新浪科技讯 7月10日晚间消息，在中国移动联合中兴通讯的"数字筑路行"之西藏站中，新浪科技等实地 探访了当地的通信网络建设成果，见证了5G/5G-A网络为当地工作和生活带来的变化。 据悉，中国移动西藏公司于2000年6月成立并投身西藏通信建设。目前，西藏移动已累计投入超200亿元 建设5G基站超9000个，实现市、县、乡 5G 全覆盖，行政村覆盖率超86%。为支持西藏各行各业的数智 化转型，中国移动还在拉萨高新区投资7.39亿元建设了数据中心，全力推进西藏"算力珠峰"行动计划。 近年，还上线了5G新通话、FTTR等产品，推动玉龙铜矿5G专网、那曲政务云等多领域融合项目等。 在这一切成果的背后，是施工人员冒着零下20℃低温、雪崩落石等危险，在雪域高原上埋设光缆、竖起 一个个通信基站。通过这些努力，西藏迅速建起了优质网络基础设施，让西藏地区人民的工作和生活面 貌焕然一新。同时，也加强了西藏区域通信和算力基础设施建设，助力国家 "东数西算" 战略布局的完 善。 此外，中国移动西藏公司日喀则分公司携手中兴通讯在珠穆朗玛峰成功开通5G-A基站，标志着这座世 界最高峰也迈入了5G-A时代，为珠峰景区的旅游、登山、科考、环 ...

Core Insights - The chairman of iFlytek, Liu Qingfeng, emphasized the challenges of developing algorithms based on domestic computing power compared to using overseas solutions, noting a potential delay of three months in algorithm development [1] - iFlytek is committed to a self-controlled path in algorithm development, citing the need for independence to avoid being constrained by external factors [1] - The company has seen significant success in various sectors, including education and legal, with its AI models outperforming competitors in specific applications [3][4] Group 1: Business Development - iFlytek's business is thriving across C-end, B-end, and G-end sectors, with numerous benchmark cases emerging from state-owned enterprises [3] - The company has achieved comprehensive leadership in the financial and state-owned enterprise markets, focusing on solidifying its foundational models and standard products [4] - The star product, the X1 model, has shown impressive performance in medical and legal applications, with accuracy rates significantly surpassing competitors [3][4] Group 2: Consumer Market Performance - iFlytek's consumer products, including learning machines and translation devices, have dominated sales on major platforms, with a 25% year-on-year revenue growth [6] - The total user base for the SaaS product "Tingjian" has reached 90 million, reflecting a 54% year-on-year increase [6] - The overseas market has seen explosive growth, with the number of overseas developers increasing by 31.9% and AI marketing revenue growing 25 times year-on-year [6] Group 3: Future Outlook - Liu Qingfeng believes that a nation's global influence will be measured by the number of sovereign large models it can provide, positioning iFlytek to contribute significantly to this landscape [6] - The year 2025 is anticipated to mark the beginning of widespread AI adoption, with projections indicating that 17.7% of China's population will be users of generative AI by the end of 2024 [6] - iFlytek aims to capture the foundational benefits of the AI era by focusing on self-control, integration of software and hardware, and addressing industry-specific needs [6]

Core Insights - The chairman of iFlytek, Liu Qingfeng, emphasized the concept of "root dividend," focusing on self-control, integration of software and hardware, and deep industry engagement to drive innovation in large model technology and achieve true industrial advantages [1][2] - iFlytek's diverse applications showcase its advancements, including the X1 medical model reaching the level of chief physicians in top hospitals and the X1 legal model excelling in legal recommendations [1][3] - The company reported significant growth across its business segments, with a 25% year-on-year increase in revenue from products like learning machines and translation devices, and a 54% increase in users for its "Tingjian SaaS" software [1][3] B-end Developments - iFlytek has secured leading clients in the B-end sector, collaborating with major companies like PetroChina to develop the Kunlun large model and working with the State Energy Group on an intelligent evaluation assistant [2] G-end Applications - The AI-assisted case handling system for procuratorates has been launched for trial use, indicating progress in G-end applications [3] - The overseas market has shown rapid growth, with a 25-fold increase in AI marketing revenue and a threefold increase in C-end hardware sales from January to May [3] Technological Innovations - Liu Qingfeng highlighted three major technological innovations in iFlytek's large models, including a unified model training and reasoning method, reinforcement learning with fine-grained feedback, and a self-controlled reinforcement learning algorithm package [3] - The company is committed to training models based on domestic computing power, facing higher technical barriers and longer R&D cycles compared to overseas computing power, which is seen as essential for true self-control [3] Strategic Vision - Over its 26 years, iFlytek has transitioned from speech synthesis to cognitive intelligence and large models, with Liu Qingfeng stating the company aims to lead in foundational model technology while addressing real industry needs to enhance productivity and creativity [3]

投资日历：6月资本市场大事提醒 为速度和交易而生 上海报业集团主管主办 策划:梓隆 制图:孙罕颖 | 1日 | 《终端设备直连卫星服务管理规定》施行 | | --- | --- | | | 山西: 对氢能货车高速公路通行费实施全额补贴 广州中心城区水价上调 | | 2日 | A股、灣股休市一區 | | | 宁德时代H股加入MSCI中国标准和大盘股指数 | | 3日 | 中国5月财新制造业PMI | | | 国内成品油将开启新一轮调价窗口 | | 5日 | 中国5月财新服务业PMI、美国当周初请失业金人数 | | | 欧洲央行公布利率决议 | | | 第四届北京航空安全国际论坛 | | | 第二届天府核聚变论坛暨第二十三届聚变科学所学 术年会 | | | 2025上海国际碳中和博览会 | | | 福莱新材机器人触觉第二代新品发布暨产融赋能研 讨会 | | | 国内航线燃油附加费6月5日起下调 | | 6日 | 美国5月失业率、美国5月非农就业人口 | | --- | --- | | | 第七届北京智源大会 | | 7日 | 2025全球人工智能技术大会 | | 9日 | 中国5月CPI、PPI | | | 恒生 ...

证券研究报告·行业动态 腾讯、阿里 AI 投入初见成 效，持续关注三大投资方向 核心观点 本周腾讯与阿里发布财报，当前仍处于 AI 基础设施的投资期，尽 管季度间资本开支或有波动，但整体仍保持较高的投资强度。从 AI的商业变现来看，当前AI投资带来的回报一是拉动自身业务增 长，AI 能力已经对腾讯的广告与游戏等业务产生了实质性贡献； 二是对外赋能，阿里 AI 相关产品收入保持高增，在互联网、零 售、制造业和文化传媒等垂直领域获得广泛应用。当下已经实现 了 AI 投入促进增长，增长反哺 AI 发展的正循环。 我们建议重点关注：一是算力板块景气度持续，可以精选高增 速、低估值、强预期的个股配置；二是优质红利资产电信运营 商；三是需求有望逐步恢复，业绩和估值可能修复的军工通信、 海缆、物联网与智能控制器板块。 行情回顾 本期通信板块表现一般。通信（申万）指数下跌 0.12%，跑输沪 深 300 指数 1.23pcts，在申万 31 个一级行业中排名第 23。二级子 行业（申万）中，通信服务下跌 1.15%，通信设备上涨 0.48%。 推荐组合 上期回顾：投资组合"新易盛、移远通信、拓邦股份、亨通光 电、中国移动、威 ...

1Q25 持仓回落，数据中心板块获加仓 华泰研究 证券研究报告 科技 2025 年 4 月 28 日│中国内地 行业周报（第十七周） 本周观点 市场方面，上周通信（申万）指数上涨 1.32%，同期上证综指上涨 0.56%， 深证成指上涨 1.38%。据我们对公募基金 2025 年一季报的统计，1Q25 通 信板块基金前十大重仓中持仓占比 2.32%，环比下降 1.06pct；1Q25 通信 板块由超配转低配，低配比例为 0.91%；数据中心、运营商、海风等板块 获增持，持续看好电信运营商、AI 算力链、新质生产力（商业航天/低空经 济/深海科技）板块投资机会。 周专题：通信板块 1Q25 持仓占比回落，公募加仓数据中心板块 近日公募基金 2024 年一季报披露完毕，根据我们的统计，1Q25 公募基金 前十大重仓中通信板块 A 股持仓占比 2.32%，环比下降 1.06pct，延续下降 趋势；1Q25 板块低配比例为 0.91%，较 4Q24 下降 1.64pct。1Q25 公募基 金加仓数据中心、运营商、海风等板块，减仓光模块、无线设备等板块。估 值层面，2025 年 4 月 25 日通信（申万）市盈率 TT ...

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]

China Unicom (00762) H2 2024 Earnings Call March 18, 2025 10:00 AM ET Moderator Ladies and gentlemen, good afternoon. My name is Meng Shuxin. I'm delighted today to be able to be with you once again today, and we are very grateful for your long term support to China Unicom. On behalf of the management of the company, I welcome you earnestly to the February. Today, we have two items. First of all, that our Chairman would speak to us and then the management would communicate with fellow media and analyst frie ...