Core Points - Beijing has become a pilot region for telecom policy reforms, with 10 companies approved for value-added telecom business, accounting for 40% of the national total [1][3] - The approved companies cover four business categories, emphasizing a diverse and high-quality service offering, with a focus on international recognition [3] - The pilot companies have varied goals, including enhancing communication solutions, promoting digital integration in advanced manufacturing, and providing tech support for international businesses [3] Industry Development - Beijing has established a leading and large-scale information and communication network, with 143,900 5G base stations, the highest per capita in the country [4] - The city has initiated the "Optical Network Capital, Ten-Gigabit City" action plan and is progressing towards becoming a "Double Ten-Gigabit" city [4] - 5G applications are widely implemented across various sectors, including factories, hospitals, and schools, facilitating digital transformation [4]

Group 1: Foreign Investment and Economic Cooperation - In the first five months of 2025, China's non-financial direct investment abroad reached $61.6 billion, a year-on-year increase of 2.3% [2] - Investment in countries participating in the Belt and Road Initiative amounted to $15.52 billion, growing by 20.8% [2] - The total revenue from foreign contracted projects was $61.94 billion, up 5.4%, with new contracts signed totaling $98.68 billion, an increase of 13% [2] Group 2: Multinational Companies Summit - The recent summit attracted 570 guests from 43 countries, focusing on new investment opportunities in areas like artificial intelligence and the silver economy [5] - The summit aimed to enhance foreign companies' confidence in investing in China and showcased China's commitment to high-level opening-up [5][6] - The Ministry of Commerce plans to implement policies to address foreign companies' concerns and improve the investment environment [6] Group 3: Trade Promotion Activities - The "Foreign Trade Quality Products Tour" has successfully helped over 19,000 foreign trade enterprises and buyers, generating a transaction volume of 24.8 billion yuan [8] - The initiative aims to integrate foreign trade products into the domestic market, with over 700 offline counters established in retail chains [8] - Future plans include hosting over 330 additional events to enhance the impact of the tour and improve policy support for participating enterprises [9] Group 4: South Asia Economic Cooperation - The 9th South Asia Expo recently concluded with signed trade contracts exceeding 8.6 billion yuan, promoting economic ties between China and South Asian countries [10] - Future efforts will focus on expanding economic cooperation, enhancing supply chain integration, and maintaining a multilateral trade system [11] Group 5: Rare Earth Export Regulations - The Ministry of Commerce is expediting the review of rare earth export license applications to stabilize global supply chains [12] - Ongoing communication with relevant countries is emphasized to facilitate compliant trade and address concerns raised by the EU regarding rare earth shortages [12]

Group 1 - Hedge funds are selling European stocks at the fastest pace in nearly a year, shifting focus back to the U.S. market [1] - European stocks have outperformed U.S. stocks in recent months, with the German DAX index up over 17% year-to-date, while the Dow Jones Industrial Average has only increased by 1.28% [1] - Investors are exhibiting cautious sentiment, leading to a new trend of "buying American" [1] Group 2 - Despite the overall sell-off in European stocks, hedge funds continue to net buy European financial services, banking, and telecom stocks, driven by expectations of industry consolidation [4] - The European banking index has risen by 37% this year, while defense stocks have seen significant selling as funds take profits [4] - Rheinmetall, a German armored vehicle manufacturer, has seen its stock price soar by 248% over the past 12 months, becoming a standout performer [4] Group 3 - Hedge funds are increasingly buying European companies with greater exposure to the U.S. economy, such as luxury goods groups [5] - Concerns about the European market are centered on a lack of recent catalysts and insufficient growth momentum, with the P/E ratio of European stocks reaching 14.2, close to the 70th percentile of historical ranges [6] - The strong euro, weak economic growth, and low oil prices are all putting pressure on earnings per share [6] Group 4 - Investors are turning back to U.S. stocks, partly due to hopes that recession fears will not materialize [7] - Large tech stocks are regaining favor among investors, who believe that U.S. equities may be more resilient than those in other regions during the summer, given geopolitical uncertainties and a weaker dollar [7]

Core Insights - Shenzhen Liyan Communication Co., Ltd. has been established with a registered capital of 2 million RMB, fully owned by Shenzhen Jingliyuan Technology Co., Ltd. [1] Company Overview - The legal representative of Shenzhen Liyan Communication Co., Ltd. is Gu Zhihuang [1] - The company operates in the information transmission, software, and information technology services industry, specifically in telecommunications, broadcasting, television, and satellite transmission services [1] - The registered address is located at Tianan Digital Times Building, A Block, 2310, Tai Ran Si Road, Sha Tou Community, Futian District, Shenzhen [1] Shareholding Structure - Shenzhen Jingliyuan Technology Co., Ltd. holds 100% of the shares in Shenzhen Liyan Communication Co., Ltd. [1] Business Scope - The business scope includes sales of communication equipment, leasing of computer and communication equipment, sales of mobile communication devices, professional repair of communication transmission and switching equipment, sales of optical communication equipment, and satellite mobile communication terminal sales [1] - Additional services include 5G communication technology services, sales of electrical signal equipment, network equipment, electronic measuring instruments, navigation terminals, IoT devices, and various electronic products [1] - The company also engages in integrated circuit chip design and services, quantum computing technology services, and domestic and international trade [1]

Core Viewpoint - Shenzhen Municipal Bureau of Commerce has issued measures to promote high-quality development of service consumption, focusing on expanding openness in the service sector [1] Group 1: Service Sector Expansion - The measures aim to deepen the expansion of the service industry to foreign markets [1] - Support for pilot programs in the medical field, including biotechnology and wholly foreign-owned hospitals, to enhance openness [1] - Gradual relaxation or removal of restrictions on service trade under cross-border delivery, overseas consumption, and individual mobility models [1] Group 2: Market Access and Innovation - Continuous efforts to relax market access in telecommunications, education, elderly care, medical, and health services [1] - Active participation in the creation of national service trade innovation and development demonstration zones [1]

Core Insights - The Ministry of Industry and Information Technology reported that the total telecom business revenue for the first five months reached 748.8 billion yuan, reflecting a year-on-year growth of 1.4% [1] - When adjusted for last year's prices, the total telecom business volume showed a year-on-year increase of 8.6% [1] Telecom User Statistics - As of the end of May, the total number of fixed internet broadband access users among the three major telecom operators reached 682 million, with a net increase of 12.16 million users compared to the end of last year [1] - Users with fixed internet broadband access speeds of 100 Mbps and above totaled 648 million, accounting for 95% of the total user base [1] - Users with fixed internet broadband access speeds of 1000 Mbps and above reached 223 million, with a net increase of 16.35 million users, representing 32.7% of the total user base, an increase of 1.8 percentage points compared to the end of last year [1] Mobile Phone User Statistics - The total number of mobile phone users among the three major telecom operators and China Broadcasting reached 1.807 billion, with a net increase of 16.99 million users since the end of last year [1] - The number of 5G mobile phone users reached 1.098 billion, with a net increase of 84.14 million users, accounting for 60.8% of the total mobile phone user base [1]

编辑：张澍楠 广告等商务合作，请点击这里 就发展中国家如何找到适合自身的发展道路相关问题，与会专家给出了自己的看法。约翰斯·霍普金斯 大学艾尔弗雷德·钱德勒政治经济学讲席教授洪源远(Yuen Yuen Ang)认为，对发展中国家来说，工业化 是当务之急，没有任何国家能在不进行工业化的情况下变得富裕。她同时指出，许多发展中国家当前面 临的最大问题是，有了药方，却难以付诸实践，特别是对越南等国来说，当下全球化大门半开半闭，这 让他们无法完全效仿中国的发展路径，必须转而采用未经实践检验过的方法。 香港交易所主席唐家成则称，工业化的未来集中在创新技术上，中国在该领域进行了大量投资。他举例 说，美国在大语言模型领域投入了大量资金，这让外界一度认为，大量的资金投入是研究大语言模型的 前提。不过，中国大语言模型DeepSeek的出现证明，并不需要数百万美元就可以有针对性地研究构建 大语言模型，这对中小型国家来说是一个绝佳的机会。 安哥拉联合电信公司(Unitel)主席阿吉纳尔多·哈伊梅(Aguinaldo Jaime)以本国为例说，技术来源多元化是 未来所在，还要把学生和工人送到其他国家学习，这样才能更好地运用外来技术。同 ...

Group 1 - The core viewpoint of the report is that global foreign direct investment (FDI) continues to decline, with a projected decrease of 11% to approximately $1.5 trillion in 2024, marking the second consecutive year of decline [1][2] - The decline in international project financing (IPF) is particularly severe for developing countries, with a projected drop of 26% in 2024, which is the third consecutive year of significant decline [2][3] - Investment related to sustainable development goals (SDGs) has also seen substantial decreases across various sectors, including a 23% drop in renewable energy investments, a 35% decline in infrastructure investments, and a 30% decrease in water, sanitation, and hygiene projects [2][3] Group 2 - The digital economy is highlighted as the only growth area, with international investment in this sector expected to double in 2024, focusing on data centers, artificial intelligence (AI), cloud computing, and cybersecurity [2][3] - However, there is a notable imbalance in the distribution of digital economy investments, with most funds concentrated in a few countries like China and the United States, leaving structural weak economies marginalized [3] - The report emphasizes the need for a shift in investment direction and global cooperation to achieve equitable and sustainable development, advocating for the integration of digital strategies with industrial policies and sustainable development goals [4]

Core Insights - The 2025 Shanghai World Mobile Communication Conference (MWC Shanghai) focused on exploring new growth paths under the integration of 5G-A and artificial intelligence (AI) [1] - Huawei showcased its new business model for 5G-A experience management and AItoX intelligent body business paradigm, emphasizing the value creation through AI [1] - China leads in 5G-A development with over 300 cities covered and user numbers exceeding ten million [1] Group 1 - Huawei's Vice Chairman Xu Zhijun highlighted the untapped potential of 5G-A, particularly in meeting high-value user demands such as those in the live streaming and high-definition video sectors [1] - In the B-end market, 5G technology has significant application potential in the smart connected vehicle sector, with a call for healthy competition among operators to control 5G intellectual property costs [3] - FTTR (Fiber to the Room) technology is emerging as a new growth point for telecom operators, addressing the needs of high-end households and improving network coverage for small businesses [3] Group 2 - Huawei's exhibition attracted significant attention, showcasing innovations in 5G-A and AI, particularly in the context of smart living, smart transportation, and smart production [3] - The integration of 5G-A and AI enables personalized health management through intelligent analysis of user data, facilitating remote consultations and automated delivery services [3] - Huawei introduced a new AI ultra-broadband (UBB) solution to enhance network autonomy and support AI applications, improving user experience in terms of connectivity and performance [5] Group 3 - Huawei is committed to collaborating closely with operators to explore growth strategies tailored to different market environments and competitive landscapes [7]

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - China remains in a marginal de - leveraging process, with the goal of stabilizing the macro - leverage ratio unchanged. The large - scale debt resolution reduces local government financing costs and the probability of large - scale defaults and liquidity risks [2]. - The current loose money - market conditions are difficult to sustain, and the peak of the current round of money - market conditions is expected to occur between June 23 and July 4 [2][7]. - The stock - bond ratio favors bonds, and the equity style trends towards value. Currently, long - term bonds have a slightly higher cost - performance ratio than value - type equity assets [6][22][23]. Summary by Directory 1. National Balance Sheet Analysis Liability Side - In May 2025, the liability growth rate of the real - sector was 8.9%, slightly lower than the previous value of 9.0%. It is expected to reach its peak in April, decline to around 8.8% in June, and then gradually decline to around 8% by the end of the year [2][17]. - The money - market conditions of the financial sector were marginally stable and slightly loose last week. Given the marginal de - leveraging of the real sector, the loose money - market conditions are unlikely to continue [2][17]. - The net reduction of government bonds last week was 316 billion yuan, lower than the planned net increase of 218.6 billion yuan. This week, the planned net increase is 575.4 billion yuan. The government liability growth rate was 14.8% at the end of May, expected to rise slightly above 15% in June and then decline to around 12.5% by the end of the year [3][18]. Monetary Policy - Last week, the average weekly trading volume and price of funds increased, and the term spread widened. After adjusting for seasonal effects, the money - market conditions were marginally stable and slightly loose [3][18]. - The yield of one - year Treasury bonds decreased to 1.36% at the end of the week. The lower limit of the one - year Treasury bond yield is estimated to be around 1.3%, the lower limit of the ten - year Treasury bond yield is around 1.7%, and the lower limit of the thirty - year Treasury bond yield is around 1.9% [3][18]. Asset Side - In May, the physical - quantity data weakened compared to April. The government's target for the annual real economic growth rate in 2025 is around 5%, and the nominal economic growth rate target is around 4.9%. It is necessary to further observe whether this will become the central target for China's nominal economic growth in the next 1 - 2 years [4][19]. 2. Stock - Bond Cost - Performance and Stock - Bond Style - Last week, the money - market conditions were marginally stable and slightly loose, but risk appetite continued to decline. Funds flowed more towards short - term bonds, resulting in a continued "bearish stocks, bullish bonds" situation with a value - dominant style [6][21]. - The yields of short - term and long - term bonds declined slightly. The ten - year Treasury bond yield remained stable at 1.64%, the one - year Treasury bond yield decreased by 5 basis points to 1.36%, and the thirty - year Treasury bond yield decreased by 1 basis point to 1.84% [6][21]. - The broad - based rotation strategy outperformed the CSI 300 index by 0.52 percentage points last week and has outperformed it by 6.45 percentage points since July, with a maximum drawdown of 0.0% [6]. - The report recommends a portfolio of 40% dividend index, 40% SSE 50 index, and 20% 30 - year Treasury bond ETF [7][23]. 3. Industry Recommendation 3.1 Industry Performance Review - The A - share market declined with lower trading volume this week. The Shanghai Composite Index fell 0.51%, the Shenzhen Component Index fell 1.16%, and the ChiNext Index fell 1.66% [27]. - Among the Shenwan primary industries, banks, communications, electronics, food and beverages, and household appliances had the largest increases, while beauty care, textile and apparel, pharmaceutical biology, non - ferrous metals, and social services had the largest declines [27]. 3.2 Industry Crowding and Trading Volume - As of June 20, the top five industries in terms of crowding were electronics, computers, power equipment, machinery and equipment, and pharmaceutical biology, while the bottom five were comprehensive, beauty care, steel, coal, and building materials [29]. - This week, the top five industries with increased crowding were electronics, power equipment, communications, machinery and equipment, and computers, while the top five with decreased crowding were pharmaceutical biology, non - ferrous metals, national defense and military industry, automobiles, and textile and apparel [29]. - The average daily trading volume of the entire A - share market decreased from 1.37 trillion yuan last week to 1.22 trillion yuan this week. The industries with the highest year - on - year growth in trading volume were petroleum and petrochemicals, national defense and military industry, electronics, computers, and public utilities [30]. 3.3 Industry Valuation and Earnings - This week, among the Shenwan primary industries, banks, communications, electronics, food and beverages, and household appliances had the largest increases in PE(TTM), while beauty care, textile and apparel, pharmaceutical biology, non - ferrous metals, and social services had the largest declines [34]. - As of June 20, 2025, industries with high full - year 2024 earnings forecasts and relatively low current valuations compared to history include coal, petroleum and petrochemicals, power equipment, pharmaceutical biology, and consumer electronics [35]. 3.4 Industry Prosperity - In terms of external demand, there were mixed trends. The global manufacturing PMI in May fell from 49.8 to 49.6, while most of the disclosed PMIs of major economies in May rebounded. The CCFI index rose 8% week - on - week [39]. - In terms of domestic demand, second - hand housing prices declined in the latest week, and quantitative indicators showed mixed trends. The traffic volume of trucks on expressways increased, and the capacity utilization rate of ten industries showed a slight rebound in May and continued to rise slightly in June [39]. 3.5 Public Fund Market Review - In the third week of June (June 16 - 20), most active public equity funds underperformed the CSI 300. The 10%, 20%, 30%, and 50% weekly returns were 0.4%, - 0.2%, - 0.6%, and - 1.2% respectively, while the CSI 300 fell 0.45% [53]. - As of June 20, the net asset value of active public equity funds was estimated to be 3.41 trillion yuan, slightly lower than 3.66 trillion yuan in Q4 2024 [53]. 3.6 Industry Recommendation - In the de - leveraging cycle, the stock - bond ratio favors equity to a limited extent, and the value style is more likely to dominate. Dividend - type stocks are generally expected to have the characteristics of non - expansion, good earnings, and survival [8][23][57]. - The recommended A + H dividend portfolio includes 20 A + H stocks, and the A - share portfolio includes 20 A - share stocks, mainly concentrated in industries such as banks, telecommunications, petroleum and petrochemicals, and transportation [8][9][57].