Core Insights - The event held by China Mobile Global Communication in Nanjing featured Professor Jin Canrong discussing the evolution of the global landscape and its implications for the future [1][3] Group 1: International Landscape - Professor Jin highlighted the historical shift in global power dynamics, indicating a transition from a Western-dominated order to a new paradigm led by emerging economies, particularly China [3][5] - He emphasized that the current global turmoil stems from the historical turning point of "East rising, West declining," marking the end of a 500-year Western dominance [3][5] Group 2: Future Predictions - Jin proposed a future international structure characterized by "two superpowers and multiple strong nations," with the U.S. and China at the core, while countries like Russia and India will play significant roles [5] - He noted that the long-term nature of U.S.-China competition will significantly influence the trajectory of the century's changes, citing four key advantages for China: industrial strength, large population, resilient culture, and organizational capability [5] Group 3: Impact on Businesses - Attendees expressed that the lecture broadened their understanding of international dynamics, providing valuable insights for personal career development and corporate strategic decision-making [7] - Local business representatives found the strategies discussed for navigating globalization particularly relevant, aiding in clarifying their development direction in a complex environment [7] Group 4: Brand and Knowledge Sharing - The successful Nanjing event underscored China Mobile's commitment to knowledge empowerment and its role in facilitating intellectual exchange among users [9] - The company plans to leverage its core advantages to provide diverse insights and innovative pathways for clients to tackle challenges and seize opportunities in the evolving landscape [9]

Group 1 - The 2025 Mobile World Congress (MWC Shanghai) will be held from June 18 to 20 at the Shanghai New International Expo Center, focusing on "Opening a New Era of Intelligent Connectivity" [1] - The event will gather global innovative companies and policymakers to discuss the integration of 5G, artificial intelligence, and IoT technologies, showcasing China's leadership in the mobile ecosystem [1][4] - The GSMA's report predicts that by 2030, the mobile industry will contribute over $2 trillion to China's economy and create nearly $11 trillion in global GDP value, with growth rates in the region expected to exceed the global average due to accelerated 5G application [4] Group 2 - Shanghai has established over 84,300 outdoor 5G base stations and 442,600 indoor small stations, with more than 14,000 5G-A 3CC base stations and 1,311 5G industry virtual private networks [4] - The GSMA CEO highlighted Shanghai as a key window for observing China, emphasizing its resource concentration and innovation leadership in mobile communication technology and industry development [4] - The event will feature a series of explorations to expand ecosystems and support tech innovation enterprises, including an ecological matchmaking conference covering popular industry topics [5] Group 3 - The World Robot Contest selection will debut at the event, aimed at nurturing young tech talent and fostering innovation in the robotics field [5] - The Asia Mobile Awards (AMOs) ceremony will take place on June 19, introducing three new awards to recognize innovation in small and medium enterprises, AI, and climate action in mobile innovation [5]

图为官方制造业PMI（单位：%） 5月CPI同比下降0.1%，降幅与4月持平，主要受蔬菜、水果等食品价格以及能源等非食品价格下降的影响；PPI同比 下降3.3%，降幅较4月扩大0.6个百分点，主要受国际原油、煤炭等大宗商品价格下跌，以及去年同期高基数的拖 累。但从数据变化看，随着大规模设备更新、消费品以旧换新等政策的落实，高端装备制造业发展加快，家电、移 动通信等耐用品消费明显回暖，带动相关行业价格回升，部分领域供需关系有所改善，有助于企业利润的恢复和增 长。 近期股指期货呈现震荡整理态势，中证500和中证1000指数走势偏强，新消费、低估红利等板块表现亮眼。从基本 面看，随着中美达成互相削减关税的协议，国内经济数据边际改善，官方制造业PMI小幅回升，工业生产明显加 快，需求有所回暖。 国家统计局公布的数据显示，5月官方制造业PMI录得49.5%，较4月回升0.5个百分点。从规模上看，大型企业PMI 为50.7%，较4月回升1.5个百分点；中型企业PMI降至47.5%，创2023年以来新低；小型企业PMI录得49.3%，较4月 回升0.6个百分点。从分类指数看，生产指数由49.8%回升至50.7%；新订单和新 ...

韩国第一大移动通信运营商SK电讯不久前发生被称为电信行业历史上最严重的网络安全事件，黑客通 过植入恶意软件入侵归属用户服务器系统，导致约2300万用户的USIM卡数据泄露。从韩媒报道看，感 染SK电讯内部系统"主用户数据库"并导致重大数据泄露的恶意软件已影响SK电讯所有移动通信用户 （共计约2500万用户，包括SK电讯自有的约2300万用户，以及SK电讯的虚拟移动通信运营商的约200 万用户）。 在首尔中区的SK电讯大楼，公司高层就用户USIM卡信息被泄事件鞠躬致歉 当SK电讯的"主用户数据库"被恶意软件攻破时，2500万用户的数据如同泄洪般流向暗网——这不仅是 韩国电信史上最惨烈的数据泄露事件，更是一记重锤，砸碎了全球通信行业对"数据安全"的傲慢与侥 幸。这场灾难暴露的不仅是技术漏洞，更是一整套企业治理体系的溃败。 更换USIM卡的用户排起长龙。图为代理店摆出USIM卡库存耗尽通知。 通信行业的核心竞争力是什么？不是基站密度，也不是套餐价格，而是用户对"数字保险箱"的绝对信 任。当SK电讯连最基本的USIM密钥都无力守护时，用户的逃离已不是选择题，而是生存本能。更致命 的是，韩国《电信事业法》规定运营商需为 ...

Core Viewpoint - The introduction of 5G-Advanced (5G-A), also known as 5.5G, represents a significant upgrade from traditional 5G, enhancing various aspects such as speed, latency, and connectivity, thereby expanding its application scenarios beyond mere communication [1][2]. Group 1: Technical Enhancements - 5G-A offers a maximum data download speed increase from 1 Gbps in early 5G to 10 Gbps, while the upload peak rate rises from 100 Mbps to 1 Gbps, allowing for rapid downloads of large files [2]. - The latency is significantly reduced to millisecond levels, making it suitable for real-time communication applications like online gaming and video conferencing, as well as critical applications such as remote surgeries and industrial automation [2]. - 5G-A supports a larger number of devices simultaneously, ensuring stable connections in crowded environments, which is essential for the development of IoT and smart city initiatives [2]. Group 2: New Application Scenarios - 5G-A introduces capabilities in three main areas: "integrated communication and sensing," which enhances real-time environmental awareness and data capture, facilitating applications in smart vehicles and home automation [3]. - The "integrated communication and sensing" feature allows for improved traffic management and environmental monitoring, contributing to urban public management and smart infrastructure [3]. - 5G-A is evolving from a communication tool to a productivity engine, aligning with advancements in artificial intelligence, IoT, high-end manufacturing, and low-altitude economy [3]. Group 3: Deployment and Accessibility - Chinese operators have deployed 5G-A testing networks across 31 provinces, with the capacity to support 50 million users [4]. - The Ministry of Industry and Information Technology emphasizes the importance of advancing key technologies like 5G-A and 6G, aiming to accelerate the establishment of a new information infrastructure standard system [4].

九曲黄河，奔腾入海。作为中华民族的母亲河，黄河流域的生态保护与高质量发展始终牵动人心。近年 来，山东移动以5G技术为"通信桥"，以数智赋能为"生态链"，在齐鲁大地上书写了一幅从传统网络基建 到智慧生态治理的转型画卷。从筑牢通信网络底座到构建"天空地一体化"生态监测体系，山东移动以创 新技术破解治理难题，以责任担当守护黄河安澜，为黄河流域的可持续发展注入强劲动能。 筑基：从滩涂到云端，5G"通信桥"跨越治理鸿沟 黄河流域生态治理的难点之一，在于复杂的地理环境。山东移动直面滩涂、湿地、无人岛等施工难题， 以"逢山开路、遇水架桥"的攻坚精神，为黄河治理架起一座数字化"通信桥"。 在黄河三角洲，滩涂松软、大型机械无法进入，传统基站建设难以推进。山东移动创新提出"船坞基 站"方案，将基站建在浮动平台上，并采用"跨河光缆+5G 700M+CPE"技术，铺设30公里光缆，实现传 输业务双路由保护。这一突破不仅解决了信号覆盖问题，更开创了远距离高清视频回传新模式，为生态 监测提供了稳定网络支撑。 在黄河防汛中，山东移动与地方政府合作，打造"农村基层防汛监测预警平台"，推进从"人防"到"智 防"的跨越。通过5G+AI技术，山东 ...

阿联酋 星纪魅族正式进军中东市场 4月13日，星纪魅族正式宣布进军中东市场，并在迪拜发布了针对海外市场的多款产品，包括智能手机 Meizu 21系列、Meizu Note 22系列、Meizu Mblu 21、 Meizu Mblu 22 Pro，AI 手机 Meizu Lucky 08等机型，智能眼镜 StarV Air2、StarV View，智能指环 StarV Ring2 等智能穿戴产品。目前，星纪魅族旗下产品在 亚太、拉美、中东、中亚、欧洲等三十多个国家和地区陆续销售。（智通财经） 新奥股份与阿布扎比国家石油公司签署15年期 LNG 购销协议 4月19日，新奥股份官微发布消息称，已与阿布扎比国家石油公司（ADNOC）签署了长期液化天然气（LNG）购销协议。根据协议，阿布扎比国家石油公 司将向新奥股份每年供应大约100万吨 LNG，供应期限为15年，LNG 资源主要来自 Ruwais LNG 项目。据新奥股份介绍，这是阿联酋与中国合作伙伴签署的 有史以来合同量最大的液化天然气协议。（智通财经） 访问36氪出海网站 letschuhai.com ，获取更多全球商业相关资讯。 浙建国际与阿联酋 Alawa ...

Core Insights - The report highlights a selection of stocks for April, including 中远海特 (600428.SH), 极兔速递-W (1519.HK), and 宁德时代 (300750.SZ) among others, indicating potential investment opportunities in these companies [1] - The macroeconomic analysis indicates a strong support for China's trade surplus from Europe, the US, and ASEAN, with a year-on-year GDP growth of 5.4% in Q1 2025, surpassing expectations [2][9] - The report emphasizes the resilience of the Chinese economy despite external pressures, with significant contributions from manufacturing and infrastructure investments [9][12] Industry Performance - The communication sector showed a positive growth of 1.59%, while the beauty care and social services sectors experienced declines of 2.46% and 2.45% respectively, indicating varied performance across industries [2] - The report notes that the telecommunications industry may benefit from Germany's policy changes, which could allow more Chinese companies to participate in European infrastructure projects [3][16] Macroeconomic Analysis - In Q1 2025, the actual GDP growth was 5.4%, with industrial output and retail sales also exceeding expectations, driven by export demand and consumer subsidies [9][11] - The report discusses the impact of the US's "reciprocal tariff" policy, which is expected to affect China's exports throughout 2025, necessitating a shift towards non-US markets [12][9] Company-Specific Insights - 万华化学 (Wanhua Chemical) reported a revenue of 182.07 billion yuan for 2024, a 3.83% increase year-on-year, but faced a 22.49% decline in net profit [4][19] - The company is focusing on expanding its polyurethane and fine chemicals segments, with significant production increases expected in the coming years [20][21] - Wanhua Chemical is also investing in technological innovations, particularly in battery materials, to enhance its competitive edge [22] Investment Recommendations - The report suggests monitoring companies in the telecommunications sector due to potential growth from policy changes in Europe, particularly for Chinese firms [16][17] - It also highlights the importance of focusing on high-tech industries and consumer goods to stimulate domestic demand and support economic growth [15][12]

通信 | 证券研究报告 — 行业点评 2025 年 4 月 20 日 强于大市 德国政策调整有望重振我 国移动通信出海产业链 2025 年 4 月德国政策删除"可信国家"条款，如果德国照此执行并可能有欧 盟其他国家跟进，将为中国厂商更多的参与欧洲基础设施建设提供可能。国 内 6G 产业发展同出海需求重振共同利好移动通信产业链，建议关注相关标 的。 支撑评级的要点 评级面临的主要风险 ◼ 宏观经济环境不稳定、地缘政治风险、德国政策具有不确定性。 相关研究报告 《三大运营商加速竞逐 AI赛道，转型红利已现》 20250331 《AI 系列跟踪专题报告》20250319 《商业航天地位凸显，大模型应用推动算力建 设》20250306 中银国际证券股份有限公司 具备证券投资咨询业务资格 通信 证券分析师：庄宇 yu.zhuang@bocichina.com 证券投资咨询业务证书编号：S1300520060004 证券分析师：袁妲 da.yuan@bocichina.com 证券投资咨询业务证书编号：S1300524070003 证券分析师：吕然 (8610)66229185 ran.lv@bocichina.com ...

从5G到6G：中国移动正在酝酿的下一个破局答卷 来源：环球网 2025年，6G首次写入政府工作报告，那么6G研发的时间表如何规划？6G比5G先进在哪里？带着期待与 疑问，记者近日走进中国移动通信集团有限公司（下称"中国移动"）位于北京昌平区的中国移动国际信 息港，了解中国的移动网络创新发展过程，也体验了5G、5GA的应用生动实践，更对6G对工作与生活 场景的提升有了憧憬。 5G网络应用场景从"样板房"跃至"商品房" "我国经历了从1G空白、2G跟随、3G突破、4G并跑、5G引领的跨越式发展。"中国移动首席科学家、副 总工程师王晓云回顾了中国移动通信的发展历程。她将1G到5G的跨越式发展比喻成从乡间小道到单车 道马路再到百车道乃至千车道的扩展升级，这种改天换地似的颠覆让人顿生荡气回肠之感。王晓云表 示："我国移动通信领域'逆袭赶超'，改变了全球产业格局，成为践行创新驱动发展战略的典范 。" 2024年是5G商用5周年，5G网络已经实现了"上珠峰、下矿井、登海岛、达边疆"。中国移动也构建了全 球规模大的5G网络，基站总数超230万个，约占全球1/3以上，用户超过5.5亿户。 中国移动在珠峰海拔6500米前进营地开 ...