营销电话的"热情"，要转化为服务的温情。细化管理是当务之急，运营商不仅要切实规范相关渠道商、 代理商的行为，更要与时俱进调整绩效考核标准，以更合理的激励机制正向引导合法、合规营销。其 次，提升服务质量是硬道理，电信业务推介要做到全面准确，关键内容显著提示，协议文本清晰易懂， 还要着重畅通退订渠道，妥善解决"上车容易下车难"的尴尬。 长远来看，随着5G规模化应用加速推进，运营商是时候破除路径依赖，一改"薅老用户羊毛"的营销策 略了。要着眼于通过大数据、云计算、物联网等新兴业务拓宽收入来源、推动技术革新，让好技术、快 网速服务丰富的应用场景，让优质通信服务走入千家万户。 （新华社北京7月14日电） 不少人都"领教"过通信行业电话营销的套路："免费升级"是诱饵，隐性扣费是鱼钩；剥开"限时优惠"的 糖衣，里面是开通增值服务、购买高价套餐的"黄连"；推销时频频来电，之后反复投诉才能取消……种 种不规范经营行为，长久以来让不少消费者头疼、心烦不已。 "热情过头"的通信营销背后，是运营商授权的一些代理商等为追求效益，将营销成功率与业务员收入密 切挂钩，将企业的经营压力层层传导给消费者。在激烈的行业竞争和业绩压力驱使下，某些 ...

Core Viewpoint - The rapid development of 5G infrastructure in rural China is significantly enhancing agricultural productivity and improving the quality of life for rural residents, enabling digital transformation and smart agriculture [8][10][12]. Group 1: 5G Infrastructure Development - As of March 2023, China has built 4.395 million 5G base stations, achieving 90% coverage of administrative villages, surpassing the target of 80% set for 2025 [8]. - The expansion of 5G networks has accelerated the digitalization of rural areas, facilitating the integration of advanced technologies in agriculture and daily life [8][11]. Group 2: Smart Agriculture - In Sichuan Province, a 130-acre citrus plantation has transitioned from traditional management requiring 10-15 workers to a smart management system needing only 3-5 workers, thanks to 5G technology [10]. - The use of drones for pest control and remote monitoring has increased operational efficiency, with drones capable of covering 200 acres per hour compared to 5 acres per day by manual labor [10][11]. - 5G-enabled systems allow for real-time data transmission and remote control of irrigation and fertilization, enhancing crop management and yield [11]. Group 3: Enhanced Rural Life - Villagers in Zhejiang Province are experiencing improved connectivity and access to services, such as remote medical consultations and online education, due to 5G network coverage [12][13]. - The establishment of smart service centers in villages has streamlined administrative processes, allowing residents to complete tasks like utility management locally rather than traveling to town [13][14]. Group 4: E-commerce and Livelihood Improvement - In Hunan Province, a village has leveraged 5G for live-streaming sales, generating significant revenue and expanding market reach for local agricultural products [15][17]. - The village's live-streaming efforts have resulted in sales of 270 million yuan in the first half of the year, directly benefiting local employment and income [17].

Core Viewpoint - The development of 5G-A network at Mount Everest Base Camp has significantly improved communication capabilities for tourists and researchers, enhancing their experience and operational efficiency [1][2][4]. Group 1: Network Development - The 5G network at Mount Everest Base Camp has become stable and reliable, allowing visitors to stream videos and share experiences in real-time [1]. - In 2020, China Mobile was responsible for the first-ever 5G signal transmission to the summit of Mount Everest, establishing eight base stations along the climbing route [2]. - The 5G-A network offers lower latency, higher speed, and better user experience compared to 4G, facilitating real-time video calls and data uploads for scientific research [2][3]. Group 2: Technical Challenges - The construction and deployment of communication equipment at high altitudes present significant challenges due to low oxygen levels, extreme cold, and strong winds [3]. - Engineers have made targeted improvements to equipment to ensure reliable operation in harsh conditions, focusing on heat dissipation and equipment sealing [3]. Group 3: Future Plans - China Mobile plans to increase investment in 5G network construction, aiming to cover more key scenic areas with advanced 5G-A networks [4]. - The collaboration between China Mobile and ZTE will deepen in areas such as industry empowerment and smart socialization, contributing to the upgrade of Tibet's communication industry [4].

Core Insights - The article highlights the devastating impact of extreme weather events, specifically the recent flooding in Rongjiang County, which has exposed the vulnerabilities of small cities in China to climate change and natural disasters [1][5][11]. Group 1: Flood Impact and Response - The flooding in Rongjiang County was described as potentially a once-in-30-years event, with water levels reaching 253.5 meters, exceeding the guaranteed level by 2 meters, and a flow rate of 8,360 cubic meters per second [5][13]. - Over 42,000 residents were urgently relocated due to the flooding, which caused significant damage to infrastructure, including roads and buildings, making rescue operations challenging [5][12]. - Many local businesses suffered severe losses, with reports of a clothing store losing up to 1.5 million yuan in inventory and renovations, while other small businesses faced uncertain futures [7][12]. Group 2: Urban Resilience and Infrastructure Challenges - The flooding revealed the inadequacies of Rongjiang's flood defense systems, which were designed for less severe events, highlighting the need for improved infrastructure in small cities [13][14]. - The average public budget income for Rongjiang County was approximately 352 million yuan, while expenditures reached 3.034 billion yuan, indicating a significant financial strain on local governance [13][14]. - The article emphasizes the importance of building resilient urban infrastructure to withstand extreme weather, advocating for multi-stakeholder collaboration and investment in climate-adaptive projects [14][15]. Group 3: Broader Context of Climate Change - The article places the Rongjiang flooding within a larger trend of increasing extreme weather events across China, citing past incidents such as the 2021 Henan floods that resulted in over 1,142 billion yuan in economic losses [11][12]. - It discusses the systemic vulnerabilities of small cities in the face of climate change, suggesting that these areas often lack the resources and infrastructure to effectively respond to such disasters [12][18]. - The need for a shift from merely reactive disaster response to proactive urban resilience planning is highlighted, with examples from cities like New York and Kigali showcasing successful strategies [14][15][18].

Core Viewpoint - The article highlights how Tongliao Mobile leverages communication technology to enhance rural revitalization efforts, focusing on the integration of 5G networks and smart agricultural practices to boost local economies and improve governance [1][4]. Group 1: 5G and E-commerce Development - The introduction of 5G networks has enabled local herders to engage in live-streaming sales, significantly expanding their market reach and increasing sales revenue [3]. - The sales revenue from live-streaming in Zhalute Banner has surged, transforming digital traffic into tangible income for local farmers [3]. - Tongliao Mobile has established a robust network infrastructure to support rural users, facilitating the growth of new economic models such as e-commerce and live-streaming [3][6]. Group 2: Smart Agriculture Initiatives - Smart greenhouses driven by data management have led to a 35% increase in crop yields and a 22% reduction in production costs [6]. - The implementation of IoT technology in irrigation systems allows for remote monitoring and management, promoting efficient water use and sustainable agricultural practices [6]. - A total of 28,927 IoT cards have been issued for basic farmland management in Tongliao, underscoring the commitment to sustainable agricultural development [6]. Group 3: Intelligent Governance in Rural Areas - The "Smart Village" initiative incorporates intelligent monitoring systems to enhance safety and governance in rural communities [8]. - Smart monitoring features include real-time alerts for security and safety issues, improving community management and response capabilities [8]. - The "Smart Village Revitalization Plan" aims to integrate information technology with agricultural production, promoting comprehensive rural revitalization through digitalization and intelligence [9].

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector [6] Core Insights - The global telecommunications industry is experiencing steady demand growth, driven by emerging markets and increasing ARPU in regions like North America. AI is expected to bring transformative opportunities to the industry by enhancing operational efficiency and customer insights [1][4][12] Summary by Sections Global Telecommunications Development - The global telecommunications industry achieved a total revenue of 8.8 trillion RMB in 2024, with a year-on-year growth of 3.0%. The net profit attributable to shareholders was 834.2 billion RMB, reflecting a decline of 8.4% [12] - Revenue by region includes: Europe (2.2 trillion RMB, +4.9%), North America (2.4 trillion RMB, +2.7%), China (1.95 trillion RMB, +3.4%), Asia-Pacific (1.6 trillion RMB, -0.2%), Africa and Middle East (0.7 trillion RMB, +4.9%) [12] Market Observations - In North America and Europe, leading telecom operators are seeing steady user growth, while mobile penetration rates are high, resulting in low single-digit growth rates. In contrast, regions like India and Africa are experiencing rapid growth [2][17] - Fiber business is a significant growth driver, with AT&T's fiber revenue growing by 19% year-on-year in Q1 2025 [2] Profitability Trends - Profitability varies across regions, with Middle Eastern and North American operators showing strong profitability. The average ROE for major global telecom operators in 2024 was 15.66% [3][17] - Domestic operators in China have slightly lower ROE compared to the global average, but as 5G investments enter the recovery phase, profitability is expected to improve [3][17] AI Impact on the Industry - AI is transforming the telecommunications sector by reducing operational costs and enhancing customer service capabilities. For instance, Deutsche Telekom uses AI to monitor network performance and improve fiber deployment efficiency [4][22] - Companies like T-Mobile are leveraging AI to predict customer needs and enhance service offerings, improving customer satisfaction [4][22] Domestic Telecommunications Dynamics - In China, the telecommunications business revenue for the first five months of 2025 reached 748.8 billion RMB, a year-on-year increase of 1.4%. The average mobile internet access traffic per user reached a record high of 21.3 GB/month, up 14.9% year-on-year [5][57] - The three major operators in China are expanding their intelligent computing capabilities, with China Mobile achieving a computing power scale of 43 EFLOPS [5] Key Recommendations - The report recommends focusing on major Chinese telecom operators: China Mobile, China Telecom, and China Unicom, all rated as "Buy" or "Overweight" [9]

Core Viewpoint - The article emphasizes the importance of marine communication networks in supporting the development of Qingdao as a modern marine city, highlighting the efforts of Qingdao Unicom in enhancing network coverage and technology innovation to facilitate the growth of the marine economy [1][12]. Group 1: Marine Communication Network Development - Qingdao is focusing on building a modern marine industry system and expanding its marine economy, with a strong emphasis on enhancing marine communication networks [1]. - Qingdao Unicom has achieved 5G coverage in nearshore areas, with download speeds reaching 44.9 Mbps and upload speeds of 2.75 Mbps at depths of nearly 100 km offshore [1]. - The integration of 5G technology with broadband satellite communication has created a comprehensive "land-sea-air" network, addressing communication challenges at sea [1]. Group 2: Contributions of Key Individuals - Wang Jun and Teng Jing have dedicated 30 years to ensuring reliable communication on Ling Shan Island, significantly improving the local communication network [2][3]. - Wang Jun has been instrumental in establishing the island's fixed-line virtual network and has worked tirelessly to maintain communication services under challenging conditions [3][4]. - Liu Decai has led the deployment of communication base stations on Qianliyan Island, overcoming environmental challenges to connect the island to modern communication networks [10][11]. Group 3: Impact on Local Economy and Society - The efforts of Qingdao Unicom employees have transformed Ling Shan Island from an "information island" to a connected community, enhancing the quality of life for residents and boosting local tourism and economic activities [5][12]. - The completion of the wireless network coverage in the main channel of Qingdao Port marks a significant milestone in achieving high-speed connectivity across multiple islands, facilitating better communication and economic integration [11][12]. Group 4: International Communication Infrastructure - Qingdao serves as a crucial landing point for international submarine cables, enhancing its role as an important hub for global internet connectivity [6][7]. - The maintenance and protection of these submarine cables are vital for ensuring the stability of international communication networks, with dedicated teams working to safeguard these critical infrastructures [7][8].

Group 1 - The core index of the CSI 300 Dividend Low Volatility Index has shown a slight increase of 0.03% as of July 3, 2025, with notable gains in constituent stocks such as Hu'nong Commercial Bank (up 1.62%) and CITIC Bank (up 1.53%) [1] - The CSI 300 Dividend Low Volatility ETF (515300) has undergone a downward adjustment [1] - The trading volume of the CSI 300 Dividend Low Volatility ETF reached 77.31 million yuan, with a turnover rate of 1.4% [3] Group 2 - As of July 2, 2025, the average daily trading volume of the CSI 300 Dividend Low Volatility ETF over the past month was 138 million yuan, and its latest scale reached 5.529 billion yuan [3] - The CSI 300 Dividend Low Volatility ETF has achieved a net value increase of 75.70% over the past five years, ranking 45th out of 993 index equity funds, placing it in the top 4.53% [3] - The ETF has recorded a maximum monthly return of 13.89% since its inception, with the longest consecutive monthly gains being five months and an average monthly return of 3.66% [3] Group 3 - The top ten weighted stocks in the CSI 300 Dividend Low Volatility Index include China Shenhua, Gree Electric, and Sinopec, collectively accounting for 35.21% of the index [3] - The performance of high-dividend sectors has shown internal differentiation, with banks and non-banks performing relatively well [6] - The ongoing policy support is expected to increase the scale of long-term funds entering the market, favoring dividend assets as stable low-risk investments [5]

Core Viewpoint - The establishment of the "eSIM Security Joint Research Center" by China Unicom and Huada Electronics marks a new phase in their strategic cooperation in the field of eSIM technology security, aiming to enhance technological innovation and industry standardization for high-quality development of the eSIM industry [1][2]. Group 1: Strategic Cooperation - The center aims to build a new pattern of collaborative development between eSIM chips and digital communication security through technological breakthroughs and industry collaboration [1]. - The partnership will leverage Huada Electronics' long-term expertise in eSIM chips and embedded security technology, combined with China Unicom's advantages in platforms, networks, and standards [2]. Group 2: Security and Innovation - Focus will be on the security adaptation between eSIM chips, operating systems, platform systems, and terminal devices, establishing an end-to-end connection system and formulating comprehensive risk control strategies [2]. - The initiative will explore high-security writing mechanisms during the personalization process of eSIMs, aiming to overcome traditional security mechanism bottlenecks [2]. Group 3: Industry Applications - The collaboration will provide high-security, reliable chip products and one-stop solutions for consumer electronics, vehicle networking, and industrial internet sectors [2]. - The center will work closely with upstream and downstream enterprises in the industry chain to assess eSIM technology trends and incubate innovative application scenarios [2]. Group 4: Future Directions - The establishment of the research center signifies a new starting point for China Unicom to deepen its "AI + 5G + eSIM" industry cooperation and explore innovative paths for the integration of eSIM with multiple technologies [2]. - The goal is to promote the application of eSIM technology in various industries in a safer and more efficient manner through a collaborative research system [2].

Investment Rating - The report maintains a positive outlook on the communication industry, emphasizing three main lines of investment: differentiated AI computing networks, strengthened satellite industry, and optimized economic cycles [4][5]. Core Insights - The communication industry is expected to benefit from the evolution of AI, with a shift towards diversified computing solutions and a notable increase in demand for data centers and related technologies [4][5]. - The satellite communication sector is experiencing significant growth, with a complete industry chain forming and expectations for direct satellite connections to drive demand for antennas, RF chips, and inter-satellite communication [4][5]. - The report identifies several high-quality cyclical stocks with strong growth potential, particularly in sectors like Beidou navigation and controllers, which are expected to see a return to investment "pendulum" dynamics [4][5]. Summary by Sections AI Computing Network - The AI industry is transitioning towards inference-driven models, leading to a diversified computing solution landscape. Domestic chip and module manufacturers are beginning to integrate into the supply chain, with data center supply-demand turning positive and liquid cooling technologies gaining traction [4][5]. Satellite Communication - The second half of 2024 marks a catalyst for the satellite communication industry, with a complete industry chain established. The potential for terminal direct satellite connections is expected to drive growth in antennas, RF chips, and inter-satellite communication [4][5]. Economic Cycle Optimization - The report highlights the importance of downstream economic conditions, identifying cyclical stocks with low valuations and strong growth potential. The investment focus is expected to shift back towards these quality stocks as economic conditions improve [4][5]. Performance Forecasts - The report predicts significant profit growth for key companies in the communication sector for Q2 2025, with expected net profit growth rates exceeding 50% for several companies, including NewEase (233%), Ruikeda (222%), and Aofei Data (59%) [4][5]. Key Companies and Their Prospects - **China Mobile**: Expected to see stable capital expenditure and improved ROE due to optimized revenue-cost dynamics [6]. - **ZTE Corporation**: Anticipated to benefit from the shift towards digitalization and internal profit margin improvements [7]. - **Unicom Technology**: Positioned to gain from AI and high-speed network investments, with profit growth expected [7]. - **HuaCe Navigation**: Focused on multiple business areas with strong performance stability [9]. - **AIoT Companies**: Companies like Lexin Technology and Meige Intelligent are expected to benefit from the AI and robotics trends, with significant growth forecasts [10][11].