Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector [6] Core Insights - The global telecommunications industry is experiencing steady demand growth, driven by emerging markets and increasing ARPU in regions like North America. AI is expected to bring transformative opportunities to the industry by enhancing operational efficiency and customer insights [1][4][12] Summary by Sections Global Telecommunications Development - The global telecommunications industry achieved a total revenue of 8.8 trillion RMB in 2024, with a year-on-year growth of 3.0%. The net profit attributable to shareholders was 834.2 billion RMB, reflecting a decline of 8.4% [12] - Revenue by region includes: Europe (2.2 trillion RMB, +4.9%), North America (2.4 trillion RMB, +2.7%), China (1.95 trillion RMB, +3.4%), Asia-Pacific (1.6 trillion RMB, -0.2%), Africa and Middle East (0.7 trillion RMB, +4.9%) [12] Market Observations - In North America and Europe, leading telecom operators are seeing steady user growth, while mobile penetration rates are high, resulting in low single-digit growth rates. In contrast, regions like India and Africa are experiencing rapid growth [2][17] - Fiber business is a significant growth driver, with AT&T's fiber revenue growing by 19% year-on-year in Q1 2025 [2] Profitability Trends - Profitability varies across regions, with Middle Eastern and North American operators showing strong profitability. The average ROE for major global telecom operators in 2024 was 15.66% [3][17] - Domestic operators in China have slightly lower ROE compared to the global average, but as 5G investments enter the recovery phase, profitability is expected to improve [3][17] AI Impact on the Industry - AI is transforming the telecommunications sector by reducing operational costs and enhancing customer service capabilities. For instance, Deutsche Telekom uses AI to monitor network performance and improve fiber deployment efficiency [4][22] - Companies like T-Mobile are leveraging AI to predict customer needs and enhance service offerings, improving customer satisfaction [4][22] Domestic Telecommunications Dynamics - In China, the telecommunications business revenue for the first five months of 2025 reached 748.8 billion RMB, a year-on-year increase of 1.4%. The average mobile internet access traffic per user reached a record high of 21.3 GB/month, up 14.9% year-on-year [5][57] - The three major operators in China are expanding their intelligent computing capabilities, with China Mobile achieving a computing power scale of 43 EFLOPS [5] Key Recommendations - The report recommends focusing on major Chinese telecom operators: China Mobile, China Telecom, and China Unicom, all rated as "Buy" or "Overweight" [9]

来源：环球网 十年苦读为今朝，挥毫泼墨跃龙门。6月6日，记者从广西移动了解到，该公司在2025年全国高考期间， 紧扣"安全、平稳和顺畅"的要求，创新构建"智能安检、网络护航、应急通信"三位一体的智慧考场保障 体系，以硬核科技为2025年高考保驾护航。 中国移动"和对讲"护航高考远程调度畅通无阻 陈小春摄 广西移动技术团队在桂林灵川等地提前开展压力测试，模拟20种异常场景优化设备，并组织安保人员进 行理论与实操的双模块培训，建立"设备巡查、异常处置、数据复盘"全流程保障机制。技术人员深入各 考点，对负责人、监考员及安保人员开展对讲设备使用与维护的实操培训，确保设备效能最大化。同 时，协同教育、通信管理部门深入全区考点调试屏蔽设备，通过模拟考试环境调整参数，实现干扰最小 化下"带不进、用不了、传不出"的目标。高考前夕，仅在灵川县，广西移动已完成三轮网络压力测试和 九场应急演练，累计培训专业技术保障人员56人次。 广西移动网络工程师提前对考场机房设备、传输线路等进行逐一排查 牛娇娇摄 广西移动还组建技术专家专项保障组，为2025年高考招生录取制定保障方案，其中移动云MAS业务充 分确保了查分、志愿填报短信成功率。阳 ...

来源：环球网 数字化时代，人们生活的方方面面都因技术革新而焕发新机——云端文件让工作更加灵活高效、共享课 堂让更多孩子能接受优质教育……移动爱家的移动云电脑就将"随时随地"变为可能，让资源随人而动， 而非人被资源所困。 工作半径无限延伸，告别"设备绑架" 软件开发员邵军曾深受设备"死板"的困扰，以前，他的工作只能在公司完成，遇到紧急情况免不了要往 返奔波于公司和家之间。"现在有了云电脑，电脑跟着人'走'，只要一个账号，手机、电视、移动屏都 可以变身为一台电脑，省劲多了。"邵军点赞道，云端算力和多端无缝登录让他能够更轻松地调取公司 电脑里的文件。 不仅如此，各种AI应用大大减轻了他的工作负担，不管是会议纪要、录音转写、文档总结，还是PPT制 作、代码编写，云电脑都能轻松搞定，让他可以有更多时间陪伴家人、享受生活。 物理设备的限制，本质是对人的束缚。移动云电脑则是让技术成为"解绑者"，让资源随人流动，重构了 办公模式，让每个人都能自由掌握时间的分配权，实现工作与生活的黄金分割。 教育资源云端共享，开启"无界课堂" 在乡镇地区，"资源随人走"的意义或许更大。湖北省安陆市赵棚镇小学里，移动云电脑的出现，解决了 学校老 ...

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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 ...

Group 1 - The core viewpoint of the articles highlights that Q1 2025 saw Qimingxingchen achieve a net profit of 1.597 million yuan, marking a turnaround from losses, with an 8 percentage point increase in gross margin [1] - The company optimized operational efficiency across the entire chain and managed non-recurring gains and losses, resulting in a 15% reduction in total expenses compared to the same period last year, creating room for profit release throughout the year [1] - In the context of a challenging recovery in the cybersecurity industry, Qimingxingchen achieved a breakthrough through management efficiency, technological upgrades, and strategic collaboration, signaling long-term investment value [1] Group 2 - The company's profitability improvement is attributed to its proactive grasp of AI security strategic opportunities, targeting the new track of the security industry driven by AI large models [2] - Qimingxingchen has launched the "Jiutian·Taihe Security Large Model" and the industry's first full-cycle AI security solution "Anxing Intelligent Body," leveraging the technological foundation of China Mobile's Jiutian large model [2] - The company has accelerated product iteration on a weekly basis since February 6, 2025, completing multiple technological upgrades and establishing a comprehensive security product matrix for large model applications [2][3] Group 3 - Large model application security has become a significant growth area for Qimingxingchen, with key products including large model application firewalls and security proxies, forming a "three-piece set" for large model security [3] - Qimingxingchen deepened collaboration with China Mobile, showcasing innovations in AI application security and data security at the 2025 China Mobile Cloud Intelligence Conference [4] - The company plays a crucial role as a technology innovator and security product service leader for China Mobile, with a sales figure of 1.083 billion yuan from related transactions in 2024, over 70% of which came from collaborative expansion in government and enterprise security business [4] Group 4 - In 2025, Qimingxingchen plans to strengthen business collaboration with China Mobile, expecting to sell approximately 1.95 billion yuan worth of goods to China Mobile and its controlled enterprises [5] - The company has made breakthroughs in commercial models for personal and family smart scenarios, integrating security capabilities into China Mobile's entry-level products like "Mobile Cloud Computer," ensuring user cloud service security [5] - Qimingxingchen emphasizes technological innovation as a core driving force, focusing on improving business quality and deepening strategic collaboration to achieve profitability breakthroughs and demonstrate high-quality development potential [5]

Core Viewpoint - The company achieved a turnaround in Q1 2025, reporting a profit of 1.597 million yuan, marking a significant improvement compared to the same period last year, laying a foundation for stable operations and high-quality development throughout the year [1][2]. Group 1: Financial Performance - The company focused on improving business quality, resulting in a notable increase in gross margin by 8 percentage points year-on-year [1]. - The total operating expenses were reduced by 15% compared to the previous year, enhancing profit potential for the year [1]. Group 2: Strategic Initiatives - The company is actively embracing AI technology, particularly in the AI + security sector, and is accelerating the development of its product matrix to seize market opportunities [1][2]. - The company plans to implement cautious and steady management measures while leveraging breakthroughs in AI large models to drive applications in the security industry [2][3]. Group 3: Collaboration and Innovation - The company aims to maintain close alignment with China Mobile's innovation directions, focusing on areas such as low-altitude economy, integrated vehicle-road-cloud systems, satellite internet, and 5G [3]. - The collaboration with China Mobile is expected to deepen, enhancing the company's service capabilities in the enterprise sector and expanding its security offerings [3][4].

全链支持 加速AI应用创新 在国家大力培育专精特新企业、推动千行百业数字化转型的背景下，中国移动正以"云智融 合"为突破口，将传统云计算技术与新一代智能计算、AI技术深度融合，打造面向未来的智 能算力基础设施。因此，2025年大赛全新升级为"云智算杯"AI+应用创新大赛，以"智汇未 来，云创无限"为主题，依托移动云智算平台和一站式大模型服务双技术底座，重点围绕智 能体与大模型开发，设立百万现金奖励及百万用云资源支持，加速前沿技术商业化落地。 三大赛道 激发"智算"新质生产力 本次大赛通过 开放行业、高校、移动三大创新赛道，构建完整的"AI+产业"协同创新体系， 加速实现从"云计算"到"智算服务"的战略跃迁 。行业赛道以双底座为擎，面向企业开发 者，深度融合移动云智算平台与一站式大模型服务，开辟AI+产业新通路；高校赛道以创新 为核，聚焦高校顶尖人才孵化，点燃技术生态新锋芒；移动赛道聚焦央企数字化转型需求， 探索云智融合创新场景，培育行业标杆应用，构建"政产学研用投"协同创新生态。三大赛道 将形成有机整体，共同构建从技术研发到产业应用的完整创新链条，持续推动AI技术创新与 产业实践的深度融合，为数字经济发展注入 ...

Investment Rating - The report maintains a "Buy-A" rating for China Mobile (600941.SH) [1] Core Views - In 2024, China Mobile achieved revenue of 1,040.8 billion yuan, a year-on-year increase of 3.1%, with a net profit of 138.4 billion yuan, up 5.0% year-on-year [2][3] - The company is focusing on new business areas such as 5.5G, AI, and reasoning computing, which are expected to drive future growth [10] - The report anticipates steady growth in the company's overall business, with a projected net profit of 147.8 billion yuan in 2025, reflecting a growth rate of 6.8% [12] Summary by Sections Personal Market - As of December 31, 2024, the total number of mobile customers reached 1.004 billion, with 5G network customers increasing to 552 million, a penetration rate of 55.0% [3] - The personal mobile cloud revenue grew by 12.6% year-on-year to 8.9 billion yuan, while the mobile ARPU decreased slightly by 0.8 yuan to 48.5 yuan [3][4] Family Market - The number of broadband customers reached 315 million, with gigabit broadband customers increasing by 25.0% to 99 million [4] - The family customer ARPU increased by 0.7 yuan to 43.8 yuan, indicating a positive trend in the family market [4] Business and New Markets - The enterprise market revenue reached 209.1 billion yuan, up 8.8% year-on-year, with a significant increase in mobile cloud revenue, which surpassed 100 billion yuan, growing by 20.4% [6][9] - Emerging markets, including international business and digital content, saw revenue growth of 8.7% year-on-year, with international business revenue at 22.8 billion yuan [9] Capital Expenditure - Capital expenditure for 2024 was 164 billion yuan, a decrease of 9.0% year-on-year, with a focus on new areas such as 5.5G and AI [10] - The company plans to invest 98 billion yuan in 5G-A in 2025, reflecting a significant increase of 227% [10] Dividend Policy - The company plans to increase its dividend payout, with a total dividend of 5.09 HKD per share for 2024, a year-on-year increase of 5.4% [11] Financial Forecasts - The report forecasts net profits of 147.8 billion yuan, 156.2 billion yuan, and 164.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 6.85, 7.24, and 7.62 yuan [12][14]