Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses the strategic developments and financial performance of China Telecom, focusing on its transition towards high-quality growth and technological innovation in the telecommunications industry. Key Points and Arguments 1. Strategic Focus for 2024 - The company emphasizes six key areas for development in 2024: - Continuous growth in operational performance and high-quality development - Technological innovation leading industry advancements - Deepening AI integration with quantum technology to enhance productivity - Upgrading infrastructure mechanisms for intelligent and green development - Comprehensive reforms to boost innovation vitality - Active social responsibility practices to create value for shareholders [1][2][3] 2. Financial Performance - The company reported a revenue of 1,466 billion yuan, reflecting a growth of 5.5% year-on-year [8] - EBITDA and net profit indicators are also showing positive trends, with a focus on maintaining high returns on equity (ROE) [1][7] 3. Technological Innovation - R&D expenses increased by 11.3% year-on-year, indicating a strong commitment to technological advancement [2] - The company has made significant breakthroughs in core technologies, particularly in cloud computing and AI, with intelligent revenue reaching 8.9 billion yuan, nearly doubling year-on-year [3][9] - The introduction of the DeepSeeker model has been pivotal, with over 3,000 business opportunities identified and 500 contracts signed, amounting to 600 million yuan [14] 4. AI and Quantum Technology Integration - The company is focusing on AI and quantum technology to enhance service offerings and operational efficiency [4][5] - Quantum business revenue has more than doubled, with significant advancements in quantum computing capabilities [4] - The establishment of a national-level innovation platform for quantum communication is underway, enhancing the company's position in the quantum technology sector [5] 5. Infrastructure and Capital Expenditure - Planned capital expenditure for 2024 is 93.5 billion yuan, with a focus on AI and digital infrastructure upgrades [5] - The company aims to enhance its data center capabilities and transition to high-throughput, low-latency networks [5][6] 6. Market Position and Competitive Advantage - China Telecom is positioning itself as a leader in the telecommunications sector by leveraging its technological advancements and comprehensive service offerings [2][3] - The company is actively engaging in international business, with a reported revenue growth of 15.4% in overseas markets [11] 7. Commitment to Sustainability - The company is implementing green development practices, with a 19.2% reduction in greenhouse gas emissions per unit of telecom business volume [5] - The establishment of 28 green data centers and a focus on energy-efficient technologies are part of the sustainability strategy [5] 8. Talent Development and Organizational Structure - The company has invested in building a strong talent pool, with 5 strategic scientists and over 1,000 senior experts [24][25] - Emphasis on creating a conducive environment for innovation and collaboration among technology personnel [25][26] 9. Future Outlook - The company anticipates continued growth in AI and digital services, with a focus on addressing customer needs and enhancing service quality [20][21] - The strategic shift towards a technology-driven enterprise is expected to yield significant benefits in the coming years [19][30] Additional Important Content - The company is actively pursuing partnerships and collaborations to enhance its technological capabilities and market reach [6][31] - The management expressed confidence in navigating regulatory challenges in international markets, particularly in the U.S. [30][31] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting China Telecom's commitment to innovation, growth, and sustainability in the telecommunications industry.

智通财经APP获悉，中国银河证券发布研报称，运营商盈利能力、现金流资产不断改善、资产价值优势 凸显，持续增加分红回馈股东，运营商业绩持续增长或超预期，5G+AI"收获期"大有可为。当前运营商 云业务发展如火如荼，国产大模型对于成本端的降低有望协同运营商云业务部署以及运营商的海量数据 资产，推动运营商第二曲线的快速增长;同时，国产算力的发展有望拉动国产算力产业链的快速发展， 国家队引领作用不断加强。建议关注三大电信运营商。 5G全球遥遥领先，新旧动能转换赋能新质生产力，AI布局有望超预期 5G网络建设稳步推进，千兆用户规模持续扩大。截至2月末，5G基站总数达432.5万个，占移动基站总 数的34.1%，比较上年末提高0.5pct。三家运营商固定互联网宽带接入用户总数达6.75亿户，电信建设全 球遥遥领先。新旧动能转换赋能新质生产力，央企电信运营商"科技链主"持续引领，新兴业务赋能打造 AI+国产新生态。运营商作为国家队代表，有庞大的服务器集群和强大的算力基础，积极响应数字经济 智算中心布局，更快速推动国产人工智能发展。同时，运营商拥有我国最大的流量管道，具备数据优势 及接口优势，AI应用的普及将持续推进。从科技 ...

中国联通公告指出，公司坚持战略引领与价值导向，持续推动提升上市公司投资价值，着力增强市场信 心和价值认同。公司高度重视股东回报，过去几年，每股分红保持双位数增长。为进一步回报股东， 2025年3月，公司将此前回购的513,314,385股全部注销。未来，中国联通将持续增强核心功能、提高核 心竞争力，不断推动公司高质量发展迈出更大步伐，强化市值管理，为股东、客户及社会创造更大价 值。 （文章来源：新华社） 中国电信公告显示，公司坚定看好中国资本市场的发展前景，高度重视市值管理工作，制定市值管理办 法，提交董事会审议通过并实施，持续推进市场价值和企业内在价值增长，控股股东中国电信集团有限 公司累计增持公司A股股份45.01亿元。公司将持续推动公司经营水平和发展质量提升，做好投资者关系 管理，增强信息披露质量和透明度，与广大投资者共享公司发展成果。 中国移动表示，公司始终锚定世界一流信息服务科技创新公司发展定位，不断强化创新力，持续提升企 业核心竞争力。回归A股上市以来，累计增持4,236.7万股A股股份，合计金额约30亿元；回购并注销香 港股份共1,852.9万股，合计金额约10.7亿港元。公司高度重视股东回报， ...

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 为维护新国脉数字文化股份有限公司（以下简称"公司"或"国脉文化"）全体股东利益，公司及公司控股 股东中国电信集团有限公司（以下简称"电信集团"）基于对公司未来发展前景的信心及价值的认可，采 取措施积极实施"提质增效重回报"行动。现将有关情况公告如下： 一、控股股东自愿承诺不减持公司股份 二、切实落实"提质增效重回报"行动方案 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步提高上市公司质量的意见》 要求，积极响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，公司制定 了"提质增效重回报"行动方案，并于2025年2月28日发布公告，具体内容详见《关于"提质增效重回 报"行动方案的公告》（公告编号：2025-001）。后续，公司将努力提升盈利能力，持续提高上市公司 质量，逐年提升现金分红比例，切实增强投资者回报。 三、其他说明 截至本公告披露日，电信集团直接持有公司股份407,061,147 ...

Group 1 - The core index, the China Securities Chuangxin Quality Growth Index, rose by 0.92% to 6368.71 points, with a trading volume of 370.183 billion yuan [1] - Over the past month, the index has decreased by 8.87%, by 3.80% over the last three months, and by 7.25% year-to-date [1] - The index selects listed companies with high return on equity across various industries, providing diverse investment options for investors [1] Group 2 - The top ten weighted stocks in the index include Kweichow Moutai (9.8%), BYD (2.99%), Wuliangye (2.56%), Dongfang Fortune (2.51%), and others [1] - The index's holdings are primarily from the Shanghai Stock Exchange (53.96%) and Shenzhen Stock Exchange (46.04%) [1] - The industry composition of the index shows that consumer staples account for 20.20%, industrials for 17.60%, and financials for 10.81%, among others [2] Group 3 - The index samples are adjusted four times a year, specifically in March, May, September, and November on the next trading day after the second Friday [2] - Weight factors are adjusted in accordance with the sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Special circumstances may lead to temporary adjustments of the index, including the removal of samples that are delisted or undergo mergers and acquisitions [2]

Core Viewpoint - The China Securities TMT Index has shown a significant decline of 24.59% over the past month, while it has increased by 4.11% over the last three months and 0.59% year-to-date [1]. Group 1: Index Performance - The China Securities TMT Index reported a value of 3426.54 points, reflecting its performance in the TMT sector [1]. - The index is based on 50 listed companies in the TMT sector selected from the Hong Kong Stock Connect, with a base date of November 14, 2014, and a base point of 3000.0 [1]. Group 2: Index Holdings - The top ten holdings of the China Securities TMT Index are as follows: Xiaomi Group-W (18.01%), China Mobile (15.22%), Tencent Holdings (15.06%), SMIC (7.89%), Kuaishou-W (5.84%), CK Hutchison (4.42%), China Telecom (3.31%), Lenovo Group (2.68%), China Unicom (2.13%), and China Tower (2.02%) [1]. Group 3: Market and Sector Breakdown - The index is exclusively composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation to this market [2]. - In terms of industry composition, the index consists of 55.24% in communication services and 44.76% in information technology [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or when new TMT companies meet specific criteria for inclusion [3].

证券代码：601728 证券简称：中国电信 公告编号：2025-013 一、持续深入实施云改数转战略 当前，新一轮科技革命和产业变革深入发展，以人工智能为代表 的新技术推动产业重塑和结构调整，数字化、网络化、智能化、绿色 化浪潮迎面而来，数字服务的新场景、新需求不断衍生，呈现出多元 化、场景化的新特征，国家更大力度支持"两重"项目、加力扩围实 施"两新"政策，行业和公司迎来加快推进高质量发展的宝贵机遇。 面向未来，公司坚定看好通信行业高质量发展趋势，积极把握行业和 人工智能发展方向，持续深入实施云改数转战略，全力打造"三型" 企业，更加突出高质量发展主题，以改革开放为动力，以人才强企为 关键，持续推动科技创新和产业创新深度融合，助力新旧发展动能平 稳接续转换，进一步强化优质高效的数字化、智能化产品和服务供给， 积极助力提振消费，更好满足千行百业、千家万户对美好数字生活的 新需求，推动人工智能应用赋能经济社会发展，不断增强核心功能、 提升核心竞争力，加快建设世界一流企业，积极回馈广大股东，奋力 谱写中国式现代化电信新篇章。 1 二、 高度重视股东回报 公司始终高度关注股东回报，努力增强盈利和现金流创造能力， 董 ...

Group 1 - The core point of the news is that China Telecom has applied for a patent related to a user permission management method and device, aimed at enhancing data security by providing targeted management of user permissions [1][3] Group 2 - China Telecom was established in 2002 and is based in Beijing, primarily engaged in telecommunications, broadcasting, television, and satellite transmission services [2] - The registered capital of China Telecom is approximately 91.5 billion RMB, with a paid-in capital of about 57.4 billion RMB [2] - The company has invested in 87 enterprises and participated in 5,000 bidding projects, holding 54 trademark records and 5,000 patent records, along with 71 administrative licenses [2]

Group 1 - The core viewpoint of the news is the importance of data resource development and utilization in enhancing enterprise competitiveness and driving the digital economy in China [1] - China Telecom is leveraging its vast multi-source data advantages to innovate in data elementization and value realization, contributing to green low-carbon applications and achieving significant cost savings and carbon reduction [2][4] - The company has established a "Star Sea Big Data" service system to release telecom data value across various industries, including finance, culture, and government [4][9] Group 2 - China Telecom has provided big data SMS reminder services to over 300 government and enterprise users, enhancing public service efficiency [6] - The company has developed a comprehensive data element service capability system, achieving significant improvements in data processing efficiency and AI-assisted labeling [7] - In the area of data circulation, China Telecom has introduced technologies such as trusted computing and blockchain, which have been recognized with awards for their advancements [8] Group 3 - China Telecom has supported over 150 government and enterprise users with its self-developed data resource development and utilization platform, improving data processing efficiency by 30% for clients like China Aneng Group [9] - The company has integrated various data types to build big data platforms for multiple sectors, enhancing public service effectiveness and emergency response capabilities [9] - Future plans include further promoting efficient data circulation and value release to foster the integration of the digital economy and the real economy [9] Group 4 - China Electronics Technology Group (CETC) emphasizes the role of data as a new production factor, driving technological innovation and enhancing productivity [10] - CETC has developed a trusted data space product to facilitate data sharing and utilization, addressing common issues in data circulation [11] - The company is advancing core technology innovations in the data field, integrating AI with high-quality data resources to create a "data flywheel" effect [12] Group 5 - CETC has created over 500 task models across various industries, demonstrating the multiplier effect of data elements in driving industry transformation and innovation [12] - In the energy sector, CETC has developed rapid coal quality detection technology, significantly improving detection efficiency and accuracy [13]

Group 1 - Tencent has invested €11.6 billion (approximately 90 billion RMB) in a new subsidiary focused on major game IPs including Assassin's Creed, Rainbow Six, and Far Cry, acquiring a 25% stake [1] - The pre-transaction valuation of the new subsidiary is €4 billion, indicating a valuation multiple of approximately 4 times the expected average sales from FY2023 to FY2025, reflecting market confidence in top-tier game IPs [1] - The new subsidiary will operate independently with its own management team, allowing Ubisoft to maintain significant autonomy [1] Group 2 - The Yulin Coal Conversion Fund has expanded its investment strategy over seven years, initially focusing on fine chemicals and later extending to advanced manufacturing and rural revitalization [2] - The fund has invested in over 30 companies, including 6 listed firms, achieving a project landing rate of over 75% and a return multiple exceeding 8 times [2] - The fund's success validates its "resource endowment + capital synergy" model and has led to its role as the fund manager for the Ordos Chemical New Materials mother fund [2] Group 3 - The president of Leda Auto, Ai Tiecheng, announced his resignation after failing to meet sales targets, with the new president being Shen Fei, previously in charge of energy business [3] - Honghu Fund has become one of the top ten shareholders of China Telecom with a new holding of 7.62 billion shares, valued at nearly 5.5 billion RMB [3] - Starry Sky Technology has acquired a controlling stake in Zhongqi New Materials for 803 million RMB, changing the actual controller to a notable figure in the semiconductor field [3] Group 4 - Qualcomm is considering acquiring the UK chip design company Alphawave, known for its "SerDes" technology, which is crucial for fast data transmission in AI applications [4] - Jiangsu state-owned assets have acquired a 24.5% stake in General Shares for 2.118 billion RMB, making it the controlling shareholder [5] - Shenzhen's Longgang District has established a 2 billion RMB district-level merger fund to accelerate corporate mergers and upgrades in traditional industries [5]