Group 1 - The core viewpoint is that companies in Guangxi are actively expanding their artificial intelligence (AI) applications in ASEAN countries, focusing on sectors like education, urban governance, and energy management [1][3][4] - Runjian Co., Ltd. has partnered with the Malaysian education department to implement an AI essay evaluation system in 2024 and has established 24 data centers across various ASEAN nations [1][3] - Maiyue Technology Co., Ltd. has developed a diversified system covering education, government services, and enterprise services, with its cloud products gaining popularity in ASEAN markets [3][4] Group 2 - The Guangxi government is promoting AI as a means to strengthen cooperation with ASEAN, aiming to build an AI innovation cooperation center and facilitate the application of AI technologies that meet the needs of various countries [4] - The China-ASEAN AI Innovation Cooperation Center has signed 16 foreign cooperation agreements and 43 domestic AI project contracts, indicating a robust framework for international collaboration [4]

云终端，是真的火了。 2025年最火的云计算概念，当属"云终端"。 根据中研普华数据，截至2024年底，全球云终端市场规模已突破280亿美元，年复合增长率高达18.5%，中国市场份额占35%，全球领先。 ——18.5%的增长率意味着，只需要3年零11个月，市场规模就已翻了一倍。 具体到 中国，根据IDC数据，2024年，中国云终端市场总出货量达421.7万台，同比增长40.0%，创下历史新高。预计到2029年，市场规模将突破962万 台，五年复合增长率高达16.6%。 此等惊人的增速，在云计 算市场，已经很久都没见过了。 入局的玩家也不少，华为、戴尔、惠普、中兴、升腾、深信服、移动、电信、联通、百度、阿里、腾讯……从云大厂到运营商，从终端硬件到平台服务， 百花齐放。 就在刚刚结束的华为年度开发者大会HDC 2025上，华为云还在"云启万物，智联未来"高峰论坛上正式发布了CloudDevice全系列产品，包括云手机、云 PC、云Pad、云空间、云机顶盒、云游戏、云车机等七大云终端产品，并联合中国科学院科技战略咨询研究院智库建设研究部及中国信息通信研究院发布 了《云终端产业发展报告》与《基于云网端边芯协同的云终端 ...

当苹果将云端算力延伸为手机性能，当微众银行通过云 PC 实现金融数据零落地，当运营商借云手 机构建亿级用户生态——一场由"云终端"驱动的变革已然席卷全球。 全球云终端市场正以 16.8% 的年复合增长率高速扩张，而中国在政策与技术的双轮驱动下正成为核 心战场。国家发改委等部门明确提出推动云边端协同发展，在此背景下，华为云 CloudDevice 以"云网端边芯"五维协同架构，正在重塑个人、家庭与行业的数字体验边界。 6 月 21 日，华为云 CloudDevice "云启万物·智联未来"高峰论坛在华为开发者大会 HDC2025 期 间举办，峰会上首发了 CloudDevice 全系列产品，涵盖了云手机、云 PC 、云 Pad 、云空间、云 游戏、云机顶盒、云车机等产品。 如果说云终端 1.0 时代以云手机、云 PC 为代表，仅实现算力云端集中与终端轻量化交互，那么 2.0 时代则依托 "云 - 网 - 端 - 边 - 芯"一体化协同，融合生成式 AI 与具身智能，让终端进一步 具备了环境感知、本地处理及跨设备协同能力。 中国信通院数据显示， 2023 年我国算力服务商已超 7000 家，但 "找算力难、调算力 ...

Core Viewpoint - The report emphasizes that computing networks, as a new type of infrastructure combining "computing + connectivity," are crucial for the digital transformation of the industrial internet, aiming to achieve ubiquitous computing, symbiotic networks, intelligent orchestration, and integrated services [1][19]. Group 1: Development Background and Trends - The digital economy and industrial digital transformation require superior network connectivity and robust computing power to meet demands for ultra-high bandwidth, ultra-low latency, and high security [20]. - Computing networks represent a fusion of new infrastructure demands, integrating 5G, industrial internet, AI, cloud/edge computing, and blockchain technologies [21]. - The development of computing networks is driven by the convergence of 5G and edge computing technologies, enhancing service reliability and reducing latency [21][22]. Group 2: Current Status of Computing Networks - Computing networks have become a hot topic in the industry, with operators, equipment manufacturers, and research institutions actively participating in research and establishing a development roadmap and architecture [22][23]. - Initial achievements have been made in core technology areas such as computing modeling, perception, routing, and trading, with various standards being developed [23][24]. Group 3: Application Scenarios of Computing Networks - Computing networks will transform the supply, application, and service methods of computing power, enhancing service flexibility and efficiency across various industries [27]. - Specific applications include: - **Cloud VR Video Services**: Utilizing multi-layered computing power to meet the increasing demand for immersive experiences [28][29]. - **V2X Vehicle Networking**: Integrating AI and IoT to enhance data processing and transmission capabilities for smart transportation [30][34]. - **Green and Low-Carbon Initiatives**: Addressing energy consumption issues in data centers by optimizing resource utilization and supporting carbon neutrality goals [33][36]. Group 4: Key Technologies in Computing Networks - Key technologies include unified resource description frameworks, IT/OT data boundary integration, multi-factor routing based on SRv6/IPv6, and digital twin networks for optimizing industrial operations [2][19]. - The focus is on overcoming technical bottlenecks related to heterogeneous hardware abstraction and generalization of computing primitives to support deep integration in industrial scenarios [2]. Group 5: Vision and Future Outlook - The vision for computing networks is to achieve a state where computing power is as accessible as utilities like water and electricity, enabling seamless integration of services across various sectors [21][22]. - Future developments will focus on enhancing industry collaboration and deepening the integration of computing networks in industrial applications, positioning them as a core engine for digital economic growth [2].

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Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Insights - The company has transitioned from being a virtual goods agent for telecom operators to a builder of cloud terminal platforms, with a projected revenue CAGR of 32% from 2020 to 2024, and a 45% revenue growth in Q1 2025 [1][2]. - The digital goods operation serves as a stable cash flow business, while the cloud terminal and IoT operations are expected to drive rapid growth in the second and third curves of the business [3][4]. Summary by Sections Company Overview - The company, established in 2012, has expanded its business from digital goods operations to IoT traffic operations and AI + computing operations, becoming a core technology service provider for Huawei Cloud [10][12]. - Digital goods services account for over 80% of revenue, with IoT and cloud terminal operations poised for significant growth [12][38]. Digital Goods Operations - The company integrates various digital goods and fragmented channel resources, establishing stable partnerships with telecom operators and video service providers [1][25]. - The business model is highly replicable across regions and customer segments, with a focus on online and rights-based services [47][30]. Cloud Terminal Operations - The company collaborates with Huawei and China Mobile to develop cloud phones, enhancing user experience through cloud-based computing [2][48]. - The cloud phone user base is rapidly growing, with a target of over 100 million users in three years, leading to increased revenue from shared income [2][56]. IoT Scene Operations - The company has developed IoT traffic operations and solutions, targeting various sectors with a focus on traffic operation as the core business model [3][73]. - It has established partnerships with over 500 industry clients, leveraging its technology to provide comprehensive IoT solutions [73][84]. Financial Forecast and Investment Recommendations - The company is expected to achieve net profits of 134 million, 193 million, 280 million, and 406 million yuan from 2024 to 2027, with corresponding PE ratios of 68x, 47x, 32x, and 22x [4][3]. - The report emphasizes the potential for rapid development in the second and third business curves, recommending investment based on strong growth prospects [3][4].

银龄课堂进厅堂，反诈科普暖人心。 在数字经济与实体经济深度融合的当下，中国联通始终践行央企责任，全面落实"客户为本"的服务理念，不断创新客户服务 模式，推出各类客户服务主题活动，其中"联通客户日"备受好评。近日中国联通山东分公司在省内同步开启40余场主题活 动，通过科普惠民、智慧体验、趣味互动三大维度，生动诠释"人民邮电为人民"的初心使命，让通信服务更有温度、智慧生 活触手可及。 在淄博营业厅，联通营业员化身"助老课堂安全讲师"，以真实案例为切入点，拆解"保健骗局""AI换脸"等新型诈骗手段，自 编的"防诈三字经"朗朗上口。68岁的李阿姨戴着老花镜记录要点："养老钱，保管好！三字经，要记牢！回去就教教老姐 妹"，联通推出的"老人拨打热线直达人工服务"更是让老人连连点赞，72岁张大爷在工作人员的指导下，几分钟便学会了通 过中国联通APPA查询话费余额，直呼："这'关怀模式'字大、操作简单，再也不用麻烦孩子了！" （通讯员 温雪娇 范东朔） 从营业厅到社区广场，从现场体验到云端互动，联通"客户日"不仅是服务窗口，更是联通与群众的连心桥。下一步山东联通 将持续深化"客户日"活动，拓展服务内涵，提升服务质量，让联通的 ...

China Unicom (00762) H2 2024 Earnings Call March 18, 2025 10:00 AM ET Moderator Ladies and gentlemen, good afternoon. My name is Meng Shuxin. I'm delighted today to be able to be with you once again today, and we are very grateful for your long term support to China Unicom. On behalf of the management of the company, I welcome you earnestly to the February. Today, we have two items. First of all, that our Chairman would speak to us and then the management would communicate with fellow media and analyst frie ...