Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China has issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming for significant advancements by 2030, including the integration of satellite communication into the new development pattern and the growth of satellite communication users to over 10 million [1] Group 1: Industry Development - By 2030, the satellite communication management system and policies will be further improved, with a continuous optimization of the industry development environment [1] - The guidelines encourage telecom operators to explore the potential of high-orbit satellite applications and promote the direct connection of mobile devices to satellites [1] - The integration of satellite communication with terrestrial mobile communication is emphasized to enhance service quality and user experience [1] Group 2: Major Telecom Operators - Major telecom operators, including China Mobile, China Telecom, and China Unicom, have all deployed satellite internet services [2] - China Mobile plans to open its mobile direct satellite connection service to the public once it obtains the necessary operational qualifications [2] - China Telecom has launched mobile direct satellite services and plans to introduce "automobile direct satellite" services in 2024 [2][3] - China Unicom has successfully launched four low-orbit satellites and is working on integrating satellite communication with vehicle networking [3] Group 3: Challenges and Solutions - The development of mobile direct satellite broadband services faces three main challenges: coordination difficulties between satellite and terrestrial network architectures, high network construction costs, and performance gaps between satellite and terrestrial networks [4] - To address these challenges, China Mobile is developing a flexible and efficient satellite-terrestrial collaborative network and has proposed an innovative technology system to reduce the number of satellites needed for network construction [5] - A digital twin system is being created to simulate satellite operations, aiming to significantly improve system performance during various stages of satellite networking [5] Group 4: Strategic Importance - The shift towards satellite internet is seen as a strategic necessity for telecom operators as they transition from focusing solely on terrestrial mobile communication to integrating satellite services [6] - The collaboration between telecom operators and satellite companies is expected to accelerate the commercialization of low-orbit satellite constellations, leveraging the operators' extensive user base and established sales channels [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中国电信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 海外監管公告 中國電信股份有限公司 2025 年半年度 A 股利潤分配實施公告 证券代码：601728 证券简称：中国电信 公告编号：2025-029 中国电信股份有限公司 2025年半年度A 股利润分配实施公告 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、准确性和完整性承担法律责任。 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 兹載列中國電信股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國電信股份有 限公司 2025 年半年度 A 股利潤分配實施公告》，僅供參考。 承董事會命 中國電信股份有限公司 董事長兼首席執行官 柯瑞文 中國北京，2025 年 8 ...

Core Points - China Telecom announced a cash dividend of 0.1812 RMB per share (including tax) for its shareholders [1][2] - The total number of shares for the dividend distribution is based on the company's total share capital of 91,507,138,699 shares [2] - The record date for shareholders is September 3, 2025, with the last trading day on September 4, 2025, and the dividend payment date also on September 4, 2025 [2][4] Dividend Distribution Plan - The cash dividend will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the record date [2] - Shareholders who have completed designated transactions can receive their cash dividends at their designated securities business department on the payment date [2] - For shareholders who have not completed designated transactions, the dividends will be held by China Securities Depository and Clearing Corporation Limited until the designated transaction is completed [2] Taxation Policies - For individual shareholders holding unrestricted circulating shares for more than one year, the dividend income is temporarily exempt from personal income tax [3] - For shares held for one year or less, the company will not withhold personal income tax, resulting in an actual cash dividend of 0.1812 RMB per share [3] - For shareholders holding shares for one month or less, the actual tax burden is 20%, while for those holding between one month and one year, the tax burden is reduced to 10% [5][6] H Share Dividend Arrangement - The cash dividend distribution arrangement for H share shareholders will be disclosed in the company's mid-term performance announcement on August 14, 2025 [7]

证券代码：601728 证券简称：中国电信 公告编号：2025-029 中国电信股份有限公司 2025年半年度A 股利润分配实施公告 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、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.1812元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息） | 现金红利发 | | --- | --- | --- | --- | --- | | | | | 日 | 放日 | | Ａ股 | 2025/9/3 | － | 2025/9/4 | 2025/9/4 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 中国电信股份有限公司（以下简称"公司"）于 2025 年 5 月 21 日 召开 2024 年年度股东大会，审议通过了《关于授权董事会决定公司 2025 年中期利润分配方案的议案》；公司于 2025 年 8 月 14 日召开第八 四、 分配实施办法 1. 实施办法 届董事会第二十一次会议，审议通过了《关于公司 2025 年中期利润分 配和股息宣 ...

Group 1 - The former Party Secretary and General Manager of China Telecom Yunnan Branch, Miao Fengyuan, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission, along with the Jiangxi Provincial Commission for Discipline Inspection [1]

Group 1 - The former Party Secretary and General Manager of China Telecom Yunnan Branch, Miao Fengyuan, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at China Telecom, as well as the Jingdezhen Municipal Supervisory Committee of Jiangxi Province [1]

Group 1 - The central focus of the article is the investigation of Miao Fengyuan, the former Party Secretary and General Manager of China Telecom's Yunnan branch, for serious violations of discipline and law [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission, along with the Jiangxi Provincial Commission for Discipline Inspection [1] - The disciplinary review and investigation are part of broader efforts to enforce accountability within state-owned enterprises in China [1]

Group 1 - The former Party Secretary and General Manager of China Telecom Yunnan Branch, Miao Fengyuan, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at China Telecom, as well as the Supervisory Committee of Jingdezhen City, Jiangxi Province [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 74.62%, Green Power Environmental (01330) at 70.04%, and Kaisa New Energy (01108) at 68.12% [1] - Tencent Holdings (00700), Meituan-W (03690), and ZTE Corporation (00763) saw the largest increases in holding amounts over the last five trading days, with increases of +3.382 billion, +2.818 billion, and +1.546 billion respectively [1] - The largest decreases in holding amounts were observed in the Yingfu Fund (02800) at -11.264 billion, Hang Seng China Enterprises (02828) at -6.714 billion, and Southern Hang Seng Technology (03033) at -2.995 billion [1] Hong Kong Stock Connect Latest Holding Ratios - China Telecom (00728): 10.356 billion shares, 74.62% holding ratio [1] - Green Power Environmental (01330): 0.283 billion shares, 70.04% holding ratio [1] - Kaisa New Energy (01108): 0.170 billion shares, 68.12% holding ratio [1] - China Shenhua (01088): 2.300 billion shares, 68.08% holding ratio [1] - Tianjin Chuangye Environmental Protection (01065): 0.219 billion shares, 64.42% holding ratio [1] Recent Increases in Holdings (Last 5 Trading Days) - Tencent Holdings (00700): +3.382 billion, +5.5489 million shares [1] - Meituan-W (03690): +2.818 billion, +23.4807 million shares [1] - ZTE Corporation (00763): +1.546 billion, +44.259 million shares [1] - AIA Group (01299): +0.947 billion, +12.8988 million shares [1] - SMIC (00981): +0.778 billion, +13.835 million shares [1] Recent Decreases in Holdings (Last 5 Trading Days) - Yingfu Fund (02800): -11.264 billion, -43.28915 million shares [3] - Hang Seng China Enterprises (02828): -6.714 billion, -71.8073 million shares [3] - Southern Hang Seng Technology (03033): -2.995 billion, -52.7726 million shares [3] - XPeng Inc. (09868): -2.051 billion, -21.78 million shares [3] - Hua Hong Semiconductor (01347): -0.834 billion, -15.681 million shares [3]

Core Viewpoint - The trend of mid-term dividends among listed companies is increasing, indicating a shift from sporadic occurrences to a regular practice in the market, with multiple dividends becoming the new norm [1][3]. Group 1: Increase in Mid-term Dividends - Over 20 listed companies have recently announced their first mid-term dividend plans, including Taihe Co., China Steel Tianyuan, and Yuchip Technology, with cash dividends per 10 shares of 2 yuan, 0.6 yuan, and 1 yuan respectively [3]. - Major companies like CRRC, Hengli Petrochemical, and Changan Automobile have also announced their first mid-term dividend plans, with CRRC planning to distribute 1.1 yuan per 10 shares, totaling 3.157 billion yuan [3][4]. - The cash dividend ratios for Taihe Co., China Steel Tianyuan, and Yuchip Technology are approximately 49%, 31%, and 19% respectively, reflecting a growing emphasis on shareholder returns [3]. Group 2: Record High Dividend Scale - Approximately 400 companies have disclosed mid-term dividend plans, with a total planned dividend amount of around 180 billion yuan, marking a historical high [4]. - Major companies such as China Mobile, China Telecom, and Sinopec have mid-term dividends exceeding 10 billion yuan, with amounts of 54 billion yuan, 16.581 billion yuan, and 10.67 billion yuan respectively [4]. - More than 60% of listed companies have mid-term dividends in the million yuan range, with banks showing a higher dividend ratio, as evidenced by Changshu Bank and Ping An Bank's announced dividend plans [4]. Group 3: Characteristics of Current Dividends - The current dividend landscape is characterized by high amounts, high ratios, and high frequencies, with 3,720 companies planning cash dividends totaling approximately 2.4 trillion yuan in 2024 [5]. - This figure not only sets a new historical record but also marks the third consecutive year exceeding 2 trillion yuan in total dividends [5]. - Many companies have indicated plans for stable and regular returns to investors, committing to annual profit distributions when conditions allow, including a certain proportion of cash dividends [5].