Group 1 - The China Insurance Asset Management Association reported that 63% of institutions plan to increase their investment in Hong Kong stocks by 2025, focusing on high-dividend sectors such as finance, energy, and telecommunications [1] - The Hong Kong Securities and Futures Commission is actively working to include RMB stock trading counters in the Stock Connect, with implementation details expected to be announced soon [1] - The Hong Kong Stock Exchange reported that the total fundraising amount for Hong Kong stocks reached HKD 280.8 billion in the first half of the year, a year-on-year increase of 322%, indicating a significant rise in market financing activity [1] Group 2 - The Hong Kong Dividend ETF tracks the Hong Kong Stock Connect High Dividend Index, which is compiled by China Securities Index Co., Ltd., selecting stocks with high dividend yields to reflect the overall performance of high-dividend securities in the Hong Kong market [2] - The index components cover traditional high-dividend sectors such as finance and real estate, focusing on companies that can provide stable cash flow and continuous dividends [2]

Core Viewpoint - Shandong Mobile leverages technology to enhance safety, order, and quality in the tourism sector during the peak summer travel season, utilizing "smart supervision" and "AI travel" solutions to support the cultural tourism market in Shandong province [1][9]. Group 1: Smart Supervision and AI Travel - Shandong Mobile employs big data, AI video analysis, and cultural tourism models to create a smart supervision platform, enabling precise management and proactive risk mitigation for tourism authorities [1]. - The "AI Travel Assistant" service offers real-time information retrieval and personalized travel planning, enhancing the overall travel experience for visitors [3]. Group 2: Innovative Cultural Applications - The "Cloud Museum" initiative allows visitors to experience museums virtually through high-precision 3D modeling and VR technology, providing an immersive viewing experience [5]. - Utilizing "5G + culture" applications, Shandong Mobile creates digital models of valuable artifacts, enabling interactive displays that bring ancient history to life for visitors [7]. Group 3: Transformation of Tourism Management - The smart cultural tourism solutions developed by Shandong Mobile are significantly transforming traditional tourism management and service models, enriching the travel experience in Shandong [9].

分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 英伟达 GB300 正式出货，海外算力高速 发展 ——通信行业月报 证券研究报告-行业月报 强于大市(维持) 通信相对沪深 300 指数表现 相关报告 《通信行业半年度策略：AI 算力升级，价值 成长主导》 2025-06-20 《通信行业月报：电信运营商收入增速回升， 海外算力复苏》 2025-06-10 《通信行业月报：北美云厂商加大 AI 资本开 支，AI 算力中心带动光模块市场增长》 2025-05-15 通信 发布日期：2025 年 07 月 09 日 -13% -6% 1% 7% 14% 21% 27% 34% 2024.07 2024.11 2025.03 2025.07 通信 沪深300 资料来源：中原证券研究所，聚源 电话： 0371-65585629 地址： 郑州郑东新区商务外环路10号18 楼 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 ⚫ 2025 年 6 月，通信行业指数强于沪深 300 指数。通信行业指数 6 月上涨 13.15%，跑赢上证指数（+2.90 ...

Group 1 - The core viewpoint of the article is the launch of the "Consumer Protection Anti-Fraud Charter 3.0" by the Hong Kong Monetary Authority and the Securities and Futures Commission, aimed at combating online fraud through collaboration with major tech and telecom companies [1] - The participating organizations in the charter include prominent international companies such as Douyin, Google, Meta, Microsoft, WeChat, Weibo, Xiaohongshu, China Mobile Hong Kong, and China Unicom Hong Kong [1] - The initiative represents a significant step in enhancing consumer protection and addressing the growing issue of online scams in Hong Kong [1]

Group 1 - Chalerm Yoovidhya and his family have topped the Forbes Thailand Rich List with a net worth of $44.5 billion, breaking the Chearavanont brothers' nearly decade-long reign [1][3] - The Yoovidhya family's wealth increased by $8.5 billion from the previous year, largely due to the global sales of Red Bull, which surpassed 13 billion cans in 2024, generating $12.9 billion in revenue [3] - The Chearavanont brothers, ranked second, saw their net worth rise by 23% to $35.7 billion, while Sarath Ratanavadi moved from fifth to third place with a net worth of $12 billion, reflecting a 30% increase [4] Group 2 - Despite a challenging global trade environment and slower-than-expected economic growth in Thailand, the top three billionaires experienced significant wealth growth, contributing to an overall increase of over 11% in the total wealth of Thailand's top 50 billionaires, reaching $170.5 billion by 2025 [5]

Core Viewpoint - Bank of America has resumed coverage of Verizon (VZ.US) with a neutral rating and a target price of $45, citing a balanced approach in high-end wireless user base, capital returns, and fiber strategy [1] Group 1: Financial Performance and Strategy - The company’s MVNO business serves as a financial hedge against competition in the wireless sector [1] - The target price is based on a 10x multiple of free cash flow for fiscal year 2026, reflecting a discount to the historical average of 11x due to the need for accelerated user growth in a competitive market [1] - The anticipated acquisition of Frontier Communications, valued at $20 billion, is expected to add nearly 10 million fiber users but may dilute free cash flow [3] Group 2: User Growth and Market Competition - Verizon's promotional efforts are expected to be less aggressive than competitors, which may pose risks to net new user expectations [2] - The company is refocusing on network quality and enhancing wireless value propositions through additional services, which should gain investor approval in the long term [2] - Risks to net growth in postpaid users exist due to increased competition from cable companies and potential responses from T-Mobile [2] Group 3: Future Outlook - The acquisition of Frontier is seen as a key driver for long-term growth, with plans to reduce customer churn and improve mobile penetration through business integration [3] - The completion of the Frontier acquisition may lead to increased capital expenditures and a potential decline in short-term free cash flow, which is not reflected in market expectations [3] - Restoring bonus depreciation policies could enhance free cash flow by 17% and 21% for fiscal years 2026 and 2027, respectively [2]

Group 1 - Bank of America has reinstated a "Buy" rating for AT&T (T.US), citing the company's optimal balance of growth and returns, with a target price of $32, representing approximately a 13% upside from the closing price of $28.29 on July 8 [1] - AT&T's strategy focuses on accelerating growth through its wireless and fiber assets while improving profit margins and free cash flow (FCF) through enhanced network efficiency, alongside a strong capital return commitment of $40 billion [1] - The reinstatement of the "bonus depreciation" policy is expected to benefit AT&T significantly, with estimated FCF increases of 21% and 26% in 2026 and 2027, respectively [1] Group 2 - The fiber business is a core component of AT&T's long-term strategy, with plans to cover over 60 million homes and businesses by 2030, up from an earlier target of 50 million by 2029 [2] - AT&T's ongoing execution of the "Effective Connectivity" strategy is reducing leverage and paving the way for increased shareholder returns, with a stock buyback plan of $20 billion set to commence in Q2 2025 [2] - The target price of $32 is based on a 13x valuation multiple of projected FCF for 2026, which is deemed reasonable considering AT&T's FCF growth, stock buyback plans, and attractive dividend yield [2]

Core Viewpoint - The meeting of the International Telecommunication Union's Radiocommunication Sector Working Party 5D (WP5D) in Kobe, Japan, focused on the coexistence and compatibility studies of three frequency bands related to International Mobile Telecommunications (IMT) for the WRC-27 agenda, laying the groundwork for future discussions on 6G technology [1] Group 1 - The WP5D meeting took place from June 24 to July 3, discussing the relevant business coexistence and compatibility research documents for IMT [1] - The meeting resulted in the formation of working documents that will support subsequent research on the agenda [1] - China's submitted work proposals were included in the working documents, contributing positively to the research agenda [1] Group 2 - Discussions included technical performance indicators, evaluation scenarios, and methods for future 6G mobile communication [1] - The meeting reached a preliminary conclusion regarding the technical aspects of 6G [1]

Group 1: Macro Insights - The recent tariff increase by the US affects 14 countries, including Japan, South Korea, and ASEAN nations, with a significant adjustment in tariffs on Vietnam to 20% and 40% on transshipment trade [2] - The overall US tariff level is expected to remain between 15-20%, while tariffs on China are likely to stay between 30-40%, with a stronger focus on specific categories [2] Group 2: Market Trends - The market is currently in a volatile phase, with structural highlights present but facing resistance; trading funds remain active, while foreign passive allocation shows significant inflows [3] - The net outflow of broad-based ETFs reached a new high since March, indicating potential market instability [3] Group 3: Fixed Income and Asset Correlation - Changes in global order have altered asset pricing logic, leading to a unique positive correlation between US stocks, the dollar, and bonds, resulting in increased volatility [4] - The domestic stock-bond negative correlation provides a favorable environment for diversified asset allocation [4] Group 4: Machinery Industry - Excavator sales in June reached 18,800 units, a year-on-year increase of 13.3%, with exports growing by 19% [5] - The growth in second-hand excavator exports is expected to stimulate domestic replacement demand, benefiting leading companies in the sector [5] Group 5: Agriculture Sector - The "anti-involution" policy in the pig farming industry is expected to release inventory and positively impact pig prices in the autumn and winter seasons [7] - Major pig farming companies are adjusting their production strategies, which may enhance overall profitability in the long term [7] Group 6: Chemical and Oil Industry - The capital expenditure growth rate in the chemical and oil sector is declining, indicating a potential turning point in industry prosperity [9] - The demand recovery in downstream chemical products is anticipated alongside a reduction in capital expenditure, which may lead to a recovery in the second half of 2025 [9] Group 7: Telecommunications Industry - The global telecommunications industry is experiencing steady growth, driven by demand in emerging markets and increasing ARPU in North America [10] - The integration of AI technologies is expected to bring transformative opportunities to the telecommunications sector [10] Group 8: Electric Power and New Energy - The recent policy from the National Development and Reform Commission aims to promote the construction of high-power charging facilities, which is expected to enhance the profitability of equipment manufacturers [11] - The goal is to have over 100,000 high-power charging facilities nationwide by the end of 2027, indicating strong policy support for the sector [11] Group 9: Company Performance - Shengquan Group expects a net profit of 491-513 million yuan for the first half of 2025, reflecting a year-on-year increase of 48%-55% [12] - Industrial Fulian anticipates a net profit of 11.958-12.158 billion yuan for the first half of 2025, marking a growth of 36.84%-39.12% [14]

Core Viewpoint - China Telecom officially launched the "Xing Xiaocheng Terminal Intelligent Agent" at the Mai Mang 40 product launch event, integrating AI capabilities to enhance user experience in communication, daily life, and office scenarios [1][2]. Group 1: Product Features - The Xing Xiaocheng Intelligent Agent leverages China Telecom's self-developed large model and intelligent platform, offering features such as AI call assistance, fraud prevention, and intelligent task management [1]. - The AI call assistant includes functionalities like call fraud prevention, AI answering, call summary management, and smart subtitles, providing comprehensive support for users during calls [1]. - The "AI Call Fraud Prevention" feature utilizes China Telecom's proprietary voice and semantic models to detect potential fraud risks during calls and alert users in real-time [1]. Group 2: Office and Document Management - In office scenarios, the Xing Xiaocheng Intelligent Agent supports features like instant meeting summaries, offline audio transcription, meeting mind maps, and overviews, helping users quickly grasp key points from meetings [2]. - The reading assistant feature allows users to upload documents and receive clear and concise summaries, addressing the needs of office workers dealing with complex files [2].