Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) is soliciting opinions on 315 industry standards, one foreign version of an industry standard, and four recommended national standard project plans related to 5G digital cellular mobile communication networks [1] Group 1 - The MIIT is focusing on the testing methods for multi-frequency repeaters in 5G networks [1] - The initiative aims to enhance the standardization and quality of 5G technology implementation [1] - This move reflects the ongoing efforts to improve the regulatory framework surrounding 5G infrastructure [1]

Group 1 - The article emphasizes the integration of digital technology in enhancing the cultural tourism industry in Heze, Shandong, leveraging the region's rich historical and cultural heritage [1][7] - Shandong Mobile has implemented a comprehensive network coverage strategy, including the establishment of 66 new 5G-A base stations, significantly improving network capacity to accommodate up to 600,000 visitors per day at major tourist sites [2][4] - The introduction of an integrated management platform utilizing GIS, video surveillance, and real-time monitoring has improved visitor management and operational efficiency at scenic spots [4][6] Group 2 - The company is promoting a new model of "intangible cultural heritage + tourism" through innovative technologies such as VR panoramic live streaming, enhancing the accessibility and appeal of traditional crafts and cultural experiences [6] - Shandong Mobile aims to continue its focus on digitalization, providing technological solutions that support the cultural tourism sector and contribute to rural revitalization efforts [7]

Core Viewpoint - The Japan Economic Research Center predicts that Japan's GDP will rank fourth in the world by 2075 if it successfully implements reforms and utilizes AI to enhance productivity and talent allocation. Without these changes, Japan's GDP could drop to eleventh place [1][2]. Economic Forecast - Japan's actual GDP in 2024 is projected to be fourth globally, following the US, China, and Germany. By 2075, Japan is expected to remain fourth, with the US and China not experiencing a reversal in their GDP rankings, while India is anticipated to grow and secure the fifth position [2]. - The integration of AI across various sectors is expected to significantly impact business operations, with over 90% of fields affected by generative AI, AGI, and physical AGI [2]. Labor Market Changes - As automation progresses, existing jobs may be replaced, but new positions in development and research are expected to emerge. The average workweek is projected to decrease from 38 hours to 21 hours, potentially leading to a four-day workweek [2]. - The introduction of clearer job descriptions and the abolition of retirement systems are seen as prerequisites for increasing labor participation among the elderly [2]. Education and Demographics - Education spending in Japan is expected to rise from 4.0% to approximately 4.9% of GDP, with an increase in graduate school enrollment and an extension of average education years from 12.7 to 20 years [2][3]. - The total fertility rate is projected to increase from 1.20 in 2023 to around 1.3 by 2075, stabilizing Japan's population at approximately 113 million by the 2050s. The number of foreign residents is expected to rise from about 3.8 million to 15 million by 2075 [3]. Industry and Innovation - Japan faces a common challenge with major European countries regarding the significant slowdown in productivity growth since the 21st century. The lack of development in high-tech industries such as IT, healthcare, and renewable energy is identified as a key issue [3]. - The nurturing of startups is deemed essential, with a call for attracting foreign investment to enhance domestic direct investment due to insufficient venture capital supply [3]. GDP Ranking Projections - If reforms are implemented, Japan's per capita GDP is expected to rise from 29th to 25th in the world by 2075. Conversely, if the status quo is maintained, it could fall to 45th [3].

Core Viewpoint - The 2025 MWC Shanghai highlighted the integration of mobile communication with AI and other industries, showcasing advancements in 5G-A and the Open Gateway initiative [2][3][4]. Group 1: Event Highlights - The event featured prominent speakers from major companies, including China Mobile and Huawei, discussing innovations in communication networks, AI, and robotics [2]. - Over 30% of attendees were from outside the mobile communication industry, indicating a broader integration with sectors like AI, low-altitude economy, automotive, and robotics [3][6]. Group 2: 5G-A Developments - 5G-A is now commercially available, offering enhanced network capabilities such as wider bandwidth, lower latency, and improved positioning accuracy, which will enhance user experiences in applications like live streaming and AI software [4][10]. - China is leading in 5G-A investments, significantly benefiting the development of smart driving, drones, and AI applications [12]. Group 3: Open Gateway Initiative - The Open Gateway initiative has seen participation from 73 operator groups, representing 284 mobile networks, covering over 78% of mobile networks globally [5][7]. - The initiative aims to provide developers with universal access to operator networks through a programmable API framework, simplifying the development process and enabling operators to transition towards platform-based business models [6][7]. Group 4: Application Cases - Open Gateway has been successfully applied in various sectors, including gaming, financial services, and media, with notable examples such as addressing ticket scalping issues in Hong Kong [8]. - The API has also been utilized for fraud prevention, with Brazilian operators providing SIM card data to banks for enhanced transaction security [9].

Market Overview - The equity market experienced a collective decline last week, with the North Certificate 50 index dropping the most at 2.55% [5][6] - The bond market saw a collective decline in both short and long-term interest rates, with the 1-year government bond rate decreasing by 4.50 basis points to 1.355% [9][13] - The fund market reflected the equity market's downturn, with the偏股基金指数 down 1.65% and the二级债基指数 down 0.07% [15][16] Event-Driven Strategy - The National Medical Products Administration has initiated support for the innovation of high-end medical devices, highlighting investment opportunities in funds such as 南方医药保健 A (000452), 鹏华品牌传承 (000431), and 信澳健康中国 A (003291) [17] - Xiaomi's first SUV is set to launch, presenting potential investment in 工银新能源汽车 A (005939), 嘉实港股互联网产业核心资产 A (011924), and 鹏华新能源汽车 A (016067) [17][18] - The World Mobile Communications Conference held in Shanghai showcased advancements in robotics, indicating investment potential in 华夏智造升级 A (016075), 嘉实制造升级 A (018240), and 鹏华碳中和主题 A (016530) [19] Asset Allocation Strategy - The report suggests a balanced core and barbell strategy, focusing on dividend and technology sectors, with recommended funds including 安信红利精选 A (018381) and 嘉实港股互联网核心资产 (011924) [20][21] - The report emphasizes the value of high-dividend assets due to the low interest rate environment and government policies encouraging dividends [20] - The technology growth sector is highlighted for its investment value, driven by national policy support and the global trend towards artificial intelligence [21] Stable Product Allocation Strategy - The central bank's recent actions indicate a net injection of 102.1 billion yuan, maintaining a balanced and loose funding environment [24] - The report notes that the LPR remained unchanged at 3.0% for the 1-year rate, aligning with market expectations [25] - Economic data from May showed better-than-expected performance, with industrial value-added growth at 5.8% year-on-year [25] Key Focus Products - Recommended funds include 诺德短债 A (005350) for short-term strategies and 安信新价值 A (003026) for a bond-equity hybrid approach [30][29]

Group 1 - The core viewpoint of the news is that China has made significant progress in the commercial deployment of 5G-A and is proactively laying out the 6G industrial ecosystem, with over 1 million 5G-A users and coverage in more than 300 cities [1][3] - China Mobile's 5G-A network has achieved coverage in over 330 cities, enhancing network speed, coverage, intelligence, and connectivity capabilities [1][3] - The GSMA president highlighted China's leadership in 5G infrastructure, investment, and innovation, noting the successful commercial deployment of 5G-A [1][3] Group 2 - 5G-A technology is enhancing network performance and efficiency, supporting specific vertical applications, and facilitating the large-scale deployment of artificial intelligence in various sectors such as manufacturing and ports [1][2] - In the industrial sector, 5G-A networks enable embodied intelligence to process large amounts of data in real-time, improving safety and efficiency in high-risk operations [2] - The integration of 5G-A and 6G technologies is being promoted by Chinese operators, focusing on the convergence of satellite and ground networks, comprehensive multi-dimensional perception, and deep integration with AI [3][4]

Core Insights - The 2025 World Mobile Communication Conference (MWC Shanghai) highlights the themes of "interconnection" and "integration" in mobile communication development [1] Group 1: AI Integration - Mobile communication networks are seen as the foundation for the large-scale development of artificial intelligence (AI) [2] - Chinese operators are positioning AI as the core engine for cross-industry intelligent solutions [2] - China Unicom showcased intelligent products for industrial scenarios, while China Telecom presented a robotic dog with various functions, marking a step towards integrating AI into daily life [2] - AI has reached or surpassed human levels in language understanding, image recognition, and efficient learning [2] Group 2: Low-altitude Economy - Mobile communication plays a crucial role in low-altitude economy by supporting low-altitude communication, flight navigation, and airspace regulation [3] - As of March 2025, over 5.6 million base station construction projects are expected to be completed [3] - China Mobile has developed a "four drives and two wings" capability system for the low-altitude economy, focusing on terminals, networks, platforms, and applications, along with AI and security [3] Group 3: Future Development Prospects - Shanghai's authorities are encouraging innovation in 5G-A technologies for the low-altitude economy [4] - A demonstration area for low-altitude intelligent network infrastructure is being established in Hefei, with positive progress reported [4] - The developed low-altitude perception equipment based on TDOA technology can meet the needs for low-altitude flight order protection and important facility safeguarding [4] - Future plans include accelerating the evolution of next-generation communication networks and enhancing collaboration in technology innovation and standard setting [4]

Core Viewpoint - China Mobile is leveraging the "AI+" era to enhance its position as a leading information service technology innovation company, focusing on the integration of 5G and Beidou satellite navigation systems to develop a new type of spatial intelligence service [1][9]. Group 1: Product System and Features - The "Wandering Space" product system was officially launched, integrating 5G, AI, and Beidou to create four major intelligent scenarios: "Wandering Intelligent Travel," "Wandering Intelligent Connection," "Wandering Intelligent Observation," and "Wandering Intelligent Integration" [2][3]. - "Wandering Intelligent Travel" focuses on providing seamless connectivity for smart vehicles, achieving over 94% fixed rate in complex scenarios through centimeter-level RTK coverage and AI-enhanced technologies [3]. - "Wandering Intelligent Connection" integrates emergency communication capabilities with satellite connectivity, ensuring coverage in extreme environments and providing communication support for over 100 million users annually [3]. - "Wandering Intelligent Observation" offers a comprehensive self-developed terminal module that ensures safety through high-precision positioning and short message communication, supporting government governance with continuous data analysis [3]. - "Wandering Intelligent Integration" aims to merge indoor and outdoor spatial data, high-fidelity business process simulations, and consistent simulation algorithms, utilizing AI for rapid modeling and simulation [3]. Group 2: Collaborations and Future Plans - China Mobile is actively promoting industry-academia-research cooperation, establishing joint laboratories with Shanghai Jiao Tong University and Wuhan University to advance spatial information technology [5][6][7]. - The company plans to collaborate with various partners across government, industry, academia, and research to enhance its 5G and Beidou infrastructure, targeting sectors such as smart transportation, low-altitude economy, and new industrialization [9].

Group 1: Event Overview - The GSMA 2025 MWC Shanghai commenced on June 18, focusing on themes such as 5G integration, AI, and industry connectivity [1] - The event showcased cutting-edge technologies from major companies like China Mobile, Huawei, and ZTE, highlighting the rapid transformation of the digital and mobile industry in Asia [1][3] Group 2: China Tower's Contributions - China Tower made its debut at MWC Shanghai, emphasizing its "sharing" strategy and commitment to building intelligent digital infrastructure [1][3] - As of March 2025, China Tower has constructed over 5.6 million base stations, covering more than 66,000 kilometers of high-speed rail and subway networks [3][4] - The company has significantly improved network quality and reduced investment costs, saving over 100 billion yuan, equivalent to avoiding the construction of one million base stations [4] Group 3: Huawei's Innovations - Huawei presented its advancements in 5G-A, with over 300 cities in China achieving 5G-A coverage and more than 10 million users [5][7] - The company introduced new AI-driven solutions aimed at enhancing network performance and supporting operators in the smart era [7][8] - Huawei's Vice Chairman shared four key growth drivers, focusing on user demand, video traffic, smart connected vehicles, and connecting small businesses [8] Group 4: Haowei Technology's Approach - Haowei Technology showcased its "technology + scenario" dual-driven model, emphasizing the importance of AI in transforming user experience and efficiency [9][11] - The company introduced a comprehensive low-altitude flight service solution and a smart service platform for traditional Chinese medicine [11][12] - Haowei Technology aims to expand its global presence, moving from a supplier role to exporting successful business models and operational experiences [12] Group 5: Ailing Network's Industrial Solutions - Ailing Network highlighted its 5G flexible private network for the seventh-generation automotive manufacturing control system, focusing on cloud-edge-end architecture [13][14] - The company aims to enhance production efficiency through integrated management of computing power and software, optimizing resource allocation based on production tasks [13] - Ailing Network's collaboration with NIO has led to significant advancements in 5G applications within automotive manufacturing [14]

Group 1: Equity Funds and Market Opportunities - A total of 47 new equity funds have been established since June, with many entering the investment phase within half a month of their launch [1] - Fund managers are accelerating their investments in the A-share market due to strong policy support and the emergence of structural investment opportunities [1] - The current market environment is characterized by a gradual recovery in valuations, driven by favorable policies and the strong growth potential of emerging industries [1] Group 2: Lithium Iron Phosphate Market Dynamics - There is a significant increase in long-term contracts for lithium iron phosphate, with orders reaching billions, indicating expanding market demand [1] - The cumulative installed capacity of power batteries in China from January to May reached 241.4 GWh, a year-on-year increase of 50.4%, with lithium iron phosphate batteries accounting for 81.4% of the total [1] - In the energy storage sector, lithium iron phosphate batteries are projected to dominate, with a forecasted global market share of 92.5% in 2024 [1] Group 3: Unmanned Logistics Vehicles - Over 40 unmanned delivery vehicles from various companies have been tested in Shenzhen, with expectations for the number of operational vehicles to exceed 1,000 by the end of 2025 [2] - Unmanned logistics vehicles are primarily responsible for the "last mile" delivery, significantly enhancing logistics efficiency and reducing costs [2] Group 4: 5G-A Technology Developments - The 2025 World Mobile Communication Conference showcased multiple applications of 5G-A technology, which can reduce data transmission latency to under 20 milliseconds [4] - Major telecom operators in China are deploying 5G-A networks across various cities, with over a hundred devices expected to support this technology by the end of 2025 [4] Group 5: Financial Sector Developments - A total of 103 listed companies in Shenzhen changed their auditing firms in 2024, reflecting a significant shift in the auditing landscape [5] - The acquisition of 96.08% of Wanhe Securities by Guosen Securities has been approved by the Shenzhen Stock Exchange, marking the third broker merger to receive such approval since last year [5] Group 6: Corporate Actions and IPOs - Cloud Intelligence is seeking to raise up to HKD 320 million (approximately USD 40.8 million) through an IPO in Hong Kong, with shares priced between HKD 165 and 205 [7] - Shanjin International has authorized its management to initiate preparations for issuing H-shares and listing in Hong Kong, aiming to enhance its global strategy [8]