Core Insights - Indosat Ooredoo Hutchison partners with Nokia to enhance energy efficiency and reduce carbon emissions in its radio access network [1][11] - The collaboration utilizes AI and machine learning to optimize network operations and minimize energy consumption during low demand periods [2][4] - Indosat aims to transform from a traditional telecom operator to an AI-driven technology company, emphasizing sustainability and operational excellence [4][5] Energy Efficiency Solution - Nokia Energy Efficiency allows automatic adjustment or shutdown of idle radio equipment, significantly lowering energy costs without compromising network performance [2][3] - The solution is offered as a SaaS model, reducing upfront capital expenditure and maintenance needs [2][3] - The implementation of this solution can be completed within weeks, showcasing its rapid deployment capabilities [3] Sustainability Commitment - Indosat has received regional recognition for its sustainability efforts, being the first Southeast Asian operator to achieve ISO 50001 certification for energy management [6] - The partnership builds on a successful pilot project that demonstrated the effectiveness of the AI-powered solution in real network conditions [6][7] - The initiative aligns with Indosat's commitment to environmental stewardship and sustainable innovation [5][8] Technological Advancements - Nokia's Autonomous Networks portfolio, which includes the Energy Efficiency solution, aims to provide operators with a comprehensive view of their networks, enhancing both energy savings and performance [9][10] - The Autonomous Networks Fabric integrates various network functions, allowing for a unified and adaptive system across different vendors and architectures [10]

Summary of J.P. Morgan Japan Equity Strategy Conference Call Industry Overview - The conference call primarily discusses the **Japanese corporate sector**, focusing on the findings from the **June BOJ Tankan survey** regarding business sentiment and corporate earnings forecasts. Key Points and Arguments Impact of US Tariffs - The June BOJ Tankan indicates that **US tariffs have not significantly dampened corporate sentiment**, with a business conditions diffusion index (DI) for large manufacturers remaining steady at **13 points**, surpassing the Bloomberg consensus of **10 points** [1][4] - However, corporate earnings forecasts predict a **10% drag on net profit**, particularly affecting the **manufacturing sector**, especially **automobiles** and other processing industries [1][4] Corporate Earnings Forecasts - The FY2025 net profit growth forecast for large enterprises is revised to **-5.3%**, down from **-1.3%** in the March survey, aligning with the broader TSE Prime constituents' forecast of **-5.8%** [1][4] - **Manufacturers** lowered their profit growth forecast to **-9.8%**, while **non-manufacturers** raised theirs to **-0.8%** from **-2.0%** [1][4] Sales and Capital Expenditure (Capex) - Both manufacturers and non-manufacturers have increased their sales forecasts, with capex plans revised sharply upward to **+11.5% YoY** overall for large enterprises, driven by investments in **semiconductors**, **automation**, and **power transmission/distribution** [1][5] - Capex growth for manufacturers is projected at **+14.3%**, while non-manufacturers expect **+9.9%** [5] Foreign Exchange and Inflation Outlook - The corporate forex estimate for FY2025 is set at **¥145/$**, indicating a **4% YoY strengthening of the yen**, which is expected to negatively impact EPS by approximately **2 percentage points** [5][30] - The inflation outlook has slightly decreased, with companies expecting general prices to rise by **2.4%** in one year, down from **2.5%** previously [5][31] Sector-Specific Insights - Business conditions DI worsened in sectors more exposed to US tariffs, such as **automobiles** and **machinery**, while sectors like **materials** (paper & pulp, steel, oil & coal) and **construction** showed improvement [4][5] - The market consensus appears more cautious than company outlooks in sectors like **steel**, **services**, and **paper & pulp**, while being relatively optimistic for **electric & gas utilities**, **real estate**, and **communications** [4][5] Overall Corporate Sentiment - Despite the challenges posed by tariffs, corporate earnings remain resilient, particularly in domestic non-manufacturing sectors, which aligns with the investment strategy focusing on domestic demand sectors and potential upside in **semiconductors** and **machinery** [1][5] Additional Important Information - The report highlights the **limited impact of tariffs** on business conditions, with a flat DI for manufacturers and slight deterioration for non-manufacturers, which was in line with market expectations [4][5] - The report also notes that the **FY2025 TOPIX consensus EPS** has seen downward revisions in overseas demand sectors, particularly **automobiles**, which have been lowered by **18%** over the past three months, yet still shows a modest **+3.3% YoY profit growth forecast** as of end-June [4][5] This summary encapsulates the critical insights from the conference call, providing a comprehensive overview of the current state of the Japanese corporate sector and its outlook amidst external pressures.

Group 1 - The "Star Craftsman" competition, organized by ZTE Corporation, aims to cultivate practical talents in the ICT field, with a focus on AI this year, building on last year's emphasis on 5G applications [1][2] - The competition highlights the need for versatile and practical talents in the industry, as evidenced by a task requiring participants to design and manage a complete 5G network [2] - The event has successfully integrated industry, education, and research, creating a positive ecosystem that supports talent development and addresses industry needs [2][3] Group 2 - The "New Quality Productivity Digital Talent White Paper" indicates that by 2025, China's digital economy is expected to exceed 60 trillion yuan, with a talent gap of 30 million [3] - ZTE plans to deepen strategic cooperation with universities to create a comprehensive talent training system that combines theory, practice, and innovation [3] - The competition saw participants from 201 institutions, with top awards going to teams from Heyuan Vocational and Technical College and Jiangxi Software Vocational Technical University [3]

Core Viewpoint - The private sector is experiencing job losses, which is beneficial for earnings season and dividend growth stocks due to easing wage pressures and lower inflation, leading to better profit margins and dividend hikes [2]. Dividend Growth Stocks Dividend Growth Stock 1: T-Mobile US (TMUS) - T-Mobile US initiated a new dividend program in 2023 and raised its dividend by 35% to 88 cents per share after merging with Sprint [6][8]. - The company is expanding its margins and free cash flow, which supports its dividend growth strategy [7][9]. Dividend Growth Stock 2: Amphenol (APH) - Amphenol has seen significant growth, particularly in AI-related applications, with total orders increasing by nearly 60% year-over-year in Q1 2025 [12]. - The company raised its dividend by 50% last year, marking one of its largest increases [12]. Dividend Growth Stock 3: California Resources (CRC) - California Resources has shifted towards green-energy initiatives and has increased its quarterly distribution by 128% since its initiation [15]. - The company has been profitable since emerging from bankruptcy in 2021 and has seen its shares triple since relisting [16]. Dividend Growth Stock 4: RLJ Lodging Trust (RLJ) - RLJ Lodging Trust reduced its dividend significantly during the pandemic but has since increased it by 1,400% from its low point [19]. - Analysts project a 40% AFFO payout ratio for RLJ, indicating potential for further dividend growth [20]. Dividend Growth Stock 5: Coca-Cola Consolidated (COKE) - Coca-Cola Consolidated has shown consistent top-line growth and recently announced a $16-per-share special dividend, along with a quintupled regular payout to $2.50 per share [24]. - The company currently pays out only 15% of its earnings as dividends, suggesting room for future increases [24].

Group 1: Ares Capital - Ares Capital is the largest publicly traded business development company (BDC) with over $17 billion invested since 2004, focusing on middle-market companies with annual revenues between $10 million and $1 billion [3][4] - The company offers a forward dividend yield of 8.63% and has maintained or grown its dividend for 63 consecutive quarters [3][4] - Ares Capital targets a total addressable market of approximately $5.4 trillion, benefiting from a shift towards private capital, and has a diversified portfolio with strong industry relationships and risk management [4][5] Group 2: Enterprise Products Partners - Enterprise Products Partners is a master limited partnership (MLP) leading the North American midstream energy industry, operating over 50,000 miles of pipeline [6][7] - The company has a forward distribution yield of 6.81% and has increased its distribution for 26 consecutive years [7][8] - Demand for oil and gas, particularly natural gas, is expected to grow for decades, ensuring strong demand for Enterprise Products Partners' pipelines [8][9] Group 3: Verizon Communications - Verizon Communications is a major telecommunications company serving millions globally, with a forward dividend yield of 6.22% and a history of increasing dividends for 18 consecutive years [10][11] - The company is expected to maintain its relevance in the market due to the high capital requirements for new competition in wireless services [11][12] - With the upcoming 6G technology, Verizon is anticipated to be a significant player, potentially leading to impressive growth opportunities in the future [12]

RT Mario Nawfal (@MarioNawfal)ELON: STARLINK IS A COMPLEMENT TO LANDLINES AND 5G“I want to be clear, like it's not like Starlink is some huge threat to telcos.I want to be super clear - it is not.In fact, it will be helpful to telcos because Starlink will serve the hardest to serve customers that telcos otherwise have trouble doing with landlines or even with cell radio stations with cell towers.5G is great for high-density situations like being here in D.C. or New York, San Francisco.5G is great for high-d ...

Core Viewpoint - ZTE Corporation has evolved from a small processing factory to a global leader in integrated information and communication technology solutions, driven by a strong innovation gene deeply embedded in its development trajectory [1][2]. Company Development - ZTE was established in 1985 in Shenzhen, addressing the communication infrastructure challenges of the time, and has since expanded its business to over 160 countries, serving more than one-third of the global population [2][3]. - The company has consistently adhered to the spirit of innovation and has made significant strides in the telecommunications sector, transitioning from 2G to leading in 5G technology [3][6]. Research and Development - ZTE has invested over 100 billion yuan in R&D over the past few years, with R&D expenditure accounting for nearly 20% of its revenue last year [6]. - The company holds approximately 93,000 global patent applications and has received around 48,000 global patents, ranking first in R&D intensity among A-share companies with a market value of over 100 billion yuan [6][5]. Industry Collaboration - ZTE emphasizes open cooperation as a means to achieve technological innovation and development, actively engaging with strategic emerging industries in Shenzhen [7][8]. - The company has established partnerships with over 100 domestic and international universities and research institutions, contributing to the creation of numerous national laboratories and innovation centers [11]. AI and Future Strategy - ZTE is focusing on AI across four dimensions: communication infrastructure, computing infrastructure, industry applications, and AI endpoints, aiming to become a leader in network connectivity and intelligent computing [14][17]. - The company has developed a comprehensive AI solution that includes hardware, platforms, and applications, facilitating the deployment and upgrade of AI infrastructure [14][15]. - ZTE's AI initiatives have led to significant improvements in operational efficiency, such as reducing production scheduling time from 12 hours to 1.5 hours [15]. Economic Impact - ZTE's collaborative efforts in the low-altitude economy and other strategic sectors have created a robust industrial ecosystem, contributing to the economic development of Shenzhen [8][10].

Core Viewpoint - The Ministry of Industry and Information Technology has announced a pilot program for number protection services, aimed at reducing the risk of personal phone number leakage by providing temporary numbers for users of various internet platforms [1]. Group 1: Number Protection Service Overview - Number protection service involves assigning temporary numbers (referred to as "intermediate numbers" or "privacy numbers") to users, which can be used instead of their real phone numbers [1]. - The daily order volume for number protection services in China currently stands at at least 350 million, with plans to allocate 700 dedicated numbers to meet the future demand for billions of code resources in delivery, takeaway, and ride-hailing scenarios [1]. Group 2: Implementation and Management - The notification outlines the responsibilities and requirements for three parties involved: application platform providers, basic telecom service operators, and business users, emphasizing compliance, prevention of telecom fraud, and control of commercial marketing calls [1]. - The pilot program will consist of a three-month preparation phase, a three-month transition phase, and a two-year formal pilot phase, after which all number protection services will utilize the 700 dedicated numbers [1]. Group 3: Communication and Security - Experts have indicated that the number protection service will not affect normal communication, as both parties will see and dial the "intermediate number," which will be translated to the actual number for communication purposes [3]. - There are concerns regarding the potential misuse of the 700 dedicated numbers, and experts are discussing measures to prevent such abuse and the penalties for serious violations by participating parties [2][3].

Core Points - The article discusses the total number of shares and voting rights of Orange, in compliance with French commercial regulations [1] - A double voting right is granted to fully paid-up shares held in registered form for at least two years, effective from April 3, 2016 [1] Summary by Category Share Information - As of January 31, 2025, Orange has a total of 2,660,056,599 shares, with 3,835,000 treasury shares without voting rights, resulting in 3,172,669,760 theoretical voting rights and 3,169,834,760 exercisable voting rights [2] - By June 30, 2025, the total number of shares remains the same at 2,660,056,599, with treasury shares decreasing to 1,456,848, leading to 3,180,452,886 theoretical voting rights and 3,178,996,038 exercisable voting rights [2] Voting Rights - The number of theoretical voting rights fluctuates slightly over the months, starting from 3,172,669,760 in January 2025 and reaching 3,180,452,886 by June 2025 [2] - The number of exercisable voting rights also shows a similar trend, starting at 3,169,834,760 in January and increasing to 3,178,996,038 by June [2]

Core Insights - The investment strategy focuses on acquiring strong businesses when they are undervalued, emphasizing the importance of quality and price in investment decisions [1] - The portfolio has evolved over time, transitioning through various industries including telecom, banking, technology, and emerging markets, with a current emphasis on high-quality businesses [1] - The investment philosophy is influenced by notable investors and CEOs, highlighting the value of learning from successful figures in the industry [1] Investment Strategy - The approach prioritizes companies with large user bases and extensive content libraries, recognizing the potential for cross-selling opportunities [1] - Valuation is conducted at the EBIT plus R&D level, reflecting a belief in the significance of certain R&D investments [1] - The investment performance from February 2019 to October 2024 shows an annual return of 11.4% CAGR, which is below the market's 15.18% CAGR, indicating a need for improved future performance [1] Portfolio Management - The strategy aims to minimize portfolio turnover, with a focus on holding existing investments rather than frequent buying and selling [1] - The philosophy rejects traditional "Buy" and "Sell" recommendations, advocating for a "Strong Buy" threshold for exceptional businesses and categorizing others as "Strong Sell" to free up capital for new opportunities [1] - A "Hold" position may be initiated for high-quality businesses if their pricing is not favorable, indicating a flexible approach to investment management [1]