（图片来源：摄图网） 店播崛起：消费生态的范式革命 《2025直播电商行业发展白皮书》揭示三大核心趋势：店播成交额占比突破58%、主播职业化认证体系全面落地、产业带商家参与度同比增长52%。抖音 平台618数据显示，店播贡献的GMV占比达53%，其中单场破千万的直播中，74%来自品牌自播。这种转变源于店播对"人货场"关系的深度重构。 在服装领域，COCO ZONE主理人刘一一将直播间升级为"云端造型实验室"，通过3D量体技术为用户生成个性化穿搭方案，单场GMV突破8000万元；珠 宝品牌周大福创新"区块链溯源+AR试戴"系统，消费者扫码即可查看钻石从矿区到柜台的全流程，618期间店播销售额同比激增310%。传统产业带如汕尾 珠宝商刘川东，通过"5G背包+移动直播间"实现矿区直播，单场销售额从数千元跃至320万元，印证了店播在跨行业领域的强大适应性。 更深层的变革在于供应链的柔性改造。某国产美妆品牌通过店播预售数据反向定制产品，将新品开发周期从18个月压缩至45天，库存周转率提升3倍。这 种"以销定产"的模式，使某护肤品牌在618期间实现零库存清仓，利润率提升12个百分点，展现出店播对传统电商模式的颠覆性价值。 ...

张云山、柳蓬 在浙江这片充满活力的土地上，一场由数字技术引领的智慧变革正在悄然发生。中国电信浙江公司作为 这场变革的重要推动者，凭借其深厚的技术底蕴和创新能力，为"数智浙江"的建设注入源源不断的动 力。 园区智能升级，企业运营更高效 "前方禁止通行，请绕行。"在宁波鄞州区环合中心的地下一楼，当骑着电动车的市民想穿行敏感区域 时，头顶的智能喇叭提前预警。当电动车充电时，只要电池温度异常，物业值班人员手机上马上可以接 收到信息，并且事故隐藏点都标注出来。 "我们与宁波急救中心紧密合作，利用天翼云能力和5G网络切片技术，成功打造了这个急救云平 台。"中国电信宁波分公司教医卫行业总监方海龙介绍，"平台不仅实现了急救数据的实时同步和共享， 还通过AI技术优化了急救资源的调度和分配。" 智能矿山崛起，5G赋能传统产业转型 在湖州市长兴县煤山镇某矿业有限公司的露天矿区，10辆无人驾驶电动矿车在超过2平方公里的矿面上 有序行驶，沿着曲折的路线稳稳前行，精准完成装载、运输、卸载等一系列作业流程。这是中国电信湖 州分公司在长兴南方矿业大煤山矿上打造的智能低碳矿山项目，也是中国电信湖州分公司以专业服务融 入地方产业发展、推动传统矿 ...

弘则研究 云服务调研 20250604 摘要 公司公有云业务主要份额由华为云占据，年营收约七八千万元，其他云 服务商如腾讯云、火山引擎和天翼云年营收均在 1,000 万元左右，线下 数据中心业务年收入约 2000-3,000 万元。 自 2024 年底豆包爆火以来，客户对 AI 技术兴趣显著增加，企业开始关 注如何将 AI 能力应用于自身业务，并积极探索和实施 AI 解决方案，大 模型在公有云及私有化部署方面受到广泛关注。 2025 年大部分客户预算有所增长，尤其在 AI 探索和大模型部署方面， 即使整体 IT 预算缩减，仍有客户预留数百万至千万预算用于购买显卡和 部署业务，或选择公有云按 token 调用方式。 国内市场上，公有云接受程度提高，按 token 计费模式降低企业前期成 本，除数据敏感型央企国企外，多数客户倾向使用公有云，60%-70% 的客户采用公有云托管计费模式。 AI 应用场景落地过程中定制化开发需求比例较低，不到 10%，主要依赖 标准产品，客户多自行开发或寻求外部帮助进行二次开发，表明推广 AI 价值主要依赖标准产品。 Q&A 请介绍一下广州阿云信息技术有限公司的基本情况，包括业务规模 ...

中国电信（澳门）有限公司董事总经理张国新致辞表示，二十年来，从率先推出"一卡两号"跨境通信服 务，到建成覆盖全澳的5G网络，公司在移动通讯领域稳健发展，同时助力打造澳门智慧环保、智慧出 行、智慧医疗等民生工程。未来将持续助力澳门经济适度多元发展，在共建智慧城市、开拓国际合作的 进程中贡献更多力量。 张国新说，未来将持续发挥资源优势，加速推动通信网络向5G-A、6G迈进，打造海陆空一体化信息通 道，构建本地化AI云平台与行业应用场景，助力澳门实现"1+4"经济适度多元发展策略的总体布局。 中国电信（澳门）现场介绍了公司"极速网络、天地一体、云网融合"的网络规划，以及5G-A、天翼云 （澳门）节点、手机直连卫星等服务能力，并发布面向个人用户的湾区权益包、手机以旧换新服务，面 向来澳人士的"Easy Trip"系列通信产品，以及为澳人澳企拓展大湾区业务提供的"5G湾区通"和"开业 宝"等创新服务。 新华社澳门5月16日电（记者齐菲、刘刚）中国电信（澳门）有限公司16日举办二十周年庆典暨创新服 务发布会，展示系列全新服务，并分别与澳门通、澳门航空签署战略合作协议，助力产业升级。 活动现场，中国电信（澳门）与澳门通签约 ...

南方财经全媒体记者谭砚文 实习生王明雁 广州报道 日前，第十五届全国运动会和全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会合作伙伴赞助服 务计划发布暨第二批市场开发签约仪式在广州举行。 活动现场，中国联合网络通信有限公司广东省分公司相关负责人介绍，中国联通为赛事提供了1.5亿元 的赞助，合作内容包括建设赛事指挥中心（MOC）、建设信息技术运营中心（TOC）、建设广播电视 传输专网，以及重点场馆的业务及网络服务和重大活动的应急保障。 其中，在赛事指挥中心（MOC）、信息技术运营中心（TOC）的建设中，中国联通将按照组委会和信 息化专班的要求，实现赛事城市一点联动，实现综合数据一屏统揽，实现赛事服务对人员、车辆、物资 的资源的精准调度和精准保障。 当前，十五运会和残特奥会的筹备工作正在有序推进，三大运营商将联手提升赛事数字化服务能力，为 赛会高效运行和观众观赛体验提供保障，以赛事为契机推动粤港澳大湾区数字化发展。 活动现场，中国电信、中国移动、中国联通等企业发布合作伙伴服务计划，三大通信运营商首次在大湾 区联手，推动赛事数字化、智能化升级，为观众和运动员带来新体验，助力打造世界一流"数智湾区"。 中国电信股份 ...

中新网福州5月2日电(记者刘育英)算力是人工智能发展的基石，技术的不断演进和应用的落地，进一步 推动AI(人工智能)与算力深度融合。从第八届数字中国建设峰会上可以看到，云计算正在向云智算、数 智云升级。 在核心技术攻关方面，柯瑞文介绍，突破了分布式云操作系统、服务器操作系统等关键技术，自主研发 全栈云平台；天翼云服务器操作系统CTyunOS通过国家安全可靠测评，获得安全可靠等级"Ⅰ级"；构 建"息壤"一体化智算平台，国家云进入迈向智能云发展的新阶段。 在云和AI融合方面，中国电信自主研发国内首个全尺寸、全模态、全国产化的万亿参数"星辰"基础大模 型体系，并在央企中率先开源。 中国工业和信息化部信息技术发展司副司长李丽在会上表示，当前人工智能技术发展日新月异，自主人 工智能大模型规模化部署加快，人工智能+等创新产品加速突破，推动算力需求从通算向智算转变。 (完) 中国电信董事长柯瑞文在峰会期间的智能云生态大会上表示，云是人工智能发展的关键。中国电信将坚 持网是基础，云为核心，准确把握人工智能发展趋势，坚定不移把天翼云打造成为国家云。 "国云"(国家云)是由国务院国资委推动的国家级云计算项目，旨在通过整合央企资源 ...

Core Viewpoint - China Telecom is committed to building a digital China and has made significant progress in its cloud transformation strategy, focusing on artificial intelligence and the development of its Tianyi Cloud platform [1][2]. Group 1: Technological Advancements - China Telecom has established major intelligent computing clusters in Shanghai and Beijing, and launched the world's first commercial intelligent computing Ascend super node in the Greater Bay Area [1]. - The company has achieved breakthroughs in key technologies such as distributed cloud operating systems and server operating systems, and has developed a full-stack cloud platform [1]. - The Tianyi Cloud server operating system CTyunOS has passed national security assessments, receiving a "Level I" security rating [1]. Group 2: Business Growth and Market Position - Tianyi Cloud's revenue has surpassed 100 billion yuan, maintaining a leading market share [2]. - The company has developed a comprehensive cloud product suite and is actively promoting the integration of cloud and AI technologies [2]. - China Telecom has introduced over 50 industry applications across various sectors, including government, industry, and education, and has empowered over 87 million users with smart terminal products [2]. Group 3: Strategic Initiatives - To accelerate the development of Tianyi Cloud, China Telecom is deepening reforms and establishing a cloud company and cloud computing research institute [2]. - The company is enhancing its R&D capabilities by attracting strategic scientists and investors, and optimizing its operational processes to improve customer service [2]. - China Telecom emphasizes an open and collaborative approach, increasing cooperation with partners and clients to build a more open national cloud ecosystem [2]. Group 4: AI and Data Integration - The company aims to create a comprehensive intelligent cloud capability system that integrates computing power, platforms, data, models, and applications [3]. - China Telecom is focused on upgrading its intelligent computing infrastructure and enhancing its data intelligence platform to support high-quality data sets [4]. - The company is committed to providing tailored solutions for diverse customer needs, including high-efficiency intelligent computing services and integrated solutions for domestic computing power and models [5]. Group 5: Security and Governance - China Telecom is developing a comprehensive dynamic protection system for large models to ensure the safety and reliability of artificial intelligence applications [5]. - The company is enhancing its data security measures and establishing a three-tier risk classification system to improve data safety [5]. - A focus on creating a secure development environment is emphasized, with capabilities for code scanning, auditing, and tracing to protect against vulnerabilities [5]. Group 6: Customer-Centric Operations - China Telecom aims to provide agile and specialized operational services, positioning itself as a trusted AI partner for clients [6]. - The company plans to collaborate with clients to optimize data quality and enhance the integration of data, computing power, and algorithms through AI applications [6].

Core Viewpoint - China Telecom aims to build a comprehensive intelligent cloud capability system consisting of "computing power, platform, data, model, and application" to drive innovation in the artificial intelligence industry [1][2]. Group 1: Intelligent Cloud Development - China Telecom has established major intelligent computing clusters in Shanghai and Beijing, and launched the world's first commercial intelligent computing super node in the Greater Bay Area [1]. - The company has developed the first full-size, full-modal, domestically produced trillion-parameter "Star" foundational model system and has taken the lead in open-sourcing among state-owned enterprises [1]. - The "Star Sea" data intelligence platform has formed a high-quality dataset of 10 trillion tokens and has launched over 50 industry applications in sectors such as government, industry, and education, benefiting over 87 million users [1]. Group 2: Financial Performance - In the fiscal year 2024, China Telecom's intelligent revenue reached 8.9 billion yuan, representing a year-on-year growth of 195.7% [1]. - The revenue from Tianyi Cloud in 2024 was 113.9 billion yuan, with a year-on-year increase of 17.1% [1]. Group 3: Future Investment Plans - For 2025, China Telecom plans capital expenditures of 83.6 billion yuan, with a preliminary allocation for computing power investment expected to grow by over 20% year-on-year, with flexibility for adjustments [2]. - The company will enhance its intelligent computing capabilities by integrating "central clusters + edge data centers" and promoting the deep collaboration of computing networks [2]. Group 4: Platform and Service Upgrades - In the IaaS layer, China Telecom will advance intelligent computing construction and strengthen cloud-intelligent integration capabilities [2]. - The company introduced the Triless platform architecture to upgrade computing power scheduling technology and provide a one-stop service for computing power dispatch and AI development [2]. - In the DaaS layer, the "Star Sea" data intelligence platform will be upgraded to integrate proprietary, open-source, and third-party datasets [2]. Group 5: Focus on SaaS Layer - In the SaaS layer, China Telecom will focus on the digital intelligence needs of production, life, and governance, accelerating the large-scale promotion of AI phones and AI cloud computers [3].

Core Insights - China Telecom's Tianyi Cloud revenue has surpassed 100 billion yuan, indicating strong growth and a commitment to embracing artificial intelligence for building an intelligent cloud capability system [1] Group 1: AI Infrastructure and Services - In the IaaS layer, China Telecom plans to advance intelligent computing construction with an integrated AIDC (Artificial Intelligence Data Center) model combining "central cluster + edge DC" [6] - For the PaaS layer, the company will continue to upgrade its intelligent computing platform, offering one-stop computing power scheduling and AI development services [6] - In the DaaS layer, China Telecom aims to enhance its "Xinghai" data intelligence platform, promoting deep integration of proprietary, open-source, and third-party data sets [6] - The MaaS layer will see improvements in the capabilities of the "Xingchen" large model, focusing on complex reasoning and lightweight, low-cost deployment [6] Group 2: AI Market Trends and Challenges - 2023 is highlighted as the year of large-scale AI application, driven by new open-source AI technologies like DeepSeek that lower the barriers for computing power and algorithms [6] - The market is increasingly focusing on data and applications, reflecting a shift in priorities within the AI landscape [6] Group 3: AI Security Governance - AI security governance is deemed essential due to the unprecedented opportunities and risks posed by new technologies, including cultural bias, sensitive information leaks, and risks of model misalignment [6][7] - China Telecom plans to establish a comprehensive protection system covering infrastructure, data, content, algorithms, and applications to enhance data security [7] - A three-tier security risk classification system will be implemented, covering over 10 billion tokens, to improve code scanning, auditing, and tracing capabilities [7]

超配（维持） 基本盘稳中有进，云数业务快速发展 深 度 研 运营商行业专题报告 2025 年 4 月 30 日 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 资料来源：iFind，东莞证券研究所 相关报告 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 通信行业 SAC 执业证书编号： 通信运营商用户基本盘持续增长。根据工信部数据披露，截至2025年3 月末，包括中国移动、中国电信、中国联通在内的三家基础电信企业及 中国广电的移动电话用户总数达18亿户，比上年末净增994.5万户。其 中5G移动电话用户达10.68亿户，比上年末净增5445万户，移固电 ...