Group 1 - Financial services play an irreplaceable role in supporting technological innovation and industrial transformation, with Xinda Capital focusing on private equity investment to support high-tech enterprises and contribute to the construction of a technology-driven nation [1] - As of September 30, Xinda Capital has served 14 technology companies across various cutting-edge fields, including semiconductors, artificial intelligence, biomedicine, and new materials, showcasing the breadth and depth of technology financial services [1] - Xinda Capital has been actively supporting the semiconductor industry, particularly in wafer manufacturing, by empowering key enterprises like SMIC to overcome advanced process bottlenecks and optimize mature process capacity since 2020 [1] Group 2 - In response to the intensifying global computing power competition, Xinda Capital is strategically investing in chip design to facilitate the transition of domestic chips from "catching up" to "keeping pace" [2] - Investments in companies like Haiguang Information and Shanghai Zhaoxin are aimed at enhancing the development and supply chain systems of core products such as server chips and AI chips, promoting large-scale applications in critical sectors like telecommunications and finance [2] - Xinda Capital is focusing on new materials, supporting breakthroughs in high-temperature alloys and rare earth functional materials to aid in the import substitution of strategic materials for aerospace and high-end equipment manufacturing [2] Group 3 - In the biotechnology sector, Xinda Capital emphasizes green development and technological breakthroughs, supporting companies like Zhongxin Co. to achieve a full industry chain advantage through eco-friendly packaging solutions [3] - The company is also investing in "hard technology" projects and potential enterprises in strategic fields such as semiconductors, intelligent digitalization, and new materials, continuously enhancing the industrial ecosystem [3] - The deep integration of finance and technology is seen as essential for building a modern industrial system and promoting high-quality development, with Xinda Capital committed to expanding its technology financial service system [3]

每经AI快讯，有投资者在投资者互动平台提问：您好！此前公司在互动平台提及"加快推进6G技术研 发，前瞻布局和培育面向6G的应用产业生态"，但也多次表示未涉及6G领域、无6G相关产品。想进一 步确认：1.公司当前6G技术研发是否已有阶段性成果，是否有明确的产品落地时间？2.公司核心产品 （如基站天线、物联网终端等）是否有适配6G或互联网卫星/卫星通信领域的技术规划？3.参股的宁波 芯速联硅光模块业务，与公司6G布局是否存在协同性？望逐一解答，谢谢！ 宜通世纪（300310.SZ）12月5日在投资者互动平台表示，您好！行业6G通信技术目前尚处于从实验室 走向现实应用的研究和探索阶段，距离商用和规模化部署还需要很长的时间。1、公司目前未涉及6G领 域，亦无6G相关产品应用；2、公司参投相关公司主要从公司投资角度、前瞻性产业卡位及产业链韧性 的角度去考虑；谢谢您的关注，请注意投资风险。 （文章来源：每日经济新闻） ...

Core Viewpoint - The company is focusing on the development of various hardware products and aims to achieve breakthroughs in domestic chip technology for ultrasonic fluid measurement applications [1] Group 1: Product Development - The company is developing a range of hardware products, including smart POS systems, IoT terminals, and smart sensors, utilizing a wide variety of chips [1] - The performance of the chips used in these products shows significant variation, with a primary focus on procuring mature and general chip solutions for application development [1] Group 2: Technological Innovation - The company possesses proprietary core algorithms for ultrasonic fluid measurement, emphasizing a commitment to independent domestic technology paths [1] - The company is actively engaging with several capable domestic chip teams to evaluate the feasibility of joint research and development for custom ultrasonic measurement chips [1]

Core Viewpoint - China Unicom (00762) announced that by September 2025, the total number of ubiquitous intelligent connection users is expected to reach approximately 1.234 billion, with 5G network users reaching about 225 million and IoT terminal connections reaching around 703 million [1] Group 1 - The number of 5G industry virtual private network service customers is reported to be 21,688 [1] - By September 2025, the problem resolution rate for smart customer service is expected to reach 98.9% [1]

Core Insights - China Unicom (600050)(00762) projects that by September 2025, the total number of ubiquitous intelligent connection users will reach approximately 1.234 billion [1] - The number of 5G network users is expected to reach approximately 225 million by September 2025 [1] - The cumulative number of Internet of Things (IoT) terminal connections is projected to reach approximately 703 million [1] - The number of customers for 5G industry virtual private network services is reported to be 21,688 [1] - By September 2025, the problem resolution rate for smart customer service is expected to reach 98.9% [1]

Group 1 - The total number of "Ubiquitous Intelligent Connection" users is expected to reach approximately 1.208 billion by the second quarter of 2025 [1] - The cumulative number of 5G network users is projected to reach about 214 million [1] - The total number of IoT terminal connections is anticipated to reach around 685 million [1] Group 2 - The number of customers for 5G industry virtual private network services is reported to be 19,800 [1] - The problem resolution rate for smart customer service is 98.9% [1] - The proportion of intelligent services in smart customer service is 84.4% [1] Group 3 - The total number of authorized patents accumulated this year is 163 [1]

Core Viewpoint - The company reported strong financial performance for 2024, with revenue of 4.034 billion yuan (yoy +10.06%) and net profit attributable to shareholders of 125 million yuan (yoy +280.73%), driven by the growth of its intelligent computing business [1] Financial Performance - In Q4 2024, the company achieved revenue of 1.253 billion yuan (yoy +41.41%, qoq +14.67%) and net profit of 42.72 million yuan, a significant increase from 1.48 million yuan in Q3 2023 (qoq +66.10%) [1] - For Q1 2025, the company reported revenue of 852 million yuan (yoy +19.35%) and net profit of 42.12 million yuan (yoy +226.89%), with a non-recurring net profit of 36.07 million yuan (yoy +354.16%) [2] Business Growth Drivers - The rapid growth in net profit for 2024 is attributed to the significant increase in orders for the intelligent computing business, which is expected to continue driving profit growth in 2025 [2][3] - The company established a subsidiary, Tengyun Intelligent Computing, to focus on AI computing power planning, design, equipment delivery, operation optimization, and computing power scheduling, thereby expanding its market presence [2] Industry Expansion - The company's industrial IoT business revenue reached 151 million yuan in 2024, a year-on-year increase of 47.88%, driven by the expansion of its customer base, including partnerships with industry leaders like BYD and Hikvision [3] - The company’s terminal business revenue for 2024 was 2.597 billion yuan (yoy +3.65%), while ICT infrastructure revenue was 631 million yuan (yoy -7.73%) [3] Product Development - The company has adapted over 20 products to the OpenHarmony ecosystem, which includes modules for smart education, commercial display, new retail, industrial automation, and home applications, indicating a strategic move towards building a self-controlled growth point [4] Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2026, expecting net profits of 244 million yuan and 301 million yuan, respectively, with an estimated EPS of 0.98 and 1.20 yuan [5] - The target price has been raised to 54.90 yuan, reflecting a price-to-earnings ratio of 56.0x for 2025, based on the anticipated rapid growth in profits from the intelligent computing business [5]

Core Viewpoint - China Unicom announced its operational data for Q1 2025, highlighting significant growth in user connections across various services [1] User Connections - As of Q1 2025, the total number of ubiquitous intelligent connection users reached 1.182 billion [1] - The number of 5G network users reached 204 million [1] - The cumulative number of IoT terminal connections reached 663 million [1] Service Performance - The number of customers using 5G industry virtual private network services was 17,941 [1] - The problem resolution rate for smart customer service in the month was 98.8% [1] - The proportion of intelligent services in smart customer service for the month was 83.7% [1] Patent Activity - The total number of authorized patents accumulated this year was 84 [1]