Chemical Industry Weekly Report: The closure of carbon black production capacity abroad is good for China, and spandex is recommended for chemical fiber

Category: Industry Research Institution: China Minzu Securities Co., Ltd.

Last week, the chemical products with the largest price increases were sulfuric acid (9.30%), natural gas (8.37%), and pure pyridine (4.35%), while the largest price decreases were liquid chlorine (-25.00%), ammonium nitrate (-8.33%), and sulfuric acid (-6.67%). The prices of basic chemical raw materials such as sulfuric acid have shown inconsistent increases and decreases due to different origins.

Last week, all chemical secondary industries rose, and the Shenwan secondary industries with the largest increases were Plastics II (6.78%), Chemical Fibers (1.82%), and Petrochemicals (1.71%).

Last week, the chemical stocks with the largest gains were Lianchuang Energy Saving (18.18%), Sinoma Technology (12.55%) and Sinoceramic Materials (11.02%). Hongchang Electronics, Tianma Fine Chemical and Wanchang Technology continued to see a large number of block trades.

The shutdown of international carbon black manufacturers is good for China's leading companies. Due to environmental protection reasons, the Palje plant of Phillips Carbon Black, India, which ranks sixth in the world, was immediately shut down with a capacity of 100,000 tons. China's carbon black production capacity is about 5.5 million tons, accounting for about 38% of the world's total production capacity. At present, the upstream coal tar price has remained basically stable, but the substantial increase in production capacity has led to poor profitability in the industry. In 2013, with the unexpected growth of the automobile industry, global tire demand showed signs of recovery. Two listed companies in the secondary market of carbon black had some changes on Friday, but we believe that the closure of foreign production capacity will have limited impact on China's product exports in the short term, and the increase may be reflected in the second half of the year. We are optimistic about Black Cat Shares (002221).

The sales of chemical fiber are stable. We continue to recommend spandex. In the next stage, we may pay attention to nylon. Last week, the prices of cotton and viscose rebounded against the trend, exceeding our previous expectations. The phenomenon of order queues in spandex has eased. The industry is nearly 90% operational, and the inventory is 15-20 days. In addition, we have conducted a survey on Huafeng Spandex. According to our understanding, the current demand in the industry is still relatively strong. In terms of nylon, the operating rate of slices has rebounded last week, the operating rates of CPL and spinning are relatively stable, and the market trading atmosphere is relatively stable. We recommend paying attention to Huafeng Spandex (002064), Taihe New Materials (002254), and Jiangnan High Fiber (600527).

Quick review of refrigeration and air-conditioning equipment industry events: The adjustment of cold storage electricity prices has been implemented in advance, and cold chain equipment has benefited.

Category: Industry Research Institution: Guotai Junan Securities Co., Ltd.

Event: The National Development and Reform Commission issued a notice on further reducing electricity prices in the production and circulation of agricultural products. The notice stipulates that from June 1, 2013, the electricity price for wholesale markets, farmers' markets, and cold storage for cold chain logistics of agricultural products will be the same as that for industrial electricity. For Jiangxi, Xinjiang, Guangdong, and Guizhou provinces (regions) that have not yet achieved the same price for commercial and industrial electricity, they should speed up the study of the implementation plan for the same price for commercial and industrial electricity, and combine it with the adjustment of sales electricity prices to achieve the same price for commercial and industrial electricity.

The implementation time of the electricity price adjustment will be brought forward, and the provinces that have not yet implemented the adjustment will be urged to implement it. In January this year, the General Office of the State Council issued a comprehensive work plan to reduce circulation costs and improve circulation efficiency, with the emphasis on "the electricity price for cold storage for cold chain logistics of agricultural products will be the same as that for industrial electricity. This measure will be implemented before June 30, 2013".

At present, most regions have gradually implemented the relevant policies. For the regions that have not yet implemented it, this notice has put forward the priority of urging them to do so, and it is expected that the electricity price in China will be adjusted as soon as possible.

The improvement of downstream profitability will help increase the demand for cold chain equipment. Electricity costs account for about 50%-60% of the cost of cold storage. Previously, commercial electricity was generally used in cold storage in China, and the price of commercial electricity was 40% higher than that of industrial electricity. We believe that the high cost of electricity is the main reason for the low profitability of cold storage at present. After the electricity price of cold storage is changed from commercial to industrial, it will help improve the profitability of agricultural product cold storage enterprises, and then affect their willingness to purchase equipment, and cold chain equipment related enterprises will benefit.

Investment advice: We expect that after the electricity price adjustment is implemented, the demand for cold chain equipment will recover significantly in the second half of the year. Combined with the company's fundamentals, Yantai Binglun, Snowman Co., Ltd., Daleng Co., Ltd., and Hanzhong Precision Machinery are recommended.

Steel Industry Weekly Report: Construction steel is still the main consumer in the current market

Category: Industry Research Institution: Shanxi Securities Co., Ltd.

Investment advice:

The international steel market fluctuates; although the Chinese market has entered the peak season for steel consumption in April, the construction steel market is slightly better. However, due to factors such as demand growth lower than expected, rapid release of steel production capacity and greater inventory pressure, the contradiction between supply and demand in the steel market has intensified, and steel prices will continue to decline. Therefore, it is expected that steel prices will continue to fluctuate and fall next week. The stock market may continue to fluctuate, so investors are advised to avoid risks.

Investment highlights:

The international steel market fluctuated this week. The CRU International Steel Price Composite Index was 168.7, flat for the week, down 3.6% from the month, and down 13.4% from the year. This week, the CRU flat steel index was 157.7, the same as last week, down 4.6% from the month, and down 13.5% from the year; the CRU long steel index was 190.8, flat for the week, down 1.9% from the month, and down 13.1% from the year. The European market was mixed, and the price increases of thick plates and rebar had a certain impact on the market. The US thin plate market fell below buyers' expectations, and steel mills soon introduced price increases. The Asian flat steel market was relatively stable, and the long steel market remained weak. Overall, it is judged that the international steel market will maintain a volatile pattern in the short term.

China's steel market prices continued to decline, and prices in most regions and most varieties of steel continued to fall. The comprehensive index closed at 103.08, down 0.78, of which the long steel index closed at 105.64, down 0.56, and the plate steel index closed at 102.16, down 1.04.

This week, the raw material market continued to consolidate at a low level, the market performance was sluggish, and all varieties fell to varying degrees. Manufacturers were pessimistic and the market outlook was not optimistic. The social inventory of steel continued to decline. As of May 24, the total inventory fell by 449,200 tons to 18.5613 million tons, a decrease of 2.36%; the inventory of cold-rolled products increased, and the inventory of other varieties decreased. The inventory of wire rod and rebar accelerated, with a decrease of 4.97% and 3.48% respectively. This shows that construction steel is still the main consumer in the market.

Iron ore port stocks increased significantly. As of May 24, United Metal Network counted 34 ports with iron ore stocks of 73.891 million tons, an increase of 1.876 million tons from 72.015 million tons on May 17.

LME nickel stocks rebounded again. As of May 24, LME nickel stocks increased significantly by 1,668 tons to 179,616 tons. LME nickel prices closed at $14,814/ton, down $16/ton this week. Iron ore shipping costs showed a pattern of rising freight rates and falling indexes. As of May 24, the ocean freight index BDI fell 15 points to close at 826 points. The average freight rate for iron ore from Tubar?o to Beilun/Baoshan in Brazil was US$17.70/ton, up US$0.20/ton from US$17.50/ton last week, an increase of 1.17%; the average iron ore rate from Western Australia to Beilun/Baoshan was US$7.37/ton, up US$0.27/ton from US$7.11/ton last week, an increase of 3.77%.

Weekly stock price performance: The stock market fluctuated this week. As of May 24, the CSI 300 rose 5.18 points to close at 2597.23 points, an increase of 0.20%; the steel stock index was stronger than the broader market. The Shenwan Steel Index closed at 1921.48 points, up 17.63 points from the previous week, an increase of 0.93%. Steel stocks rose and fell, among which the stocks with the largest gains were Fangda Special Steel (600507) which rose 17.38%, Jiuli Special Materials (002318) rose 15.57%, Zhongyuan Special Steel (002423) rose 7.42%, and Yulong Co., Ltd. (601028) rose 7.06%; Taigang Stainless Steel and *ST Angang closed flat; 8 stocks fell, and the stocks with the largest declines were Hangzhou Iron and Steel Co., Ltd. (600126) fell 4.20%, and Baosteel Co., Ltd. (600019) fell 1.81%.

Communication Industry Weekly Talk: Pay attention to the launch of the private network market

Category: Industry Research Institution: China Merchants Securities Co., Ltd.

The analog-to-digital conversion of private network communications has started, and China's PDT scale bidding is imminent, which will bring an overall increase in industry valuations. It is strongly recommended to buy the industry leader Hytera, and it is recommended to pay attention to Oriental Communications. Telecom and Unicom have launched PON bidding. It is expected that the price of PON products will increase significantly this year, and Fiberhome and ZTE will benefit. China Mobile's LTE main equipment bidding is imminent, and the LTE industry chain is recommended.

The analog-to-digital conversion of private network communications has started, and China's PDT scale bidding is imminent. The Ministry of Public Security's Daqing Police Digital Cluster Promotion Conference clearly requires that each province must have at least one prefecture-level city on PDT in 2013. China expects that 35 prefecture-level cities will have PDT in 2013, with a market size of 700 million to 1 billion. We recently learned from industry research that related companies are generally very optimistic about PDT construction this year. We believe that China's PDT construction is about to start in full swing, and it is expected that various provinces will start bidding in June, bringing about an increase in industry prosperity. We recommend the industry leader Hytera, which has fully mastered core digital technologies and its products have entered the harvest period.

In April, the three major operators added 12.8 million 3G users, a slowdown from March. Among them, China Mobile added 5.65 million 3G users, a sharp drop of 43% from 9.88 million in March. We believe that the overall decline in the number of new 3G users is mainly due to China Mobile's reduction of channel commissions and seasonal factors in phone replacement. With the arrival of the peak season in the second half of the year and the launch of operator promotions, the number of new 3G users will return to high-speed growth. In addition, the total number of 2G users decreased by 2.45 million in April, which has been lost for the fifth consecutive month, indicating that 2G users are migrating to 3G. As a result, the penetration rate of 3G will accelerate.

China Unicom has launched a centralized procurement of PON equipment, with a reduced scale, but the price may increase significantly. The PON equipment purchased this time includes OLT, MDU and corresponding gateway equipment, etc., with an estimated total scale of 7.2 million lines. We expect that the scale of PON bidding by the three major operators will be difficult to increase this year, but the price of OLT in the previous telecom PON bidding has generally increased, and the profit-oriented goal of the main equipment manufacturers will be achieved, and FiberHome and ZTE will benefit.

Maintain the industry "recommended" rating. Private network communications has been our key recommended sector since May this year, and it is also an area that we will focus on in the second half of the year. This week, we released an in-depth report on Hytera and upgraded it to Strong Recommendation-A. At the same time, the private network market has started, and Oriental Communications will also benefit. In addition, we continue to recommend the LTE industry chain, including ZTE, FiberHome, Bangxun, Sunsea, and Yitong.

Risk warning: Operator investment is lower than expected, policy advancement is lower than expected, intensified industry competition has caused a decline in industry profit margins, and there is a risk of lifting the ban.

It is recommended to pay attention to infrastructure companies with safe valuations

Growth stocks look for valuation switching space (Tiehan Ecology, Pubang Garden, Hongtao Shares), and pay attention to infrastructure stocks with safe valuations (China Construction, Chengdu Road and Bridge, Pudong Construction). The decoration sector has completed the valuation repair process after a rebound. Similar to garden stocks, in the context of abundant liquidity, the future absolute return space comes from valuation switching. The stock selection criteria are "the 2013 interim report is not lower than the expected growth rate in 2014 is not lower than that in 2013". We recommend Tiehan Ecology (equity incentive performance is locked in, leverage is increased this year, and business capabilities are strong), Pubang Landscape (sufficient cash on hand, continued growth, and valuation is difficult to reduce), and Hongtao Group (small size, strong business capabilities, and still in a high growth period) with solid fundamentals. These companies are expected to hit new highs in the valuation switching market.

At the same time, it is recommended to pay attention to the infrastructure and housing construction sectors, and recommend stocks with safe valuations and good quality, including China Construction (equity incentives increase by 10% each year, valid for 10 years, leading market competitiveness, and new construction resumption brings trend investment opportunities), Chengdu Road and Bridge (a large number of orders have entered the performance release period, and the private system is fully motivated), and Pudong Construction (Shanghai Free Trade Zone theme stocks, and theme information is expected to continue to ferment). (Haitong Securities Research Institute)

Lithium batteries will benefit from the progress of new energy vehicles in the long term. Pay attention to Jiangsu Guotai and Xinzhoubang

New energy will lead the transformation of the new economic era

The Third Industrial Revolution depicts the picture that new energy will lead the future industrial transformation. Through the conversion and storage of renewable energy, it can be used in electric vehicles and other fields. SolarCity and Tesla founded by Elon Musk will combine the use of distributed energy and the use of electric vehicles, which is expected to lead us into the door of the third industrial revolution.

Tesla will drive the development of electric vehicle technology and is expected to leverage the trillion-dollar investment market

Although the development of global electric vehicles in the past few years has been lower than the initial expectations, Tesla's marketing route of luxury cars and the improvement of battery technology have made its electric car Model S a huge success in the first quarter of this year. The success of Model S will also drive people's changes in understanding of electric vehicles and the improvement of supporting facilities, which will enable the industry to enter a virtuous circle. In addition to driving the development of its own supply system companies, Tesla will also drive the investment of hundreds of billions of yuan in the entire electric vehicle industry.

Lithium batteries benefit from the development of consumer electronics in the short term and from the progress of new energy vehicles in the long term

As the core component of electric vehicles, lithium batteries will benefit the most from the development of the electric vehicle industry. In the short term, the lithium battery industry is still expected to benefit from the use of lithium resources by consumer electronics. In the long term, although Tesla's sales volume is only 15,000 vehicles, which is less than []% of the annual global automobile sales volume, the lithium battery industry will benefit from the rapid development of electric vehicles in the long term because the capacity of lithium batteries in electric vehicles is about 10 times that of ordinary mobile phone lithium batteries.

Electric vehicles will drive the growth of demand for other equipment and materials in the industrial chain

The rapid development of the electric vehicle industry has driven a large amount of demand for the lithium battery industry, and will also drive the upgrade and progress of motors, electronic controls and battery management systems, with a significant driving effect on related industries.

Risk warning

The development speed of electric vehicles is lower than expected, and the development of lithium battery technology is lower than expected.

The industry has a promising long-term outlook and the ¡°recommended¡± rating is maintained

The success of Tesla has brought hope for mankind to enter the third industrial revolution and will also drive the new energy vehicle industry into a virtuous cycle. Therefore, we maintain the ¡°recommended¡± investment rating for the new energy vehicle industry. Since lithium batteries can benefit from the pull of consumer electronics in the short term and the development of new energy vehicles in the medium and long term, we recommend paying attention to Jiangsu Guotai and Xinzhoubang, which have certain performance growth and technical barriers. (Guoxin Securities Research Institute)

Tracking report on the power industry in May 2013: The growth rate of electricity consumption rebounded, and coal prices continued to decline

Category: Industry research institution: Huatai Securities Co., Ltd.

Investment advice: Affected by the low base of the same period last year, the growth rate of electricity demand rebounded, and it is expected that the growth rate of electricity consumption throughout the year will show a trend of low at the beginning and high at the end. At the same time, the weak economic recovery has led to a sluggish demand for coal, and coal prices continue to decline. The substantial growth in profits of thermal power companies in the first half of 2013 is worth looking forward to. The recent overall correction of the power sector has fully released potential risks. We maintain the "overweight" rating for the industry and recommend focusing on companies with outstanding growth and low valuations, such as Tianfu Thermal Power, Guotou Power, Bao New Energy, and Guodian Power.

Market performance: The relative increases of the thermal power and hydropower sector indices were 2.23% and 7.42% respectively, while the Shanghai Composite Index rose 5.08% during the same period. At present, the focus of the A-share market has shifted to small and medium-sized stocks, and the power sector has performed mediocrely. The recent expectation of the introduction of a policy to restrict imported coal and the rumor that the thermal power grid-connected electricity price will be lowered in the third quarter are the main reasons for the significant correction of the thermal power sector.

Electricity demand: From January to April 2013, the total electricity consumption of the whole society was 1630.3 billion kWh, a year-on-year increase of 4.9%, and the growth rate rebounded from the previous month. Affected by the low base of the same period last year, except for residential electricity consumption, the growth rate of electricity consumption in April in various industries has rebounded significantly. In terms of regions, the growth rate of electricity consumption in Xinjiang continues to stand out, and the eastern coastal areas are gradually warming up. It is expected that the growth rate of China's electricity consumption in 2013 will be low at the beginning and high at the end. The judgment of the annual electricity consumption growth rate of 7.5% is maintained. In the future, the low growth of China's electricity demand will become the norm.

Electricity installed capacity: By the end of April 2013, China's power generation equipment capacity of 6,000 kilowatts and above was 1,127.56 million kilowatts, a year-on-year increase of 9.0%, and the growth rate remained stable. The installed capacity of hydropower reached 216.84 million kilowatts, a year-on-year increase of 9.2%; the installed capacity of thermal power was 828.07 million kilowatts, a year-on-year increase of 7.5%. China's basic investment in power sources was 84.9 billion yuan, a year-on-year decrease of 5.5%, and the decline was significantly narrowed from the previous month.

Electricity supply: From January to April 2013, China's total power generation reached 1,586.1 billion kilowatt-hours, a year-on-year increase of 3.8%, and the growth rate rebounded slightly from the previous month. The cumulative hydropower generation was 180.9 billion kWh, up 20.42% year-on-year, and the cumulative thermal power generation was 1336.1 billion kWh, up 1.59% year-on-year. The power generation in April increased by 4.24% year-on-year, turning positive again after the negative growth in February and March. From January to April 2013, the utilization hours of China's power generation equipment were 1430 hours, down 49 hours year-on-year, a decrease of 3.5%. Among them, the cumulative utilization hours of hydropower were 829 hours, an increase of 100 hours year-on-year; the cumulative utilization hours of thermal power were 1633 hours, down 72 hours year-on-year, and the differentiation between the two was still significant.

Coal price and supply and demand: The pit mouth price of weakly sticky coal in the southern suburbs of Shanxi was 450 yuan/ton, the closing price of Shanxi high-quality mixed coal in Qinhuangdao was 610 yuan/ton, and the purchase price of Datong coal of Shidongkou No. 2 Plant was 655 yuan/ton. The overall coal price continued to decline, among which the pit mouth coal price fell sharply. With the completion of the overhaul of the Daqin Line in early May, the amount of coal transferred in has increased, and the coal inventory of Qinhuangdao Port has rebounded from the low point to 5.5445 million tons, and the number of days of coal available in key power plants has rebounded to 22 days. In terms of imported coal, on May 23, 2013, the spot price of Australian BJ coal was US$87.40/ton, which was basically the same as the same period last month, and the price was still slightly lower than the domestic trade coal with the same calorific value. In April 2013, China's thermal coal imports reached 8.55 million tons, which is still at a historical high. If the import restriction policy of high-sulfur and low-calorie coal is implemented, it will have an impact on the import volume of coal in the short term, and the coal price may be supported at the current price. However, the expectation of a rebound in coal prices has been included in our profit forecast, and the impact of the policy implementation on the performance forecast is limited.

Light industry manufacturing industry: RMB appreciation boosts papermaking sector

Category: Industry research institution: Huatai Securities Co., Ltd.

Event: Today, the light industry index rose by 1.75%, ranking first among all A-share primary industries. Among them, the papermaking sector, which ranked first, rose by 3.1%, including Guanhao Hi-Tech (8.54%), Annie Shares (7.14%), Sun Paper (6.94%), Bohui Paper (5.9%), and Chenming Paper (2.72%).

The appreciation of the RMB is the main reason for the rise of the papermaking sector. As mentioned in our industry weekly report yesterday, since May, many major central banks around the world have cut interest rates, which has intensified the short-term appreciation pressure of the RMB, which has given the papermaking industry a phased investment opportunity. Today, the central parity rate of the RMB against the US dollar was 6.1811, a sharp increase of 56 basis points from the previous trading day, setting a new high since the exchange rate reform. The appreciation of the RMB is the main reason for the sharp rise of the papermaking sector.

Raw materials are heavily dependent on imports, and the appreciation of the RMB effectively reduces costs. Due to the structural shortage of wood, China's pulp is highly dependent on foreign countries. In 2012, China imported 16.46 million tons of pulp. The industry presents a pattern of raw materials outside and markets inside. The appreciation of the RMB is conducive to reducing the purchase price of raw materials, thereby reducing industry costs.

The industry is still in a slow recovery stage. After a slight increase at the beginning of the year, China's pulp prices have been sluggish and hovering, and it is even more difficult to increase paper prices. This is due to overcapacity and more to poor downstream demand. In general, the recovery of the papermaking industry is slow. After a long period of market digestion in the early stage, the inventory of papermaking has improved, and the probability of further significant deterioration is small. More attention needs to be paid to the recovery of the downstream.

The increase in paper prices depends not only on the cost side, but also on the downstream demand situation. We believe that the appreciation of the RMB brings temporary investment opportunities, but it is difficult to change the current sluggish demand situation in the industry. The emergence of a turning point in the industry's performance in the future requires attention to the recovery of the downstream. Recently, the international and Chinese pulp prices have been separated. The international pulp prices have continued to rise, while the Chinese pulp prices have been stable and falling. Due to the poor downstream demand, the momentum of paper price increase has weakened. We look forward to the further recovery of market demand. Since the current paper price is already at a very low level, the probability of a further sharp decline in the future is relatively small. In addition to the investment opportunities brought by the appreciation of the RMB, due to the low base last year, the expected improvement in performance this year also brings investment opportunities to the industry. For example, the first quarter performance of Sun Paper and Chenming Paper has increased significantly year-on-year. We can continue to pay attention to the performance of the papermaking sector.

Communications Industry Weekly Report: China Unicom users exceeded expectations again, and mobile games broke out in an all-round way

Category: Industry Research Institution: Industrial Securities Co., Ltd.

[Sector Trend Review] Last week (05.20-05.25), communication equipment continued to rise, with an overall increase of 2.2%, outperforming the CSI 300 Index by 2.4%, while the performance of communication operations remained flat, falling by 0.23%, underperforming the CSI 300 Index by 0.43%.

During the same period, the CSI 300 Index rose by 0.2%.

¡¾Brief Comments on Important Dynamics¡¿

1. The three major operators announced their operating data for April. As the peak season effect faded, the number of new users of the three major operators declined month-on-month, but the number of new mobile users of China Unicom continued to remain at the 4 million platform, with the smallest month-on-month decline and the best data performance. We believe that China Mobile's terminal strength has greatly improved this year, and the terminal gap between China Unicom and China Mobile is almost a preview of the 4G era. Under this circumstance, China Unicom's new user growth has achieved good results, which shows that China Unicom's management and operation capabilities have been significantly improved compared with the past. According to this trend, China Unicom's rapid user growth is expected to continue to be stable, and the market's negative impact of 4G on Unicom will also be falsified. Based on this, we are optimistic about China Unicom's long-term development and recommend it.

2. In terms of mobile Internet, Shanda Games announced its first quarter report last week, and its mobile game revenue increased by 12 times month-on-month, accounting for 10% of Shanda's revenue. Mobile game platform 91 Assistant (NetDragon) will release its first quarter report on Wednesday this week. The market expects that its performance and profit will improve due to the mobile game business. It rose 17% last Friday. This indicates that mobile games have entered a stage of explosive growth and are the first important field to be monetized in the development of mobile Internet. We suggest paying close attention to the progress of Beiwei Communication, Tuowei Information, and Langma Information in the field of mobile games.

3. In terms of 4G, Shanghai Mobile will launch a TD-LTE friendly user experience test activity on June 1, and plans to recruit 5,000 friendly users. This is the sixth city for China Mobile to promote LTD-LTE after Guangdong, Shenzhen, Hangzhou, Fuzhou, and Xiamen. This will continue to clarify the expectations and investment themes of 4G construction.

4. The EU launched a double anti-dumping investigation on Chinese telecommunications equipment. Last week, the Chinese Ministry of Commerce issued a warning to "not do things that are not good for everyone" and hoped to resolve trade frictions through consultation. We believe that the EU's proposal of double anti-dumping at this time is intended for China Mobile's 4G bidding, so it is difficult to generate more intensified friction.

[Industry Views]

Communication Equipment: 4G construction and Broadband China are still the driving force for profit improvement and policy investment themes. We need to pay attention to the progress of 4G bidding and the launch of the Broadband China strategy. Key companies: ZTE, FiberHome, Zhongtian Technology, Sunsea Communications, Digital Video, Hytera.

Communication Operations: China Unicom's user data continues to improve, exceeding our expectations, reflecting that China Unicom's operational management capabilities have also been significantly improved in addition to its network advantages. The market's negative impact on Unicom is expected to be falsified. Based on this, we give it a key recommendation. In addition, we are still optimistic about the long-term development of Dr. Peng.

Telecom Value-Added: The promotion of mobile resale policies and the rapid development of mobile Internet have brought huge gro

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