今年作为人工智能规模应用的元年，中国电信的企业战略也由"云改数转"向"云改数转智惠"升级，宣告着中国电信准确把握新一轮科技革命和产业变革发 展趋势，全面拥抱人工智能。 在这一战略指引下，中国电信正系统性地构筑其AI能力。数据作为AI训练的"粮食"，是能力基石。中国电信打造的"星海"数据智能中台，已汇聚了超过10 万亿token的通用大模型语料和14个行业数据集，总量超350TB，为模型训练与应用创新提供了丰富的"数据燃料"。 在模型层面，中国电信采取了"自主+生态"的双轨策略。一方面推出全模态、全尺寸、全国产的星辰大模型；另一方面引入第三方基础大模型和各类行业 大模型，满足多样化需求。这种开放包容的态度，使得天翼AI生态更加丰富多元。目前，中国电信已经推出了80多个行业大模型和30多个智能体应用， 服务行业客户超2万家。 AI 赋能，创新消费产品与体验 在"2024数字科技生态大会"期间举办的"2024中国电信数智渠道终端生态合作暨中国电信终端产业联盟第十五次会员大会"上，中国电信集团市场部副总经 理邵琰涛表示，与合作伙伴持续深化渠道合作，不断提升5G的连接体验，拓展可穿戴AI终端的品类。智能家庭终端方面，继 ...

Core Viewpoint - The report from Dongfang Securities highlights the growing focus of telecom operators on AI terminals, particularly in the smart home sector, which is expected to drive growth opportunities in the industry [1][2]. Group 1: Telecom Operators' AI Terminal Development - Leading telecom operators are continuously launching AI terminals such as mobile smart screens, showing impressive product growth [1]. - In March 2025, China Unicom and ZTE jointly released a series of innovative AI smart home terminal products, including smart screens and AI cameras [1]. - In May 2025, China Telecom upgraded its Tianyi AI central screen to serve as a comprehensive AI life assistant, indicating strong competitive advantages in the smart home business [1]. Group 2: Market Growth and Sales Data - The market for mobile smart screens, represented by China Mobile, is experiencing robust growth, with a projected retail volume of 254,000 units in 2024, reflecting a 65% year-on-year increase [2]. - The industry is expected to maintain rapid growth as telecom operators increase their investments in home AI terminals [2]. Group 3: AI Model Investments and Product Offerings - Telecom operators are investing heavily in AI models to enhance the intelligence of their terminals [3]. - China Mobile showcased its JiuTian Basic Model V3.0 at the 2025 World Artificial Intelligence Conference, while China Telecom introduced its self-developed Starry Sky Model system, enhancing the functionality of its terminal products [3]. - Future product promotions and subsidy policies from telecom operators are anticipated to improve the penetration of AI terminals in home settings [3].

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Viewpoints - Telecom operators are increasing their layout in AI terminals, which is expected to open up growth space for the industry. The focus should be on AI terminal SoC manufacturers such as Amlogic and Rockchip [4][22] - The market is currently more focused on smart hardware and internet companies' layouts in AI terminals, while the role of telecom operators in this area has been overlooked. Telecom operators have strong channel advantages and brand effects in the smart home sector [8][9] - The growth momentum of mobile smart screens is strong, with a projected retail volume of 254,000 units in 2024, representing a year-on-year increase of 65%. The online market accounts for 86.5% of total retail volume [12][20] Summary by Sections Investment Suggestions and Targets - It is recommended to pay attention to Amlogic (688099, Buy) and Rockchip (603893, Not Rated) as potential investment targets in the AI terminal SoC sector [4][22] Industry Trends - Major telecom operators are launching innovative AI smart home terminal products, enhancing their competitive advantage in the smart home business. The integration of mobile smart screens with 5G and broadband services is expected to promote the application of AI terminals in home scenarios [8][9] - Telecom operators are investing in AI large models to enhance the intelligence of AI terminals. For instance, China Mobile showcased its AI technologies at the 2025 World Artificial Intelligence Conference, while China Telecom introduced its self-developed star model system [15][20] Market Growth Projections - The mobile smart screen market is expected to maintain rapid growth, with total retail volume projected to reach 470,000 units in 2025, reflecting an 85% year-on-year increase [12][20]