Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

Group 1 - The core viewpoint of the report is that China Communication Services (00552.HK) achieved a net profit growth of 0.2% year-on-year to 2.13 billion RMB in the first half of the year, which met expectations, while total revenue increased by 3.4% year-on-year to 76.94 billion RMB, exceeding expectations [1] - The gross profit margin decreased by 0.6 percentage points to 10.3%, primarily due to clients' ongoing efforts to reduce costs in key capital investment projects' design and construction [1] - The target price for the stock has been raised to 5.15 HKD, and the earnings forecasts for 2025 to 2027 have been adjusted, with a reiteration of the "Buy" rating [1] Group 2 - As of August 22, 2025, China Communication Services (00552.HK) closed at 4.83 HKD, down 0.62%, with a trading volume of 23.52 million shares and a turnover of 112 million HKD [1] - The stock has received strong buy recommendations from two investment banks in the past 90 days, with an average target price of 5.5 HKD [1] - The company ranks 5th in the telecommunications industry with a market capitalization of 11.622 billion HKD [1] Group 3 - Key performance indicators for China Communication Services compared to the telecommunications industry average are as follows: ROE at 7.87% (industry average -32.69%), revenue at 152.527 billion HKD (industry average 217.662 billion HKD), and net profit margin at 2.87% (industry average 4.24%) [2] - The company has a gross profit margin of 10.25% compared to the industry average of 43.26%, and a debt ratio of 65.53% against the industry average of 49.09% [2]

Core Viewpoint - China Communication Services (00552) reported a net profit growth of 0.2% year-on-year to 2.13 billion RMB, meeting expectations, while total revenue increased by 3.4% year-on-year to 76.94 billion RMB, exceeding expectations [1] Financial Performance - Net profit for the first half of the year reached 2.13 billion RMB, reflecting a slight increase of 0.2% compared to the previous year [1] - Total revenue amounted to 76.94 billion RMB, showing a year-on-year growth of 3.4%, which was higher than anticipated [1] - Gross margin decreased by 0.6 percentage points to 10.3%, primarily due to clients' ongoing efforts to reduce costs in key capital investment projects [1] Future Outlook - The target price for the stock has been raised to 5.15 HKD, with adjustments made to the profit forecasts for 2025 to 2027, maintaining a "Buy" rating [1] - The company is expected to benefit from strong demand for digital infrastructure construction, with non-telecom and international business revenue increasing by 12.6% year-on-year [1] - Anticipation of a significant acceleration in capital expenditure from telecom operators in the second half of the year, driven by the ramp-up of local GPU manufacturers in China [1]

智通财经APP获悉，中银国际发布研报称，中国通信服务(00552)上半年净利润同比增长0.2%至21.3亿元 人民币，符合预期，总收入同比增长3.4%至769.4亿元人民币，高出预期。毛利率同比下降0.6个百分点 至10.3%，主要由于客户持续推动重点资本投资项目的设计与施工降本。该行表示，将其目标价上调至 5.15港元，同时调整集团2025至2027年盈利预测，重申其评级为"买入"。 该行表示，受益于数字基础设施建设需求旺盛，非电信及国际业务收入同比增长12.6%，并预计随着多 间中国本地GPU厂商加速量产，下半年电信营运商资本开支将明显提速。 ...

Group 1: Hong Kong Stocks Performance - Miniso (09896) surged over 20% after reporting a 10% year-on-year increase in adjusted net profit for Q2, with TOP TOY revenue skyrocketing by 87.0% [1] - Li Ning (02331) rose over 6% as it announced a 3.3% year-on-year increase in revenue and declared an interim dividend of HKD 0.3359 per share [1] - Innovent Biologics (02096) increased by over 6% following a 26% year-on-year growth in innovative drug revenue, expanding its commercialized innovative drug portfolio to ten products [1] - Tuhu-W (09690) gained over 10% after reporting a 14.6% year-on-year increase in adjusted net profit while continuing to optimize supply-side costs [1] - Kuaishou-W (01024) rose over 4% with impressive Q2 results and accelerated commercialization [1] - UBTECH (09880) increased over 3% as it led the establishment of two national technical standards for humanoid robots [1] - InnoCare Pharma (02577) saw a rise of over 5% after announcing a partnership with NVIDIA [1] Group 2: Other Notable Performances - China Communications Services (00552) fell over 2% despite a slight 0.18% year-on-year increase in net profit attributable to shareholders, with stable development among its three major clients [2] - Parkson Group (03368) surged nearly 25% after reporting a turnaround to profitability in the first half of the year and proposing an interim dividend of HKD 0.02 per share [2] - Esprit Holdings (00330) jumped over 37% after issuing a profit warning, expecting a net profit of approximately HKD 1 million for the six months ending June 30, 2025 [2] - XPeng Motors (09868) rose over 10% as CEO He Xiaopeng increased his stake by purchasing 3.1 million Class A ordinary shares at an average price of HKD 80.49 per share [2] Group 3: US Market Highlights - Coty (COTY.US) plummeted 21.60% due to weak performance in the US market, retailer destocking, and consumers seeking value, impacting Q4 results [3] - NIO (NIO.US) increased by 9.27% ahead of the launch of its new ES8 product and the start of pre-sales [3] - Huazhu Group (HTHT.US) continued to rise by 2.19% with a 41.3% year-on-year increase in revenue and net profit, benefiting from management franchise and licensing business [3] - Boss Zhipin (BZ.US) rose 6.61% after reporting an over 85% year-on-year increase in net profit for the mid-year and extending its share buyback plan [3] - Youlan Group (YOUL.US) surged 17.13% after announcing plans to acquire four companies to expand its online recruitment and regional market share [3] - Hesai Technology (HSAI.US) increased by 11.00% amid market speculation about a potential IPO in Hong Kong to raise approximately USD 300 million [3] Group 4: Additional US Stock Movements - Miniso (MNSO.US) rose 6.38% after reporting a revenue of CNY 9.39 billion for the first half of the year, a year-on-year increase of 21.1%, with adjusted net profit of CNY 1.28 billion [4] - Walmart (WMT.US) fell 4.49% as Q2 adjusted earnings per share fell short of expectations due to increased insurance claims, legal fees, and restructuring costs [4] - Gilead Sciences (GILD.US) dropped 2.18% after CVS Health decided not to include Gilead's new HIV prevention drug Yeztugo in its business plans [4] - XPeng Motors (XPEV.US) rose 11.68% following the CEO's purchase of 3.1 million Class A ordinary shares [5] - Aegon (AEG.US) increased by 7.64% after reporting a turnaround to profitability in the first half of 2025, primarily driven by growth in its US business [5]

集团的三大客户市场稳健发展。其中，集团抢抓人工智能技术变革拉动的算力市场空间，承接多个智算 中心建设和数据中心改造项目，来自国内非电信运营商集客市场收入显著增长。来自国内非电信运营商 集客市场和海外市场的合计收入，占经营收入比重首次超过一半。 本文源自：智通财经网 智通财经获悉，中国通信服务(00552)绩后跌近4%，截至发稿，跌3.7%，报4.68港元，成交额2157.77万 港元。 消息面上，8月21日，中国通信服务发布截至2025年6月30日止6个月业绩，该集团期内取得经营收入 769.39亿元(人民币，单位下同)，同比增加3.4%；股东应占溢利21.29亿元，同比增加0.18%；每股基本 盈利0.307元。 公告称，集团经营业绩稳定增长，经营收入较2024年上半年增长3.4%，其中服务收入实现人民币749.81 亿元，较2024年上半年人民币728.55亿元增长2.9%。 ...

中国通信服务(00552)绩后跌近4%，截至发稿，跌3.7%，报4.68港元，成交额2157.77万港元。 消息面上，8月21日，中国通信服务发布截至2025年6月30日止6个月业绩，该集团期内取得经营收入 769.39亿元(人民币，单位下同)，同比增加3.4%；股东应占溢利21.29亿元，同比增加0.18%；每股基本 盈利0.307元。 集团的三大客户市场稳健发展。其中，集团抢抓人工智能技术变革拉动的算力市场空间，承接多个智算 中心建设和数据中心改造项目，来自国内非电信运营商集客市场收入显著增长。来自国内非电信运营商 集客市场和海外市场的合计收入，占经营收入比重首次超过一半。 公告称，集团经营业绩稳定增长，经营收入较2024年上半年增长3.4%，其中服务收入实现人民币749.81 亿元，较2024年上半年人民币728.55亿元增长2.9%。 ...

智通财经APP获悉，中国通信服务(00552)绩后跌近4%，截至发稿，跌3.7%，报4.68港元，成交额 2157.77万港元。 消息面上，8月21日，中国通信服务发布截至2025年6月30日止6个月业绩，该集团期内取得经营收入 769.39亿元(人民币，单位下同)，同比增加3.4%；股东应占溢利21.29亿元，同比增加0.18%；每股基本 盈利0.307元。 集团的三大客户市场稳健发展。其中，集团抢抓人工智能技术变革拉动的算力市场空间，承接多个智算 中心建设和数据中心改造项目，来自国内非电信运营商集客市场收入显著增长。来自国内非电信运营商 集客市场和海外市场的合计收入，占经营收入比重首次超过一半。 公告称，集团经营业绩稳定增长，经营收入较2024年上半年增长3.4%，其中服务收入实现人民币749.81 亿元，较2024年上半年人民币728.55亿元增长2.9%。 ...

Investment Rating - The report maintains a "Strong Buy" investment rating for China Communication Services [3]. Core Views - The company reported a revenue of RMB 76,939 million for the first half of 2025, representing a year-on-year growth of 3.4%, while net profit increased by 0.2% to RMB 2,129 million [1]. - The company is experiencing strong momentum in emerging businesses, particularly in digital infrastructure, green low-carbon initiatives, and smart city projects, with new contracts in strategic emerging industries accounting for over 40% of total new contracts [6]. - The report highlights the company's focus on leveraging opportunities in the digital economy and artificial intelligence, with new contracts in digital infrastructure exceeding RMB 12 billion, reflecting a year-on-year growth of over 20% [6]. Financial Data and Valuation - Total revenue projections for the upcoming years are as follows: RMB 149,139 million in 2023, RMB 150,536 million in 2024, and RMB 154,438 million in 2025, with expected growth rates of 6%, 1%, and 3% respectively [2]. - The company's net profit is projected to be RMB 3,584 million in 2023, increasing to RMB 3,731 million in 2025, with corresponding growth rates of 7%, 1%, and 3% [2]. - The report provides a PE ratio forecast of 8.6 for 2023, decreasing to 7.5 by 2027, indicating a potentially attractive valuation [2][13]. Stock Performance - The current stock price is HKD 4.86, with a total market capitalization of HKD 33.7 billion [3]. - The stock has shown an absolute performance of 6% over the past month, 3% over six months, and 22% over the past year [5]. Business Segments - The report details three main business segments: - Telecommunications Infrastructure Services (TIS) generated RMB 38,272 million in revenue, a 1.6% increase, accounting for 49.7% of total revenue [6]. - Business Process Outsourcing (BPO) revenue was RMB 22,383 million, up 1.0%, representing 29.1% of total revenue [6]. - Application, Content, and Other Services (ACO) saw a significant growth of 11.7% to RMB 16,284 million, making up 21.2% of total revenue [6].

上半年，中国通信服务三大业务板块均保持向好态势。其中，电信基建服务收入382.72亿元，同比增长1.6%；业务流程外判服务收入223.83亿元，同比增长 1.0%；应用、内容及其他服务收入162.84亿元，同比增长11.7%。 来源：上海证券报·中国证券网 上证报中国证券网讯（记者 黎灵希）8月21日，港股上市公司中国通信服务披露2025年上半年业绩。报告期内，公司实现经营收入769.39亿元（人民币，以 下同），同比增长3.4%；净利润21.29亿元，同比增长0.2%。 中国通信服务2025年中期业绩发布会现场，图片为公司提供 中国通信服务董事长栾晓维表示，公司坚定"新一代综合智慧服务商"定位，坚持以客户为中心，强化科技创新引领，全面拥抱人工智能，进一步全面深化改 革，因地制宜发展新质生产力。同时，公司积极布局新兴市场，聚焦智算中心、智慧运维、新能源等领域，不断创新业务模式，打造兼具规模和效益的行业 领先产品，建立核心客户与核心生态，增强发展新动能。 报告期内，中国通信服务发挥能力优势，三大客户市场稳健发展。在国内电信运营商市场，公司坚持用高质量交付稳固传统业务基本盘，同时聚焦运营商客 户转型需求，推动从传 ...