Group 1 - The 2025 World Mobile Communication Conference in Shanghai focuses on the development trends of 5G integration, AI+, and industry interconnectivity, showcasing the advancements in technology and application scenarios since the issuance of 5G licenses six years ago [1] - China Mobile demonstrated various applications of 5G, 5G-A, and AI, highlighting improvements in remote control at ports, autonomous vehicles in industrial parks, and enhanced production efficiency in smart factories [1][2] - China Telecom showcased the empowerment of the low-altitude economy through 5G technology, including a "5G lake patrol system" for intelligent inspections and a "5G+ drone medical route" for efficient medical transport [1][2] Group 2 - As of this year, there are 1.081 billion 5G mobile phone users in China, with a total of 4.439 million 5G base stations, achieving "5G coverage in every town" [2] - 5G applications have been integrated into 86 out of 97 categories of the national economy, with over 138,000 cases reported, and more than 18,500 national construction projects related to "5G+ industrial internet" [2] - The deployment of 5G-A networks has begun in over 300 cities, indicating a significant upgrade in network capabilities [2] Group 3 - Shanghai's subway achieved full 5G public signal coverage this spring, with over 80% of lines utilizing advanced 5G-A technology, providing an average download speed exceeding 600 Mbps [3] - China Tower has implemented a "5G+ Beidou+ indoor distribution system" in Xiong'an New Area, enabling precise underground navigation and covering 1.5 million square meters of underground space [3] Group 4 - The CEO of the Global Mobile Communications System Association stated that China's 5G technology innovation and industrial development can serve as a model for other countries, with significant advancements in infrastructure, investment, and innovation [4] - It is projected that by 2030, the number of 5G connections in China will reach 1.6 billion, accounting for nearly one-third of the global total [4]

Core Viewpoint - The integration of 5G-A and AI technologies is leading to the emergence of intelligent products and services, marking a significant shift towards an "AI+" era in various industries, as highlighted during the 2025 MWC [1][2]. Group 1: 5G-A and AI Integration - 5G-A is becoming a pivotal technology that enhances user experiences and enables smart upgrades across various sectors, including transportation and logistics [1][2]. - The combination of 5G-A and AI is expected to improve logistics efficiency and reduce costs through advanced path planning for drone deliveries [1]. Group 2: Intelligent Products and Services - New intelligent products, such as voice-controlled devices and companion robots, are being developed to enhance home automation and provide personalized care for the elderly [2]. - The introduction of intelligent robots in production and daily life is shifting the focus from stable connections to intelligent connections, emphasizing collaborative decision-making [2]. Group 3: Market Adoption and Coverage - Over 300 cities in China have achieved 5G-A network coverage, with more than 10 million users adopting 5G-A services [2].

Core Insights - The telecommunications industry is transitioning from a "connectivity-driven" model to an "intelligent-driven" model, with 5G-A and AI technologies playing pivotal roles in this transformation [1][5]. Group 1: 5G-A Development - 5G-A is moving from vision to reality, with over 300 cities in China achieving 5G-A network coverage and more than 10 million users [2]. - The technology offers enhanced symmetrical capabilities and supports AI interactions, IoT connections, and multimodal intelligent services [2]. - The rapid growth of "internet-native professions" such as delivery riders and live streamers is reshaping the user structure, with delivery riders expected to reach 160 million globally by 2030 [2][3]. Group 2: User Behavior and Content Consumption - The live streaming community is projected to grow from 10 million in 2022 to 50 million in 2024, with expectations of reaching 130 million by 2030 [3]. - Video content consumption is shifting, with high-definition content supply not fully activated; only 22% of content in major Chinese cities is 1080P or higher [3]. - There is significant potential for growth in video consumption, as users currently consume an average of 18.2GB monthly, while 1080P content could lead to a consumption of 31.5GB [3]. Group 3: Broadband Network Innovations - FTTR (Fiber To The Room) is expanding from high-end homes to small and medium enterprises, supporting up to 128 access points and catering to diverse connectivity needs [4]. - The demand for high-quality broadband is increasing among approximately 500 million individual businesses globally, presenting a significant opportunity for operators to enhance ARPU and user retention [4]. Group 4: AI Integration in Telecommunications - AI is becoming the core driver of network intelligence upgrades, with new architectures like "Agentic RAN" and "AI-Centric Network" being introduced [5]. - AI can optimize key processes such as spectrum scheduling and energy efficiency, transitioning networks from static configurations to self-learning and self-evolving systems [5][6]. - In the context of smart vehicles, the separation of cabin and vehicle communication is expected to align with different business models and user needs [6]. Group 5: Future Directions - The telecommunications industry is gradually constructing a new value chain centered around AI, supported by 5G-A and focused on user experience [6]. - Operators are evolving from merely providing connectivity to offering comprehensive services that integrate AI capabilities, thus gaining a more dominant position in the industry ecosystem [6].

Group 1 - The report emphasizes the long-term allocation value of Hong Kong dividend stocks, highlighting their resilience amid market volatility and their role as a defensive asset class [1][14][20] - From a comparative perspective, Hong Kong dividend stocks offer a higher dividend yield than A-share counterparts, with the Hang Seng High Dividend Index yielding 8.1% compared to the CSI Dividend Index's 5.8% [2][24][28] - The demand for long-term capital, particularly from insurance funds, is expected to continue supporting the allocation to dividend assets, providing a stable inflow of funds [3][33][34] Group 2 - The China Securities Index for Hong Kong Central State-Owned Enterprises focuses on high-dividend central enterprises, reflecting the performance of companies with stable dividend levels [4][39] - Since 2020, the cumulative return of the China Securities Index for Hong Kong Central State-Owned Enterprises has reached 35.0%, outperforming major A/H indices [5][40][41] - The index is heavily weighted in sectors such as energy and telecommunications, with a notably low exposure to financial and real estate sectors, allowing for differentiated investment strategies [6][46] Group 3 - The Invesco China Securities Index for Hong Kong Central State-Owned Enterprises ETF provides investors with a tool to gain exposure to the Hong Kong central enterprise dividend sector, aiming to closely track the underlying index [8]

Core Viewpoint - The development of high-quality computing power is heavily reliant on a robust electricity system, as emphasized by the National Grid Qinyang Power Supply Company in support of the national strategy "East Data West Computing" [1] Group 1: Service and Support - The National Grid Qinyang Power Supply Company adopts a proactive service approach, providing essential electricity support for the construction of the Qinyang national computing power hub [3] - The B01 data center, a key project in the computing power hub, has a total construction area of 24,706 square meters and is designed to accommodate approximately 2,000 high-power physical cabinets, with an IT total power of 30,000 kW and a computing power scale of about 30,000 P [3] - The project is expected to double the computing power capacity of China Mobile in Qinyang by the end of September this year, highlighting the critical role of electricity support in project advancement [3] Group 2: Innovative Mechanisms - The National Grid Qinyang Power Supply Company has established a special working group for the "East Data West Computing" initiative, implementing a dedicated service mechanism to address the increasing electricity demand in the computing power industry park [5] - A customized service model has been initiated, utilizing an electricity information collection system to analyze electricity usage data, enabling tailored solutions for enterprises [5] - The company has opened an online "green channel" for efficient electricity access, facilitating the power supply for various key projects in the digital economy [5] Group 3: Technological Empowerment - In response to rising electricity loads during summer, the National Grid Qinyang Power Supply Company has formed a high-temperature supply guarantee working group to monitor and manage electricity supply effectively [7] - The company employs advanced technologies such as infrared temperature measurement and drones for inspections, ensuring the safety and reliability of power supply [7] - The company aims to enhance the "electricity + energy efficiency service" model, accelerating the electricity access for key projects and contributing to the high-quality development of the local economy [7]

Core Viewpoint - The "Hong Kong Dollar-Renminbi Dual Counter Model" has been successfully implemented since June 19, 2023, with a total transaction volume of 49.051 billion RMB for 24 selected stocks, indicating a growing interest in RMB-denominated trading in the Hong Kong market [1][2][4]. Group 1: Market Performance - The top five stocks in the dual counter model by transaction volume are China Mobile-R, Ping An-R, Tencent Holdings-R, Hong Kong Exchanges-R, and Alibaba-WR, with total transaction volumes of 6.117 billion RMB, 5.775 billion RMB, 5.687 billion RMB, 5.356 billion RMB, and 4.872 billion RMB respectively over the past two years [1][3]. - The transaction volume for Tencent Holdings-R has seen significant growth, with multiple trading days exceeding 50 million RMB this year, and Hong Kong Exchanges-R achieving a daily transaction volume of over 200 million RMB on certain days [5][6]. Group 2: Regulatory Developments - The Hong Kong Securities and Futures Commission is actively promoting the inclusion of RMB counters in the Stock Connect program, which is expected to launch by the end of the year, enhancing the accessibility of RMB assets for investors [2][6]. - The dual counter model is anticipated to facilitate the use of RMB in Hong Kong stock trading, potentially expanding to more stocks and products in the future, thereby supporting the internationalization of the RMB [4]. Group 3: Investor Behavior - The dual counter model allows investors holding offshore RMB to directly invest in Hong Kong stocks, helping to mitigate exchange rate risk and increasing market demand for RMB-denominated assets [3][5]. - Despite the growth in transaction volumes, the average turnover rate for RMB-denominated stocks remains low, primarily due to the large market capitalization of the stocks involved and the preference of institutional investors for holding rather than frequent trading [6].

Core Viewpoint - China Mobile is at the forefront of communication technology development, particularly in the exploration of 5G-A and the upcoming 6G technology, which aims to transform information perception, transmission, storage, intelligent computing, decision-making, and application processes [1][5]. Group 1: Development of TDD Technology - China Mobile has shifted from following global trends to leading with its TDD (Time Division Duplex) technology, which has significant advantages over FDD (Frequency Division Duplex) in terms of spectrum bandwidth and flexibility [1][2]. - The company faced challenges in developing TDD technology due to a lack of precedents and the need for independent exploration in a competitive global market [2][3]. - After ten years of research, China Mobile successfully established a new TDD networking architecture, overcoming issues related to technology maturity and industry readiness, thus proving the feasibility of TDD on a global scale [2][3]. Group 2: Integration of FDD and TDD - To enhance the competitiveness and recognition of TDD technology, China Mobile proposed a strategy for the integration of FDD and TDD, which allows for a more robust global industry ecosystem [3]. - The integration strategy has led to the development of a shared platform for TDD and FDD, enabling cost-effective solutions and meeting diverse frequency networking requirements for operators [3][4]. - As a result, TDD has transitioned from a marginal technology in the 3G era to a dominant technology in the 5G era, showcasing a remarkable evolution [3]. Group 3: 5G and Industry Applications - China Mobile's 5G network has significantly improved operational efficiency across various industries, exemplified by the use of AGV (Automated Guided Vehicles) in manufacturing, which benefits from enhanced data transmission capabilities [4]. - The company has introduced over 50,000 5G+ industry application cases, covering 86 out of 97 major sectors of the national economy, indicating a broad impact of 5G technology [4]. - The transition from 5G to 6G is expected to further enhance connectivity, leading to intelligent interconnectivity across various sectors [5]. Group 4: Future Prospects and Innovations - China Mobile has initiated 6G research since 2018, focusing on developing a technology system that integrates perception, computation, and intelligence [5]. - The establishment of an embodied intelligence industry innovation center aims to align with the new trends of 6G, emphasizing the importance of artificial intelligence and integrated technologies [5]. - Future applications may include holographic interactions in remote meetings, smart factories, and efficient digital twin cities, indicating a significant leap in communication technology [5].

Core Points - The Shanghai World Mobile Communication Conference (MWC Shanghai) will be held from June 18 to June 20, 2025, at the Shanghai New International Expo Center and Pudong Kerry Hotel [1] - Major companies such as China Mobile, China Tower, Changan Automobile, Honor, Huawei, Lenovo, and ZTE will attend and deliver speeches [1] - The 2025 World Robot Contest selection competition will be held for the first time at the event [1]

Core Viewpoint - The article highlights the increasing popularity of Hong Kong dividend ETFs as a key investment strategy amid rising interest in dividend investments, with significant inflows and performance metrics indicating strong market interest [1][2][8]. Group 1: Performance of Hong Kong Dividend ETFs - As of June 11, the overall scale of dividend ETFs has increased by over 20 billion yuan this year, with several Hong Kong dividend ETFs achieving net growth exceeding 1 billion yuan [1][3]. - Notable performers include the Morgan Stanley S&P Hong Kong Low Volatility Dividend ETF, which saw a net increase of 5.071 billion yuan, and the Huaan Hang Seng Hong Kong Central State-Owned Enterprise Dividend ETF, which grew by 1.636 billion yuan [3][4]. Group 2: Advantages of Hong Kong Dividend Assets - Hong Kong dividend assets offer a dual characteristic of "bond-like yield + equity flexibility," making them an attractive option for investors seeking both defense and returns in a complex market environment [2][5]. - The dividend yield of the CSI Hong Kong Stock Connect High Dividend Investment Index stands at 7.95%, significantly higher than the 10-year government bond yield of 1.70%, providing a stable income source in a low-interest-rate environment [6]. - The valuation of the CSI Hong Kong Stock Connect High Dividend Investment Index is low, with a price-to-earnings ratio (TTM) of just over 6, making it a cost-effective investment opportunity compared to the Hang Seng Index and CSI Dividend Index [7]. Group 3: Market Dynamics and Future Outlook - The article notes that the Hong Kong dividend sector is experiencing a re-evaluation phase due to multiple favorable factors, including policy support, valuation advantages, and inflows from southbound capital [8][10]. - The resilience of the Hong Kong market is expected to continue, supported by improved asset supply structure and quality, as well as liquidity trends amid the return of overseas capital [9]. - The Hong Kong government has implemented several supportive policies aimed at enhancing market liquidity and attractiveness, which are expected to further focus attention on Hong Kong central state-owned enterprise dividends [10][11].

央企发展规划管理办法发布，强化突出产业导向 20250611 摘要 国资委发布新版《中央企业发展规划管理办法》，强调产业布局优化和 结构调整，反映央企从"大而专"向专业化演进的趋势，并与央企战略 使命评价体系相辅相成。 新办法明确了国资央企的三级规划体系，强调产业导向，推动国有资本 集中于关键领域和战略性新兴产业，并引入刚性约束，确保发展规划的 强制执行。 2025 年国资委关注央企产业端，重点实施 AI 加专项行动、产业焕新行 动和战新产业布局，旨在通过科技创新推动传统产业数字化转型，并扩 大战新产业投资规模。 战略使命评价体系引入 E55 指标，更全面地考核企业在技术突破和链主 地位上的责任，并针对半导体、新能源汽车等重点领域进行细致考核。 央企在医药、半导体、新能源等先进科技行业积极布局，需制定详细的 技术开发计划和产业转化方案，并关注人工智能、量子信息等新兴方向 的协同发展。 Q&A 近期央企市场表现如何？有哪些值得关注的变化？ 从上周来看，尽管只有 4 个交易日，但市场整体表现较为平稳，小微盘股延续 了前期强势表现。央企板块涨幅超过主要市场板块指数，中小市值央企表现优 于龙头企业。值得注意的是，国资 ...