几乎所有伟大的创业都源于一个愿景。 1975年，比尔 ・ 盖茨和保罗・艾伦创立微软时，他们希望计算机能摆上每一张桌子，进入每一个家庭。愿景驱动下，微软在其后几十年里推动了 计算机产业变革，引领信息革命。比尔 ・ 盖茨五十年前的想法在今时今日早已成现实。 点击图片▲立即试听 对话 / 吴晓波 × 冯森 整理 / 巴九灵（微信公众号：吴晓波频道） 于乐播投屏创始人冯森而言，其愿景是实现 "万屏互联"，各种信息能在不同屏幕间无缝流转，并以此连接人类生活中的万事万物。 这一愿景的灵感，源自美国康宁公司在 2011 年 2 月发布的一条极具科幻想象力的宣传片 ——《A day made of glass》。康宁玻璃是一家世界领 先的玻璃显示屏技术企业，华为、三星等众多品牌电子设备的屏幕，皆采用其产品。 视频中，透明显示屏的应用场景令人印象深刻：厨房里，透明显示屏从冰箱门顺滑延展至橱柜，家庭成员轻滑屏幕，便能查看冰箱内食材保质期， 还能调出菜谱；客厅里，孩子一挥手就能将平板游戏投屏放大，与小伙伴沉浸式玩耍；办公室内，人们通过简单操作就能将内容投屏到会议屏幕。 从家庭、办公到交通、户外，各类触摸显示屏无处不在，而投屏技术则 ...

Core Insights - China has established the world's largest and technologically advanced information and communication network, with plans to accelerate the development of 5G-A and 6G technologies [1] Group 1: 5G Infrastructure and Applications - China has built and opened over 4.395 million 5G base stations, integrating 5G applications into 86 out of 97 categories of the national economy [3] - The world's first 5G-A open-pit mine has been launched in Inner Mongolia, featuring the operation of a hundred unmanned electric mining trucks, enabled by upgraded 5G-A networks [3] - The application of 5G-A can reduce data transmission latency to less than 20 milliseconds, enhancing overall operational efficiency in mining by 20% with the aid of artificial intelligence [5] Group 2: Expansion and User Experience - Users in cities like Beijing and Shanghai have started to notice their mobile signals indicating 5G-A, with no additional costs for usage; the pilot cities for 5G-A are expected to expand to over 300 key scenarios nationwide by the end of the year [7] - The connection speed and latency of 5G-A are projected to achieve a tenfold improvement compared to the initial phase of 5G, supporting the proliferation of immersive applications such as XR (extended reality), holographic communication, and cloud gaming [9]

Market Overview - The report focuses on the global RPG mobile game market in 2024, covering Android and iOS platforms, excluding early platform games like Java [1] - It aims to reveal market dynamics and competitive landscape through metrics such as download volume, revenue share, popular categories, vendor distribution, and IP product performance [1] Core Categories and Gameplay Trends - Traditional categories like turn-based RPGs and MMOs remain significant, with South Korean vendors excelling in the MMO sector [2] - Emerging categories such as idle RPGs are gaining popularity, particularly among Chinese vendors, while innovative gameplay like Roguelike, survival RPGs, and open-world RPGs are attracting niche user groups [2] - IP adaptation products are performing well, with popular titles like "The Walking Dead," "Monster Hunter," and "Final Fantasy" entering the top charts, leveraging built-in fan bases for revenue generation [3] Global Regional Market Characteristics - The competitive landscape is characterized by major vendors from China, Japan, South Korea, and the US, each leveraging unique strengths in IP and technology [6] User Behavior and Market Trends - Download and revenue distribution show that top products have concentrated downloads and revenue, with a few hits dominating the market, such as "AFK" games achieving high downloads but relying on in-app purchases for revenue [4] - Paying users are more inclined to spend based on IP value, visual quality, and social gameplay, with significant growth in spending on MMO and IP-adapted games [4] - Technological advancements like cloud gaming and AI-generated content are enhancing development efficiency and player experience, with cross-platform integration becoming a trend to increase user engagement [5] Summary - The global RPG mobile game market is characterized by a stable foundation of traditional categories, growth in innovative gameplay, and a focus on IP and regional drivers for expansion [6] - Chinese vendors are gaining a significant foothold in the global market through innovation and localization, while Japanese and Korean vendors continue to leverage IP advantages and technological expertise [6]

Core Viewpoint - The emergence of 5G-A signals in Beijing indicates a significant upgrade in mobile network capabilities, promising enhanced communication experiences and broader applications across various industries [1][3]. Group 1: 5G-A Overview - 5G-A offers substantial improvements over 5G in terms of capacity, speed, latency, positioning, and reliability, potentially supporting 500 million IoT devices [3]. - The technology is currently being tested across 31 provinces in China and has been validated in regions such as Europe, Latin America, and the Middle East [3]. Group 2: Operator Strategies - Major telecom operators are rapidly advancing their 5G-A initiatives, with China Mobile planning to invest nearly 10 billion yuan to upgrade over 400,000 base stations [7]. - China Telecom aims to implement 5G-A applications across various industries and scenarios, collaborating with the supply chain for innovative pilot projects [7]. - China Unicom intends to launch 5G-A in 39 key urban areas and over 300 significant city scenarios this year [7]. Group 3: Applications and Opportunities - The robust communication capabilities of 5G-A will enhance traditional industries by enabling more efficient device connectivity and data transmission, leading to smarter and more automated production processes [9]. - The integration of 5G-A with AR technology is expected to mature spatial computing platforms and support advanced technologies like brain-computer interfaces [9]. - 5G-A's capabilities will facilitate immersive applications such as XR (extended reality), holographic communication, and cloud gaming, while significantly improving response times for emergency communications and telemedicine [10].

Core Viewpoint - Sichuan Changhong (600839) experienced a significant increase of 7.05% on May 6, closing at 11.24 yuan, with a trading volume of 4.0658 million shares and a total transaction value of 4.456 billion yuan [1] Group 1: Stock Performance - The stock's turnover rate was 8.81%, indicating active trading [1] - The net inflow of main funds was 412 million yuan, accounting for 9.25% of the total transaction value [1] - Retail investors saw a net outflow of 254 million yuan, representing 5.69% of the total transaction value [1] Group 2: Financing and Margin Trading - In the past five days, the net inflow of financing was 77.44 million yuan, leading to an increase in financing balance [1] - The net inflow of securities lending was 22,100 shares, resulting in an increase in securities lending balance [1] Group 3: Fund Holdings - The top ten public funds holding Sichuan Changhong include 35 funds in total, with the largest being the Southern CSI 500 ETF, holding 47.4598 million shares [1] - The Southern CSI 500 ETF has a scale of 94.872 billion yuan and a recent net value of 5.6288, which increased by 0.48% on April 30 [1] - The fund manager, Luo Wenjie, has managed several products with significant returns, including the Southern CSI 500 ETF and Southern CSI 300 ETF, with returns of 87.7% and 100.74% respectively since their inception [1]

Market Performance - The Xiaohongshu concept stock increased by 0.08%, ranking 9th among concept sectors, with 23 stocks rising, including Tianyu Shuke, Lionhead Co., and ST United, which hit the daily limit [1] - The top gainers in the Xiaohongshu concept include Kewah Data, Qingmu Technology, and Wajinke, with increases of 7.53%, 5.99%, and 3.97% respectively [1] - The biggest losers in the sector were Zhongguang Tianze, Yidian Tianxia, and Jinhe Shangguan, with declines of 9.07%, 4.77%, and 3.90% respectively [1] Capital Flow - The Xiaohongshu concept saw a net inflow of 161 million yuan from main funds, with 23 stocks receiving net inflows, and 12 stocks exceeding 10 million yuan in net inflow [1] - Tianyu Shuke led the net inflow with 170 million yuan, followed by Meiri Hudong, Huibo Yuntong, and Kewah Data, with net inflows of 55.78 million yuan, 45.26 million yuan, and 33.34 million yuan respectively [1] - In terms of capital inflow ratios, Lionhead Co., Xuanya International, and Yakang Co. had the highest ratios at 25.56%, 8.99%, and 8.29% respectively [2] Stock Performance - Tianyu Shuke had a daily increase of 10.07% with a turnover rate of 20.42% and a main fund flow of 170.19 million yuan [2] - Other notable performers included Meiri Hudong with a 3.85% increase and a turnover rate of 26.68%, and Huibo Yuntong with a 2.40% increase and a turnover rate of 10.35% [2] - The overall market saw various stocks with significant declines, including Zhongguang Tianze with a drop of 9.07% and a main fund outflow of 39.03 million yuan [5]

Market Performance - The Tianjin Free Trade Zone concept index declined by 3.22%, ranking among the top declines in concept sectors as of April 28 [1] - Within the sector, Tianbao Infrastructure hit the daily limit down, while other notable decliners included Jintou City Development and Tianjin Printers [1] - Only two stocks within the sector saw price increases, with Youfa Group rising by 2.78% and Tianjin Port by 0.22% [1] Capital Flow - The Tianjin Free Trade Zone concept experienced a net outflow of 78 million yuan from main funds, with nine stocks seeing net outflows [1] - The stock with the highest net outflow was Bohai Chemical, with a net outflow of 17.03 million yuan, followed by Ruipu Biology and HNA Technology with outflows of 16.13 million yuan and 14.13 million yuan respectively [1] - Conversely, the stocks with the highest net inflows included Guifaxiang, Jiuan Medical, and Youfa Group, with inflows of 3.25 million yuan, 2.40 million yuan, and 1.13 million yuan respectively [1][2] Stock Performance - The top decliners in the Tianjin Free Trade Zone concept included Bohai Chemical (-4.82%), Ruipu Biology (-1.30%), and HNA Technology (-3.73%) [1] - Notable gainers included Youfa Group (+2.78%) and Tianjin Port (+0.22%) [1] - The trading volume for Bohai Chemical was 6.29%, indicating significant trading activity despite the decline [1]