Core Insights - The 2025 Smart Technology Ecosystem Conference was held in Guangzhou, where China Telecom's Chairman, Ke Ruiwen, reviewed the company's key business developments over the past year [1] Group 1: Business Developments - China Telecom has established a smart cloud system with a total computing power of 85 EFLOPS, which measures the number of floating-point operations per second [2] - The company has initiated trial commercial use of 10G optical networks in major cities and developed over 200 intelligent service agents, with more than 6 million users of quantum secure communication [2] - There is a growing demand for artificial intelligence across various industries, and the integration of AI into mainstream business operations is seen as essential for cost reduction and efficiency improvement [2] Group 2: Future Business Focus - China Telecom plans to accelerate the construction of new digital information infrastructure, including a space-ground integrated network and networks centered on Automatic Identification and Data Capture (AIDC) [2] - The company aims to promote innovative AI applications, including the widespread adoption of AI smartphones and the exploration of products like AI glasses and humanoid robots [2] - There is a focus on deepening high-level cooperation to build a mutually beneficial ecosystem [2][3] Group 3: Security Measures - China Telecom is working on building a comprehensive AI security assurance capability, which includes a proactive defense system covering cloud, network, edge, and endpoint [3]

Core Insights - The introduction of eSIM technology in China marks a significant shift in the telecommunications industry, allowing for a "slot-free" mobile experience that has been long awaited [1][4][5] - The delay in eSIM adoption was primarily due to security concerns related to telecom fraud, which have now been addressed through advancements in identity verification technology [5][8] - The market demand for eSIM-compatible devices, such as the new iPhone Air, has pressured telecom operators to expedite the rollout of eSIM services [8] Industry Overview - eSIM, or embedded SIM, integrates the SIM card directly into the device, eliminating the need for a physical card slot [4] - The technology has been available in devices like smartwatches and tablets for years, but its implementation in smartphones has faced regulatory delays [4][5] - The recent approval from the Ministry of Industry and Information Technology (MIIT) allows major telecom operators in China to begin commercial trials of eSIM [1] Operator Experience - The user experience for eSIM activation varies significantly among the three major telecom operators: China Mobile, China Unicom, and China Telecom [9][12] - China Mobile's app is less user-friendly, requiring mandatory login and making it difficult for new users to access eSIM services [13][15] - In contrast, China Unicom offers a more accessible app experience, allowing users to find nearby service points without logging in [16][18] - China Telecom's app is somewhat balanced, providing visibility for eSIM services but still requiring login for full access [20][22] Activation Process - The eSIM activation process involves several steps, including scanning the device's IMEI code and downloading configuration files via Wi-Fi [29] - The overall time taken for activation ranges from 15 to 20 minutes, depending on the operator and the staff's familiarity with the eSIM process [31] - Users must visit physical stores to activate eSIM, which contradicts the technology's digital nature and highlights the current limitations in service delivery [45][50] Future Outlook - eSIM technology is expected to enhance device design by saving space, allowing for larger batteries or improved cooling systems in smartphones [46] - However, the current eSIM experience in China is still evolving, with significant room for improvement in terms of convenience and efficiency [48][50] - As technology and policies continue to develop, a more streamlined eSIM activation process is anticipated, aligning with global standards [51]

12月5日，中国电信2025 数智科技生态大会在美丽的羊城盛大举行。中国电信董事长柯瑞文出席大会并发表主旨演讲，深入阐述中国电信在人工智能领域 的战略布局、发展成果与未来展望，为推动人工智能与经济社会深度融合指明方向。 二是推动人工智能创新发展，急需构建高水平开放合作体系。人工智能发展是技术、算力、数据及场景深度融合的系统工程，需研发机构、企业、客户、 产业链各方协同攻关。针对算力有效供给不足、高质量数据缺乏等问题，需统筹资源、打破数据壁垒，实现数据可信流通，为 AI 模型迭代提供基础。 三是人工智能发展必须守住安全底线，构建全方位安全治理能力。人工智能深度应用带来新安全风险，安全成为发展基石。需构建覆盖云网数据模型应用 的动态防护体系，防范深度伪造、算法攻击等风险，同时重视 AI 带来的伦理挑战，加强治理，推动人工智能健康有序发展。 国家对数字中国建设作出部署，提出加快人工智能等数字技术创新。中国电信坚决贯彻落实党中央决策部署，主动融入国家人工智能发展战略，发挥国家 队和主力军作用，加快建设五位一体的智能服务体系，携手合作伙伴打造国家战略基础设施，提供数智化产品和服务。 一是加快建设新型数字信息基础设施，筑 ...

Core Viewpoint - China Telecom is enhancing its industrial chain through the establishment of two new alliances aimed at driving digital consumption and data operations, marking a shift towards a more intelligent and collaborative development phase in the industry [1] Group 1: Digital Consumption Rights Ecosystem Alliance - The Digital Consumption Rights Ecosystem Alliance focuses on resource integration and consumer activation, aiming to support public services and industrial growth through platform empowerment [1] - This alliance is designed to facilitate the transition towards a more digital and consumer-oriented economy [1] Group 2: Penetrative Regulatory Ecosystem Alliance - The Penetrative Regulatory Ecosystem Alliance utilizes China Telecom's self-developed intelligent regulatory platform, "Yufeng," to strengthen enterprise risk control measures [1] - This initiative aims to create a robust risk management framework for businesses, ensuring compliance and security within the industry [1] Group 3: Synergy and Innovation - Both alliances are complementary, working together to build an open, intelligent, and secure industrial ecosystem [1] - The collaboration is expected to inject innovative momentum into the high-quality development of the industrial chain [1]

在2025数智科技生态大会期间，中国电信发布AI+"1+1+4+N"低空经济能力体系，推出天翼星盾低空侦 测反制平台、天翼星瞰低空政务一网统飞平台及天擎5G-A低空模组，并升级天翼星云低空飞行作业平 台至5.0版本。中国电信称，加快培育开放低空经济场景，深耕一网统飞、乡村治理、公安警务、民生 救援等场景需求，组建低空应急救援协同力量，进一步推进网联无人机应用规模化发展，已在全国30省 落地超500个项目。（科创板日报） ...

Group 1 - The number of layoffs planned by U.S. employers in November 2025 reached 71,321, a significant decrease from 153,100 in October, but still substantial, pushing the total layoffs for 2025 to 1.17 million, a 54% increase year-over-year, marking the highest level since the pandemic began in 2020 [2] - Major layoffs were driven by Verizon's announcement of 13,000 job cuts, followed by the tech sector, which announced 12,400 layoffs, reflecting a 17% year-over-year increase in cumulative layoffs for the industry [2] - The private sector employment report from ADP indicated an unexpected decrease of approximately 32,000 jobs, reinforcing expectations for policy easing [2] Group 2 - Initial jobless claims in the U.S. fell by 27,000 to 191,000, marking the lowest weekly level since September 2022, while continuing claims decreased by 4,000 to 1.939 million, indicating a slowdown in layoffs [3] - The mixed employment data has attracted market attention, adding uncertainty to the Federal Reserve's upcoming meeting, with expectations for a 25 basis point rate cut slightly decreasing [4] - The dollar index remains stable around 99 but may face downward pressure due to rate cut expectations and potential leadership changes at the Federal Reserve [6] Group 3 - Meta is reportedly planning to significantly cut its metaverse investment, reducing the budget for Reality Labs by about 30%, which has led to a 3.43% increase in its stock price [9] - Microsoft announced a price increase for its Office productivity software subscriptions starting July 1, 2024, resulting in a slight stock price increase of 0.65% [9] - Intel has decided to retain its network and edge computing division, which it previously considered selling, leading to a 7.45% decline in its stock price [10]

中国发展网讯11月30日上午10时，江苏省新一代电子政务外网运行管理平台屏幕上，13个设区市的图标 齐整整闪亮起来，标志着新一代电子政务外网主体工程正式建成，全省统一调度、全域感知、敏捷响应 的新型网络管控体系基本建立。即日起，新"一张网"作为信息基础设施大动脉，将全面接入全省数字业 务，更好支撑政府数字化、网络化、智能化运行，推动数字政府建设迈进新的发展阶段。 江苏省委省政府明确提出，加快建设新一代电子政务外网，打造泛在可及、智慧便捷、公平普惠的数字 化服务体系，更好为社会提供高效能治理。江苏省数据局将新一代电子政务外网列为数字政府建设的重 大工程，召开全省数据系统会议全面部署，编制《江苏省新一代电子政务外网建设指南》，强化顶层设 计和一盘棋统筹。该省数据局、省大数据管理中心建立54人参加的项目建设工作专班，逐一审核各设区 市整体建设方案，督促各地按照全省统一标准规范、市县一揽子实施。各设区市统筹调度市县资源，积 极协调相关部门高效推进项目建设。江苏电信、江苏移动、江苏联通等运营商组织省市县三级公司专业 技术力量，全力配合开展攻坚行动，高标准完成新一代电子政务外网主体工程建设。 下一步，该省将进一步丰富新" ...

《实施意见》提出，济南将依托智慧泉城运行管理中心建强城市智能中枢，完成高频决策服务场景清单 梳理和多跨应用场景构建。到2027年，实现态势全面感知、趋势智能研判、协同高效处置。 优化视频监控网络，推进公共视频监控资源标准化治理，深入挖掘全域视频数据价值，推进多场景智能 分析应用。到2027年，视频监控汇聚总量突破40万路。 推进城市信息模型、时空大数据、国土空间基础信息等基础平台整合应用。构建新一代物联网统一管理 平台，打造城市物联"一张网"。构建覆盖人、企、物的"城市码"服务体系，拓展应用场景，推进"一码 通城"数据融合和共享应用。 深化千兆光网建设，深入实施"信号升格"专项行动，加快推进移动网络深度覆盖。到2027年，全市5G 基站数量达65万个。 记者从济南市大数据局了解到，该局起草的《关于深化新型智慧城市建设推进城市全域数字化转型的实 施意见》(以下简称《实施意见》)，已由市政府办公厅于近日印发。《实施意见》提出，到2027年，济 南要初步建成全国一流数智先锋城市。围绕这一目标，《实施意见》从基础设施、数据要素、产业发 展、公共服务、城市治理、绿色低碳、安全韧性、体制机制等八个方面提出了28条具体措施 ...

Core Insights - China Unicom (Europe) has established a significant milestone with the unveiling of its European Technology Support Center in Budapest, Hungary, marking its first large-scale regional technical support platform overseas [1][2] - The center aims to leverage China Unicom Group's strengths in computing power, cloud networks, data, and AI engineering to enhance network and localized service capabilities in Hungary and Central Eastern Europe [1] - The initiative is part of a broader strategy to support Chinese enterprises operating in Europe and contribute to the high-quality development of the Belt and Road Initiative and China-Europe connectivity [1] Group 1 - The European Technology Support Center will facilitate open cooperation with local operators, industry partners, and business associations, providing intelligent solutions for Chinese enterprises and local clients [1] - China Unicom is actively introducing technologies such as artificial intelligence and industrial internet into Europe, aiming to create AI-capable smart factories and promote Chinese manufacturing overseas [1] - Hungary is identified as a strategic hub for high-end manufacturing for Chinese enterprises, with the center serving as a strategic bridge for integrated pre-sales, delivery, and operation services [1] Group 2 - The Deputy General Manager of Bank of China Hungary Branch highlighted that Central Eastern Europe is becoming a key area for Chinese enterprises' investments, with increasing demands for communication connectivity, data processing, and information security [2] - The establishment of the technology support center is seen as a practical measure to enhance the service system in Europe and support the real economy, particularly benefiting sectors like manufacturing, energy, transportation, cross-border e-commerce, and financial services [2] - Presentations at the event showcased comprehensive information service capabilities tailored for high-end manufacturing, smart parks, smart logistics, digital finance, and research education, fostering in-depth exchanges with attendees [2]

Group 1 - The core logic of the report emphasizes optimism for the communication sector in 2026, focusing on opportunities in computing power, telecom operators, and satellite internet [10][11] - The report suggests a stock selection strategy that includes recommendations for companies in various segments such as networking, optical devices, liquid cooling, and copper connections [11] - The report highlights the expected dividend yields for major telecom operators, with China Mobile, China Telecom, and China Unicom projected to have dividend yields of approximately 6.3%, 5.5%, and 5.1% respectively for Hong Kong stocks [11] Group 2 - The report identifies operational risks related to AI demand growth not meeting expectations, which could slow down the conversion speed of enterprise-level AI solutions and affect infrastructure procurement [12][13] - It discusses the potential deterioration of the competitive landscape in AI hardware, as increased capital expenditure by global tech companies may lead to intensified competition [18][19] - The report notes risks associated with the satellite internet sector, particularly regarding the uncertainty of capital expenditure and the maturity of the industry [23][24] Group 3 - The report provides a risk assessment for recommended stocks, including major telecom operators, which are characterized by stable growth, high dividends, and technological growth [30] - It highlights specific risks for individual companies, such as the potential decline in gross margins for Zhongji Xuchuang due to increased competition in the 800G market [31][32] - The report also addresses the risks for companies like Yingwei and Kexin, focusing on market competition and the challenges of expanding into overseas markets [38][40]