通信 | 证券研究报告 — 行业点评 2025 年 8 月 1 日 运营商"AI+"规模化落地， 推动行业范式跃迁 从 WAIC 2025 看行业发展趋势 2025 世界人工智能大会（简称"WAIC 2025"）上，中国移动、中国电信、 中国联通三大运营商集体亮相，从算力争夺、AI 大模型研发、行业应用落地 等多维度集中展示头部通信企业"筑基者、赋能者、服务者"的角色和能力。 AI 已逐步渗透至千行万业，成为新一轮科技革命和产业变革的重要驱动力。 电信运营商也已从传统通信运营商蜕变为"AI 基础设施提供商+行业赋能者 +安全守护者"，为经济社会数字化转型注入强劲动力，助力中国在全球 AI 竞争中占据战略制高点。 支撑评级的要点 投资建议 AI 浪潮下运营商将显著受益于智算业务带来的业绩增长及价值重估，同时运营商 是 AI 链中防御型成长资产，既有成长性，也有稀缺性。建议重点关注三大运营 商：中国移动、中国电信、中国联通。同时，建议关注运营商合作算力服务商： 润泽科技、平治信息、中贝通信、中兴通讯、烽火通信、紫光股份等。 评级面临的主要风险 国内外政策不确定性风险；市场需求不及预期风险；行业供给过剩竞争环境恶化 ...

Group 1 - The World Artificial Intelligence Conference 2025 highlighted the latest advancements in AI-enabled new industrialization, focusing on four major trends in manufacturing: data as a key production factor, human-machine collaboration becoming mainstream, intelligent manufacturing transitioning from "point" to "area," and enhanced capabilities for value-added services [1] - The integration of AI and industrial internet is showcased by Haier Group's subsidiary, showcasing innovations in industrial models, digital twins, and intelligent entities, with practical cases aiding companies like Yanchang Petroleum and New Jin Group in their transformation [1] - The launch of the "AI + Manufacturing" initiative aims to enhance the industrial internet sector, with significant growth expected in applications such as predictive maintenance and intelligent supply chain management [2] Group 2 - The industrial internet industry is projected to grow, particularly in sectors like petrochemicals and home appliances, driven by the application of large models and intelligent entities, leading to significant improvements in production efficiency and quality [2] - AI is expected to transform management models by breaking down information silos in enterprise systems, enabling deeper integration and profound changes in operations [2] - China Unicom is enhancing the integration of digital and physical realms, supporting the construction of smart factories across various industries, and accelerating the digital twin development of industrial equipment [2] Group 3 - China Telecom, in collaboration with the China Industrial Internet Research Institute, launched an "Industrial + AI" integrated service platform, demonstrating a large industrial weaving machine with an embedded intelligent entity that significantly improves delivery rates and production efficiency [3] - Financial institutions, including major banks, announced a credit facility of 400 billion yuan to support the development of "AI + Manufacturing," emphasizing the critical role of finance in this sector [3]

Group 1 - The core viewpoint of the articles highlights the rapid advancement and adoption of AI agents across various industries, with 2025 being seen as a pivotal year for their emergence, and an expectation of over 1 billion AI agents by 2026 [1] - AI agents are being utilized to address common challenges in industries such as textiles, where they enhance the accuracy and speed of fabric inspection, thereby reducing costs and improving efficiency [1] - China Telecom has developed over 80 industry-specific large models and more than 20 AI agent applications, serving over 20,000 industry clients, showcasing the extensive application of AI technology in sectors like industrial, emergency, and education [1] Group 2 - In the office sector, Mido Technology Co., Ltd. launched V Assistant 2.0, a multi-agent collaborative intelligent body for comprehensive public opinion analysis, demonstrating the versatility of AI agents in various applications [2] - AI agents are increasingly being integrated into business processes, particularly in clearly defined task environments, allowing them to take on more routine execution tasks and improve operational efficiency [2] - An example from Belle Fashion Group illustrates the successful implementation of over 800 AI applications across various business nodes, significantly enhancing information connectivity and process automation [3]