金融界4月2日消息，上证指数低开震荡，中证沪港深互联互通基建指数 (沪港深通基建，H30558)报 1477.90点。 从中证沪港深互联互通基建指数持仓的市场板块来看，上海证券交易所占比50.71%、香港证券交易所 占比37.59%、深圳证券交易所占比11.70%。 据了解，"中证沪港深主题指数系列基于中证沪港深互联互通综合指数样本和中证沪港深 500 指数样 本，同时结合中证行业分类的主题定义，选取相应主题指数样本，从多种主题投资的角度反映了在沪港 深三地上市的互联互通范围内证券的整体表现。"该指数以2004年12月31日为基日，以1000.0点为基 点。 从指数持仓来看，中证沪港深互联互通基建指数十大权重分别为：中国移动（11.52%）、长江电力 （8.2%）、中电控股（2.91%）、中国电信（2.91%）、长和（2.68%）、中国建筑（2.63%）、中国移 动（2.32%）、中国联通（2.12%）、中国核电（1.85%）、中国电信（1.84%）。 从中证沪港深互联互通基建指数持仓样本的行业来看，公用事业占比43.31%、工业占比26.77%、通信 服务占比26.59%、能源占比3.33%。 数据统计显示 ...

Group 1 - The core viewpoint of the news highlights the strategic investment of the Honghu Fund in China Telecom, marking a significant move by insurance capital into the telecommunications sector [1][2] - The Honghu Fund, established in March 2024 with a total scale of approximately 50 billion yuan, aims to address the structural contradiction of "long money short allocation" in insurance funds [1] - As of early March 2025, the fund has fully deployed its capital across key sectors including telecommunications, consumption, and energy [1] Group 2 - China Telecom's attractiveness is underscored by its stable performance and high dividend policy, reporting a revenue of 523.57 billion yuan in 2024, a year-on-year increase of 3.10%, and a net profit of 33.01 billion yuan, up 8.43% [2] - The planned cash dividend payout ratio for China Telecom from 2023 to 2025 is set to be no less than 75%, significantly higher than the industry average [2] - The recent investment in China Telecom by the Honghu Fund reflects a broader trend of accelerated entry of insurance capital into the market, with the second batch of "long-term insurance capital investment" pilot programs expanding to 162 billion yuan as of March [2]

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 | 2. 股份分類 | 普通股 | | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601728 | 說明 | | A股 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 77,629,728,699 | RMB | | 1 | RMB | | 77,629,728,699 | | 增加 / 減少 (-) | | | | | 0 | | | RMB | | 0 | | 本月底結存 | | | | 77,629,728,699 | RMB | | 1 | RMB | | 77,629,728,699 | 截至月份: 2025年3月31日 狀態: 新提交 本月底法定/註冊股本總額： RMB 91,507,138,699 FF301 致：香港 ...

Core Points - The A-share market indices closed mixed, with the China Securities Hong Kong-Shenzhen Connect Infrastructure Index at 1461.15 points [1] - The index has seen a 0.52% increase over the past month, a 2.31% decrease over the past three months, and a year-to-date decline of 2.31% [1] - The index is based on the comprehensive index samples of the Hong Kong-Shenzhen Connect and the China Securities 500 Index, reflecting the overall performance of securities listed in the three regions [1] Index Holdings - The top ten weighted stocks in the index include China Mobile (11.6%), China Yangtze Power (8.26%), China Telecom (2.96%), CLP Holdings (2.9%), China State Construction (2.66%), CK Hutchison Holdings (2.66%), China Mobile (2.35%), China Unicom (2.15%), China Nuclear Power (1.84%), and China Telecom (1.83%) [1] - The market share of the index holdings is distributed as follows: Shanghai Stock Exchange 50.81%, Hong Kong Stock Exchange 37.51%, and Shenzhen Stock Exchange 11.68% [1] Industry Composition - The industry composition of the index holdings shows that utilities account for 43.11%, industrials for 26.78%, communication services for 26.78%, and energy for 3.32% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Group 1 - China Telecom Corporation Limited has applied for a patent titled "An End-to-End Circuit Connection Method, Device, Electronic Equipment, and Storage Medium," with publication number CN 119697016 A, and the application date is December 2024 [1] - The patent application describes a method that includes obtaining full configuration information of devices corresponding to business networking, determining device information mapping relationships, and generating business networking links based on center point device configuration information [1] - This application aims to achieve configuration analysis for business networking and end-to-end circuit connection based on device configuration, which can be widely applied in the field of communication technology [1] Group 2 - China Telecom Corporation Limited was established in 2002 and is located in Beijing, primarily engaged in telecommunications, broadcasting, television, and satellite transmission services [2] - The company has a registered capital of 9,150,713.8699 thousand RMB and a paid-in capital of 5,737,705.3317 thousand RMB [2] - China Telecom has invested in 87 enterprises, participated in 5,000 bidding projects, and holds 54 trademark information and 5,000 patent information, along with 71 administrative licenses [2]

Investment Rating - The report highlights the investment value of the commercial satellite communication industry, particularly focusing on low Earth orbit (LEO) satellite constellations [3][9]. Core Insights - The satellite internet industry is expected to see significant growth, with the LEO satellite market projected to exceed 1 trillion yuan by 2030, driven by advancements in satellite manufacturing and ground equipment [8][54]. - The report emphasizes the importance of the satellite communication industry in achieving global connectivity and its military potential, which is expected to enhance industry prosperity [8][23]. Summary by Sections Satellite Internet: Application Growth - The satellite industry chain is divided into three segments: space segment (satellite manufacturing and rocket launch), ground segment (ground facilities), and user segment (user terminals and related services). Currently, the LEO satellite internet is in the space segment networking phase, while the high orbit satellite internet has entered the user segment growth phase [7][20]. - The user segment holds a higher value distribution compared to the space segment, indicating a greater potential for investment opportunities as LEO satellites continue to be deployed [20][29]. Market Potential and Growth - The LEO satellite market is estimated to reach approximately 400 billion USD in early 2023, accounting for 14% of the total satellite market. By 2030, the market size in China is expected to approach 1 trillion yuan [8][54]. - The report cites that the satellite manufacturing and ground equipment sectors are likely to experience the first wave of growth within the industry chain [8][54]. Investment Value of the National Commercial Satellite Communication Index - As of March 9, 2025, the satellite communication index shows that the communication industry accounts for 50.14%, followed by national defense and military at 28.67%, and electronics at 16.43% [9]. - The top ten constituent stocks of the index have a combined market capitalization of approximately 1,259.118 billion yuan, with a weighted average return on equity (ROE) of about 9.03% and a projected net profit growth rate of 42.34% over the next two years [9][10]. Policy Support and Industry Development - The report discusses the Chinese government's initiatives to promote the satellite internet industry, including the gradual implementation of business access systems and the encouragement of private sector participation [23][25]. - The "New Infrastructure Action Plan" emphasizes the construction of integrated satellite internet systems, which is expected to benefit related industries [25][29]. Military Applications and Strategic Importance - The military potential of LEO satellite constellations is highlighted, with the U.S. military actively exploring the use of Starlink for various applications, demonstrating the strategic importance of satellite communications in modern warfare [36][46]. - The report notes that the LEO satellite constellations can enhance navigation system accuracy and resilience against interference, making them valuable for military operations [36][42].

Group 1 - Central enterprises are actively embracing artificial intelligence (AI) through the "AI+" initiative, achieving positive results in key areas such as application, computing power, data, and models [1] - Over 500 scenarios in key industries like industrial manufacturing, energy, and intelligent connected vehicles have been established for AI applications by central enterprises [1] - China Unicom has developed the "Yuanjing" model family, which includes multimodal models for language, speech, vision, and multimodal processing, and has released the first "adaptive slow thinking" general thinking chain model to enhance model efficiency [1] Group 2 - The State Grid has launched the "Guangming" multimodal industry model, which provides specialized intelligent services across the entire power industry chain [2] - China National Petroleum Corporation has introduced the "Kunlun" model for energy and chemical applications, focusing on oil and gas exploration and equipment engineering design [2] - The State-owned Assets Supervision and Administration Commission (SASAC) plans to deepen the "AI+" initiative by emphasizing application leadership, data empowerment, and foundational intelligent computing, while encouraging central enterprises to increase investment in AI [2]

在电信行业全球性放缓背景下，中国运营商业绩稳健，同时也面临挑战。中国移动董事长杨杰在业绩说 明会上表示，外部环境更趋严峻复杂，宏观经济回升向好基础还不稳固，有效需求不足，消费不振；传 统通信需求日趋饱和，行业同质化竞争加剧，跨界跨域竞争形势更加复杂。同时，以AI为代表的科技 革命、产业变革给整个行业带来了巨大的信息服务增长空间。 （经济观察）中国运营商加码算力基础设施投资 中新社北京3月25日电 题：中国运营商加码算力基础设施投资 中新社记者 刘育英 至3月25日，中国三大电信运营商2024年业绩悉数公布。展望2025年，三大电信运营商均表示将加大算 力、人工智能等方面资本开支，加快布局人工智能基础设施。 业绩持续稳健增长 中国电信25日公布的2024年业绩显示，公司经营收入达5294亿元(人民币，下同)，同比增长3.1%，其中 服务收入4820亿元，同比增长3.7%。净利润330亿元，同比增长8.4%。 中国移动上周公布了2024年业绩。公司实现营业收入10408亿元，同比增长3.1%；归属于母公司股东的 净利润1384亿元，同比增长5.0%。主营业务收入8895亿元，同比增长3.0%；数字化转型收入278 ...

Group 1: China Telecom Performance - China Telecom reported a net profit of RMB 33.01 billion for 2024, representing a year-on-year growth of 8.4% [3] - The company's total revenue for 2024 was RMB 529.4 billion, an increase of 3.1% compared to the previous year [3] - Service revenue reached RMB 482 billion, up 3.7% year-on-year, while EBITDA was RMB 140.8 billion, growing by 2.9% [3] - The board proposed a cash dividend distribution of 72% of the net profit, with a final dividend of RMB 0.0927 per share [3] Group 2: Rongsheng Development Debt Restructuring - Rongsheng Development announced plans to restructure its debt to mitigate financial risks and promote healthy development [3] - The company aims to implement a debt-for-equity swap by leveraging its quality assets, including stakes in light-asset subsidiaries [3] - The restructuring will address both financial and operational debts, with a focus on enhancing light-asset operational capabilities [3] Group 3: Dual杰 Electric Major Contract - Dual杰 Electric signed two significant contracts with a total value of RMB 1.555 billion, accounting for approximately 44.35% of its audited revenue for 2023 [4] - The contracts involve the procurement of 35kV box substations and the EPC general contracting for a 3 million kW photovoltaic base project [4] - The execution of these contracts is expected to positively impact the company's future operating performance [4] Group 4: Heng Rui Pharmaceutical Licensing Agreement - Heng Rui Pharmaceutical entered into a licensing agreement with Merck for its Lp(a) oral small molecule project, including the lead compound HRS-5346 [4] - The agreement includes an upfront payment of USD 200 million and potential milestone payments up to USD 1.77 billion, along with sales royalties based on performance outside Greater China [4] - This deal is anticipated to expand the overseas market for HRS-5346 and enhance the company's innovative brand and international performance [4] Group 5: Hongbao Li Project Update - Hongbao Li's epoxy propylene comprehensive technology renovation project is expected to enter trial production by the end of 2025 [5] - The project has received necessary approvals and completed various design and construction phases, with equipment procurement underway [6] Group 6: Yongding Co. Clarification - Yongding Co. clarified that it does not directly manufacture controllable nuclear fusion devices but provides materials for the winding of magnetic coils [7] - The production of high-temperature superconducting tapes is limited, with expected revenue contribution of less than 1% to the overall income in 2024 [7]

Core Insights - China Telecom's revenue for 2024 reached 529.417 billion yuan, reflecting a year-on-year growth of 3.1% [1] - The net profit for the same period was 33.01 billion yuan, showing an increase of 8.4% year-on-year [1] - The company plans to increase its R&D expenditure by 11.3% year-on-year, emphasizing the importance of technological innovation as a core strategy for high-quality development [1] R&D and Technological Innovation - China Telecom is focusing on strengthening its core technology capabilities, with significant breakthroughs in cloud computing foundational software such as cloud server operating systems and databases [1] - The company has established a talent pool that includes five leading figures and around a thousand senior experts, forming a "wild goose formation" for technological talent [1] - China Telecom is involved in multiple national-level innovation platforms in fields like cloud computing, quantum technology, optical networks, and security, enhancing its technological influence [1] Intelligent Computing Services - The company is developing a comprehensive intelligent computing service system called "Xiangrang," which integrates computing power, platforms, data, models, and applications [2] - The scale of self-owned and accessed intelligent computing has reached 62 EFLOPS [2] - Tianyi Cloud, centered around "Xiangrang," achieved an annual revenue of 113.9 billion yuan, marking a year-on-year growth of 17.1% [2] - "Xiangrang" has made significant advancements in core technologies, including the development of the first fully domesticated training solution in the country, supporting high-quality models and datasets [2]