deepening reforms and lean management practices is emphasized to ensure the successful completion of state-owned enterprise reform actions [1] - The goal is to promote more flexible and efficient governance and market-oriented operational mechanisms, enhancing resource allocation efficiency [1]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of integrating the spirit of the 20th National Congress with the implementation of key directives from General Secretary Xi Jinping, focusing on high-quality development and innovation in the telecommunications sector [1][2]. Group 1: Company Strategy and Development - China Tower Corporation has been committed to implementing the decisions of the central government, focusing on value creation through sharing, and continuously enhancing efficiency and quality [2]. - The company is advancing the transformation of communication towers into digital towers through the integration of "5G + AI + big data," which supports various industries and enhances its overall value [2]. - SASAC will continue to support the company in strengthening its core business and enhancing its capabilities to build a new generation of information infrastructure [2]. Group 2: Strategic Initiatives and Innovations - The company is urged to strengthen its strategic mission and enhance the collaborative layout of integrated networks, focusing on building a robust digital infrastructure that meets the needs of artificial intelligence development [3]. - Emphasis is placed on technological and industrial innovation, with plans to develop a differentiated competitive business system and cultivate emerging pillar industries [3]. - The company is encouraged to deepen reforms, improve management efficiency, and ensure that state-owned enterprise reforms are successfully concluded, enhancing resource allocation and safety production responsibilities [3]. Group 3: Governance and Leadership - The importance of integrating party leadership with business operations is highlighted, with a focus on promoting high-quality party building to ensure the company's high-quality development [3].

Core Viewpoint - Taobao Flash Purchase has announced a comprehensive upgrade of its "Five Ones" service, focusing on enhancing support for urban riders and addressing their core needs in daily life, including accommodation, meals, and community safety [1][4]. Group 1: Service Upgrades - The "One Station" initiative has established over 150,000 rider stations, providing amenities such as smart charging devices and emergency medical supplies [4]. - The "One Bed" program has resolved accommodation issues for over 2,000 riders in cities like Beijing and Shanghai, with affordable housing options available [4]. - The "One Meal" initiative has served over 22 million new employment group members across more than 90 cities, offering meals at an average cost of 6.49 yuan, with 70% of meals priced below 15 yuan [4][5]. Group 2: Community Engagement - The "Community Hero" initiative has launched the "随手拍 2.0" program, encouraging riders to report community safety issues and participate in emergency responses [1][8]. - Riders have contributed over 150,000 hours to community service through the "随手拍" project, which includes addressing public safety concerns and providing assistance to vulnerable populations [8][9]. - The program has also recognized 10 riders for their contributions, providing them with rewards and support [10]. Group 3: Future Goals - The company aims to enhance the professional recognition of urban riders, ensuring they not only earn a living but also achieve personal value in their roles [10]. - The ongoing initiatives are expected to drive significant growth in instant delivery orders, creating over one million new jobs and increasing average daily income for riders by 60% [9].

Core Viewpoint - China Tower Corporation's Sichuan branch has signed a strategic cooperation agreement with Jiuzhou Investment Holding Group to enhance collaboration in various sectors, aiming to contribute to regional economic development and high-quality enterprise growth [1][2]. Group 1: Areas of Cooperation - The agreement focuses on six key areas: low-altitude economy, new energy technology innovation, market resource integration, information technology cooperation, communication infrastructure construction, and smart digital product applications [2]. - Both parties aim to establish mechanisms for technological innovation, achievement transformation, and policy alignment to facilitate ongoing communication and deeper collaboration [2]. Group 2: Implementation and Management - Sichuan Tower will use Mianyang Tower Company as the strategic liaison point and will form a dedicated team to ensure the comprehensive implementation of the cooperation [2]. - The collaboration is intended to serve as a model for state-owned enterprise cooperation and industry win-win scenarios, contributing more to industry development [2].

Group 1: Market Overview - The Hong Kong stock market experienced declines across major indices, with the Hang Seng Index down 0.04%, the Hang Seng China Enterprises Index down 0.23%, and the Hang Seng Tech Index down 0.83% [2] - The total market turnover was HKD 182.48 billion, with short-selling accounting for 16.27% of the total turnover [2] - Northbound capital saw a net inflow of HKD 791 million, with Meituan, Xiaomi, and Agricultural Bank of China being the most actively bought stocks [2] Group 2: Economic Policy Insights - The Central Economic Work Conference outlined key tasks for the upcoming year, emphasizing the importance of domestic demand, economic stability, and reasonable price recovery [4][5] - The conference highlighted the need for a proactive fiscal policy, maintaining necessary fiscal deficits, and optimizing fiscal expenditure structures [4] - Monetary policy will remain moderately loose, focusing on stabilizing economic growth and guiding financial institutions to support key sectors [4] Group 3: Company Analysis - Meituan - Meituan reported a total revenue of RMB 95.5 billion for Q3, a year-on-year increase of 2%, slightly below expectations [7] - The adjusted operating loss was RMB 15.3 billion, with core local business losses significantly higher than expected, reflecting the impact of industry subsidies [7][10] - Despite short-term performance pressures, Meituan's long-term goals for its food delivery business remain unchanged, with a focus on maintaining high-quality orders [10] Group 4: Business Segment Performance - In the food delivery segment, Meituan saw a healthy year-on-year growth in daily orders, although revenue declined due to increased rider and user subsidies [8] - The flash purchase segment experienced strong growth in new user acquisition and order frequency, benefiting from a rich supply [8] - The hotel and travel segment also showed robust growth, with a nearly 20% increase in merchant numbers and user scale [8] Group 5: Financial Forecast and Valuation - The forecast for Q4 indicates a slight decline in core local business revenue, with expectations of reduced losses in the segment [10] - The target price for Meituan has been adjusted to HKD 120, reflecting a valuation based on future earnings and market conditions [10] - The management maintains a target of 100 million high-quality daily orders, indicating confidence in the company's operational efficiency and market position [10]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告的全部或任何部份內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 China Tower Corporation Limited 中國鐵塔股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份編號：0788） 更改2025年第二次特別股東大會及2025年第一次股東類別會議時間 茲提述中國鐵塔股份有限公司（「本公司」）日期為2025年12月8日的通函（「該通 函」）、本公司日期為2025年12月8日的特別股東大會之通告（「特別股東大會通 告」）、日期為2025年12月8日的2025年第一次H股股東類別會議之通告（「H股股 東類別會議通告」）、日期為2025年12月8日的2025年第一次內資股股東類別會議 之通告（「內資股股東類別會議通告」）、特別股東大會之適用的代表委任表格、H 股股東類別會議之適用的代表委任表格及內資股股東類別會議之適用的代表委任 表格（統稱「代表委任表格」）。除非本公告文義另有所指，本公告所用詞義與該通 函中的定義具有相同含義。 董事會謹 ...

Core Viewpoint - Shanghai is advancing its 5G network infrastructure to support marine services, aiming for significant coverage by the end of 2025, which will enhance the development of the marine economy and contribute to the construction of a maritime power [1][2]. Group 1: 5G Network Development - By December 2025, Shanghai plans to establish over 2,300 5G base stations for marine services, achieving coverage rates of 90% for coastal areas, 70% for nearshore, and 50% for offshore [1]. - The "5G Marine" initiative has created benchmark cases in various sectors, including smart ship manufacturing, 5G smart ports, maritime safety, logistics, and marine energy development [1]. Group 2: Future Plans and Infrastructure - In the next five years, Shanghai will focus on enhancing signal coverage in weak areas such as the Yangtze River estuary, offshore operation zones, and surrounding islands, with plans to establish 35 dedicated base stations and deploy approximately 100 5G network elements [2]. - The integration of "5G Marine" with smart waterways, intelligent ports, and green shipping initiatives will be promoted, aiming for a comprehensive and efficient marine infrastructure system [2]. - A collaborative mechanism will be established to enhance cooperation across provinces, industries, and departments, fostering an innovative community that combines government, industry, academia, and research [2].

来源：美通社 中国深圳2025年12月9日 /美通社/ -- GSMA深圳创新论坛今日成功举办，汇聚了来自商业、技术及政策 制定领域的领袖，共同探讨中国数字生态系统的三大变革增长引擎：移动AI、快速崛起的低空经济以 及全球市场机遇。 GSMA大中华区负责人斯寒（Sihan Bo Chen）表示："中国在数字基础设施建设、5G部署及AI的实际应 用方面持续引领全球发展。GSMA智库对21个国家/地区数千家企业的调查显示，中国在数字化转型方 面得分位居前列，在创新与技术发展领域处于领先地位[i]。 借助我们全面的AI最佳实践报告所提供的 洞察，今日的活动为行业领袖和各国政府打造了一个宝贵的交流平台，帮助分享成功经验、共同应对挑 战，并构建推动行业前行的合作伙伴关系。" GSMA创新论坛是GSMA的标志性年终平台，旨在就行业最关键的议题展开对话。 论坛以往均在北京 举办，今年则首次在深圳举行。作为低空经济基础设施和供应链发展的先行者，并汇聚众多在全球扩张 的科技领军企业，深圳提供了独具活力的发展环境，尤其有利于推进AI领域的发展。 论坛期间，GSMA发布了年度报告，重点关注运营商在中国垂直行业中的用例。《运营商最佳 ...