证券代码：601728 证券简称：中国电信 公告编号：2025-006 中国电信股份有限公司 第八届董事会第十八次会议决议公告 一、董事会召开情况 中国电信股份有限公司（以下称"公司"）于 2025 年 3 月 25 日 在香港湾仔告士打道 108 号光大中心 28 楼以现场方式召开了第八届 董事会第十八次会议。本次董事会的会议通知及资料已于会前发送给 公司全体董事。本次会议应到董事 9 人，实到董事 8 人，公司董事刘 桂清先生因工作原因无法出席本次现场会议，委托公司董事李英辉先 生在本次董事会上对会议议案行使表决权。会议由董事长柯瑞文先生 主持，会议的召开及其程序符合有关法律、法规和公司章程的规定。 二、 董事会审议情况 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。 （一）批准《关于公司 2024 年度财务决算报告（国际/国内口径） 的议案》 2025 年 3 月 24 日，公司召开第八届董事会审核委员会第十五次 会议，公司董事会审核委员会同意该议案，并同意将该议案提交公司董 事会审议。 该议案尚需提交股东大会审议。 赞 ...

Financial Performance - In 2024, China Telecom reported a revenue of approximately CNY 523.57 billion, representing a 3.1% increase from CNY 507.84 billion in 2023[26]. - The net profit attributable to shareholders reached CNY 33.01 billion, an increase of 8.4% compared to CNY 30.45 billion in 2023[26]. - The basic earnings per share for 2024 was CNY 0.36, up 8.4% from CNY 0.33 in 2023[27]. - The total assets of China Telecom at the end of 2024 were CNY 866.63 billion, reflecting a 3.7% increase from CNY 835.81 billion in 2023[26]. - The cash flow from operating activities for 2024 was CNY 145.27 billion, a 4.8% increase from CNY 138.62 billion in 2023[26]. - The company's total revenue for 2024 reached RMB 523.6 billion, representing a year-on-year growth of 3.1%, with service revenue at RMB 482 billion, up 3.7%[36]. - The company reported a net profit of CNY 8.60 billion in Q1 2024, with a total revenue of CNY 134.49 billion for the same period[29]. - In Q2 2024, the net profit attributable to shareholders was CNY 13.21 billion, with revenue of CNY 131.48 billion[29]. - The net profit for Q3 2024 was CNY 7.49 billion, with revenue of CNY 125.99 billion[29]. - The company recorded a net profit of CNY 3.71 billion in Q4 2024, with revenue of CNY 131.60 billion[29]. Dividend Policy - The proposed cash dividend for 2024 is RMB 0.0927 per share, totaling approximately RMB 8.483 billion, which represents 72% of the net profit attributable to shareholders for the year[6]. - The total cash dividends for 2024, including the interim dividend of RMB 0.1671 per share, will amount to RMB 23.774 billion[6]. - The profit distribution plan is subject to approval at the 2024 annual general meeting of shareholders[7]. - The company aims to increase cash distributions to shareholders to over 75% of the annual net profit within three years starting from 2024[6]. - The company plans to distribute 72% of its net profit as cash dividends, with a total dividend per share of RMB 0.2598, marking an 11.4% increase year-on-year[38]. Audit and Compliance - The company has received a standard unqualified audit opinion from KPMG Huazhen[5]. - The company has committed to ensuring the authenticity, accuracy, and completeness of the annual report[5]. - There are no non-operating fund occupations by controlling shareholders or related parties[9]. - The company will not update forward-looking statements regarding its future performance and financial condition[8]. - The company has not reported any changes in shareholding for its executives during the reporting period[140]. - The company has not faced any penalties from securities regulatory authorities in the past three years[156]. Research and Development - R&D expenses increased by 11.3%, supporting advancements in core technologies such as cloud computing and quantum communication[41]. - The company invested RMB 17.792 billion in R&D, with an intensity of 3.4%, an increase of 0.2 percentage points from last year[99]. - The number of R&D personnel reached 43,255, making up 15.58% of the total workforce[98]. - The company has set up specialized research institutes in cloud computing, artificial intelligence, and quantum technology, and established its first overseas research institution in Singapore[77]. - The company aims to enhance its technological innovation capabilities and product R&D to keep pace with the rapid growth in AI and cloud services[126]. Market Expansion and Business Growth - The company achieved international business revenue of RMB 16.9 billion, representing a year-on-year growth of 15.4%[71]. - The company plans to expand its digital economy and government services, targeting rapid development in industrial digitalization[124]. - The company is exploring potential mergers and acquisitions to enhance its service offerings and customer base[144]. - The company is actively adapting to market trends and enhancing its technological innovation capabilities to maintain competitive advantages[125]. - The company aims to improve operational efficiency, targeting a 15% reduction in costs through digital transformation initiatives[144]. Governance and Management - The company has implemented a dual-layer governance structure, holding 2 shareholder meetings and 13 board meetings in 2024[134]. - The company has received multiple accolades for its governance, including recognition as one of the "Most Admired Companies in Asia" for 14 consecutive years[136]. - The company emphasizes the importance of risk management and internal control systems to ensure stable operations[133]. - The company has authorized the board to decide on the annual cap for continuing connected transactions for 2025-2027[138]. - The company has established a remuneration committee to propose salary policies for directors and senior management[151]. Environmental and Social Responsibility - The company invested 215.315 million yuan in environmental protection during the reporting period[185]. - The company reduced carbon emissions by 15.3 million tons through various green initiatives, including the upgrade of communication infrastructure and collaboration with renewable energy enterprises[188]. - The company made a total contribution of 259.5463 million yuan to public welfare projects during the reporting period[191]. - The company is actively promoting green solutions and services, including carbon accounts and carbon footprint products, to support high-energy-consuming industries in their green transformation[189]. - The company has committed to long-term support for specific counties, achieving record high performance in key indicators[194].

证券代码：601728 证券简称：中国电信 公告编号：2025-008 中国电信股份有限公司 2024 年年度利润分配方案公告 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： 一、利润分配方案内容 1 每股分配比例：2024 年度派发末期股息每股人民币 0.0927 元（含 税），加上 2024 年中期已派发股息每股人民币 0.1671 元（含税）， 2024 年全年股息为每股人民币 0.2598 元（含税），合计人民币约 237.74 亿元，占 2024 年度公司股东应占利润的 72%。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具 体日期将在权益分派实施公告中明确。在实施权益分派的股权登记 日前公司总股本发生变动的，拟维持分配总额不变，相应调整每股 分配现金红利金额，并将在相关公告中披露。 公司未触及《上海证券交易所股票上市规则（2024 年 4 月修订）》 第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情 形。 本次利润分配方案尚待公司 2024 年年度股东大会审议通过后方 ...

Financial Performance - The company's operating revenue for 2024 reached RMB 529.4 billion, a year-on-year increase of 3.1%, with service revenue at RMB 482 billion, up 3.7%[6] - EBITDA for the year was RMB 140.8 billion, reflecting a growth of 2.9%, while net profit increased by 8.4% to RMB 33 billion, resulting in a basic earnings per share of RMB 0.36[3] - The net profit attributable to shareholders was RMB 33.012 billion, reflecting an 8.4% increase from 2023[47] - Operating revenue for the year ended December 31, 2024, was RMB 529,417 million, an increase of 3.4% from RMB 513,551 million in 2023[89] - Operating profit rose to RMB 39,803 million, up 7.2% from RMB 37,128 million in the previous year[89] - Net profit for the year was RMB 32,975 million, representing a 8.5% increase compared to RMB 30,428 million in 2023[89] - The proposed final dividend for the year ended December 31, 2024, is RMB 0.0927 per share, totaling approximately RMB 84.83 billion[113] Revenue Breakdown - Mobile communication service revenue amounted to RMB 202.5 billion, a 3.5% increase year-on-year, with mobile value-added and application revenue growing by 16.1%[8] - The company reported a significant increase in smart home business revenue, which rose by 16.8% to RMB 125.7 billion, contributing to a total fixed-line and smart home service revenue of RMB 125.7 billion, up 2.1%[8] - The digital industry revenue reached RMB 146.6 billion, a 5.5% increase, with Tianyi Cloud revenue growing by 17.1% to RMB 113.9 billion[8] - Industrial digital service revenue was RMB 146.588 billion, marking a 5.5% increase and comprising 27.7% of total revenue[56] Expenses and Costs - Operating expenses totaled RMB 489.614 billion, an increase of 2.8%, with expenses accounting for 92.5% of operating revenue[59] - The company's labor costs reached RMB 98.279 billion in 2024, up 5.9% year-on-year, constituting 18.6% of operating revenue[68] - Sales, general, and administrative expenses were RMB 66.663 billion in 2024, a decrease of 0.2% from 2023, accounting for 12.6% of operating revenue[65] - Depreciation and amortization expenses were RMB 101.044 billion, up 1.3%, representing 19.1% of operating revenue[63] Investments and R&D - R&D expenses grew by 11.3% year-on-year, with a talent pool consisting of 5 leading figures, 1,000 chief/senior experts, and 10,000 technical experts[17] - The company has launched over 50 industry-specific large models, serving more than 10,000 industry clients in various sectors[24] - The company plans to complete the acquisition of shares in GuoDun Quantum Technology Co., Ltd. with an investment of RMB 1.775 billion, which has been approved by relevant authorities[124] Market Expansion and Strategy - The company is actively expanding into overseas markets, with Southeast Asia and the Middle East becoming important growth areas[14] - The company aims to gradually increase the cash profit distribution to over 75% of the profit attributable to shareholders within three years starting from 2024[9] - The company is focusing on building a differentiated competitive advantage through its "AI+" ecosystem alliance, promoting rapid development of strategic emerging businesses[32] Technology and Innovation - The company is focusing on AI-driven product and service innovations, including the launch of AI-enabled smartphones and smart home devices, to enhance customer experience and meet new digital consumption demands[12] - The company achieved significant breakthroughs in cloud computing software, including operating systems and databases[16] - The company has created the world's first distributed quantum key distribution system, enhancing security capabilities[17] Corporate Governance and Compliance - The company has maintained compliance with corporate governance codes and standards throughout 2024, ensuring effective internal controls and risk management[128] - The board of directors includes key executives such as the Chairman and CEO, as well as several executive vice presidents and independent non-executive directors, indicating a strong leadership structure[136] Environmental Commitment - The carbon emissions per unit of telecom business volume have decreased by 19.2% year-on-year, demonstrating commitment to green development[37]

证券代码：601728 证券简称：中国电信 公告编号：2025-005 中国电信股份有限公司 关于召开 2024 年度业绩说明会的公告 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。 本次业绩说明会以现场交流、网络直播结合文字互动的形式召开。 公司管理层将针对 2024 年度业绩与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。 重要内容提示： 会议召开时间：2025 年 3 月 25 日(星期二) 下午 17:00-18:00 网络 直播地址： 上海证券 交易所 上证路演 中心（ 网址 ： http://roadshow.sseinfo.com ） 、 路 演 中 平 台 （ 网 址 ： https://www.roadshowchina.cn/Meet/detail.html?mid=24602）同 步直播 会议召开方式：现场交流、网络直播和文字互动 投资者可于 2025 年 3 月 18 日(星期二)至 2025 年 3 月 24 日(星 期一)16:00 前登录上证路演中心网站首页点击 ...

Core Viewpoint - The three major telecom operators in China are actively investing in artificial intelligence (AI) to enhance their service capabilities and drive new business opportunities [1] Group 1: Company Initiatives - China Mobile is accelerating breakthroughs in AI innovation [1] - China Telecom is deeply engaging in "AI+" initiatives to create a new engine for productivity [1] - China Unicom is implementing the "Artificial Intelligence+" action to enhance its technological capabilities and promote AI integration across various industries [1] Group 2: Benefits of DeepSeek Integration - All three telecom operators are integrating DeepSeek, a high-performance AI model, which is expected to improve customer service systems, intelligent recommendations, and fault diagnosis [1] - The integration of DeepSeek will assist operators in developing new AI-driven businesses as traditional business growth approaches saturation [1] - DeepSeek's integration will facilitate the transformation of operators from traditional communication service providers to digital service providers, while also optimizing the utilization of idle cloud computing resources [1] Group 3: Market Opportunities - The utilization rates of cloud, IDC, and computing resources are expected to significantly increase in the AI era, leading to revaluation opportunities for the telecom operators [1] - Key investment targets recommended include China Mobile, China Telecom, and China Unicom [1]

Core Viewpoint - The three major telecom operators in China have collectively responded to media reports regarding issues in telephone marketing practices, emphasizing their commitment to self-examination and improvement in service quality [1][2][3]. Group 1: Company Responses - China Mobile has initiated a targeted self-examination in response to the reports, pledging to uphold customer interests and improve service quality by addressing any identified issues [2]. - China Unicom has also expressed its commitment to a thorough self-check, promising to rectify any problems found and to standardize telephone marketing practices to ensure transparency for consumers [3]. - China Telecom has stated its intention to conduct a comprehensive self-assessment and to strengthen marketing service standards, ensuring that user rights are protected [3]. Group 2: Industry Context - The telecom industry is currently undergoing significant reforms and modernization efforts, with a focus on addressing consumer complaints related to misleading marketing practices and ensuring compliance with regulations [4][5]. - A recent investigation by Xinhua News Agency highlighted various deceptive marketing tactics used by telecom operators, including misleading offers and hidden fees, which have led to numerous consumer complaints [6][7]. - Experts have called for improved legal regulations and better management practices within telecom companies to address the persistent issues in marketing and enhance service quality [7].

Investment Rating - Maintain "Buy" rating for the industry [4] Core Viewpoints - The market has underestimated the explosive potential of innovative connection solutions in optical communication, particularly with the increasing demand for MPO and shuffle box in complex interconnections [1][21] - The transition from 400G to higher speeds like 800G and 1.6T in optical modules is becoming a consensus, creating new opportunities for passive connection devices [3][24] - The report emphasizes the importance of high-density, high-speed, and low-power solutions in the context of growing computing clusters, which will drive innovation in passive products [24] Summary by Sections Investment Strategy - Focus on the undervalued high-speed optical interconnect sector, recommending "Two Big and Four Small" companies: Tianfu Communication, Sanhuan Group, and smaller firms like Taicheng Light, Shijia Photon, Bochuang Technology, and Zhishang Technology [7][13][24] Market Review - The communication sector has seen an increase, with the blockchain segment performing the best [18][19] - The report notes significant stock movements, with Guomai Technology leading the sector with a 46.586% increase [20] Weekly Topic - The upcoming GTC and OFC events are expected to highlight new technologies in optical communication, with a focus on the demand for more compact and efficient solutions [1][21] Key Recommendations - The report suggests monitoring developments in optical modules and passive connection devices, as these areas are poised for growth due to technological advancements and market demand [24][26]

通信 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 Manus 在 AI Agent 领域实现技术突破， AI 驱动智算中心升级 ——通信行业月报 证券研究报告-行业月报 强于大市(维持) 通信相对沪深 300 指数表现 相关报告 《通 信 行业 月 报： 三 大 运营 商 全面 接入 DeepSeek 开源大模型，数据要素产业化进程 加速》 2025-02-16 《通信行业月报：国家实施手机等数码产品购 新 补 贴 ， 智 能 手 机 市 场 平 稳 复 苏 》 2025-01-08 《通信行业月报：运营商大数据业务高速增 长，AI 手机渗透率逐步提升》 2024-12-11 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共28页 发布日期：2025 年 03 月 12 日 风险提示：国际贸易争端风险；供应链稳定性风险；云厂商或运营商资 本开支不及预期；数字中国建设不及预期；AI 发展不及预期；行业竞 争加剧。 本报告版权属于中原证券股份有限公司 www.ccn ...

Investment Rating - The report maintains a rating of "Outperform the Market" for the communication industry [6] Core Insights - The communication industry has shown strong performance, with the Shenyin Wanguo Communication Index rising by 2.8% over the past week, outperforming the broader market [2] - The report highlights the government's focus on 5G, AI, data and computing, and low-altitude economy as key development areas for 2025, suggesting a favorable environment for investment in these sectors [3][14] - The report emphasizes the acceleration of AI technology commercialization and recommends focusing on hardware opportunities in the application side, including AI chips, communication modules, robotics, and intelligent driving [3][38] Summary by Sections Market Review - The communication sector has outperformed the market, with a 2.8% increase in the Shenyin Wanguo Communication Index [2] - The overall valuation of the communication sector is at a historically high level, with a dynamic PE ratio of approximately 22, above the past two-year average of 19-20 [2][30] - Specific segments such as industrial internet, power communication, and 5G have seen significant weekly gains of 16.1%, 11.7%, and 8.0% respectively [2][34] - A total of 113 stocks in the sector rose, with notable performers including Yitong Technology and Lierda, which increased by 42.3% and 33.7% respectively [2][35] Configuration Suggestions - The report suggests focusing on hardware opportunities in the application side, particularly in AI chips (e.g., Rockchip, Espressif), communication modules (e.g., Quectel, Gree), robotics (e.g., Topband, Heertai), and intelligent driving (e.g., Zhucheng Technology) [3][38]