Core Insights - The International Telecommunication Union's report highlights significant improvements in global digital connectivity, but persistent imbalances remain [1][2][3] Digital Connectivity Trends - Global internet usage is projected to reach 74% by 2025, equating to nearly 6 billion people, marking a 3 percentage point increase from 2024, although the growth rate is slowing [1] - Approximately 2.2 billion people remain completely offline, primarily in low-income and rural areas, with internet penetration rates of only 34% and 38% in least developed and landlocked developing countries, respectively [1][2] Gender and Income Disparities - The gender gap in digital connectivity remains largely unchanged, with male internet usage at 77% and female at 71%, a 6 percentage point difference [2] - In low-income countries, the gap widens significantly, with male usage at 29% compared to female at 18% [2] - Internet penetration in high-income countries is 94%, while it is only 23% in low-income countries, a fourfold difference [2] Mobile Broadband Coverage - Global mobile broadband coverage has reached 96%, but the last 4% remains difficult to connect, with only a 6 percentage point increase since 2018 [1] - 5G network coverage exceeds 55% globally, but only 4% in low-income countries, with significant regional disparities [3] Pricing and Affordability Issues - Mobile data costs have decreased, with global expenses as a percentage of income dropping from 1.5% to 1.4%, yet 75 economies still do not meet the 2% target [4] - In low-income countries, fixed broadband costs consume about 28% of income, compared to around 1% in high-income countries, severely limiting usage [4] - The affordability of mobile broadband remains a critical barrier, particularly in Africa, where costs exceed the global average [4]

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Short - term, there is no need to be overly pessimistic about the continuous poor performance of stocks and bonds. The subsequent basic assumption is a fundamental combination of stable earnings, converging macro - liquidity, and declining risk appetite. The stock - bond ratio favors bonds, the equity style favors value, and the recommended allocation combination is long - term bonds plus value - type equity assets. This week, the Shanghai Composite 50 Index (80% position) and the China Securities 1000 Index (20% position) are recommended [2][8]. - In the contraction cycle, the degree to which the stock - bond ratio favors equities is limited, and the probability of value style outperforming is higher. A + H dividend portfolios and A - share portfolios are recommended, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [9][10]. 3. Summary by Relevant Catalogs 3.1 National Asset Liability Sheet Analysis - **Liability Side** - In October 2025, the liability growth rate of the real sector was 8.6%, down from 8.9% previously, with a larger - than - expected decline. It is expected to decline slightly to around 8.5% in November and continue to decline, returning to a contraction phase. By the end of the year, it is expected to drop to around 8.4% [2][17]. - Last week, the financial sector's capital situation continued to converge marginally, but there were signs of a rebound in the second half of the week. The government's goal of stabilizing the macro - leverage ratio remains unchanged, and China is still in a marginal contraction phase [2][17]. - In terms of fiscal policy, the net increase in government bonds last week was 2378 billion yuan (slightly higher than the planned 2283 billion yuan), and the planned net increase next week is 2480 billion yuan. The government liability growth rate at the end of October 2025 was 13.9%, down from 14.5% previously, and is expected to drop to around 13.0% in November and remain on a downward trend [3][18]. - In terms of monetary policy, the weekly average trading volume of funds decreased, the price increased, and the term spread slightly increased. The yield of one - year treasury bonds fluctuated narrowly, closing at 1.40% at the weekend. It is estimated that the lower limit of the one - year treasury bond yield is about 1.3%, with a central value around 1.4%. The term spread between ten - year and one - year treasury bonds slightly increased to 42 basis points. The future fluctuation ranges of ten - year and thirty - year treasury bond yields are expected to be around 1.6% - 1.9% and 1.8% - 2.3% respectively [3][18]. - **Asset Side** - In October, the physical quantity data continued to weaken compared to September. The Two Sessions set the target for the annual real economic growth rate in 2025 at around 5%, and the nominal economic growth rate target at around 4.9%. It remains to be seen whether a nominal economic growth rate of around 5% will become the central target for China's nominal economic growth in the next 1 - 2 years [4][19]. 3.2 Stock - Bond Cost - effectiveness and Stock - Bond Style - Last week, the capital situation continued to converge, and both stocks and bonds underperformed for two consecutive weeks, exceeding expectations. The stock market was bearish, and the bond market was flat. The equity style continued to favor value. The stock - bond ratio favored bonds. The yield of ten - year treasury bonds remained stable at 1.82%, the yield of one - year treasury bonds decreased by 1 basis point to 1.40%, and the term spread slightly increased to 42 basis points. The yield of thirty - year treasury bonds increased by 1 basis point to 2.16%. The broad - based rotation strategy outperformed the CSI 300 Index by 1.46 pct last week [6][21]. - Since 2016, China has entered a marginal contraction phase of the national asset - liability sheet. The stock - bond ratio favors bonds. The bond allocation strategy is duration plus credit spread, and the stock allocation strategy is dividends plus growth [20]. - As of now, there have been two expansions of the real - sector balance sheet this year. The external environment's honeymoon period for China is over, and international funds will compare China and the US on a more equal footing. China's advantage lies in the real economy [7][22]. 3.3 Industry Recommendation - **Industry Performance Review** - This week, the A - share market declined with shrinking volume. The Shanghai Composite Index fell 3.9%, the Shenzhen Component Index fell 5.1%, and the ChiNext Index fell 6.2%. Among the Shenwan primary industries, banking, media, food and beverage, national defense and military industry, and household appliances had the smallest declines, while power equipment, comprehensive, basic chemicals, commercial retail, and steel had the largest declines [29]. - **Industry Crowding and Trading Volume** - As of November 21, the top five crowded industries were electronics, power equipment, computer, basic chemicals, and machinery and equipment, while the bottom five were beauty care, comprehensive, steel, coal, and social services. The top five industries with increased crowding this week were computer, media, national defense and military industry, agriculture, forestry, animal husbandry and fishery, and communication, while the top five with decreased crowding were power equipment, pharmaceutical biology, basic chemicals, non - ferrous metals, and commercial retail [31]. - This week, the average daily trading volume of the entire A - share market was 1.87 trillion yuan, down from 2.04 trillion yuan last week. The industries with the highest year - on - year growth in trading volume were national defense and military industry, computer, media, agriculture, forestry, animal husbandry and fishery, and real estate, while the industries with the smallest growth were power equipment, food and beverage, household appliances, environmental protection, and basic chemicals [33]. - **Industry Valuation and Earnings** - This week, among the Shenwan primary industries, banking, food and beverage, media, national defense and military industry, and household appliances had the smallest declines in PE(TTM), while power equipment, comprehensive, basic chemicals, commercial retail, and steel had the largest declines. Industries with relatively high 2024 full - year earnings forecasts and relatively low current valuations compared to history include banking, insurance, petroleum and petrochemicals, public utilities, transportation, pharmaceutical biology, auto parts, beauty care, new energy, and consumer electronics [36][37]. - **Industry Prosperity** - Externally, there was a marginal recovery. In October, the global manufacturing PMI rose from 50.7 to 50.8, and the PMIs of major economies showed mixed trends. The CCFI index rose 2.6% week - on - week in the latest week, and port cargo throughput declined. South Korea's export growth rate decreased to 3.6% in October and rose to 8.2% in the first 20 days of November. Vietnam's export growth rate slightly decreased from 25.3% in September to 18.2% in October [41]. - Domestically, second - hand housing prices fell in the latest week, and quantity indicators showed mixed trends. The number of trucks passing through expressways increased. The capacity utilization rate of ten industries, which had been rising from May to August and falling from September to October, slightly increased in November but remained at a historically low level. Automobile trading volume was at a relatively high level compared to the same period in history, new - home trading volume remained at a historically low level, and second - hand housing trading volume declined seasonally [41]. - **Public Fund Market Review** - In the third week of November (November 17 - 21), most active public equity funds outperformed the CSI 300. As of November 21, the net asset value of active public equity funds was 3.7 trillion yuan, slightly up from 3.66 trillion yuan in Q4 2024 [59]. - **Industry Recommendation** - In the contraction cycle, the stock - bond ratio favors equities to a limited extent, and the value style is more likely to outperform. Dividend - type stocks should generally have three characteristics: no balance - sheet expansion, good earnings, and survival. The recommended A + H dividend portfolio includes 13 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banking, telecommunications, petroleum and petrochemicals, and transportation [65].

·········································································································[Table_Title] 研究报告 Research Report 24 Nov 2025 ```··························································································································································································································································· 东南亚可选消费必需消费 Southeast Asia Discretionary Staples 东南亚指数双周报第 12 期：区域回落，越南转涨 ASEAN Index Tracking: ASEAN sto ...

Core Points - The International Telecommunication Union (ITU) World Telecommunication Development Conference 2025 has commenced in Baku, Azerbaijan, focusing on global and regional information and communication technology development strategies [1] - The conference, lasting until November 28, has over 2,400 representatives from more than 160 countries, international organizations, and enterprises [1] - The theme of the conference is "Connecting for an Inclusive and Sustainable Digital Future" [1] Industry Summary - The ITU is a UN agency responsible for digital technology, with 194 member countries [1] - The World Telecommunication Development Conference is a high-level meeting held every four years, centered on global telecommunications development [1] - During the conference, the Chinese delegation announced its candidacy for re-election as a member of the ITU Council and the Radio Regulations Board during the 2026 plenary session [1] - The Chinese delegation consists of over 80 members from the Ministry of Industry and Information Technology, the Chinese Embassy in Azerbaijan, telecommunications operators, manufacturing enterprises, and research institutions [1]

Group 1 - Major companies in the U.S., including Amazon, Verizon, and Target, have announced layoffs, indicating a shift in the previously stable labor market [1][3] - Economists suggest that the U.S. labor market may be undergoing a significant turning point, moving from a phase of no hiring and no layoffs to one where layoffs are becoming more common [3][6] - Data from Challenger, Gray & Christmas indicates that planned layoffs in October reached the highest level for that month since 2003, highlighting a concerning trend in employment [3][6] Group 2 - The number of WARN Act notifications, which require companies to notify employees before large-scale layoffs, has significantly increased, with over 39,000 notifications reported across 21 states [3][6] - Federal Reserve officials have noted a shift in discussions among businesses from maintaining current employee levels to planning for layoffs, influenced by factors such as the application of artificial intelligence [6] - Analysis from the University of Chicago indicates that labor market growth is extremely slow or nearly stagnant, with upcoming employment reports expected to reveal clearer impacts of increased layoffs [8]

Core Insights - The article emphasizes that the technology industry is entering a more pragmatic and complex phase as the initial hype around generative AI subsides, with a focus on scaling applications through data governance, system integration, and compliance [2][3]. Group 1: AI Development and Market Dynamics - By 2026, the focus of AI development will shift significantly towards "inference," with two-thirds of global computing power dedicated to running AI models, surpassing the power used for model training [3]. - The rise of "passive" usage of generative AI embedded in existing applications will lead to a user base far exceeding that of standalone tools like ChatGPT, with AI-generated summaries in search engines expected to be used three times more frequently than independent Gen AI tools by 2026 [3]. Group 2: Enterprise Transformation and AI Agents - The core of enterprise transformation will be "Agentic AI," with a predicted market size of $45 billion by 2030 if interoperability and governance challenges are effectively addressed [4]. - Traditional SaaS models are expected to be disrupted, moving towards mixed pricing models based on outcomes or usage [4]. Group 3: Geopolitical Trends and Semiconductor Supply Chains - Technology sovereignty has become a central policy issue for governments, leading to accelerated efforts to establish independent digital infrastructures, particularly in AI computing power and semiconductors [5]. - Key technology trade restrictions are tightening, creating new supply chain bottlenecks, particularly around advanced manufacturing tools and technologies, which could impact a $300 billion AI chip market [5]. Group 4: Media and Content Production Trends - The media and entertainment industry is being reshaped by short videos and generative AI, with the rise of "micro-dramas" expected to double in revenue to $7.8 billion by 2026 [7]. - Video podcasts are projected to generate $5 billion in global advertising revenue by 2026, combining audio storytelling with visual elements [7]. Group 5: Telecommunications and Consumer Engagement - In developed markets, the marginal effects of technology upgrades are diminishing, leading to a shift in customer retention strategies from technical performance to brand value and service experience [6]. - By 2026, promotional strategies like free offers may prove more effective in retaining customers than emphasizing network performance [6].

日本软银集团周五完成总额460亿日元（约合2.92亿美元）的债券定价，使其2025年度的发债总规模达到约4000亿日元，创下历史新高。 根据主承销商SMBC日兴证券披露的信息，本次债券发行包含三个期限品种：100亿日元的五年期债券，票面利率为1.913%；180亿日元的七年期债券，票面 利率2.324%；以及180亿日元的十年期债券，票面利率2.677%。 此次发债正值日本国债收益率显著上升的时期，市场对高市早苗政府财政扩张政策的担忧推高了借贷成本。在这一背景下，软银依然成功完成大规模融资， 显示出投资者对该集团的信心。 软银集团近年来积极拓展电信业务之外的版图，特别是在人工智能领域。该公司已与OpenAI在日本成立合资企业，加速推进AI驱动的产品开发和企业服 务。自2018年上市以来，软银持续通过债券及类债券股权工具进行融资，其中包括今年7月发行的首笔外币债券。 分析人士指出，持续的融资活动为软银的战略转型提供了资金支持，但也使其负债水平受到市场关注。随着业务多元化进程的推进，软银需要在新业务培育 与财务稳健之间保持平衡。 ...

Cogent Communications FY Conference Summary Company Overview - **Company**: Cogent Communications (NasdaqGS:CCOI) - **Event**: FY Conference held on November 19, 2025 Key Points Financial Strategy and Capital Allocation - Cogent reduced its dividend by 98% to $0.02 per share to save approximately $200 million annually, indicating a shift towards deleveraging and capital allocation strategies [3][6][7] - The company has returned about $1.9 billion to shareholders over 52 consecutive quarters, but historically paid out more cash than generated, leveraging incremental EBITDA growth [4] - Following the acquisition of Sprint, Cogent's EBITDA dropped significantly, leading to a net leverage increase to 6.6 times, prompting the need for a deleveraging strategy with a target of 4.0 times [5][6] Business Performance and Growth - The legacy Cogent business has shown organic growth at a compounded rate of 10.2% per year over 17 years, but growth decelerated to 5% during the pandemic [9] - The Sprint acquisition has resulted in a decline of 24.2% in revenue from the acquired business, while the underlying Cogent business has accelerated its growth rate [10][11] - The wavelength business, a new segment for Cogent, is expected to reach a $500 million run rate by 2028, currently representing 4% of revenues and growing rapidly [12][17] Market Dynamics and Competitive Position - The market for wavelengths is growing at about 5% annually, driven by AI training and hyperscale content distribution applications [22][23] - Cogent's competitive advantages include a larger number of endpoints, faster installation times, diverse routes, and a reliable network with fewer disruptions compared to competitors [14][17] - The company is currently undercutting market prices by about 20% for wavelength services, with plans to adjust pricing if necessary [16] Sales and Customer Engagement - Cogent has a sales force of approximately 850 employees focused on various market segments, with high turnover in corporate sales but low turnover in wholesale sales [18][19] - The company is winning over 50% of bids for wave business, indicating strong customer engagement and market penetration [20] IPv4 Address Monetization - Cogent has about 23 million unleased IPv4 addresses, with a leasing business that has grown from a $10 million annual run rate to nearly $70 million [29] - The company is cautious about selling addresses due to market liquidity issues but is open to leasing arrangements to monetize these assets [30][31] Data Center Asset Management - Cogent has converted 186 data centers from Sprint, with plans to sell or lease 24 non-core facilities, expecting most to transact [32][34] - The facilities are well-suited for edge computing applications, making them attractive in the current market [37] Dark Fiber Opportunities - Cogent is considering limited dark fiber IRU deals with hyperscalers, having completed three such deals to date [38][39] Conclusion Cogent Communications is navigating a complex landscape post-Sprint acquisition, focusing on deleveraging, optimizing its core business, and expanding into new markets like wavelengths. The company is strategically managing its assets, including IPv4 addresses and data centers, while leveraging its competitive advantages to drive growth in a challenging environment.

Group 1 - The 2025 World Telecommunication Development Conference, organized by the International Telecommunication Union (ITU), opened in Baku, Azerbaijan, with over 2,400 representatives from more than 160 countries participating [1] - The conference theme is "Connecting for an Inclusive and Sustainable Digital Future," focusing on universal, meaningful, and affordable connectivity [1] - Azerbaijani President Aliyev emphasized that technological development and digitalization are key factors in determining national development levels and shaping the future of humanity [1] Group 2 - The Chinese delegation, led by the Vice Minister of Industry and Information Technology, Zhang Yunming, announced China's commitment to the "Four Global Initiatives" and its efforts in promoting information and communication technology innovation and application [1] - During the conference, the Chinese delegation officially announced its candidacy for re-election as a member of the ITU Council and the Radio Regulations Board during the 2026 plenary session [1] - The Chinese delegation consists of over 80 members from various sectors, including the Ministry of Industry and Information Technology, the Chinese Embassy in Azerbaijan, telecommunications operators, manufacturers, and research institutions [1]

Core Viewpoint - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) has shown significant growth in both share volume and fund size in 2024, indicating strong investor interest and performance [1][2]. Fund Overview - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of November 18, 2024, the fund's total shares reached 5.43 billion, with a total size of 5.82 billion yuan [1]. - Year-to-date, the fund's shares have increased by 44.95%, and its size has grown by 66.17% [1]. Liquidity Analysis - Over the last 20 trading days, the ETF has accumulated a total trading volume of 3.91 billion yuan, averaging 195 million yuan per day [1]. - For the year, the ETF has recorded a total trading volume of 28.26 billion yuan over 213 trading days, averaging 133 million yuan per day [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang, with returns of 26.19% and 11.64% respectively during their management periods [2]. Top Holdings - The ETF's major holdings include: - China Petroleum & Chemical Corporation (10.88%) - China Mobile Limited (10.33%) - China Shenhua Energy Company (9.72%) - CNOOC Limited (9.54%) - COSCO Shipping Holdings (8.43%) - China Petroleum & Chemical Corporation (7.42%) - China Telecom Corporation (4.54%) - China Unicom (3.45%) - China Coal Energy Company (2.59%) - China Resources Land (2.23%) [2][3].