南方财经记者朱治宣 广州报道 春运期间，飞驰在广湛高铁上的列车内，乘客流畅观看4K高清视频、开展线上办公…… 这背后，是广东联通成功攻克高铁通信技术难题，实现全省高铁及城际线路5G网络全覆盖，为春运出行筑牢的坚实数字保障。 近日，南方财经记者了解到，从武广高铁、广深港高铁等国家高速铁路主骨架"八横八纵"的重要线路，到广佛环线、佛肇城际 等湾区"1小时生活圈"城际铁路，广东联通不仅让5G信号"追"上了高铁速度，更将全省高铁网络打造成稳定、高速的"信息大动 脉"，为大湾区智慧轨道发展注入强劲数字动能。 直面三大挑战，破解高铁通信难题 截至2025年12月，广东高铁、城市轨道交通运营里程分别突破3411公里、1653公里，均居全国第一，高速移动、复杂地形、高 密度客流成为高铁5G覆盖的"拦路虎"：350km/h超高时速易造成信号中断，广东高铁线路桥隧比高、地形多样易形成信号盲区， 广州南站日均48万人次、深圳日均35万人次的高密度客流对网络容量提出极致要求。 "上山下海"，施工队伍敷设湛江海底湾光缆现场，企业供图 创新技术方案，打造广东特色5G覆盖体系 为破解难题，广东联通摒弃传统思路，打造兼具科学性与实用性的 " ...

Core Viewpoint - T-Mobile US, Inc. is preparing to release its quarterly earnings on February 11, 2026, with analysts focusing on its financial performance, particularly its estimated EPS of $2.03 and projected revenues of approximately $24.27 billion [1][5] Group 1: Revenue Growth - T-Mobile's revenue growth is primarily driven by the expansion of 5G services and an increase in postpaid subscriber additions, with service revenues expected to reach $18.6 billion [2] - The company is experiencing increased demand for premium wireless and broadband services, contributing to its revenue growth [5] Group 2: Earnings Performance - T-Mobile has consistently exceeded earnings expectations over the past four quarters, with an average earnings surprise of 9.09%, including a 7.02% surprise in the most recent quarter [3][5] - Investors are particularly interested in whether the company's revenue growth can offset rising costs in the upcoming earnings report [3] Group 3: Financial Metrics - T-Mobile's financial metrics indicate a price-to-earnings (P/E) ratio of approximately 18.71 and a price-to-sales ratio of about 2.58, reflecting its market valuation [4] - The company's enterprise value to sales ratio is around 3.94, and the enterprise value to operating cash flow ratio is approximately 12.59, indicating its operational efficiency [4] - T-Mobile's debt-to-equity ratio stands at about 1.99, and the current ratio is around 0.89, suggesting its financial health and ability to cover short-term liabilities [4]

Summary of Advanced Info Service Public Company (AIS) 2026 Investor Day Company Overview - **Company**: Advanced Info Service Public Company (OTCPK:AVIF.Y) - **Event**: 2026 Investor Day held on February 6, 2026 - **Key Speakers**: CEO Khun Pratthana, CFO Khun Tee, Chief Enterprise Business Officer Khun Phupha, Chief Retail Officer Khun Praphat Core Industry Insights - **Telecommunication Sector**: AIS has been a leader in telecommunication connectivity in Thailand for 36 years, emphasizing high efficiency and strong cash flow [3][4] - **Next Growth Chapter**: AIS is focusing on "intelligent infrastructure" which includes customer centricity, national digital infrastructure, and intelligent platforms [4][5] Key Strategic Components 1. **Intelligent Infrastructure**: - **Customer Centricity**: Tailoring services for consumers and enterprises [5] - **National Digital Infrastructure**: Expansion of mobile fiber broadband and global hyperconnectivity, including data centers and sovereign cloud [4][6] - **Intelligent Platforms**: Development of smart living, entertainment, and digital finance platforms [5][7] 2. **5G Network Expansion**: - Introduction of advanced 5G technology and expansion of fiber to over 20 million homes [6][10] - Focus on hyperconnectivity to enhance global digital infrastructure [6] 3. **AI Adoption**: - AI will enhance customer experience, energy efficiency, and cybersecurity [8][11] - Launch of AI services for consumers and enterprises, including partnerships with Microsoft and Google [12] Financial Performance and Growth Strategy - **Revenue and Profit Growth**: AIS aims to continue growing both revenue and profits through intelligent infrastructure and customer-centric services [13] - **B2C and B2B Integration**: Combining mobile and broadband services to enhance customer experience and drive growth [14][15] - **Investment in Future Growth**: Commitment to disciplined investment strategies, targeting around 15% of revenue for capital expenditures [19] Market Trends and Opportunities - **E-commerce and Social Media Growth**: Increased online activity and social media usage in Thailand, driving demand for connectivity [14][15] - **Data Center Demand**: Anticipated growth in data centers, with BOI approving numerous projects, indicating strong future demand [17][18] - **Cloud Adoption**: Emphasis on the "Cloud First Policy" and the establishment of sovereign cloud services compliant with Thai regulations [18] Challenges and Considerations - **Market Competition**: AIS faces competition from other providers, necessitating continuous innovation and service differentiation [15][16] - **Customer Engagement**: Need to enhance customer interaction and service delivery through improved IT systems and AI [16] Conclusion - AIS is positioned for growth through strategic investments in intelligent infrastructure, AI, and customer-centric services, while navigating market challenges and competition. The focus on sustainable growth and shareholder returns remains a priority for the company moving forward [19].

Core Insights - The company achieved solid EBITDAaL growth of 4.0% for the full year 2025, slightly exceeding guidance, driven by synergies from the VOO acquisition and operational efficiencies [1][7][8] Financial Highlights - Revenues for H2 2025 decreased by 1.5% year-over-year to €1,000.6 million, with full-year revenues also down by 1.5% to €1,963.4 million [3][4] - Retail service revenues fell by 1.9% in H2 2025 to €791.4 million, with a similar decline for the full year [3] - EBITDAaL for H2 2025 increased by 3.4% to €301.3 million, with a full-year EBITDAaL of €566.1 million, reflecting a 4.0% increase [3][4] Customer Base and Operational Performance - Mobile postpaid customer base grew by 2.5% year-over-year to 3.6 million, while cable customer base increased by 1.8% to 1,039,000 [2][4] - Net adds for mobile postpaid decreased by 49.0% to 38,000, and cable net adds fell by 68.7% to 5,000 [2][4] Capital Expenditure and Cash Flow - eCapex for the full year increased by 2.1% to €375.9 million, driven by RAN sharing and 5G deployment [5][6] - Adjusted operating cash flow rose by 7.9% to €190.2 million, while net cash from operating activities increased by 4.5% to €525.6 million [5] Debt and Profitability - Net financial debt decreased by 4.7% to €1,815.1 million, with total borrowings down by 3.4% to €1,895.8 million [5] - Net profit for the period increased significantly by 139.5% to €41.3 million [5] Strategic Outlook - The company plans to target an EBITDAaL growth of approximately 3.5% for 2026, with expected eCapex around €360 million [9][11] - The Board of Directors will not propose a dividend for 2025 to preserve cash for future investments [10]

Summary of Space Technology Industry Conference Call Industry Overview - The Space Technology industry is viewed as Attractive for 2026, with favorable trends from 2025 expected to continue [1][4][8] - The industry experienced record launch activity in 2025, with over 315 successful launches, representing a year-over-year increase of over 20% [3][20] - Significant growth in large constellations, including Amazon's Leo and SpaceX's Starlink, was noted [3] Key Companies and Ratings Changes - **Rocket Lab USA Inc (RKLB)**: Upgraded to Overweight (OW) from Equal-weight (EW) with a price target (PT) increase from $67 to $105, driven by improved risk-reward dynamics and a strong catalyst path [7][44] - **MDA Space Ltd (MDA)**: Upgraded to OW from EW with a PT increase from C$32 to C$46, reflecting a favorable valuation and growth potential [7][13] - **Iridium Communications Inc (IRDM)**: Downgraded to EW from OW with a PT decrease from $37 to $24 due to expected uncertainty amid strategic pivots [7][62] - **Firefly Aerospace Inc (FLY)**: PT raised from $27 to $33, with expectations for significant launches in 2026 [7][39] - **Viasat Inc (VSAT)**: PT increased from $12 to $51, reflecting a shift in valuation methodology [7][61] - **Gogo Inc (GOGO)**: PT lowered from $15 to $8, anticipating a low-growth year [7][11] Market Dynamics - The convergence of Space and Defense markets is expected to continue, with potential for significant contracts related to the Golden Dome initiative [8][19] - Geopolitical tensions, particularly between the US and China, are driving interest in sovereign solutions, benefiting commercial space companies [3][8] - The Direct-to-Device (D2D) market is maturing, with expectations for new services and spectrum scarcity to remain a focus [16] Launch Market Insights - The launch market is characterized by a few proven players, with RKLB expected to increase its launch cadence significantly in 2026 [10][35] - RKLB aims for 28 launches in 2026, up from 21 in 2025, while FLY is targeting 6 launches, a significant increase from 1 in 2025 [10][39] Competitive Landscape - The competitive landscape is shifting, with new entrants and established players facing pressure from emerging technologies and services [58] - IRDM is pivoting to address competition from LEO-based offerings, particularly from SpaceX's Starlink, which has led to a strategic shift and increased execution risk [62][67] - GOGO is also facing competitive pressures, particularly from NetJets' plans to implement Starlink [59] Financial Performance and Projections - The Space industry is expected to see continued growth, with RKLB projecting a compound annual growth rate (CAGR) of 40% through 2030 [56] - VSAT's stock performance was notably strong in 2025, driven by contract wins and a positive market reception [57] - The overall sentiment in the market is cautious, with some companies facing significant challenges amid competitive pressures and strategic pivots [62][68] Conclusion - The Space Technology industry is positioned for growth in 2026, with several companies receiving upgrades based on favorable market conditions and strategic developments. However, challenges remain, particularly for companies like IRDM and GOGO, which are navigating increased competition and strategic shifts.

Core Insights - Verizon Communications Inc. is increasingly focusing on the healthcare industry by delivering advanced connectivity, secure digital platforms, and intelligent technologies that enhance patient care and improve operational efficiency [1] - The company aims to extend quality healthcare services to remote areas where traditional access is limited [1] Digital Healthcare Solutions - Verizon's high-speed 5G and private network connectivity, secure cloud and edge computing platforms, and advanced cybersecurity services strengthen digital healthcare systems [2] - These services enable telemedicine, remote patient monitoring, real-time data sharing, and more efficient healthcare operations [2] Security Enhancements - The company has enhanced its healthcare security by adding new tools like the Security Management Program–Healthcare (SMP-H) and Partner Security Program (PSP) to improve compliance and protect patient data [3] - Verizon has improved its telehealth services through the BlueJeans telehealth platform by adding features like a Command Center dashboard and patient image capture [3] Strategic Partnerships - Verizon has partnered with several healthcare organizations, including AdventHealth, Tampa General Hospital, and Cleveland Clinic, to advance digital health solutions [4] - The company has also teamed up with Emory Healthcare, where its 5G technology powers a healthcare innovation lab to develop remote care [4] Innovation Centers - Verizon operates a Connected Healthcare Center to showcase real-world solutions such as virtual wards, wearable-enabled emergency services, team collaboration platforms, and virtual group consultations for patient care [5] - These initiatives enable Verizon to expand into the digital healthcare industry while creating opportunities for long-term growth and revenues [5] Competitive Landscape - Verizon faces competition from AT&T and T-Mobile in the digital health market [6][7] - AT&T is expanding its presence in digital health by using its 5G network and partnering with companies like Sovato for virtual care and remote patient monitoring [6] - T-Mobile is collaborating with CitrusBits to use 5G for connected healthcare and advanced medical training [7] Financial Performance - Verizon has gained 1.9% over the past year, while the industry has declined by 3.6% [8] - The company's shares currently trade at a price/earnings ratio of 8.09, lower than the industry average of 11.17 [11] - Earnings estimates for 2025 have declined by 0.4% to $4.68 per share, and for 2026, they have dropped by 1.4% to $4.81 over the past 60 days [12]

Core Insights - Verizon Communications is the leading U.S. wireless carrier with 146.1 million retail connections as of Q3 2025 [1] - The company reported a trailing net income of $20 billion and offers a generous dividend to shareholders [1] - Verizon's recent dividend was $0.69 per share, translating to an annual payout of $2.76 per share if stable [3][8] Investment Considerations - To achieve $1,000 in yearly dividends, an investment of approximately $14,732 is required for 362 shares at a price of $40.66 per share [4][8] - Verizon's current dividend yield is over 6%, making it an attractive option for passive income [4] - Despite its strong dividend, Verizon has underperformed the S&P 500, with a 30% decline in stock price over the last five years compared to the S&P 500's 82% growth [5] Future Outlook - The company is investing in a 5G network, which may enhance stock performance in the future, but it is unlikely to become a growth stock [5] - Verizon may be suitable for investors seeking stable income and increasing dividends, while younger investors focused on growth may want to consider other options [6] - Analysts from The Motley Fool Stock Advisor have identified 10 stocks with potentially higher returns than Verizon, suggesting caution for prospective investors [7]

Core Viewpoint - Kyivstar has launched its first local pilot 5G project in Lviv, Ukraine, aiming to evaluate the technology's performance in urban conditions and expand coverage to other cities post-evaluation [1][2][3]. Group 1: 5G Pilot Project - The pilot project in Lviv is part of a broader initiative by the Ministry of Digital Transformation of Ukraine to enhance digital connectivity [1][2]. - Following successful evaluations, 5G coverage will be gradually expanded to cities like Kharkiv and Borodianka, with plans for Kyiv and Odesa in 2026 [2]. - The testing locations were chosen based on population density and infrastructure readiness, with a full-scale rollout contingent on the end of the war [2]. Group 2: Company Investments and Goals - Kyivstar is investing USD 1 billion from 2023 to 2027 to rebuild Ukraine's connectivity and digital infrastructure, which includes energy resilience and digital services [4][7]. - The company has already activated base stations for 5G in Lviv and conducted initial tests confirming its readiness for broader deployment [4]. - Kyivstar's 5G network achieved peak download speeds exceeding 2.4 Gbps during pre-launch testing, with ongoing efforts to modernize its 4G network [5]. Group 3: Social Responsibility and Market Position - Over the past three years, Kyivstar has allocated more than UAH 3.4 billion to support the Defense Forces and social projects amid wartime challenges [9]. - The company serves over 22.5 million mobile customers and is recognized as a leading digital operator in Ukraine, contributing significantly to the economy as a major taxpayer [6][9].

Core Insights - VEON's subsidiary, Kyivstar, has launched a 5G test zone in Lviv, marking its first local pilot project in Ukraine [1] - The pilot aims to assess network performance in urban conditions, with plans for gradual expansion to other cities like Kharkiv and Borodianka, and later Kyiv and Odesa in 2026 [2][3] - Kyivstar is investing USD 1 billion from 2023 to 2027 to enhance Ukraine's connectivity and digital infrastructure, including 5G and other advanced technologies [5][8] 5G Pilot Project - The 5G pilot in Lviv is a collaborative effort with the Ukrainian government, focusing on populous cities with existing infrastructure [3][4] - Full-scale 5G rollout will be considered post-war, while Kyivstar continues to enhance its 4G network, achieving peak speeds over 1 Gbps in some areas [3][4] - The 5G network in Ukraine will operate on two frequency bands: 3500 MHz for high speeds and 700 MHz for broader coverage, with peak download speeds exceeding 2.4 Gbps during testing [6] Company Commitment and Strategy - Kyivstar's CEO emphasized the company's role in driving digital transformation in Ukraine, including partnerships for satellite connectivity [5] - The company has conducted extensive preparations to ensure 5G activation does not interfere with military communications, having previously tested 5G in February 2024 [5] - Kyivstar's investments are aimed at supporting Ukraine's recovery and enhancing digital services, including a sovereign Ukrainian language model [5][8]

Core Insights - T-Mobile is enhancing its customer-focused strategy to ensure connectivity during major holiday events in New York City, leveraging its 5G network for reliable service [1][8] Network Enhancements - The company is increasing its 5G capacity, deploying mobile sites, and implementing real-time traffic management to accommodate higher data usage during busy celebrations [2][8] - On-site engineers will monitor and resolve issues in real-time during New Year's Eve in Times Square [2] Collaborations and Initiatives - T-Mobile collaborates with city agencies, event organizers, and public safety teams to ensure effective communication and operations during events [3] - The partnership with CNN aims to support mobile journalism through reliable live digital streams during the holiday season [3] Customer Offerings - T-Mobile provides flexible plans, clear pricing, and customer-friendly perks to help customers save money during the holidays, enhancing its reputation and attracting new users [4] Competitive Landscape - T-Mobile faces competition from AT&T and Verizon, both of which are enhancing their networks and offering holiday promotions to attract customers [5][6] Financial Performance - T-Mobile's stock has decreased by 7.7% over the past year, while the industry has seen a decline of 1.8% [7] - The company trades at a forward price-to-sales ratio of 2.43, higher than the industry average of 1.82 [9] - Earnings estimates for 2025 have declined by 2.4% to $9.88 per share, and for 2026, estimates have dropped by 1.6% to $11.24 [10]