金融界7月11日消息，上证指数高开震荡，中证港股通TMT主题指数 (港股通 TMT，931026)报4356.27 点。 数据统计显示，中证港股通TMT主题指数近一个月上涨3.32%，近三个月上涨17.53%，年至今上涨 27.89%。 从中证港股通TMT主题指数持仓样本的行业来看，通信服务占比55.48%、信息技术占比44.52%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。如果香港市场新上市TMT企业市值在香港上市公司中排名前十并纳入港股通范围，将在其 纳入港股通范围后第十一个交易日快速纳入该指数中。样本公司发生收购、合并、分拆等情形的处理， 参照计算与维护细则处理。当港股通范围发生变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 作者：行情君 据了解，中证港股通TMT主题指数从港股通范围内选取50只TMT主题领域的上市公司证券作为指数样 本， ...

7月10日，景顺长城中证国新港股通央企红利ETF（520990）收盘涨1.05%，成交额1.63亿元。 港股央企红利50ETF（520990）成立于2024年6月26日，基金全称为景顺长城中证国新港股通央企红利 交易型开放式指数证券投资基金，基金简称为景顺长城中证国新港股通央企红利ETF。该基金管理费率 每年0.50%，托管费率每年0.10%。港股央企红利50ETF（520990）业绩比较基准为中证国新港股通央企 红利指数收益率(使用估值汇率折算)。 最新定期报告显示，港股央企红利50ETF（520990）重仓股包括中国移动、中国石油股份、中远海控、 中国海洋石油、中国神华、中国石油化工股份、中国电信、中国联通、中煤能源、招商银行，持仓占比 如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）00941中国移动11.04%683.45万5.29亿00857 中国石油股份10.43%8601.40万4.99亿01919中远海控10.25%4345.05万4.91亿00883中国海洋石油 10.01%2803.50万4.79亿01088中国神华8.89%1461.70万4.26亿00386中国石油化工股份 ...

| | | 持股量 | 占已发行 | 收盘价 | 日涨跌幅 | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 简称 | | 股份比例 | | | 行业 | | | | （万股） | | （港元） | （%） | | | | | | （%） | | | | | 00728 | 中国电信 | 1033072.17 | 74.43 | 5.500 | 0.00 | 电讯业 | | 01330 | 绿色动力环保 | 28278.70 | 69.92 | 5.020 | 2.03 | 工业 | | 01088 | 中国神华 | 227550.50 | 67.37 | 30.700 | -0.49 | 能源业 | | 03347 | 泰格医药 | 8231.28 | 66.84 | 46.650 | 6.75 | 医疗保健业 | | 01057 | 浙江世宝 | 14120.87 | 65.13 | 5.530 | 1.47 | 非必需性消费 | | 00956 | 新天绿色能源 | 118008.78 | 64.16 | 4.070 | -0.25 | 公用事 ...

6月25日，中国电信（601728）在麦芒40新品发布会上正式推出"星小辰终端智能体"。依托中国电信自 研大模型和智能体平台，星小辰智能体在AI通话、AI生活、AI办公场景中，通过深度整合语音识别、 语义理解、风险建模等能力为用户带来智能体验，尤其在通话反诈与智能代办方面实现了突破式创新。 据悉，星小辰终端智能体将率先搭载于中国电信自主品牌麦芒40系列手机，用户可通过一键AI功能， 直达星小辰智能体。 在办公场景中，星小辰终端智能体不仅支持即时会议、离线音频转写、会议脑图、会议概览等功能，还 通过智能总结帮助用户快速掌握会议重点。针对上班族日常处理复杂文件的需求，星小辰终端智能体还 推出了阅读助手，用户只需上传文档，即可生成清晰易懂的总结。 星小辰终端智能体基于中国电信的通话业务打造了AI通话助手，支持通话防诈、AI代接、通话摘要代 办、智能字幕等功能，为用户提供全方位的通话助手。星小辰终端智能体的"AI通话防诈"功能依托中国 电信自主研发的星辰语音及语义大模型，听得懂、记得住、还会替用户守住关键时刻。开启此功能后， 当接到来电，星小辰可以"读懂"通话语义，一旦发现可能的诈骗风险，它会第一时间提醒用户注意。在 ...

Group 1: Policy and Development - The State Council issued an opinion to enhance the "efficient handling of key matters" mechanism, emphasizing efficient resource allocation and the prevention of waste in government services [1] - The opinion aims to promote the application of new technologies like AI in government services while ensuring safety and improving user experience [1][2] - China's digital government development index (EGDI) improved from 0.8119 in 2022 to 0.8718 in 2024, ranking 35th globally, an increase of 8 places from 2022 [2] Group 2: Market Growth and Trends - The overall market size for government cloud services in 2024 is projected to be 93.94 billion RMB, with a year-on-year growth of 18.4% [2] - The dedicated government cloud market is expected to reach 66.33 billion RMB, growing by 19.0% year-on-year, while the public government cloud market is projected at 17.24 billion RMB, with a growth of 12.2% [2] - The cloud operation service market is anticipated to grow by 26.1%, reaching 10.36 billion RMB [2] Group 3: Industry Insights - The government cloud market is experiencing stable growth, with infrastructure holding a significant market share, driven by increased demand for computing power due to AI model development [3] - The integration of AI in government services is expected to enhance efficiency and reduce costs, with a broad market potential across various sectors like procurement, finance, and taxation [3] - The push for AI in government services is largely driven by top-down initiatives, indicating a rapid implementation of AI+government services [3] Group 4: Key Companies and Innovations - China Telecom is focusing on "AI + digital government" initiatives, leveraging data value and enhancing security in public services [4] - SenseTime, a leading AI algorithm provider, is applying its technology in smart city and public management projects, improving service efficiency through AI solutions [4] - China Software International is providing comprehensive AI + government services, helping governments transition to intelligent operations through AI, big data, and cloud computing [4] - Tencent is utilizing its social media platforms and cloud capabilities to create digital solutions for public services, integrating various government services into its ecosystem [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The global AI sector remains highly prosperous, with continuous application development. Domestic telecom operators are experiencing a recovery in growth rates, and satellite internet is beginning to contribute to performance elasticity [4] - Telecom operators benefit from the ongoing promotion of the Digital China strategy, leading to stable overall business growth. Innovative businesses are growing faster and increasing their share, while new growth drivers continue to strengthen. Additionally, the reduction in capital expenditure as a percentage of revenue is favorable for profit release [4] Summary by Relevant Sections Telecom Operators - China Mobile's Q2 revenue is projected to be between 285.85 billion and 288.70 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is expected to be between 52.20 billion and 52.55 billion yuan, growing by 3.2%-3.9% [2] - China Telecom's Q2 revenue is expected to be between 132.80 billion and 134.10 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is projected to be between 13.57 billion and 13.66 billion yuan, growing by 2.7%-3.4% [2] - China Unicom's Q2 revenue is expected to be between 101.30 billion and 102.00 billion yuan, with a year-on-year growth of 3.5%-4.2%. The net profit attributable to shareholders is projected to be between 3.795 billion and 3.855 billion yuan, growing by 5.6%-7.3% [2] - China Tower's Q2 revenue is projected to be between 24.88 billion and 25.03 billion yuan, with a year-on-year growth of 2.5%-3.1%. The net profit attributable to shareholders is expected to be between 2.72 billion and 2.76 billion yuan, growing by 6.8%-8.4% [3] AI and Network Connection - The AI optical module sector is experiencing significant growth, with 800G optical modules continuing to ramp up production and 1.6T products entering mass production. Domestic companies are leading the industry and deeply participating in the global supply chain [3] - Zhongji Xuchuang's Q2 revenue is expected to be between 7 billion and 8 billion yuan, with a year-on-year growth of 18%-34%. The net profit attributable to shareholders is projected to be between 1.75 billion and 2 billion yuan, growing by 30%-48% [3] AI Liquid Cooling - The trend towards liquid cooling in data centers is becoming more pronounced due to the increasing power consumption of AI servers. Yingwei's Q2 revenue is expected to be between 12 billion and 14 billion yuan, with a year-on-year growth of 24%-45% [6] - Oulu Tong's Q2 revenue is projected to be between 11 billion and 12 billion yuan, with a year-on-year growth of 22%-33% [7] AI Applications - The demand for AI servers is expected to grow steadily, benefiting from the development of the digital economy and AI computing power. Huqin Technology's Q2 revenue is projected to be between 350 billion and 365 billion yuan, with a year-on-year growth of 51%-58% [8] Military Communication & Satellite Internet - Increased regional tensions are likely to lead to sustained investment in national defense construction, with communication and information technology being key investment areas. The domestic low-orbit satellite network is expected to continue advancing [11] - Changjiang Communication's Q2 revenue is expected to be between 2.3 billion and 3.4 billion yuan, with a year-on-year growth of 10%-63% [12]

Investment Rating - Industry rating: Recommended [6] Core Insights - The GB300 is expected to start volume production in the second half of the year, with significant advancements in AI performance and capabilities [1][8] - The central government emphasizes high-quality development of the marine economy, with wind power generation rapidly increasing, accounting for over 12% of total power generation [2][10] - There is a strong growth in overseas AI demand, particularly from new enterprises, driving high capital expenditure in AI [3][14] Summary by Sections GB300 Launch - CoreWeave announced the first market delivery of the NVIDIA GB300 NVL72, featuring advanced AI performance with over exaflop capabilities and significant improvements in user response speed and throughput [1][8] Marine Economy Development - The central government is focusing on enhancing the marine economy through policy support and encouraging social capital participation, with wind power generation capacity rapidly increasing [2][10] Investment Recommendations - The report recommends focusing on the AI capital expenditure and related sectors, highlighting the growth potential in the optical module industry and PCB supply chain [3][14] - Specific beneficiary stocks include NewEase, Zhongji Xuchuang, and Tianfu Communication in the optical module sector, and China Telecom, China Mobile, and China Unicom in the telecommunications sector [3][16][17] - The marine economy sector is also highlighted, with companies like Zhongtian Technology and Hengtong Optic-Electric being potential beneficiaries [4][15]

数据资产"入表"背后，也是一场风险与收益的博弈。入表的方式、摊销方式的选择，都在精巧重构着上市公司的报表，而作为一种新的会计处理方式，对投 资者而言也隐藏着一定的投资风险。 数据资产"入表"加速，分为四步 随着数据作为资产进入财务报表，上市公司的资产负债表正被重塑，数据资源正从"看不见的价值"变为"可确认的资产"。 按照Wind行业类目划分，在所处行业层面，完成数据资产入表的企业中工业与信息技术企业数量最多。2024年，有28家工业企业和24家信息技术企业完成 数据资产入表工作，占比超过一半。 首批"吃螃蟹"的企业中，处于信息技术行业的三大运营商（中国移动、中国电信、中国联通）无疑是数据资产入表的重要代表，而工业行业中，小商品城、 圆通速递和韵达股份位列前三。 | | 2024年度三大运营商数据资产入表情况 | | | | --- | --- | --- | --- | | 企业名称 | 数据资产总额(亿元) | 计入无形资产部分(亿元) | 计入开发支出部分(亿元) | | 中国移动 | 6. 16 | 5. 6 | 0. 56 | | 中国联通 | 3.78 | 1. 66 | 2. 12 | | 中国电 ...

新消费浪潮涌动 在当今经济格局中，消费作为经济增长的主引擎，地位举足轻重。我国居民消费占GDP 比重存在提升空间，这意味着扩大消费需求有着广阔天地。全国 人大代表、清华大学政治经济学研究中心主任蔡继明指出，消费是生产的最终目的与经济增长的基础动力 ，而激发消费活力、培育新型消费业态已成为 政策与市场共同关注的焦点。 随着数字技术的迅猛发展，人工智能、5G、云计算等前沿科技深度融入人们的生活，极大地改变了大众的生活方式与消费习惯。从消费群体来看，截至 2024年末，我国Z世代（1995年- 2009年出生）人口超2.6亿，虽然仅占总人口的20%，却贡献了40%的消费力，撬动了超5万亿元的消费市场 。他们成长于 互联网时代，更加注重消费过程中的个性化与社交属性，对科技感与生态互联有着强烈追求，对科技产品的需求极为旺盛。其独特的消费偏好有力地推动 着AI技术的迭代与需求的爆发。例如，据相关数据显示，在潮流消费领域，Z世代贡献了28%的份额，且消费增速超过400%，几乎是整体市场增速的两 倍。预计2025 年国潮消费市场规模将突破10万亿元，Z世代在其中发挥着关键的推动作用。 在政策层面，2024年9月26日召开的中 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年6月30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7月2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 ...