Group 1 - The core point of the article highlights significant stock movements in the A-share market, with several companies experiencing sharp fluctuations during the closing auction [1] - New companies such as Baijiazhenshou-U, New Yisheng, WuXi AppTec, and Zhongji Xuchuang are being added to the FTSE China A50 Index, while companies like China Nuclear Power, China Unicom, Guodian Nari, and Wanhua Chemical are being removed [1] - The changes announced by FTSE Russell on September 3 will take effect after the market closes on September 19 [1]

本次交易涉及关联方：China Mobile communicationsGroup Co., Ltd. 智通财经APP获悉，香港联交所最新资料显示，9月17日，China Mobile Limited增持香港宽频 (01310)8912.2545万股，每股作价5.075港元，总金额约为4.52亿港元。增持后最新持股数目约为11.55亿 股，最新持股比例为78.08%。 ...

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on AT&T (T), and emphasizes the importance of using these recommendations in conjunction with other analytical tools for making investment decisions [1][5][10]. Brokerage Recommendations for AT&T - AT&T has an average brokerage recommendation (ABR) of 1.82, indicating a consensus between Strong Buy and Buy, based on recommendations from 30 brokerage firms [2]. - Out of the 30 recommendations, 17 are classified as Strong Buy and 3 as Buy, which represent 56.7% and 10% of the total recommendations respectively [2]. Limitations of Brokerage Recommendations - Studies indicate that brokerage recommendations have limited success in guiding investors towards stocks with the highest price increase potential [5]. - The vested interests of brokerage firms often lead to a positive bias in their analysts' ratings, with a ratio of five Strong Buy recommendations for every Strong Sell [6][10]. Comparison with Zacks Rank - The Zacks Rank, which is based on earnings estimate revisions, is presented as a more reliable indicator of a stock's near-term price performance compared to ABR [8][11]. - The Zacks Rank is updated more frequently and reflects timely changes in earnings estimates, while ABR may not always be current [12]. Current Earnings Estimates for AT&T - The Zacks Consensus Estimate for AT&T's earnings for the current year remains unchanged at $2.05, suggesting stable analyst views on the company's earnings prospects [13]. - Due to the unchanged consensus estimate and other factors, AT&T holds a Zacks Rank of 3 (Hold), indicating a cautious approach despite the Buy-equivalent ABR [14].

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, reflecting the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [1][5]. Core Insights - The overall market performance for the week (September 8-14, 2025) saw the Shanghai Composite Index rise by 1.52%, the Shenzhen Component Index by 2.65%, and the ChiNext Index by 2.10%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 3.00% during the same period [1][11]. - Within the telecommunications sector, the highest increase was observed in the communication engineering and services sub-sector, which rose by 6.21%, while the communication network equipment and devices sub-sector had the lowest increase at 2.70% [1][14]. - Notable individual stock performances included Cambridge Technology, which surged by 25.61%, followed by Yuandao Communication at 22.86% and Sanwei Communication at 22.44% [1][16]. Summary by Sections Market Overview - The telecommunications sector index increased by 3.00% during the week, outperforming the broader market indices [1][11]. - The sub-sector performance showed a general upward trend, with communication engineering and services leading the gains [1][14]. Company News - Oracle reported its Q1 FY2026 earnings with adjusted revenue of $14.93 billion, a year-on-year increase of 12%, slightly below expectations. However, its remaining performance obligations (RPO) surged by 359% to $455 billion, indicating strong future revenue potential [2][24]. - The global optical transmission market rebounded, driven by demand from cloud and AI sectors, with a 9% year-on-year growth in Q2 2025, reaching $3.8 billion [18][19]. - The Ministry of Industry and Information Technology announced that China has built the world's largest 5G network with 4.598 million base stations [22]. Future Outlook - The report suggests focusing on the computing power industry chain and low-orbit satellite internet as key areas for investment [2][3]. - The AI cloud market in China is projected to grow significantly, with a compound annual growth rate (CAGR) of 26.8% from 2025 to 2030, driven by advancements in AI technologies and services [22][23].

Core Insights - The article discusses the challenges and solutions related to the Vision-Language-Action (VLA) models in the context of cross-embodiment adaptation, highlighting the limitations of existing models and the introduction of a new framework called "Align then Steer" (ATE) to enhance performance in post-training scenarios [1][2][10]. Group 1: Challenges in VLA Models - Current VLA models require extensive target domain data for post-training, often needing dozens to hundreds of hours, leading to significant mismatches in action distributions between pre-training and post-training phases [1][10]. - The marginal returns of simply stacking data during post-training diminish rapidly, making it ineffective for fitting the action distribution of target scenarios [1][11]. Group 2: ATE Framework Introduction - The ATE framework proposed by the TeleAI team aims to align action distributions in latent space, allowing for efficient adaptation of VLA models without altering their core architecture [2][10]. - ATE transitions the focus from adjusting model architecture to adjusting distributions, significantly reducing data requirements for cross-embodiment adaptation [2][15]. Group 3: ATE Framework Mechanism - The ATE framework consists of two main phases: aligning action distributions in latent space and guiding the post-training strategy updates using a classifier [14][19]. - In the alignment phase, two small Variational Autoencoders (VAEs) are constructed to embed action data into a unified latent space, ensuring that the adapted actions closely follow the pre-trained distribution [18][19]. - The guiding phase integrates a classifier guidance function to measure the difference between generated actions and target distributions, effectively steering the model outputs towards the desired action distribution [21][22]. Group 4: Experimental Results - The ATE algorithm demonstrated an average increase of 9.8% in multi-task success rates in simulation evaluations compared to direct post-training, with a maximum success rate gain of 32% in real-world scenarios [23][24]. - The framework showed robust performance under various conditions, including lighting changes and external disturbances, maintaining task-related focus and recovery capabilities [29][30]. Group 5: Conclusion and Future Directions - The ATE framework provides a viable solution to the challenges of data scarcity and cross-embodiment adaptation in VLA models, allowing for efficient and robust training without the need for extensive data collection or full model retraining [30]. - This framework can serve as a plug-and-play module compatible with various mainstream VLA models, enhancing their post-training cross-embodiment generalization capabilities [30].

Market Overview - The A-share market showed structural activity driven by policy expectations and technology themes, with the Wind All A index rising by 2.12% from September 8 to September 12, and the Sci-Tech 50 leading with a 5.48% increase, indicating strong market preference for technology growth sectors [1] - The Shanghai Composite Index increased by 1.52%, the Shenzhen Index by 2.65%, and the ChiNext Index by 2.10% during the same period [1] - The communication sector performed notably due to increased demand for optical devices and higher capital expenditures from operators, while the pharmaceutical and biotechnology sector declined by 0.64%, reflecting market concerns over deepening centralized procurement policies and risks in innovative drug development [1] Industry Performance - The average increase of Wind's first-level industry indices was 2.05%, with 90% of the Wind Top 100 concept indices rising [1][12] - All sectors except for biomedicine saw positive performance, with communication, agriculture, forestry, animal husbandry, and fishery, and electronics sectors rising by 5.24%, 5.00%, and 4.93% respectively [1][12] - The real estate, machinery, and construction materials sectors experienced slight increases, while the oil, petrochemical, and coal sectors lagged, with increases of only 0.30% and 0.16% respectively [1][12] Fund Issuance - A total of 39 funds were issued last week, including 18 equity funds, 13 mixed funds, 5 bond funds, and 3 FOF funds, with a total issuance of 21.794 billion units [2][14] Fund Performance - The Wind All Fund Index rose by 1.17%, with the ordinary equity fund index increasing by 2.13% and the mixed equity fund index by 2.40%, while the bond fund index fell by 0.06% [2][8]

Group 1: Spectrum Auction Insights - The FCC is expected to initiate the AWS-3 spectrum auction in the first half of 2026, aiming to raise $85 billion through the Middle Band Spectrum as part of the "Big and Beautiful Act" [2] - Major telecom players T-Mobile and Verizon are likely to participate in the upcoming auction, with SpaceX's Starlink also showing interest in expanding its mobile network business [2] - EchoStar plans to re-auction its AWS-3 DE spectrum in the same timeframe, with a stipulation to cover any shortfall if the auction price is below $3.3 billion [2] Group 2: Mergers and Acquisitions - Verizon's acquisition of Frontier is progressing well, with approvals in most states and California being the last hurdle, expected to be fully approved by the end of 2025 [3] Group 3: Broadcasting Ownership Regulations - The FCC may lift the 39% ownership cap for broadcast companies by the end of 2025, potentially allowing groups to own more than two TV stations in a single market and facilitating mergers between two TV networks [4]

Group 1: Telecom Industry Performance - The China Telecom Theme Index (931235) has seen a strong increase of 4.13%, with key stocks such as Dongfang Communication (600776) rising by 9.98% and Haige Communication (002465) by 8.72% [1] - The Telecom 50 ETF (560300) has increased by 3.52%, with a recent price of 1.85 yuan, and has shown a cumulative increase of 16.93% over the past month, ranking in the top third among comparable funds [1] - The Telecom 50 ETF has experienced a significant increase in trading volume, with a turnover rate of 13.96% and a transaction value of 9.1611 million yuan, indicating active market participation [1] Group 2: Cloud Computing and AI Growth - Oracle Corporation reported a first-quarter adjusted revenue of $14.93 billion and an operating profit of $6.24 billion, with a strong outlook for its AI business and cloud infrastructure [3] - The company anticipates its cloud infrastructure revenue to reach $18 billion in fiscal 2026, a nearly 77% increase from $10.3 billion in fiscal 2025, leading to a 28% surge in its stock price [3] Group 3: Satellite Communication Developments - The Ministry of Industry and Information Technology of China has granted China Unicom a license for satellite mobile communication services, allowing it to conduct direct satellite connections for mobile phones [3] - China Mobile is currently applying for a similar license, while China Telecom has already launched satellite communication services, indicating a competitive landscape among the three major operators [4] Group 4: Telecom Operators' Strategic Moves - The three major telecom operators are intensifying their competition in the computing power sector, with a combined intelligent computing scale exceeding 100 EFLOPS [4] - The telecom industry has shown positive growth in the first half of the year, with revenue and profit growth, particularly in the optical devices and IoT sectors [4] Group 5: Future Outlook for the Telecom Sector - The telecom industry is expected to benefit from technological advancements and policy incentives, with growth potential in AI, quantum communication, and low-altitude economy sectors [5] - The Telecom 50 ETF tracks the China Telecom Index, which includes major telecom operators and companies in related sectors, reflecting the overall performance of telecom-related stocks [5][6]

今天，2025年中国国际服务贸易交易会正式拉开大幕，一批和服务消费、服务贸易相关的首秀、首发、 首展，也和大家见面。那具体都有什么新鲜好玩的呢？ 新一代AI眼镜把健康管理装进口袋 总台央视记者刘柏煊：现在我们来到的是电信、计算机和信息服务展区，这也是今年服贸会上最具科技 感的展区之一。 在这里，我发现了一副"未来眼镜"，就是这副AI眼镜，它有一个好记的名字，叫"小辰"。网上有句流行 的话叫"外形基础，功能就不基础"，工作人员也给我拿来了一点小点心，据说这个眼镜有一个特殊的功 能。 记者：小辰，小辰，我眼前的食物热量有多少？ AI眼镜：具体到你眼前的这两个蛋挞，如果它们是标准大小，且使用了常见的配方，那么每个蛋挞的 热量，可能在250大卡左右。 记者：小辰，小辰，如果一个人正在减肥，他能吃这样的食物吗？ AI眼镜：蛋挞可以作为减肥期间的偶尔享受，但是一定要注意控制摄入量。 中国电信展台工作人员吴海楠：在刚才的场景，我们用到了人工智能新技术的多模态识别，用来识别食 物的热量。也会根据个人的健康数据和饮食体重，来打造个性化健康服务管理。随着人工智能的新发 展，也会为我们的服务消费带来更多的新增长点。 探访人形机器人 ...

Group 1 - Hong Kong Broadband (01310) and China Mobile Hong Kong announced the resignation of Yang Zhuguang from multiple positions including Executive Director and Group CEO [1] - Ling Hao has been appointed as the new Executive Director and Chairman of the Board, while Li Xin has been appointed as Executive Director and Group CEO [1] - Changes in the Board Committees include Ling Hao as the Chairman of the Nomination Committee, Li Xin as the Chairman of the Risk Committee, and Lei Li Qun as a member of the Compensation Committee [1] Group 2 - Li Xin has been appointed as the new authorized representative under the Hong Kong Stock Exchange Listing Rules [2] - Li Xin has also been appointed as the new authorized representative under the Companies Ordinance [2] Group 3 - Guohao Lawyers (Hong Kong) has been appointed as the new legal representative for procedural documents under the Listing Rules [3]