Investment Rating - The investment rating for China Unicom is "Buy" [1] Core Views - The company has shown significant user growth, with mobile users reaching 356 million, a net increase of 12.48 million, and broadband users at 129 million, a net increase of 6.79 million, marking the highest net user growth in recent years [3] - Revenue for the first three quarters of 2025 was 292.985 billion yuan, a year-on-year increase of 0.99%, while net profit attributable to shareholders was 8.772 billion yuan, up 5.20% year-on-year [2] - The company is focusing on enhancing its satellite internet and low-altitude smart network capabilities, having received a business license for satellite mobile communication [5] - The gross margin improved to 27.0%, an increase of 1.0 percentage point year-on-year, contributing to profit growth [4] Summary by Sections User Growth and Business Development - The company achieved a record net increase in users, with mobile users at 356 million and broadband users at 129 million, alongside over 700 million IoT connections [3] Financial Performance - For Q3 2025, revenue was 92.783 billion yuan, with a net profit of 2.423 billion yuan, reflecting a year-on-year increase of 5.40% [2] - The gross margin for the first three quarters was 27.0%, and the net profit margin was 6.8% [4] Strategic Initiatives - The company is investing in 5G-A and broadband upgrades, with a total computing power exceeding 35 EFLOPS, and is expanding into 6G and quantum technology [5] Investment Recommendations - The company is expected to see continued revenue growth driven by its intelligent computing business, with projected revenues of 404.1 billion yuan in 2025, 419.15 billion yuan in 2026, and 434.74 billion yuan in 2027 [6]

Core Viewpoint - The launch of "Nine Thousand Miles Plan 2.0" by Xinke Mobile marks a significant upgrade in China's efforts to reshape the global satellite internet landscape, emphasizing collaboration across various sectors to achieve seamless global coverage [1][4]. Group 1: Plan Overview - "Nine Thousand Miles Plan" aims to build a satellite-ground integrated network with the guidance of the government, collaborating with operators, commercial aerospace, the communication industry chain, universities, and research institutions [4]. - The 2.0 version focuses on deepening industrial collaboration and application expansion based on prior technological accumulation and ecosystem development [4]. Group 2: Technical and Product Development - Xinke Mobile has established a complete satellite internet industry chain, offering end-to-end technical and engineering services, including satellite base stations, phased array antennas, ground gateways, dedicated terminals, core networks, and management systems [5]. - The company integrates satellite internet with terrestrial 5G/6G networks, exploring a multi-network collaborative communication model that addresses both urban high-capacity needs and connectivity gaps in remote and emergency scenarios [5]. Group 3: Standards and Future Outlook - Xinke Mobile is actively promoting the construction of a satellite-ground integration standard system, achieving breakthroughs in the 3GPP NTN standard framework and leading multiple standardization initiatives [4]. - The release of the "Low-altitude Intelligent Network Scenario and Key Technology White Paper" outlines the relationship between low-altitude intelligent networks and the low-altitude economy, proposing a system architecture and key technology routes for future development [5].

Core Viewpoint - The "Telecommunications, Computer and Information Services Special Exhibition" held at Shougang Park from September 10 to 14, 2025, focuses on digital service trade and high-tech industries, showcasing advancements in digital technology and international service trade [1] Group 1: Exhibition Theme and Focus - The exhibition is themed "Digital Intelligence Links the World," emphasizing the importance of digital service trade and high-precision industries [1] - Key areas of focus include digital technology, telecommunications services, AI, humanoid robots, low-altitude intelligent networks, and technology innovation incubation [1] Group 2: Highlights and Innovations - The "Beijing Plan Exhibition" for digital services stands out as a highlight of this year's special exhibition [1] - The exhibition aims to promote service trade development through new technologies and experiences [1]

Group 1 - The core viewpoint of the article is that Beikong Technology (北纬科技) is involved in various emerging industries through its stake in a company called Bicoqi, which provides products that empower operators in multiple sectors [1] Group 2 - Beikong Technology's products are applicable in public networks, 5G private networks, satellite internet, low-altitude smart networks, industrial internet, and vehicle networking [1]

Core Insights - The event in Changsha, Hunan, focused on the integration of mobile information and modern industrial chains, marking a significant development opportunity in the low-altitude economy [1] - The low-altitude economy is recognized as a key driver for national modernization, with major companies like China Mobile poised to benefit from favorable national policies [1] - China Mobile has proposed a comprehensive "communication, navigation, perception, and control" technology framework to advance the low-altitude smart network infrastructure [1] Group 1 - China Mobile, in collaboration with industry giants, unveiled a low-altitude smart network experimental device, which is expected to facilitate the development of the low-altitude economy [1] - The establishment of the "Low-altitude Smart Network Integration Innovation Laboratory" in Beijing aims to bridge theory and practice by simulating real low-altitude environments [3] - The "Low-altitude Smart Network Pilot Verification Platform" in Chengdu integrates various cutting-edge technologies, enhancing the transition of innovative results from the lab to practical applications [3] Group 2 - The low-altitude smart network experimental device consolidates key technological resources and promotes large-scale application trials in low-altitude economic pilot cities [3] - This device serves as a testing ground for new technologies, an incubation platform for innovation, and a promotional window for new applications, accelerating the conversion of technological achievements [3] - China Mobile plans to deepen collaboration with industry partners, fostering an open and shared approach to explore innovative development paths in the low-altitude smart network industry [3]

Core Insights - The conference in Changsha focused on the modern mobile information industry chain, where China Mobile launched a significant innovation—the low-altitude intelligent network testing device, collaborating with 14 leading companies in the low-altitude industry chain to boost the development of the low-altitude economy [1] - The low-altitude economy is emerging as a crucial part of China's modernization efforts, supported by national policies that provide a broad platform for leading companies like China Mobile [1] - China Mobile aims to establish a new infrastructure for the low-altitude economy through its robust resources and technological innovation, responding to national strategic calls [1] Group 1 - China Mobile proposed a four-in-one low-altitude intelligent network technology system called "communication, navigation, perception, and control" in June 2024, aiming to create a comprehensive capability framework across multiple fields [1] - The low-altitude intelligent network testing device serves as a valuable testing and verification platform for new technologies and products during their trial phase, promoting technological integration and industrial collaboration [1] Group 2 - In Beijing, China Mobile established the "Low-altitude Intelligent Network Fusion Innovation Laboratory," which uses real low-altitude test data to simulate environments and explore efficient testing methods, bridging theoretical research and practical application [3] - A "Low-altitude Intelligent Network Pilot Verification Platform" was set up in Chengdu, integrating communication, navigation, perception, AI, and cloud technologies to validate the effectiveness of individual and integrated technologies [3] - The low-altitude intelligent network testing device consolidates key technological capabilities and gathers quality resources from the industry chain, laying a solid foundation for large-scale application pilots in low-altitude economic cities and experimental zones [3] Group 3 - The testing device will act as a testing ground for new technologies, an innovation platform for new capabilities, and an incubator for new applications, facilitating the rapid transformation of scientific and technological achievements and significantly enhancing industrialization levels [3] - China Mobile will continue to deepen cooperation with various parties in the industry chain, adhering to an open and shared philosophy to jointly promote the innovative development of the low-altitude intelligent network industry [3] - These initiatives will provide strong technical support and infrastructure guarantees for the high-quality development of China's low-altitude economy, helping the country to achieve a leading position in the global low-altitude economic sector [3]

Core Insights - The first International Low Altitude Economy Expo was held in Shanghai, showcasing nearly 300 exhibitors and exploring the construction path of a "Sky City" [1][4]. Group 1: Major Announcements - Shanghai Volant Aviation received a letter of intent for a purchase order totaling $1.75 billion, setting a record for the largest single "air taxi" order in China [4]. - The Shanghai eVTOL large-scale assembly manufacturing base consortium was established, aiming to support the development of eVTOL and other low-altitude industries [10]. - The East China (Yangtze River Delta) Low Altitude Economy Industry Alliance was unveiled, expected to assist Shanghai in building a "Sky City" [4][10]. Group 2: Industry Collaboration - The East China Low Altitude Economy Industry Alliance includes seven civil aviation and unmanned aerial vehicle test zones, as well as prominent universities, to promote high-quality development of the low-altitude economy [6][10]. - The consortium for the eVTOL assembly base will leverage Shanghai's advantages in large aircraft, engines, and aviation talent to accelerate the development of new aviation technologies [10][11]. Group 3: Market Potential - The Civil Aviation Administration of China projects that the low-altitude economy market will reach 1.5 trillion yuan by 2025 and 3.5 trillion yuan by 2035, highlighting its potential as a new growth point for regional economic development [10]. Group 4: Technological Challenges - Experts emphasized the need for a digital, autonomous, and collaborative low-altitude traffic management system to address the challenges of high-density low-altitude operations [15][16]. - The construction of a low-altitude smart network is seen as a key support for the development of the low-altitude economy, with 6G technology expected to provide essential technical support [16][17]. Group 5: Event Highlights - The expo featured over 60,000 square meters of exhibition space, attracting nearly 300 companies and showcasing 19 global product launches and 25 domestic product launches [17].

Core Insights - The 2025 Aerospace Information Conference and the Zhongke Xingtou Ecological Development Conference opened on July 8 in Hefei, Anhui, focusing on the development of commercial aerospace, low-altitude economy, and aerospace information industries, attracting over 2,000 industry representatives [1] - The aerospace information industry is rapidly developing and deeply integrating into various aspects of social production and life, as highlighted by Wu Yirong, an academician of the Chinese Academy of Sciences [1] - The conference emphasized the need for a diversified capital support system to facilitate high-quality development in the aerospace information industry, as stated by Deng Maicun, former Secretary-General of the Chinese Academy of Sciences [1] Company Insights - Zhongke Xingtou Co., Ltd. aims to build both space-based and ground-based capabilities, expanding into the entire commercial aerospace industry chain and the low-altitude economy [2] - The company plans to accelerate the transformation of technological achievements into productive forces, enhancing urban governance and emergency rescue capabilities through aerospace information technology [2] - Zhongke Xingtou has made significant progress in the commercial aerospace and low-altitude economy sectors, as noted by its president, Shao Zongyou [3] Industry Trends - The aerospace economy is forming a new industrial ecosystem led by commercial aerospace and linked by aerospace information technology, becoming a strategic growth pole for China's industrial upgrade and a rapidly growing sector in the digital economy [1] - The integration of satellite technology with artificial intelligence and cloud computing is driving the application of aerospace information across various industries, marking the entry into a digital earth era [2] - The establishment of a unified air-ground intelligent management platform is seen as essential for the efficient utilization of low-altitude airspace resources, with drone systems expected to play a crucial role in future developments [2]

Core Viewpoint - The article emphasizes the rapid development of the low-altitude economy in China, predicting that 2025 will be a pivotal year for this sector, driven by significant investments and policy support from various regions [1][2]. Upstream: Materials and Core Components - The upstream segment includes materials and components essential for low-altitude products, such as composite and metal materials, batteries, motors, and flight control systems [11][12]. - A total of 31 companies in the upstream sector have been identified, focusing on materials and core components necessary for the production of low-altitude vehicles [12][13]. Midstream: eVTOL Manufacturing and Related Industries - The midstream sector encompasses the manufacturing of eVTOLs, drones, and helicopters, along with high-end equipment manufacturing and low-altitude infrastructure [15][16]. - There are 49 companies identified in the midstream sector, including notable players like Guangzhou EHang Intelligent Technology Co., which has achieved significant regulatory milestones [16][17]. Downstream: Flight Services and Operational Scenarios - The downstream segment focuses on flight services, including maintenance, training, and operational scenarios such as urban applications, low-altitude tourism, and emergency rescue [19][20]. - A total of 20 companies are involved in downstream operations, providing various services and applications within the low-altitude economy [19].

Group 1 - The 9th Silk Road International Economic Forum will be held from May 21 to 25 at the Xi'an International Convention and Exhibition Center, focusing on "low-altitude economy" as the core theme [1] - The exhibition area covers 10,000 square meters with five themed exhibition areas, expected to attract over 200 participating companies and showcase more than 100 aircraft [1] - The low-altitude economic development achievements area will highlight policy support and industrial layout in low-altitude economy from Shaanxi and key cities across the country [1] Group 2 - The low-altitude safety technology area will showcase core technologies and equipment for low-altitude flight safety control, including communication navigation systems and meteorological monitoring equipment [1] - The typical application scenarios area will focus on practical applications of low-altitude economy in emergency rescue, medical assistance, logistics distribution, and geographic surveying [1] - The low-altitude flying vehicles and equipment area will gather cutting-edge flying vehicles and supporting technologies, emphasizing China's R&D capabilities in drones and smart aviation equipment [2] Group 3 - The low-altitude flight management area will focus on low-altitude traffic management systems and solutions, inviting experts to discuss the collaborative development of new infrastructure like low-altitude smart networks and Beidou applications [2] - The event aims to create a comprehensive participation pattern involving government, industry, academia, research, and application, with activities such as policy information release and project roadshows [2] - The exhibition will strengthen cooperation in the low-altitude economy sector through investment and financing matchmaking events [2]