截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國電信股份有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00728 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 2. 股份分類 | 普通股 | 股份類別 A | | | 於香港聯交所上市 (註1) | | 否 | | | ...

Core Insights - The financial performance of China's three major telecom operators shows a mixed outlook, with revenue growth slowing down while profit growth remains positive [2][3][4] Revenue Performance - For the first three quarters of 2025, China Mobile, China Telecom, and China Unicom reported revenues of 794.7 billion, 394.3 billion, and 293 billion yuan respectively, with growth rates declining from 2.0%, 2.9%, and 3.0% in 2024 to 0.4%, 0.6%, and 1.0% [2] - Only China Mobile achieved a 2.5% year-on-year revenue growth in Q3 2025, while China Unicom's revenue remained flat and China Telecom's revenue decreased by 0.91% [2] Profitability - Net profits for the three operators reached 115.4 billion, 30.8 billion, and 20 billion yuan respectively, with growth rates of 4.0%, 5.0%, and 5.1%, although these rates have slowed compared to the previous year's figures [2][3] - The telecom industry as a whole saw a 0.9% year-on-year increase in telecom business revenue, totaling 1,327 billion yuan for the first three quarters of 2025 [2] Traditional Business Challenges - The decline in revenue growth is attributed to the weakness in traditional business segments, which have seen their revenue share drop from 92% in 2020 to 78% in Q3 2025 [3][4] - China Mobile has 1.009 billion mobile users, but its average revenue per user (ARPU) fell to 48 yuan, a 3% decrease from 49.5 yuan in 2024 [3] Emerging Business Growth - AI-related emerging businesses have become a significant profit driver, with China Unicom's AI-related revenue contributing over 60% to its "smart network" business, and its cloud revenue reaching 52.9 billion yuan, a 20.6% increase [6][7] - China Telecom's smart revenue surged by 62.3%, significantly outpacing its overall revenue growth of 0.59% [7] Investment in AI and R&D - The three operators have shifted their focus from traditional "pipeline thinking" to "computing power and service thinking," with R&D expenditures exceeding 22 billion yuan in the first three quarters of 2025, of which over 40% is allocated to AI-related investments [10][11] - The operators are expected to see long-term returns from these investments, despite short-term pressures on cash flow and profitability [10] Industry Transformation - The growth logic of the telecom industry is changing, with AI and computing power becoming central to future growth strategies [10][11] - The operators are forming a sustainable payment loop around "bandwidth + computing power + data + models," indicating a significant shift in the industry's revenue generation model [11]

天眼查工商信息显示，近日，中国电信集团有限公司发生工商变更，注册资本由2131亿人民币增至约 2140.5亿人民币，经营范围新增人工智能行业应用系统集成服务、人工智能通用应用系统、人工智能基 础软件开发等，同时，多位高管发生变更。 ...

南向资金对港股通标的股的整体持股比例为19.01%，233只个股南向资金持股比例超20%。 互联互通机制下，内地投资者成为港股市场的重要参与者。证券时报•数据宝统计显示，截至10月31 日，港股通标的股中，南向资金合计持有4799.05亿股，占标的股总股本的比例达19.01%，合计持股市 值61425.84亿港元，占标的股总市值的比例为14.49%。 具体到单只标的股来看，南向资金持股量占总股本比例20%以上的有233只，持股比例在10%~20%的有 136只，持股比例在5%~10%的有96只，1%~5%的有82只，持股比例低于1%的为18只。南向资金持股比 例最高的是中国电信，最新持有98.59亿股，占港股已发行股份的比例为71.03%，其次是绿色动力环 保、中远海能，持股占比分别为70.14%、70.01%。 从特征来看，南向资金高比例持有的个股，多数为AH概念股，统计显示，南向资金持股超20%的个股 中，AH股共有124只，占比为53.22%；持有比例在10%~20%的个股中，AH股占比为20.59%。 以港交所行业分类进行统计，南向资金持股比例超20%的个股主要集中在医疗保健业、金融业、工业等 行业， ...

智通财经APP获悉，根据2025年10月31日披露数据，中国电信（00728）、绿色动力环保（01330）、中 远海能（01138）位居港股通持股比例前3位，分别为71.03%、70.14%、70.01%。此外，中芯国际 （00981）、中国海洋石油（00883）、华虹半导体（01347）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+16.51亿元、+14.74亿元、+13.36亿元;阿里巴巴－W（09988）、理想汽车-W （02015）、石药集团（01093）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-22.29亿 元、-12.00亿元、-8.94亿元。 具体数据如下（交易所数据根据T+2日结算）： 3、港股通最近5个交易日减持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 阿里巴巴－W(09988) | -22.29亿元 | -1350.31万股 | | 理想汽车-W(02015) | -12.00亿元 | -1505.09万股 | | 石药集团(01093) | -8.94亿元 | -11688.49万股 | | 盈 ...

公司报告 | 季报点评 中国电信（601728） 证券研究报告 推动企业战略向云改数转智惠升级，经营业绩保持稳健 事件：公司发布 2025 年三季报，前三季度实现营收 3943 亿元，同比增长 0.6%，其中服务收入 3663 亿元，同比增长 0.9%，归母净利润 308 亿元， 同比增长 5.0%。 我们的点评如下： 分业务来看： 基础业务稳健发展：公司坚持以客户为中心，积极把握广大用户的数字消 费新需求，加快推动连接、终端、应用、权益等融合要素升级，持续提升 个人及家庭端产品和服务的供给能力。25 年前三季度，公司 5G 网络用户 数达到 2.9 亿户，渗透率提升至 66.9%，手机上网总流量同比增长 16.9%， 手机上网DOU达到22.3GB，同比增长11.4%，千兆宽带用户渗透率约31.0%。 战新业务持续规模拓展：公司以第一科技"息壤"为核心，构建完成智能 云体系，基于云网融合提供"算力+平台+数据+模型+应用"一体化的智能 云服务，加速推动业务融智升级，不断深化外部赋能和内部应用，加快培 育新的增长极，有效助力企业经营质效提升，着力塑造高质量发展新动能 新优势。25 年前三季度，公司 IDC 收 ...

高股息、低波动特征明显 据中国证券报记者梳理，目前已有5只险资系私募基金的最新持股情况曝光，中国石化、大秦铁路、国投电力、泸州老窖、皖通高速、海澜之家等个股被 险资系私募基金重仓持有。 Wind数据显示，截至三季度末，太保致远1号私募证券投资基金首次出现在皖通高速、海澜之家两家上市公司的前十大流通股东名单中。 其中，太保致远1号持有皖通高速414.83万股，为其第九大流通股东；持有海澜之家1806.52万股，为其第十大流通股东。 5只险资系私募基金最新持股情况 | 上市公司 | 持股机构名称 | 持股数量(万股) | 持股市值(万元) | 占流通A股比例(%) | | --- | --- | --- | --- | --- | | 皖通高速 | 大保致远1号 | 414. 83 | 5529. 68 | 0. 36 | | 海澜之家 | 大保致远1号 | 1806. 52 | 11688. 18 | 0. 38 | | 中国石化 | 鸿鹄基金三期1号 | 30495. 86 | 161323. 10 | 0. 32 | | 大秦铁路 | 鸿鹄基金三期1号 | 29848.71 | 175808.91 | 1. ...

行 业 研 究 通信 2025 年 11 月 02 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% 0% 24% 48% 72% 96% 2024-11 2025-03 2025-07 通信 沪深300 相关研究报告 《海外 AI 财报点评：谷歌、Meta 再 次上调资本开支，谷歌云增速亮眼， 微软资本开支超预期—行业点评报 告》-2025.10.31 《AI 全面加速：Celestica 上调指引， 微软与 OpenAI 深入合作，GTC 大会 亮眼—行业点评报告》-2025.10.29 《"光、液冷、国产算力"全面提速 —行业周报》-2025.10.26 海外 AI 财报总结：巨头加大资本开支，云业务表 现亮眼，海外 AI 发展提速 ——行业周报 | 蒋颖（分析师） | 陈光毅（联系人） | 雷星宇（联系人） | | --- | --- | --- | | jiangying@kysec.cn | chenguangyi@kysec.cn | leixingyu@kysec.cn | | 证书编号：S0790523120003 | 证书编号：S0790124020006 | 证书编号：S ...

Core Insights - The article highlights the establishment of various investment funds across different regions in China, focusing on strategic industries and innovation-driven sectors. Group 1: Fund Establishments - A central enterprise strategic emerging industry development fund was launched in Beijing with an initial scale of 510 billion RMB, involving major state-owned enterprises as contributors [2] - The Zhejiang Social Security Science and Technology Innovation Fund was established with an initial scale of 500 billion RMB, aimed at supporting key areas of technological innovation [3] - The first biomanufacturing industry fund in Shanghai was initiated, combining resources from industry leaders and venture capital to drive technological breakthroughs [4] Group 2: Regional Funds - Chengdu established a high-level talent innovation and entrepreneurship fund, focusing on early-stage investments to support talent and technology transfer [5][6] - Dongguan's Songshan Lake completed the registration of a 100 billion RMB mother fund to promote technological finance and regional industrial upgrades [7] - Wuhan launched its first concept verification fund group with an annual funding pool of 112.5 million RMB to support startup projects [8] Group 3: Sector-Specific Funds - The Hebei Xiong'an concept verification fund was set up with a focus on aerospace information and biotechnology, with an initial scale of 20 million RMB [9] - The Jilin Province Ice and Snow Economy Fund was established with a total scale of 500 million RMB, targeting the ice and snow tourism and technology sectors [11] - The Zhuhai Zuguang New Intelligence Fund was launched to support high-end intelligent manufacturing, marking a significant step in the region's industrial investment [12] Group 4: Investment Strategies - The Chengdu fund emphasizes market-oriented operations to facilitate talent and technology commercialization [6] - The Dongguan fund aims to create a comprehensive fund system covering the entire lifecycle of enterprises through collaboration with various investment institutions [7] - The Jiangsu Yangzhou Aerospace Industry Fund focuses on strategic emerging industries, leveraging a significant capital structure to enhance investment capabilities [14]

北斗语音消息并非传统短信或语音通话，而是依托我国自主建设的北斗卫星系统，通过自研AI语音编解码算法，将语音内容高效压缩为极少量数据。 据介绍，中国电信首创了"声纹与语义分离AI算法"。 其技术原理就是，将语音中的声纹特征 （说话人的音色、语调等） 和语义内容 （文字信息） 进行分离处理，然后对语义内容进行高效压缩和传输，接收端再将 语义内容与声纹特征结合，还原成带有说话人音色和语调的语音消息。 这项技术能够将 20 个汉字文本压缩为 6 秒语音消息直接传输，省去了用户手动输入文字的烦琐操作。 在山区或郊外，手机信号不稳定甚至完全消失是一个常见的现象。遇到情况紧急时，想发个定位求助，难免会手忙脚乱还总打错字。 中国电信近日公开展示的"北斗语音消息"服务，将会解 决这个问题。而中国电信也是业内首家实现北斗卫星语音通信的运营商。 即便在城市中，北斗语音消息服务也有其价值。比如当地震、洪水等自然灾害发生时，地面通信设施可能受损，北斗语音消息服务可保障基本的通信需求，帮助 人们及时获取救援信息；在地下室、隧道、高楼密集区等地方可能存在信号盲区，北斗语音消息服务可以填补这些区域的通信空白。 借用网友的一句话，手机卫星通信 ...