As the mystery of important matters in National Shield Quantum is revealed, another example of telecom operators investing in A-share listed companies has been added. The rise of new technologies such as 5G and computing power has brought opportunities for operators to turn around. Focusing on industrial-grade and industry-level application scenarios, this is exactly where operators are lacking and are likely to catch up. There is also a deeper reason that needs to be mentioned. As can be seen from the previous “China Special Assessment” until the State Council's State-owned Assets Administration Commission frequently mentioned market value management at the beginning of this year, whether in the face of regulatory assessments or enterprise development needs, telecom operators, as typical central enterprises, are motivated to tell new stories to the market and seek added value. Foreign equity investment is one of the footholds. However, operator equity investments are not without risk. In 2020, China Mobile invested 900 million yuan to take a stake in Huayu Software and obtained about 5% of the latter's shares. At the time, the transfer price was 22.11 yuan/share. However, Huayu Software's latest closing price was only 6.5 yuan/share, and this investment lost nearly 70%. It can be seen that in order to balance value addition with investment risk, operators still need more training.