Core Viewpoint - The meeting emphasized the importance of implementing the spirit of the 20th National Congress of the Communist Party of China and the directives of General Secretary Xi Jinping regarding party building and state-owned enterprises, aiming to enhance the political responsibility of central enterprise party committees in governance and ensure high-quality development through effective party leadership [1][2][3]. Group 1: Party Building Responsibilities - Central enterprise party committee secretaries reported on their responsibilities and identified key issues, with a focus on improving governance and accountability [2]. - Zhang Yuzhuo highlighted the need for party committee secretaries to take responsibility for party governance and to ensure the implementation of strict party discipline [2][3]. Group 2: Achievements and Progress - Over the past year, central enterprise party committees have effectively implemented directives from the central government, strengthening the leadership system and enhancing the political awareness of party members [2]. - The commitment to high-quality development and service to national goals has been reinforced, providing a strong guarantee for the successful completion of the 14th Five-Year Plan [2]. Group 3: Future Directions - The focus for the upcoming year will be on deepening the integration of party leadership into corporate governance and enhancing the effectiveness of political supervision [3]. - There is a call for continuous improvement in the management of enterprise leadership teams and the promotion of a correct view of performance [3][4]. - The meeting stressed the importance of aligning party building with operational activities to leverage the political and organizational advantages of the party for innovation and development [3].

Core Viewpoint - The article emphasizes the importance of implementing the Party's leadership in central enterprises to ensure high-quality development and adherence to the principles set forth by the Party's leadership [1][2][3]. Group 1: Meeting Overview - The meeting was chaired by Zhang Yuzhuo, where central enterprise party secretaries reported on their responsibilities and issues in party building [2]. - Zhang Yuzhuo highlighted the need for party secretaries to take responsibility for party governance and to ensure the implementation of strict party discipline [2][3]. Group 2: Key Responsibilities and Actions - Central enterprises have been working to strengthen the Party's leadership and improve the institutional framework for governance, ensuring the implementation of the Party's directives [2]. - There is a focus on enhancing political supervision and ensuring that the Party's leadership is integrated into all aspects of corporate governance [3]. - The article stresses the importance of aligning party building with operational performance to enhance the effectiveness of enterprises in contributing to national goals [3]. Group 3: Future Directions - The emphasis is placed on continuous improvement of the Party's leadership mechanisms and enhancing the effectiveness of political supervision [3]. - There is a call for deeper integration of party work with production and operations, particularly in key areas such as technological and industrial innovation [3]. - The article advocates for maintaining a high-pressure stance against corruption and fostering a clean political environment within enterprises [3].

Industry Policy Status - On February 1, 2026, China Telecom and other major operators announced a tax adjustment where the VAT rate for mobile data, SMS, MMS, and internet broadband services increased from 6% to 9%, effective January 1, 2026. This change may have a short-term impact on the company's revenue and profits [1] - An industry analysis on February 10, 2026, indicated that traditional voice and mobile data service revenues are under pressure, but emerging businesses such as intelligent computing, security, video networking, and quantum revenue are experiencing high growth, supported by the "AI+" policy [4] Business and Technical Development - On February 12, 2026, China Telecom's AI company completed its first round of financing, attracting strategic investors including the National Artificial Intelligence Fund. The company's strategy has been upgraded to "cloud transformation, data-driven intelligence," focusing on AI-driven growth. Intelligent revenue is projected to reach 8.9 billion yuan in 2024, with a year-on-year growth of 62.3% in the first three quarters of 2025 [2] Financial and Technical Aspects - As of February 11, 2026, China Telecom experienced continuous net outflows of main funds, with a net outflow of 31.9 million yuan on February 10, and a financing balance of 1.387 billion yuan, reflecting cautious short-term market sentiment. Technically, the stock price is positioned between support and resistance levels, necessitating attention to the breakout direction [3]

Core Viewpoint - The article highlights the advancements in humanoid robots and drones, particularly focusing on the innovative capabilities of China Telecom's TeleAI in developing integrated intelligent systems that enhance operational efficiency in complex environments [6][7]. Group 1: Technology and Innovation - China Telecom's TeleAI has introduced a humanoid robot, TeleBot-M, and a versatile drone, TeleAqua-Bee, showcasing a significant leap in embodied intelligence [9][16]. - TeleBot-M features a lightweight design with a single-arm and a six-degree-of-freedom leg, enabling stable movement and interaction with drones [10]. - The robot is powered by a self-developed high-performance neural system, TeleBotOS, which ensures smooth operation and precise control even under heavy computational loads [12]. - TeleBot-M's learning capabilities are enhanced by a simulation platform that allows it to adapt to complex environments through reinforcement learning [14][15]. Group 2: Functional Capabilities - TeleAqua-Bee is a compact drone that can operate both in the air and underwater, with a flight time of 10 minutes and a diving capability of 30 minutes to a depth of 10 meters [20][21]. - The TeleAqua family includes various models designed for specific tasks, such as TeleAqua-H8, which can carry a 5 kg load and operate for extended periods [24]. Group 3: Connectivity and Communication - The AI Flow architecture developed by TeleAI ensures seamless data transmission between robots and drones, even in challenging environments with limited connectivity [29][30]. - The GVC technology compresses video data significantly, allowing for efficient transmission of semantic information rather than raw pixels, enhancing communication capabilities [31][32]. Group 4: Applications and Future Prospects - The integration of these technologies aims to facilitate operations in hazardous environments, such as disaster response and industrial inspections, where human presence is risky [40][41]. - The vision for the future includes a network of intelligent agents that can collaborate effectively, enhancing operational capabilities across various sectors [45].

Group 1 - The core viewpoint of the news is the performance and characteristics of the Guangfa CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520900), which has seen a decrease in shares but an increase in scale this year [1][2]. - As of February 12, 2025, the ETF had a total of 1.834 billion shares and a scale of 2.038 billion yuan, reflecting a 2.16% decrease in shares and a 4.83% increase in scale compared to the end of 2024 [1]. - The ETF's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the yield of the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index [1]. Group 2 - The current fund managers are Huo Huaming and Lü Xin, with Huo managing since June 26, 2024, achieving a return of 11.32%, while Lü has managed since April 30, 2025, with a return of 25.23% [2]. - The ETF's top holdings include China National Offshore Oil Corporation (10.05%), China Shenhua Energy (9.99%), and China Petroleum & Chemical Corporation (9.83%), among others, with significant market values [2][3]. - The ETF has seen a total trading volume of 1.926 billion yuan over the last 20 trading days, averaging 96.28 million yuan per day [1].

智通财经APP获悉，截止2月13日收盘，有74只股票创52周新高，其中中国智能科技(00464)、兴利（香 港）控股(00396)、伟俊集团控股(01013)创高率位于前3位，分别为352.26%、44.44%、29.17%。 52周新高排行 中国电信(00728) 4.890 4.860 -0.21% | (00081) | | | | | --- | --- | --- | --- | | 绿源集团控股(02451) | 14.750 | 14.900 | 1.98% | | 川控股(01420) | 0.275 | 0.280 | 1.82% | | ＴＲ台湾(03036) | 819.000 | 819.000 | 1.66% | | 新鸿基地产(00016) | 133.700 | 135.700 | 1.65% | | 不同集团(06090) | 129.900 | 130.000 | 1.64% | | 德利机械(02102) | 0.315 | 0.315 | 1.61% | | 威胜控股(03393) | 26.840 | 26.840 | 1.51% | | ＴＲ韩国(02848) | 1 ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [4][7]. Core Insights - In January 2026, the communication industry index increased by 5.47%, outperforming the Shanghai Composite Index (+3.76%), CSI 300 Index (+1.65%), Shenzhen Component Index (+5.03%), and ChiNext Index (+4.47%) [3][13]. - The capital expenditure of the four major North American cloud providers is expected to grow significantly, with a projected increase of over 60% in 2026 [6][24]. - The procurement results for special optical cables by China Mobile indicate that eight manufacturers, including Tongding Interconnection and Yangtze Optical Fibre and Cable, have been selected, highlighting the focus on key sectors such as industrial manufacturing and digital government [6][7]. Summary by Sections Industry Performance - The communication industry index showed a strong performance in January 2026, with a 5.47% increase, outperforming major indices [3][13]. - Sub-sectors within the communication industry saw varied performance, with cable, other communication equipment, and system equipment rising by 19.70%, 10.72%, and 7.85% respectively [16]. Telecommunications Sector - In 2025, the telecommunications business revenue reached CNY 1.75 trillion, a year-on-year increase of 0.7% [6][45]. - By December 2025, 5G mobile phone users accounted for 65.9% of total mobile phone users, with a monthly data usage (DOU) of 23.04GB per user, reflecting a 17.0% year-on-year increase [6][45]. Cloud Infrastructure Investment - The combined capital expenditure of the four major North American cloud providers in Q4 2025 was USD 126 billion, marking a 62.0% year-on-year increase [24][25]. - For 2026, the total capital expenditure guidance for these providers exceeds USD 660 billion, with an expected growth of 61.0% [24][25]. AI and Smartphone Market - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [44]. - The global smartphone shipment is projected to grow by 2% in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market by 2025 [6][44]. Investment Recommendations - The report suggests focusing on companies involved in optical devices, optical chips, optical modules, and AI smartphones, including Tianfu Communication, ZTE, and China Mobile [7][6].

Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.62%, with 256 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds have become significant participants in the Hong Kong stock market, holding a total of 5021.32 million shares valued at 65711.64 billion HKD, representing 14.94% of the total market capitalization of the targeted stocks [1] Group 1: Shareholding Distribution - 256 stocks have a southbound fund shareholding ratio exceeding 20%, while 137 stocks are in the 10%-20% range, 91 stocks in the 5%-10% range, 80 stocks in the 1%-5% range, and 21 stocks below 1% [1] - The stock with the highest southbound fund shareholding is China Telecom, with 99.00 million shares, accounting for 71.33% of the issued shares [2] - Other notable stocks with high southbound fund holdings include Haotian International Investment at 69.79% and Green Power Environmental at 68.88% [2] Group 2: Industry Concentration - Southbound fund holdings exceeding 20% are primarily concentrated in the healthcare, industrial, and financial sectors, with 58, 40, and 35 stocks respectively [2] - A total of 136 AH concept stocks are among those with over 20% southbound fund holdings, making up 53.13% of that group [1] - In the 10%-20% holding category, AH stocks account for 20.44% [1]

智通财经APP获悉，根据2026年2月12日披露数据，中国电信（00728）、昊天国际建投（01341）、绿 色动力环保（01330）位居港股通持股比例前3位，分别为71.33%、69.79%、68.88%。此外，腾讯控股 （00700）、阿里巴巴－W（09988）、南方恆生科技（03033）在最近有统计数据的5个交易日内，持股 额增幅最大，分别为+99.96亿元、+34.58亿元、+24.12亿元;中国平安（02318）、山东黄金（01787）、 招金矿业（01818）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-5.71亿元、-5.66亿 元、-4.04亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 99.00亿股 | 71.33% | | 昊天国际建投(01341) | 77.44亿股 | 69.79% | | 绿色动力环保(01330) | 2.79亿股 | 68.88% | | 南方恆生科技(03033) | 101.67亿 ...

Core Viewpoint - The article discusses the revolutionary advancements in humanoid robotics, particularly focusing on the TextOp system developed by China Telecom's TeleAI team, which allows for real-time control of robots through natural language commands, moving away from pre-programmed actions to a more interactive and fluid user experience [2][10][36]. Group 1: Technological Innovations - TextOp introduces a streaming text command system that enables users to issue real-time instructions, allowing robots to seamlessly switch actions without pre-programming or remote control [2][10]. - The system employs a dual-layer architecture that separates high-level intention planning from low-level motion execution, ensuring that robots can maintain balance and coherence even when commands are modified mid-action [15][17]. - TextOp utilizes a unique motion representation tailored for robotic structures, ensuring that generated movements are both human-like and physically feasible [18][21]. Group 2: Performance Metrics - The research team conducted extensive real-world testing on the Unitree G1 humanoid robot, demonstrating its ability to perform a variety of skills, including dance and martial arts, with impressive fluidity and responsiveness [22][25]. - Quantitative evaluations showed that TextOp achieved a high success rate in action execution and trajectory quality, with user interaction latency measured at just 0.73 seconds, establishing a strong foundation for real-time applications [34]. Group 3: Application Prospects - TextOp has the potential to redefine human-robot interaction across various scenarios, such as live performance adjustments, sports training demonstrations, and intelligent remote operation in hazardous environments [36][37]. - The system addresses the long-standing challenge of mapping natural language to physical actions, paving the way for fully autonomous and versatile embodied intelligent robots [37][38].