Core Viewpoint - Health Road Co., Ltd. has seen a significant increase in shareholder confidence following the acquisition of additional shares by major shareholder MayJyu Limited, indicating a potential revaluation of the company's AI healthcare business segment [1][2]. Group 1: Shareholder Activity - MayJyu Limited increased its stake by acquiring 842,000 ordinary shares at an average price of HKD 5.5179 per share, totaling approximately HKD 4.6461 million [1]. - Following this acquisition, MayJyu Limited's total shareholding rose to 44.0575 million shares, representing a 5.02% ownership stake in the company [1]. Group 2: Financial Performance - The company's mid-year performance report for 2025 is expected to be a key factor in the increased shareholder confidence, showcasing significant improvements in operational efficiency [1]. - Health Road's gross margin increased by 1.2 percentage points, and the company turned a profit, shifting its focus from scale expansion to quality of earnings [1]. Group 3: AI Technology and Market Potential - Health Road's self-developed "Medical AI Intelligent Body" has successfully reduced labor costs by 60% for health management chains and doubled customer repurchase rates, demonstrating the commercial viability of its AI technology [2]. - The integration of AI technology with healthcare scenarios is anticipated to enhance monetization opportunities for both C-end and B-end markets, driving an increase in conversion rates [2]. - The company connects over 12,000 hospitals and 210 million users, creating a significant ecological barrier that supports its business model [2].

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Insights - The report highlights that the three major telecom operators in China—China Mobile, China Telecom, and China Unicom—are transitioning from traditional communication providers to "AI infrastructure providers, industry enablers, and security guardians," significantly contributing to the digital transformation of the economy and society [1][3]. - The integration of AI into various sectors is seen as a key driver of the new technological revolution and industrial transformation, with telecom operators playing a crucial role in this evolution [1]. Summary by Sections Investment Recommendations - The report suggests that telecom operators will significantly benefit from the performance growth and value reassessment brought by intelligent computing services under the AI wave. It recommends focusing on the three major operators: China Mobile, China Telecom, and China Unicom, as well as their partnerships with computing service providers such as Runze Technology, Pingzhi Information, Zhongbei Communication, ZTE, Fenghuo Communication, and Unisplendour [3]. Industry Developments - The report emphasizes the practical AI capabilities demonstrated by the telecom operators at WAIC 2025, showcasing their role as a "digital infrastructure national team" and their technological leadership in building a smart service ecosystem that covers both industry and people's livelihoods [3]. - The collaboration between computing power and network innovation is highlighted as a core logic for the operators' computing infrastructure, leading to significant breakthroughs in computing resource utilization and efficiency [3]. Infrastructure Investment - In 2025, the three major operators are expected to increase their investments in computing infrastructure, with China Mobile planning to invest 37.3 billion RMB in this area. Both China Telecom and China Unicom are projected to see over 20% year-on-year growth in their computing investments [3]. - The report notes that the domestic server procurement by China Unicom has exceeded 90% for domestic servers, while China Mobile has the largest single liquid-cooled intelligent computing center among global operators, with over 85% of its computing power being domestically sourced [3].