Industry Overview - In 2025, China's telecommunications business revenue reached 1.75 trillion yuan, a year-on-year increase of 0.7%. The total telecommunications business volume, calculated at last year's prices, grew by 9.1% year-on-year [4][5][7]. Fixed Internet Broadband Access - Fixed internet broadband access revenue in 2025 was 289.6 billion yuan, up 5.9% from the previous year, increasing its share of total telecommunications revenue from 15.9% to 16.5%, contributing 0.9 percentage points to overall revenue growth [5][6]. Mobile Data Traffic - Mobile data traffic revenue in 2025 was 609.7 billion yuan, a decline of 3.1% compared to the previous year, with its share of total telecommunications revenue decreasing from 36.2% to 34.8% [7]. Emerging Business Growth - Revenue from emerging businesses, including cloud computing, big data, mobile IoT, and data centers, reached 450.8 billion yuan in 2025, growing by 4.7% year-on-year. This segment's share of total telecommunications revenue increased from 25% to 25.7%, contributing 1.2 percentage points to overall revenue growth. Specific growth rates included cloud computing at 2.9%, big data at 7.8%, and mobile IoT at 4.9% [8][9]. Voice Business Revenue - Revenue from fixed and mobile voice services was 16.09 billion yuan and 109.2 billion yuan, respectively, with fixed voice revenue increasing by 2.3% and mobile voice revenue decreasing by 1.7%. Together, these services accounted for 7.2% of total telecommunications revenue, a decrease of 0.1 percentage points from the previous year [12]. User Development - By the end of 2025, the total number of telephone users in China reached 1.987 billion, with a net increase of 30.91 million users. Mobile phone users totaled 1.827 billion, with a net increase of 37.25 million users, achieving a penetration rate of 130 per 100 people, an increase of 2.9 per 100 people from the previous year. The number of 5G mobile phone users reached 1.204 billion, accounting for 65.9% of mobile phone users, an increase of 9.2 percentage points [13][18]. Fixed Broadband Access Users - By the end of 2025, the total number of fixed internet broadband access users reached 691 million, with a net increase of 20.99 million users. Users with access speeds of 100 Mbps and above totaled 659 million, with a net increase of 22.99 million users, representing 95.3% of total users [18][20]. Mobile IoT User Growth - By the end of 2025, the number of mobile IoT terminal users reached 2.888 billion, with a net increase of 232 million users, surpassing the number of mobile phone users [21]. Internet TV User Growth - By the end of 2025, the total number of internet TV (IPTV, OTT) users reached 408 million, with a net increase of 590,000 users [22]. Mobile Internet Traffic Growth - In 2025, mobile internet access traffic reached 3.958 trillion GB, a year-on-year increase of 17.3%. The average monthly data usage per mobile internet user was 20.74 GB, up 14.1% from the previous year [23][26]. Network Infrastructure Development - In 2025, the total length of optical cable lines reached 74.99 million kilometers, with 2.113 million kilometers of new lines built. The number of fixed internet broadband access ports reached 1.251 billion, with a net increase of 48.77 million ports [30][31]. 5G Network Expansion - By the end of 2025, the total number of mobile phone base stations reached 12.87 million, with 4.838 million being 5G base stations, accounting for 37.6% of all mobile phone base stations, an increase of 4 percentage points from the previous year [31]. Regional Development - In 2025, the telecommunications business revenue shares for the eastern, central, western, and northeastern regions were 50.9%, 19.7%, 24.3%, and 5.1%, respectively. The telecommunications revenue shares for the Beijing-Tianjin-Hebei and Yangtze River Delta regions were 9.1% and 23.2% [35].

工信部发布2025年通信业统计公报， 中国电信、 中国移动和 中国联通三家基础电信企业推动 算力布局 从"广覆盖"迈向"深融合"，截至2025年底，对外提供服务 数据中心机架数量93.8万个，较上年增加10.8 万个，发展重点转向深化算网融合，通过着力推进资源一体化协同与智能调度能力建设，企业正从提供 基础云资源转向供给智能、绿色、多元的算力服务。 ...

每经AI快讯，1月28日，港股三大运营商集体走高，中国电信涨超5%，中国联通涨近5%，中国移动涨 超3%。 ...

港股市场中资电信股集体走强，其中，中国电信涨超5%，中国联通涨超4%，中国移动涨3%。 本文源自：金融界AI电报 ...

电信股涨幅扩大，截至发稿，中国电信（601728）(00728)涨5.1%，报5.36港元；中国联通（600050） (00762)涨4.79%，报8.1港元；中国移动（600941）(00941)涨2.93%，报80.8港元。 消息面上，1月28日，国务院国资委改革局局长林庆苗在国新办新闻发布会上表示，将扎实做好新央企 组建和战略性重组。国务院国资委副主任庞骁刚则表示，国资央企将更大力度推进"AI+"专项行动，切 实当好我国智算基础设施的重要供给者、人工智能赋能千行百业的重要破题者、产业体系化布局的重要 组织者。 浙商证券（601878）本月初发布研报称，中央强调国企反内卷，利于运营商ARPU值企稳回暖。而险资 风险因子下调，有利于红利板块配置。该行认为，运营商板块当前位置股息投资价值凸显。在复杂宏观 环境背景下，运营商板块整体具备强盈利韧性+高股息属性，铸就安全边际。推荐中国移动、中国电 信、中国联通、中国铁塔、中国通信服务。 ...

电信股涨幅扩大，截至发稿，中国电信(00728)涨5.1%，报5.36港元；中国联通(00762)涨4.79%，报8.1港 元；中国移动(00941)涨2.93%，报80.8港元。 浙商证券本月初发布研报称，中央强调国企反内卷，利于运营商ARPU值企稳回暖。而险资风险因子下 调，有利于红利板块配置。该行认为，运营商板块当前位置股息投资价值凸显。在复杂宏观环境背景 下，运营商板块整体具备强盈利韧性+高股息属性，铸就安全边际。推荐中国移动、中国电信、中国联 通、中国铁塔、中国通信服务。 消息面上，1月28日，国务院国资委改革局局长林庆苗在国新办新闻发布会上表示，将扎实做好新央企 组建和战略性重组。国务院国资委副主任庞骁刚则表示，国资央企将更大力度推进"AI+"专项行动，切 实当好我国智算基础设施的重要供给者、人工智能赋能千行百业的重要破题者、产业体系化布局的重要 组织者。 ...

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the importance of artificial intelligence (AI) as a driving force for technological revolution and industrial transformation, launching the "AI+" initiative to enhance the capabilities of central enterprises [1][2] Group 1: High-Value Application Scenarios - Central enterprises are focusing on key industries such as energy, manufacturing, and telecommunications, creating over a thousand application scenarios, with notable implementations in smart management and fault prediction by State Grid and Southern Power Grid [1] - The initiative includes the use of intelligent robots in manufacturing and the development of advanced models for rail transit equipment by China CRRC Group, highlighting AI's role in upgrading traditional industries [1] Group 2: Quality Computing Power Supply - Central enterprises are actively participating in the national computing power layout, increasing investment in computing resources, with major telecom operators establishing four "ten-thousand card clusters" to support large model training [1] - Platforms like "Xirang" and "Computing Network Brain" are being developed to provide standardized computing power services, emphasizing low-cost and high-intelligence advantages while adapting to domestic chip technologies [1] Group 3: Accelerating Large Model Adaptation - Companies are enhancing their full-stack capabilities for large models, with China Mobile's "Jiutian" and China Telecom's "Xingchen" empowering over 200 external units in sectors like energy and manufacturing [2] Group 4: High-Level Open Cooperation - The "Renewal Community" initiative offers over 2,000 domestic intelligent computing chips for free to young entrepreneurs and tech enthusiasts, gathering over 4,000 models and 800 datasets to promote the widespread application of AI technology [2] Group 5: Future Directions of the "AI+" Initiative - The SASAC plans to strengthen investment in AI, focusing on the "14th Five-Year Plan" for AI development, enhancing infrastructure for information communication networks and computing power [2] - There will be an emphasis on cultivating application scenarios in key areas like embodied intelligence and energy, aiming to create an "AI+" industry community and increase the openness of scenarios [2] - The optimization of data supply will be prioritized, particularly in sectors like transportation, smart energy, and financial services, to support model optimization and large-scale application [2]

来源：上海证券报·中国证券网 本次增资引战过程中同步实施员工股权激励计划，公司管理层、核心骨干及研发团队与外部投资方同股 同价同权参与本轮融资。实施员工股权激励旨在构建核心人才与企业风险共担、利益共享、价值共创的 长效激励机制，充分激发核心人才的创新潜能，提升公司的凝聚力和综合竞争力。 未来，天翼视联将聚焦核心功能，持续深化改革，加快发展，强化科技创新和开放合作，实现资本运作 与产业合作的相互融通相互成就，提升核心竞争力，凸显天翼视联网的战略价值，彰显国家战略科技力 量担当。 作为中国电信旗下专注于视联业务的载体型、数据型、创新型专业公司，天翼视联依托中国电信第五张 基础网—视联网的 "一张网、一朵云、一个平台"统一底座，打造"1+31+X+N"云边端协同架构，构建全 国统一的视频服务基础设施，持续发挥"云网数智安"一体化优势，推动视频技术在智慧家庭、社会治 理、数字政府等领域的深度应用，助力数字中国建设与社会经济高质量发展。 天翼视联将以此次增资引战为新的起点，基于"让每一个摄像头更AI更安全"的理念，加快核心技术攻 关，深耕国家级公共视频服务基础设施的建设，赋能国家治理，筑牢社会民生安全防线，为我国社会治 ...

根据2026年1月26日披露数据，中国电信（00728）、绿色动力环保（01330）、凯盛新能（01108）位居 港股通持股比例前3位，分别为70.93%、69.24%、67.38%。此外，盈富基金（02800）、阿里巴巴－W （09988）、恆生中国企业（02828）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 +39.90亿元、+25.75亿元、+17.81亿元;中国移动（00941）、江西铜业股份（00358）、信达生物 （01801）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-26.23亿元、-6.57亿元、-6.42亿 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 | | --- | --- | --- | | 中国移动(00941) | -26.23亿元 | -3328.74万股 | | 江西铜业股份(00358) | -6.57亿元 | -1400.63万股 | | 信达生物(01801) | -6.42亿元 | -786.74万股 | | 中国宏桥(01378) | -6.41 ...

Core Viewpoint - The State Grid Zhongwei Power Supply Company has successfully completed the temporary power supply for the data center construction project of China Telecom Zhongwei Branch, demonstrating efficient project management and tailored power solutions [1] Group 1: Project Execution - The project involved a comprehensive understanding of the power demand at the initial stage, leading to a customized power supply plan [1] - The company expedited various processes including site surveys, completion inspections, and meter installations, significantly reducing the time required for power connection [1] - During the power delivery process, staff efficiently completed equipment acceptance, debugging, and power delivery operations to ensure smooth construction and subsequent equipment installation [1] Group 2: Future Commitment - The company will continue to monitor the project's progress and provide high-quality, efficient power services to ensure reliable electricity supply for the data center [1]