Group 1 - The "New" Beijing and the 2025 Beijing Internet Conference was held on September 25, focusing on the theme "AI Empowering New Quality Beijing" to analyze new dynamics in the digital economy era [1] - Beijing Unicom actively participated in the conference, contributing to the development of the capital in the new era [1] Group 2 - Five application cases from telecommunications operators and internet industry representatives were presented, showcasing the practical results of the integration of these two fields [3] - Beijing Unicom's enterprise-level intelligent office platform addresses pain points in the digital transformation of traditional manufacturing, such as "lack of data" and "lack of scenarios" for intelligent applications [3] - The platform has developed over 10 intelligent agents across four categories, with more than 30 scenario-based applications expected to be implemented by the end of the year [3] Group 3 - The "Technology Innovation and New Momentum of Digital Economy" sub-forum was hosted by Beijing Unicom, focusing on high-quality development of the digital economy and analyzing the latest trends and challenges in the industry [5] - The Beijing Communications Administration announced excellent design and quality engineering cases for the "Ten-Gigabit City" initiative, with four projects from Beijing Unicom recognized as quality engineering cases [5] - These projects, including the Beijing 5G indoor distribution construction project and the domestic expansion of the Beijing backbone cloud pool, highlight the responsibility and commitment of telecommunications companies [5]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Views of the Report - The stock market shows a narrow - range oscillation, and the bond market curve flattens. For stock index futures, the market is in a narrow - range oscillation with local event - driven trading. For stock index options, a defensive approach should be maintained. For bond futures, the bond market curve flattens, and the overall bond market remains cautious [2][3][4]. 3. Summary by Relevant Catalogs 3.1 Market Views Stock Index Futures - **Market Situation**: The Shanghai Composite Index had a narrow - range oscillation on Thursday, with trading volume remaining at 2.4 trillion yuan. Before the holiday, there was no clear market mainline, and funds were trading around local hotspots. After concentrated hedging on Tuesday, funds gradually reduced short positions, and the basis converged to the beginning - of - week level. However, due to the approaching long holiday, the market lacked upward momentum. Industries such as media, communication, and non - ferrous metals led the gains, driven by events like the release of game licenses, Alibaba's AI infrastructure expansion plan, and a copper mine accident in Indonesia. These events are unlikely to form a trading mainline before the holiday. - **Operation Suggestion**: Maintain a growth - style investment, allocate half - position IM long contracts, and wait for an opportunity to increase positions in mid - to - late October. - **Outlook**: Oscillation with a slightly upward trend [3][7]. Stock Index Options - **Market Situation**: The equity market mainly oscillated, and the Shanghai Composite Index slightly declined by 0.01%. The overall trading volume of the options market decreased slightly, with the single - day trading volume of the Science and Technology Innovation 50 ETF options dropping by 28.01%. The trading sentiment that was previously active has slowed down. The PCR of each option variety weakened, and the weighted implied volatility of options decreased by an average of 2.22%. Considering short - term hedging needs and the entry of double - buying strategies in the week before the holiday, the double - selling volatility strategy is not recommended for now. - **Operation Suggestion**: If there are equity holdings, maintain a defensive approach with options before the holiday, such as covered call and protective put strategies. - **Outlook**: Oscillation [3][7]. Bond Futures - **Market Situation**: The bond market curve flattened. The central bank conducted a net withdrawal of 3.5 billion yuan in open - market operations. Although the central bank has increased the MLF roll - over for seven consecutive months, the inter - bank market funds were still tight at the end of the quarter, with the DR001 weighted average interest rate around 1.5%, which was negative for the short - end of the bond market. The equity market rose and then fell, which boosted the sentiment of the long - end of the bond market. In the short term, monetary policy may mainly rely on structural policy tools. Considering the further implementation of other growth - stabilizing policies, the overall bond market remains cautious. - **Operation Suggestion**: For trend strategies, be cautiously optimistic about the oscillation. For hedging strategies, pay attention to short - hedging at low basis levels. For basis strategies, appropriately pay attention to basis widening. For curve strategies, expect the curve to remain steep. - **Outlook**: Oscillation [4][7]. 3.2 Economic Calendar - The report provides economic data from September 22 - 25, 2025, including China's one - year loan prime rate, the eurozone's September manufacturing PMI preliminary value, the US August new home sales annualized total, and the US initial jobless claims for the week ending September 20 [12]. 3.3 Important Information and News Tracking - **Tariffs**: The Chinese Ministry of Commerce initiated a trade and investment barrier investigation into relevant Mexican measures restricting Chinese products on September 25, 2025, due to Mexico's plan to raise import tariffs on products from non - free - trade partners such as China. - **US Macroeconomy**: The number of initial jobless claims in the US dropped to the lowest level since mid - July, with a decrease of 14,000 to 218,000 in the week ending September 20, far lower than the expected 233,000 [12][13]. 3.4 Derivatives Market Monitoring - The report mentions data monitoring for stock index futures, stock index options, and bond futures, but no specific data details are provided in the content [14][18][30].

Group 1 - The report emphasizes the long-term allocation value of Hong Kong dividend assets, highlighting their resilience in market volatility and superior risk-return characteristics, with a return drawdown ratio of 2.2 times [1][10] - Policy support has significantly increased the attractiveness of dividend assets, with a notable increase in dividend payouts from A-share companies in 2024, enhancing the long-term valuation of these assets [1][18] - There is a sustained demand for long-term capital allocation from insurance funds, which are expected to continue flowing into dividend assets due to their stable returns and low volatility [1][23] Group 2 - The report focuses on the China Securities National Hong Kong Stock Connect Central Enterprise Dividend Index, which selects high-dividend central enterprises from the Hong Kong Stock Connect range, reflecting the overall performance of these companies [3][36] - Since 2020, the National Hong Kong Stock Connect Central Enterprise Dividend Index has achieved a cumulative return of 37.2%, outperforming major A/H indices and similar products [3][39] - The index is heavily weighted towards high-quality large-cap central enterprises in sectors such as energy and telecommunications, providing a distinct advantage over other indices [3][39] Group 3 - The Invesco Great Wall China Securities National Hong Kong Stock Connect Central Enterprise Dividend ETF offers investors a tool to gain exposure to the Hong Kong central enterprise dividend sector, with a current circulation scale of 4.92 billion [4] - The ETF aims to closely track the underlying index, minimizing tracking deviation and error to achieve returns similar to the index [4]

Group 1 - The A-share market experienced a downward trend last week, with the Shanghai Composite Index facing significant resistance above 3600 points and heavy profit-taking after recent gains [1] - The upcoming expiration of the 90-day suspension of the 24% reciprocal tariffs between China and the U.S. adds uncertainty to market dynamics, despite ongoing negotiations [1] - The A-share market is expected to continue a "slow bull" trend into the second half of 2025, supported by the "National Nine Articles" policy and similar to the "4 trillion" investment strategy [1] Group 2 - Major sectors with net inflows include semiconductors, domestic software, new energy vehicles, lithium batteries, and military industry [1] - Key concepts with net inflows are artificial intelligence, Huawei supply chain, domestic chips, state-owned enterprise reform, and big data [1] - Top individual stocks with net inflows include Sunshine Power, iFlytek, Luxshare Precision, CATL, OmniVision Technologies, Shanghai Electric, Eastmoney, Changdian Technology, Nanda Optoelectronics, and SMIC [1] Group 3 - The three major telecom operators in China are accelerating their AI applications across various sectors, including mining, agriculture, healthcare, and urban governance, as they compete in the computing power market [3] - Both China Mobile and China Telecom reported AI revenues in the tens of billions, indicating a successful transformation driven by AI applications [4] - The implementation of "Artificial Intelligence + Energy" initiatives is expected to benefit the smart power industry, with a projected market size of approximately 180 billion yuan by 2030 [6] Group 4 - The battery and energy management industry is seeing positive revenue growth due to increased sales of new energy vehicles and global energy storage demand [7] - The capital expenditure in the industry is stabilizing, with some segments beginning to expand capacity [7] - The competitive advantages of leading companies in the lithium battery supply chain are expected to grow, driven by technological innovation and international expansion [7] Group 5 - The Shanghai Composite Index showed signs of recovery with a bullish candlestick, indicating potential support at the 3800-point level, but further upward movement is needed to confirm a trend change [11] - The upcoming expiration of the 90-day tariff suspension marks a critical phase, with potential for continued negotiations but significant uncertainty [11] - The market is anticipated to experience wide fluctuations in September, influenced by long-term capital inflows into sectors such as banking, insurance, technology (AI), and consumer goods with solid fundamentals [11]

Core Viewpoint - The 2025 China Wireless Conference highlighted the importance of innovative spectrum strategies for leading the global 5G industry, as emphasized by China Mobile's Vice President Cheng Jianjun [1] Group 1: Spectrum Strategy - The Ministry of Industry and Information Technology (MIIT) has developed a forward-looking 5G spectrum strategy that prioritizes the allocation of quality mid-band resources, precise release of valuable low-band resources, and innovative mechanisms for efficient spectrum sharing [1] - China Mobile's innovative practices in spectrum application include efficient frequency usage by integrating the characteristics of 700MHz, 2.6GHz, and 4.9GHz bands to meet both consumer (2C) and business (2B) demands [1] Group 2: Future Outlook - To seize the initiative in 6G development, a proactive spectrum layout is essential, with three recommendations: innovating efficient spectrum utilization technologies, unlocking frequency value, and tackling key 6G technologies such as air interface AI and ultra-large-scale antennas [1]

Core Insights - The implementation of the "Unicom Digital Village" platform in Shizikou Village has transformed the traditional village landscape, enhancing convenience for residents and providing a smart tourism experience for visitors [1][2] - The platform features a three-screen linkage system that allows real-time updates on village affairs and facilitates communication between villagers and local authorities [2][4] - The deployment of a digital loudspeaker system has modernized the way information is disseminated within the village, improving management efficiency and safety communication [4][6] Group 1: Digital Infrastructure - The "Unicom Digital Village" platform enables tourists to access detailed information about attractions, book tickets, and accommodations through a mobile app [1][2] - The platform includes a "Leadership Mailbox" feature that allows villagers to send suggestions directly to village leaders, promoting community engagement [2] - The construction of the digital infrastructure faced challenges such as difficult terrain and signal coverage, which were addressed through innovative solutions like drone transportation and careful site selection for 5G base stations [4][6] Group 2: Smart Tourism and Livelihood - The village has developed unique "smart homestays" using traditional stone houses, equipped with smart home technology for enhanced guest experience [6][8] - A dedicated live-streaming room has been established to support local product sales, leveraging social media influencers to promote agricultural products [6][8] - The integration of digital technology in tourism and agriculture aims to create a new ecosystem that enhances the quality of life for villagers and promotes economic development [8]

Group 1 - The core viewpoint of the news is the initiation of the construction of the "Tibet-Guangdong DC Project," which is the world's most advanced and largest clean energy direct current transmission project, with a total investment of approximately 53.2 billion yuan [1] - The project includes an additional investment of over 150 billion yuan for the supporting "water-wind-solar integrated" power generation base [1] - The project is a collaboration between two major state-owned enterprises, China Southern Power Grid and State Grid Corporation, which have jointly established the Guangdong Tibet-Guangdong DC Power Operation Co., Ltd. to manage the operation [1] Group 2 - As of September 22, 2025, the National Enterprise Win ETF (159719) has shown a cumulative increase of 2.05% over the past six months and a net value increase of 46.45% over the past three years, ranking 346 out of 1871 in the index stock fund category [2] - The ETF has a historical maximum monthly return of 14.61% since its inception, with the longest consecutive monthly increase lasting 7 months and a maximum increase of 24.70% [2] - The ETF closely tracks the FTSE China National Enterprises Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [3]

Core Insights - The event focused on "smart manufacturing and digital transformation," highlighting the importance of collaboration between operators and manufacturing enterprises in driving industrial digitalization [1][3][4] Group 1: Event Overview - The Industrial Intelligent Laboratory unveiling ceremony and Digital Transformation Summit was held in Linshu County, Shandong, organized by Linshu County government and SANY Group [1] - Key figures from SANY Group, China Unicom, and various research institutions participated, emphasizing the collaborative effort in advancing smart manufacturing [1] Group 2: Key Presentations - Fan Jiaan, Chief Scientist of China Unicom Big Data, delivered a keynote on the role of operators in industrial digital transformation, emphasizing the need to break down "data silos" and build a "collaborative ecosystem" [3] - He highlighted that industrial digital transformation has entered a "deep water zone," requiring comprehensive support from technologies like 5G, big data, and cloud computing [3] Group 3: Future Directions - China Unicom aims to empower the real economy with digital technologies, collaborating with SANY Group and Shengjing Intelligent to elevate China's smart manufacturing from "domestic substitution" to "world leadership" [4]

Core Viewpoint - The launch of Apple's iPhone Air in China has been delayed due to regulatory issues surrounding eSIM technology, which is not yet supported by local telecom operators [2][3][4]. Group 1: iPhone Air Launch - The iPhone Air, Apple's lightest flagship smartphone, is currently not available for sale in China, with its release status marked as "to be updated" on official platforms [2]. - The iPhone Air only supports eSIM, which requires regulatory approval for telecom operators in China to offer eSIM services [2][3]. - Apple has indicated that the iPhone Air will only be supported by China Unicom for eSIM activation, requiring users to visit physical stores for identity verification [5][6]. Group 2: eSIM Technology and Regulatory Environment - eSIM technology is seen as a future trend in the telecom industry, but its adoption in China is hindered by regulatory and compliance challenges [3][11]. - Chinese telecom operators are prepared to offer eSIM services but are awaiting formal approval from regulatory bodies [4][11]. - The complexity of eSIM activation processes and the need for stringent security measures have led to delays in service rollout [8][9][14]. Group 3: Industry Perspectives - Industry analysts believe that the widespread adoption of eSIM in China is inevitable, but it will follow a cautious and phased approach [3][11]. - The telecom sector is currently focused on enhancing security measures for eSIM technology to address concerns over user privacy and fraud [8][9][14]. - Companies like China Unicom are exploring advanced technologies, such as blockchain, to improve the security of eSIM services [14].

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][42]. Core Viewpoints - The year 2025 marks the beginning of 6G standardization, with 3GPP fully initiating research on 6G technology. A unified global technical standard is essential for building the 6G ecosystem and promoting industrial scale applications and sustainable development [3][38]. - The communication industry is currently in a phase of technological iteration and policy dividends, with new productivity directions such as AI, quantum communication, and low-altitude economy expected to continuously release growth momentum. The recovery of cellular IoT modules from inventory adjustments and ongoing construction of communication facilities like base stations and data centers will drive demand for new devices, equipment, and service operations [3][38]. - The report suggests focusing on three main lines of enterprise opportunities: "technology commercialization + policy catalysis + performance certainty" [3][38]. Summary by Sections 1. Industry Market Review - The communication sector index rose by 8.52% over the two weeks from September 5 to September 18, outperforming the CSI 300 index by 5.48 percentage points, ranking 5th among 31 first-level industries. Year-to-date, the communication sector has increased by 63.03%, surpassing the CSI 300 index by 48.72 percentage points [10][11]. 2. Industry News - China Telecom achieved the first 6G standard project approval in the 3GPP, marking a significant milestone in international standardization efforts [14]. - Microsoft signed a $6.2 billion agreement to build AI infrastructure in Norway, aiming to enhance service support for the European market [15][17]. - The global Ethernet switch market revenue reached $14.5 billion in Q2 2025, showing a year-on-year growth of 42.1%, driven by rapid data center expansion [18]. - The global enterprise WLAN market grew by 13.2% year-on-year in Q2 2025, reaching $2.6 billion, fueled by the rapid adoption of new Wi-Fi standards [19]. 3. Company Announcements - China Unicom signed a financial services agreement with its subsidiary, expected to facilitate daily business operations [21][22]. - Guangxun Technology plans to raise up to 3.5 billion yuan for projects related to optical connectivity and high-speed optical transmission [24]. 4. Industry Data Updates - As of July 2025, the mobile phone user base reached approximately 1.815 billion, a year-on-year increase of 2.68% [25]. - The length of optical cable lines reached about 73.77 million kilometers in Q2 2025, a year-on-year increase of 9.91% [31]. - The total number of 5G base stations reached 4.598 million by July 2025, with a net increase of 348,000 from the end of the previous year [35]. 5. Investment Recommendations - The report recommends focusing on companies such as China Mobile, China Telecom, FiberHome, Yangtze Optical Fibre, and Weisheng Information, which are expected to benefit from the ongoing technological advancements and policy support in the communication sector [38].