Core Viewpoint - The article emphasizes the importance of high-performance microwave composite substrates as essential materials for high-frequency communication devices, highlighting the need for innovative materials to meet the demands of 6G technology [2][10]. Group 1: Event Information - The 2025 (Third) Polymer Electromagnetic Composite Materials and Applications Forum will be held on September 11-12, 2025, in Hefei, Anhui, featuring Professor Zhou Hongqing from Nanjing University of Technology, who will present on "Research and Engineering Applications of High-Frequency Electromagnetic Composite Materials" [2][9]. - The forum aims to gather experts and scholars from various fields, including electromagnetic shielding, low dielectric loss, and high-frequency PCB substrates, to discuss the latest advancements and applications in electromagnetic functional materials [10][14]. Group 2: Material Characteristics and Requirements - Electromagnetic composite materials seek a balance between high dielectric constant, low dielectric loss, mechanical strength, thermal stability, and process compatibility, with a focus on multi-scale synergy and interface engineering [3][10]. - The demand for new materials is driven by the rapid development of industries such as AI, 5G/6G, low-altitude economy, and autonomous driving, necessitating the development of wideband, high-temperature resistant, high thermal conductivity, and multifunctional polymer electromagnetic composite materials [7][10]. Group 3: Future Directions - Future directions for electromagnetic composite materials include multifunctional integrated composite systems, smart responses, biomimetic and gradient structure design, environmentally friendly biodegradable materials, and advanced manufacturing with low-cost processes [3][10]. - The article outlines the need for new materials to support communication systems operating at frequencies above 100 GHz, including terahertz and visible light bands, to ensure the integrity and performance of future communication technologies [2][10].

Summary of China Mobile's Conference Call Company Overview - **Company**: China Mobile - **Period**: First half of 2025 Key Financial Metrics - **Net Profit**: 842 billion CNY, up 5% year-on-year [2][4] - **EBITDA Margin**: Increased by 0.9 percentage points to 34.2% [2][4] - **Total Revenue**: 5,438 billion CNY, down 0.5% year-on-year [13] - **Communication Service Revenue**: 4,670 billion CNY, up 0.7% year-on-year [2][4] - **Capital Expenditure**: 584 billion CNY in H1 2025, with a full-year plan of 1,512 billion CNY [20] Customer and Market Performance - **Mobile Customer Base**: Exceeded 1 billion, with high-end customer retention over 102% [2][5] - **Product Innovation**: 17 products with over 100 million users each [5] - **Digital Transformation Revenue**: Grew by 6.6%, accounting for over one-third of total service revenue [4] - **Emerging Market Revenue**: 290 billion CNY, up 9.3% [14] - **International Business Revenue**: 140 billion CNY, up 18% [14] Operational Highlights - **5G Base Stations**: Over 2.59 million established [6] - **Gigabit Broadband Coverage**: Over 500 million households [6] - **AI and DICT Projects**: 1,485 signed projects, indicating strong market penetration [2][5] - **Smart City Projects**: Nearly 1,300 signed projects [2] Brand and Service Development - **Mobile App Engagement**: Over 270 million monthly active users, a nearly 50% increase year-on-year [7] - **Service Commitments**: Launched 10 service commitments and a service supervision platform [7] Technological Innovations - **6G Testing**: Established the world's first small-scale 6G test network [8] - **AI Model Development**: Launched the VLA giant AI model and developed over 50 industry-specific models [8] Cost Management and Efficiency - **Operating Expenses**: Decreased by 1.7% year-on-year, improving profitability [3][30] - **Depreciation and Amortization**: Decreased by 1.2% [32] - **Cost Control Measures**: Implemented zero-based budgeting and enhanced source management [30][31] Challenges and Strategic Focus - **Market Challenges**: Saturation in communication demand, demographic shifts, and intensified competition [16] - **Future Strategy**: Focus on innovation-driven growth, transitioning from communication services to information services [19] Investment and Growth Outlook - **Investment Focus**: Emphasis on AI and cloud computing, with a projected increase in capital expenditure in these areas [23][36] - **Dividend Growth**: Proposed dividend of 2.75 HKD per share, up 5.8% year-on-year [9][41] Conclusion China Mobile demonstrated robust financial performance in the first half of 2025, with significant advancements in customer engagement, technological innovation, and cost management. The company is strategically positioned to navigate market challenges while focusing on growth in AI and cloud services.

Investment Rating - The report indicates a positive outlook for the specialty glass fiber industry, particularly driven by the increasing demand from AI servers and the upgrade of CCL materials [1]. Core Insights - The demand for AI servers is driving a significant upgrade in CCL materials from traditional levels to higher grades such as Grade 7 and Grade 8, with ongoing efforts to develop Grade 9 materials [1][4]. - Nitto Denko is a leader in the low dielectric constant specialty glass fiber sector, utilizing advanced materials like N1 glass and Ner glass to achieve lower dielectric constants [1][5]. - The cost structure of CCL materials shows that glass fabric accounts for approximately 30% of the total cost, highlighting the importance of enhancing the performance of all components in response to AI-related demand [1][7]. Summary by Sections Industry Overview - The specialty glass fiber market is experiencing intense competition, with leading companies like Nitto Denko showing strong performance amid rising AI demand [2][14]. - The market for specialty glass fiber has seen a revenue increase of 6.5 times from 2015 to 2024, reflecting the growing need for high-performance electronic materials [15]. Key Companies - Nitto Denko's electronic materials division is projected to contribute about 40% of the company's revenue and 85% of its operating profit in 2024 [1][9]. - Other notable companies in the CCL supply chain include Taiwanese, Korean, and Japanese firms, with a focus on collaboration with PCB manufacturers to penetrate the overseas AI market [3]. Product Development - Nitto Denko plans to introduce its third-generation specialty glass fiber for high-end applications such as 6G and AI servers by 2026, with further product iterations expected by 2030 [16]. - The report highlights the ongoing development of T-glass and low DK materials, which are crucial for high-speed applications and AI servers [22][21]. Market Dynamics - The supply of T-glass materials is currently tight, with production and expansion plans underway to meet future demand [21]. - The report notes that low DK materials are primarily used in high-speed switches and AI servers, with stable production expected to meet customer orders in the near term [22]. Competitive Landscape - The competitive landscape for specialty glass fiber is characterized by a mix of established Japanese firms and emerging players from Taiwan and mainland China, all vying for market share in the growing AI sector [2][3][24].

2025 Interim Results 7 August 2025 1 Disclaimer This document does not constitute an offer or invitation to purchase or subscribe for any securities or relevant derivatives of China Mobile Limited (the "Company") or the rendering of any investment advice, and no part thereof shall be relied upon or taken as the basis of any contract, commitment or investment decision relating to such securities or relevant derivatives, and this document does not constitute a recommendation in respect of the securities or re ...

Core Viewpoint - China Mobile Limited has reported a steady growth in its operational performance, with a focus on digital transformation and shareholder returns, while navigating challenges in the telecommunications industry [2][6][23]. Financial Performance - For the first half of 2025, the company achieved a revenue of RMB 543.8 billion, a decrease of 0.5% year-on-year, while the main business revenue increased by 0.7% to RMB 466.9 billion [24]. - The net profit attributable to shareholders reached RMB 84.2 billion, reflecting a growth of 5.0% compared to the previous year [23]. - The EBITDA was reported at RMB 186.0 billion, with an EBITDA margin of 34.2%, up by 0.9 percentage points year-on-year [23][24]. Shareholder Returns - The company declared an interim dividend of HKD 2.75 per share, representing a year-on-year increase of 5.8% [2][6]. - The proportion of cash distributed to shareholders from the annual profit is set to increase compared to 2024, aiming to enhance shareholder value [2][6]. Business Segments - The personal market revenue was RMB 2,447 billion, with a mobile customer base of 1.005 billion, including 599 million 5G customers [7][8]. - The family market revenue grew by 7.4% to RMB 750 billion, with broadband customers reaching 284 million [8]. - The enterprise market revenue was RMB 1,182 billion, marking a 5.6% increase, with significant growth in mobile cloud services [8][9]. Strategic Initiatives - The company is implementing the "BASIC6" innovation plan and "AI+" action plan to enhance its technological capabilities and service offerings [10][12]. - The focus is on building a new type of information infrastructure and service system, with significant investments in 5G and cloud computing [10][11]. Market Position - China Mobile is recognized as a leading telecommunications provider globally, with the largest network scale and customer base [5][6]. - The company aims to transition into a world-class information service technology innovation company, leveraging digital transformation opportunities [6][10]. Future Outlook - The company is positioned to navigate the challenges of industry transformation while capitalizing on opportunities presented by AI and digital integration [21][22]. - Strategic initiatives are in place to enhance operational efficiency and service quality, aiming for sustainable growth in the evolving telecommunications landscape [21][22].

Core Viewpoint - Beijing's government has issued measures to establish a growth mechanism for future industry investments, focusing on enhancing the investment system, increasing funding throughout the industry lifecycle, and improving long-term service mechanisms for future industries [1] Group 1: Investment Mechanism - The measures emphasize the need for a more forward-looking, targeted, and inclusive investment and financing service system, with a minimum of 20% of funds from key sectors like technology and information directed towards future industries [1] - Local government investment funds and state-owned enterprise funds are encouraged to increase their investments in future industries, adhering to investment operation rules and tolerating normal investment risks [1][2] - The measures aim to reform and optimize the evaluation system for future industry investment, promoting an innovative entrepreneurial ecosystem that allows for error tolerance and due diligence exemptions [1] Group 2: Future Industries Definition - Future industries include six major fields: future information, future health, future manufacturing, future energy, future materials, and future space, covering numerous sub-sectors such as artificial intelligence, 6G, quantum information, and commercial aerospace [2] - The measures advocate for securing national special funds and encouraging long-term capital investments from social security and insurance funds, as well as utilizing policy banks for strategic loans [2] Group 3: National Trends - The exploration of error tolerance mechanisms for state-owned capital has gained traction nationwide, with various regions implementing similar policies to encourage bold investments [3] - Recent government meetings have highlighted the need for state-owned capital to act as long-term, patient capital, with a focus on establishing comprehensive policies for investment, evaluation, and exit strategies [3] Group 4: Implementation Challenges - Industry insiders note that while the existence of a due diligence exemption mechanism is no longer the primary concern, the main challenge lies in the practical execution of these policies [4]

Group 1: Communication Equipment - Dongxin Peace has a net buying amount of 207 million, indicating significant institutional interest with a turnover rate of 20.87% and a transaction volume of 1.8 billion [3] - The breakthrough in large-scale array technology by ZTE Corporation has secured its position in the 6G standard, contributing to a 1.75% increase in the communication equipment index [3] - Dongxin Peace, as a leader in smart cards, is deeply integrated with operators' 5G-A construction, with expectations of at least doubling its performance upon the commercial rollout of 6G [3] Group 2: Medical Services - Innovation Medical has a net buying amount of 200 million, with a 10% increase and a 25% turnover rate, indicating a robust exchange of shares [3] - The approval of the second-class certification for the Bolein brain-machine upper limb exoskeleton rehabilitation device is set to tap into the billion-dollar home rehabilitation market [3] - With over 380 million people aged 60 and above in China, the demand for rehabilitation services is expected to grow by 15% annually, positioning the company for long-term benefits despite a previous loss of 34.29 million [3] Group 3: Automation Equipment - Aerospace Science and Technology has seen foreign capital increase by 52.74 million, driven by two main factors: a recovery in orders and foreign exchange gains [3] - The company is projected to turn a profit of 12.27 million in 2024 after a loss of 14.6 million in 2023, indicating a clear turnaround strategy [3] - The push for smart vehicles by policy support is expected to enhance the company's valuation recovery [5] Group 4: Foreign Capital Adjustment - Zhongyida has attracted 49.68 million from the Shanghai Stock Connect, focusing on phosphate chemical production for new energy battery materials, showcasing a strong technical barrier [4] - Aerospace Science and Technology's foreign capital increase reflects a strategic focus on leading technologies in the automotive sector, with 76% of its revenue coming from overseas [4] - The national equipment update fund of 10 billion is now in place, with over 30% penetration in intelligent transformation [4]

1. Report Industry Investment Rating - The investment rating for the industry is "Oscillation" [1] 2. Core Viewpoints of the Report - After the popularity of major financial concepts such as stablecoins ebbed, the market mainly engaged in thematic speculation around "anti - involution" and the Yaxia Hydropower Station in July. There were signs of increasing divergence in funds regarding the cyclical style at the end of the month, and the market was in a relatively strong oscillatory state [3] - In August, there are limited expected macro - level positives. Domestically, after the tone - setting of the Political Bureau meeting, there are no obvious over - expected clues in the short term, and the policy is mainly about implementation. Overseas, Sino - US trade negotiations are ongoing, and issues like the change of the Fed Chairman will indirectly affect foreign investors' willingness to participate in the A - share market [3] - Investors are advised to prepare for defense in August. In the first half of the month, there may be a phased pull - back in stock indices due to strengthened technical pressure. In a six - month perspective, the four major indices are expected to approach the 2023 highs, with small - cap indices like CSI 500 and CSI 1000 performing better in a liquidity - easing cycle [3] 3. Summary by Relevant Catalogs 3.1 Macro Stock Market Information - The central bank, the financial regulatory administration, and the CSRC plan to further clarify the specific requirements for risk - based customer due diligence of financial institutions. For remittances of over RMB 5,000 or foreign currency equivalent to $1,000, the identity of the remitter should be verified [5] - Beijing has introduced 16 measures to promote the development of future industries, focusing on areas such as urban transportation and medical health, and exploring the opening of application demonstration scenarios [5] 3.2 Stock Index盘面回顾 (Stock Index Market Review) - In the previous trading day, the A - share market opened lower and closed higher. Among the four major indices, the Shanghai 50 rose 0.55%, the CSI 300 rose 0.39%, the CSI 500 rose 0.78%, and the CSI 1000 rose 1.04%. The precious metals (+3.84%) and aerospace and military industries (+3.59%) led the gains, while the education (-0.72%) and automobile (-0.66%) sectors lagged. There were more than 3,800 rising stocks and 70 daily limit stocks, indicating a good profit - making effect [5] - The daily and weekly lines maintained an upward trend, indicating short - term market strength, while the monthly line remained in an oscillatory state [5] - The trading volume of the A - share market dropped to around 1.5 trillion yuan, and the trading enthusiasm declined marginally [5] 3.3 Core Logic Summary - After the decline of major financial concepts, the market had new themes in July, and there were signs of divergence in the cyclical style. In August, with limited macro - level positives, investors should be defensive, especially in the first half of the month. In the medium - term, small - cap indices are expected to perform better [3] 3.4 Operation Suggestions - In futures operations, it is recommended to switch to a defensive state temporarily, choose to wait and see or conduct short - term long positions intraday. Buying on dips is a good opportunity, and IH - IM can be pre - arranged on the left side [4] - In options operations, the implied volatility of stock index options has decreased. During the narrow - range oscillation period, the cost - effectiveness of participating in options is not high, and it is recommended to wait for a second wave of rising volatility [4]

Research Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The overall market shows a complex situation with different trends in various sectors. In the agricultural products sector, most products are in a state of weak supply - demand balance or facing certain pressure. In the energy - chemical sector, prices are affected by factors such as production, demand, and international market conditions. The industrial metal sector is influenced by supply - demand relationships, macro - economic data, and policy factors. The financial market is affected by macro - economic data, policy expectations, and international market trends [6][9][14]. 3. Summary by Category 3.1 Chemicals - **Price Changes**: On August 5, 2025, compared with August 4, most chemical products' prices decreased. For example, the price of coking coal dropped from 1,141.00 to 1,126.00, a decrease of 15.0 with a decline rate of 1.315%. The price of asphalt decreased from 3,573.00 to 3,549.00, a decrease of 24.0 with a decline rate of 0.672%. Only natural rubber and 20 - number rubber prices increased slightly [6]. 3.2 Agricultural Products - **Price Changes**: Some agricultural products' prices increased, such as yellow soybean No.1, which rose from 4,117.00 to 4,133.00, an increase of 16.0 with an increase rate of 0.389%. However, some products' prices decreased, like white sugar, which dropped from 5,718.00 to 5,709.00, a decrease of 9.0 with a decline rate of 0.157% [6]. - **Market Analysis** - **Peanuts**: The peanut market price is basically stable, with a pattern of weak supply and demand. It is expected to have a strong - side shock but still maintain a downward trend [14]. - **Oils and Fats**: The total trading volume of oils and fats decreased by 57% compared with the previous trading day. The market lacks driving forces and is expected to have a weak - side shock [14]. - **Sugar**: The sugar futures showed a downward - shock trend. The Brazilian sugar production is about to enter the supply peak, and the domestic market needs to be vigilant against the pressure of processed sugar arrival in August [14]. - **Corn**: The corn futures weakened. The wheat substitution effect is prominent, and the import supply pressure increases. It is expected to have a weak - side shock [14]. - **Pigs**: The supply pressure of pigs still exists, and the demand improvement is not obvious. The market is expected to maintain an interval shock [15]. - **Eggs**: The egg spot market has differences between the north and the south. After the correction, the spot is expected to have limited further decline. The 08 - contract futures should avoid long positions and try short positions [15]. - **Cotton**: The ICE cotton continued to decline, and the Zhengzhou cotton rebounded slightly. The domestic cotton spot market has a weak foundation, and short - term long positions should be cautious [17]. 3.3 Macro - economic News - **Policy and Regulation**: The central bank, financial regulatory authorities, and the CSRC plan to further clarify the specific requirements for customer due diligence of financial institutions. Beijing has introduced 16 measures to promote the development of future industries, and Hainan has proposed 20 measures to develop future industries [9][10]. - **Economic Data**: In the first half of the year, China's service import and export volume was 38872.6 billion yuan, a year - on - year increase of 8%. It is expected that the new social financing in July will increase year - on - year. The preliminary estimate of the wholesale sales volume of new energy passenger vehicles in July is 118 million, a year - on - year increase of 25% [9][10]. - **International News**: Trump said he would significantly increase tariffs on India. The EU will suspend the implementation of tariff counter - measures against the US for six months. The probability of a US interest rate cut in September is high [10][11][24]. 3.4 Industrial Metals - **Copper and Aluminum**: The copper price continued to be under pressure, and the aluminum price is expected to continue the high - level adjustment due to factors such as supply increase and consumption off - season [21]. - **Alumina**: The alumina market is in an oversupply pattern, and the futures price is in a high - level adjustment, being vigilant against the impact of macro - emotions [21]. - **Steel Products**: The spot market of steel products has limited demand in the off - season. The prices of rebar and hot - rolled coils are affected by macro - emotions and raw material prices, and they are in a weak - side shock to find the bottom [21]. - **Ferroalloys**: The supply of ferrosilicon and ferromanganese continues to increase, and the demand is weak. The market is affected by macro - policy expectations, and it is recommended to adopt a range - shock strategy [22]. - **Lithium Carbonate**: The lithium carbonate market is under high - supply pressure. It is recommended to wait and see. If it effectively stands above 70,000 yuan, a small - position long position can be tried [23]. 3.5 Options and Finance - **Stock Index Futures and Options**: On August 4, the A - share market showed different trends. The trend investors can pay attention to the strength - weakness arbitrage opportunities among varieties, and the volatility investors can sell wide - straddle options to short volatility. The short - term adjustment of the stock index does not need to be worried, and the medium - term upward trend remains unchanged [23][24].

Core Viewpoint - The company, Ruikeda, has begun small-scale supply of humanoid robot products, with projected sales revenue of approximately 10 million yuan in 2025, representing 0.41% of the expected revenue for 2024. However, the actual sales revenue remains uncertain due to the early stage of the industry [2][3]. Group 1: Company Performance and Financials - Ruikeda expects to achieve a net profit attributable to shareholders of between 151 million yuan and 171 million yuan for the first half of 2025, reflecting a year-on-year growth of 132.44% to 163.22% [3]. - The increase in profit is attributed to steady growth across various business segments, leading to a rise in order volume, along with advancements in technology, process innovation, and production automation [3]. - The company has seen an increase in orders from overseas factories compared to the previous year, indicating improved operational capacity [3]. Group 2: Business Development and Market Strategy - Future development focuses on several key areas: research and industrialization of products related to 6G communication and AI data centers, development of high-speed automotive products, expansion of overseas customer base, and exploration in humanoid robots and medical devices [3]. - The global connector industry is experiencing steady demand growth, particularly in China, which presents a broad market outlook for connectors [3]. - The company plans to enhance technological research and product development, while also expanding into new application fields such as AI and data centers, humanoid robots, and low-altitude economy [3].