Core Viewpoint - The article highlights the completion and significance of ten major engineering projects initiated by central enterprises in China, showcasing their capabilities and contributions to national development and energy security [1][22]. Group 1: Major Engineering Projects - The Longdong-Shandong ±800 kV UHVDC project, completed on May 8, 2025, is a key energy artery for China's "West-to-East Power Transmission," with a total investment of 20.2 billion yuan and a transmission capacity of 8 million kW over a distance of 915 kilometers [3][4]. - The Hainan 500 kV main grid project, fully operational by December 15, 2025, enhances the island's energy security and supports the development of clean energy and digital economy [6]. - The Tianyi IoT platform, launched in December 2025, is the world's largest public utility smart IoT platform, supporting over 700 million users and facilitating the digital transformation of various sectors [8]. - The world's largest computing power network, launched by China Mobile in August 2025, integrates advanced technologies to support national computing power network construction and digital economy development [10]. - The world's first megawatt-level compressed CO₂ thermal energy storage pilot system was completed on September 25, 2025, showcasing advancements in energy storage technology [12]. - The first 700 MW ultra-supercritical circulating fluidized bed boiler, operational since April 17, 2025, represents a significant achievement in clean coal technology [13]. - The Boao Zero Carbon Demonstration Zone, established in March 2025, is China's first region to achieve zero carbon operation through innovative projects [15]. - The Qinling North Slope integrated protection and restoration project, completed on November 30, 2025, focuses on ecological restoration and biodiversity enhancement [18]. - The Urumqi to Yuli Expressway, opened on December 26, 2025, significantly reduces travel time and is a key project in China's transportation strategy [19]. - The first pile foundation fixed offshore photovoltaic project in Yantai, completed on May 27, 2025, is expected to generate 694 million kWh annually, contributing to carbon reduction efforts [21]. Group 2: Future Outlook - Central enterprises are expected to continue their momentum into 2026, planning and initiating more super engineering projects to drive economic development and enhance the quality of life for citizens [22].

Investment Rating - The report maintains a "Buy" rating for major companies in the telecommunications sector, including China Mobile, China Telecom, ZTE, and others [9][10][47]. Core Insights - The China Mobile Global Partner Conference highlighted advancements in AI and quantum communication, with a focus on enhancing computational power and capabilities [2][14]. - China Mobile plans to double its AI investment by the end of 2028 and is exploring the establishment of a large-scale intelligent computing cluster [1][14]. - The report emphasizes the importance of domestic computational power and its supporting industrial chain as a key investment opportunity [1][13]. Summary by Sections Market Overview - The telecommunications index fell by 1.60% last week, while the Shanghai Composite Index rose by 0.37% [1][13]. - The conference showcased significant achievements in AI, satellite internet, and quantum technology, indicating a shift towards high-quality development in the industry [2][14]. Key Companies and Dynamics - Recommended companies include ZTE, China Mobile, China Telecom, and others, focusing on AI computational power and core asset value reassessment [3][10]. - China Mobile's "AI+" action plan aims to enhance AI infrastructure and support data-intensive applications [14][19]. Investment Recommendations - Specific stock recommendations include: - China Telecom (Target Price: 9.11) [10][47] - ZTE (Target Price: 62.76) [10][47] - China Mobile (Target Price: 126.30) [10][47] - Others include Huace Navigation, Hengtong Optic-Electric, and Ruijie Networks, all rated as "Buy" [10][47]. Emerging Technologies - The report highlights advancements in quantum communication and the establishment of a quantum ecological alliance, aiming for practical integration with existing communication networks [19][21]. - The low-altitude economy is also emphasized, with over 500 projects implemented nationwide, showcasing the integration of 5G-A and AI technologies [21][19].