Core Insights - The article highlights the transformative impact of 5G-A technology across various industries, enhancing user experience and driving economic growth through digital transformation [1][2][3]. Group 1: 5G-A Technology and Its Applications - 5G-A technology has enabled significant advancements in live event broadcasting, with real-time video transmission and AI-generated content enhancing viewer engagement [1]. - Over 300 cities in China have achieved 5G-A network coverage, with over 10 million users benefiting from its capabilities, showcasing China's leadership in 5G infrastructure and innovation [2]. - 5G-A is facilitating the development of low-altitude economy applications, such as drone delivery and air taxi services, significantly reducing transportation times and improving service quality [3][4]. Group 2: Industry Transformations Driven by 5G-A - The automotive industry is experiencing a transformation with 5G-A, enabling real-time communication between vehicles and infrastructure, enhancing safety and reliability for autonomous driving [4]. - In smart manufacturing, companies like Gree Electric are leveraging 5G-A for fully automated production processes, improving efficiency and product quality while reducing labor costs [4]. - The robotics sector is seeing innovations with 5G-A, allowing for real-time data processing and remote control, which enhances operational capabilities in various applications [5]. Group 3: Integration of 5G-A and AI - The integration of 5G-A and AI is creating new opportunities across industries, enhancing productivity and safety through real-time data processing and decision-making [6]. - In logistics, the combination of 5G-A and AI is improving delivery efficiency and reducing costs, particularly in smart logistics and drone delivery systems [6]. - The future of consumer technology is shifting towards AI-driven experiences, moving from app-centric to agent-centric models, enhancing user engagement and connectivity [6][7]. Group 4: Future Developments - The Ministry of Industry and Information Technology in China plans to accelerate the deployment of 5G-A and expand its product ecosystem, indicating a strong commitment to advancing smart connectivity [7].

Core Viewpoint - The integration of AI and 5G technology into the pre-hospital emergency medical system in Shandong is enhancing the efficiency and quality of emergency responses, ultimately improving patient outcomes and healthcare delivery [1][6]. Group 1: Emergency Medical System Enhancement - Shandong Mobile is actively implementing the "Health Shandong" strategy by incorporating advanced AI capabilities into the 5G+ pre-hospital emergency medical system, aiming to strengthen local emergency response capabilities [1]. - A new smart emergency rescue platform is being developed to improve the command and dispatch efficiency of the 120 emergency service, utilizing various positioning technologies for rapid and accurate patient location [2][3]. - The system integrates emergency resource information, including the distribution and status of emergency vehicles and the capacity of hospital emergency departments, to optimize resource allocation through data analysis and intelligent algorithms [2]. Group 2: Real-time Data Transmission and Coordination - The platform enhances the connectivity between pre-hospital emergency services and in-hospital emergency departments, allowing real-time transmission of patient vital signs and treatment data during transport [3][4]. - Upgraded ambulances equipped with 5G technology enable efficient communication between the ambulance, command center, and hospitals, ensuring timely information transfer and accurate execution of commands [4]. - The use of 5G remote monitoring and video consultation capabilities allows hospital experts to provide real-time guidance to on-site medical personnel, significantly improving treatment efficiency and success rates [4]. Group 3: Future Developments and Goals - Shandong Mobile aims to continue integrating 5G and AI technologies into emergency medical services, enhancing the intelligent level of pre-hospital care and optimizing resource utilization [6]. - The company is committed to making the "onboard to hospital" model more accessible to the public, contributing to the broader vision of a "Healthy China" [6].

Group 1 - The company, New Dragon Mobile (01362.HK), expects to record a net loss of approximately HKD 3.5 million for the six months ending June 30, 2025, compared to a net profit of HKD 4.14 million for the same period in 2024 [1] - The anticipated loss for the mid-2025 period is attributed to a decline in gross profit margin, reflecting the overall weakness in the consumer market in Hong Kong [1]

Core Viewpoint - The competition for the 6GHz frequency band has intensified, with the FCC's recent decision to auction off parts of this band marking a significant shift in the global telecommunications landscape [1][11][12]. Group 1: Importance of 6GHz Frequency Band - The 6GHz frequency band is a critical resource due to its combination of wide coverage and high capacity, making it a strategic asset for both mobile communication and WiFi technologies [1][5][6]. - The 6GHz band is seen as essential for the development of future mobile communication systems, particularly 6G, over the next 5 to 10 years [7][13]. Group 2: Global Positioning and Strategies - China has already taken a clear stance by allocating the upper part of the 6GHz band (6425—7125MHz) for IMT systems in 2023, positioning itself as a leader in the global telecommunications race [1][15]. - The U.S. initially opposed this allocation, having designated the entire 6GHz band for WiFi use in 2020, but has now reversed its position to allow for IMT system usage through an auction process [1][11][12]. Group 3: Industry Dynamics - The mobile communication camp, including major operators and equipment manufacturers, has united to advocate for the use of the 6GHz band for mobile systems, highlighting its importance for future developments [7][13]. - Conversely, the WiFi camp is pushing for access to the 6GHz band to alleviate congestion issues faced by existing 2.4GHz and 5GHz bands, which are becoming increasingly inadequate for modern applications [7][8]. Group 4: Regional Developments - India has also announced its allocation plan for the 6GHz band, designating the upper part for 6G systems and the lower part for WiFi, reflecting a trend towards a balanced approach in frequency allocation [10][14]. - The FCC's recent decision aligns with a growing consensus among global telecommunications operators, including those in Europe, advocating for the upper part of the 6GHz band to be reserved for mobile networks to maintain competitive advantage [13][14].

Group 1 - The global supply chain is showing an overall positive development trend, with a strong push for open cooperation among countries [2] - The "Global Supply Chain Promotion Report" and the global supply chain index matrix were released, highlighting improvements in the promotion, connection, innovation, and resilience indices from 2018 to 2024, with the promotion index increasing from 1 to 2.71 [2] - The resilience index remains relatively weak, indicating that the internal quality of the global supply chain is unstable and vulnerable to various adverse factors [4] Group 2 - Open cooperation in the global supply chain is essential for companies like Qualcomm, which benefits significantly from such collaboration [2][3] - The innovation index has risen to 2.16, driven by investments in innovation across the supply chain, highlighting the increasing importance of technological advancements [7] - Companies are focusing on technology investments to enhance the "innovation chain" and improve the quality and efficiency of the global supply chain [8]

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]