Core Viewpoint - The article discusses the complexities and considerations surrounding the "29 yuan unlimited data plan" offered by China Telecom, emphasizing that the value of such a plan is subjective and depends on individual usage patterns and needs [1][12]. Group 1: Understanding the Offer - The "29 yuan unlimited data plan" is designed as a standardized product strategy to attract specific user groups, utilizing predefined resource allocation and speed management rules [4]. - The concept of "unlimited" in this context does not equate to "always at full speed," but rather indicates that after a certain high-speed data limit is reached, users will experience reduced speeds [8]. - The attractive price of "29 yuan" is often tied to a promotional period, with the likelihood of increased costs after the initial term [11]. Group 2: Personal Data Consumption Audit - Users are encouraged to conduct a personal data consumption audit to understand their actual data needs, which is crucial for evaluating the plan's value [5]. - The audit should include assessing monthly data usage, identifying primary applications consuming data, and understanding the user's network access patterns [7]. Group 3: Evaluating the Plan's Value - The plan may be deemed valuable if the user has moderate data needs that align with the plan's offerings and is comfortable with the transition to lower speeds after the high-speed data limit is reached [12]. - Conversely, the plan may be seen as a "tax on intelligence" for users who frequently exceed the high-speed data limit or have high data consumption needs that are not met by the plan [10][12]. - The ultimate value of the plan is determined by the user's compatibility with the product's operational rules and their specific usage model [12].

致：香港交易及結算所有限公司 公司名稱: 中國電信股份有限公司 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 截至月份: 2025年12月31日 狀態: 新提交 FF301 | 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 | 本月底法定/註冊股本總額： RMB 91,507,138,699 FF301 第 ...

Core Viewpoint - The appointment of Wang Wei as an advisor to the China Telecom Talent Development Center and the removal from his senior consultant position indicates his retirement due to reaching the age of 60 [1][3]. Group 1: Career Background - Wang Wei was born in October 1965 and has reached the retirement age of 60, leading to the recent position adjustment [3]. - He began his career in a southern province, holding various significant roles including Deputy Chief Engineer at the Shanghai Pudong Telecom Bureau and Deputy Director at the Shanghai Postal and Telecommunications Administration [3]. - After the separation of postal and telecommunications services, Wang Wei worked at Shanghai Telecom, eventually becoming the General Manager of Shanghai Telecom Company [3]. - He was promoted early in his career, becoming a second-level official around the age of 40 [3]. Group 2: Key Contributions - In 2007, at the age of 42, Wang Wei took on a crucial role as the General Manager of the newly established China Telecom's 100 Information Service Company, laying a solid foundation for its development [3]. - In 2018, he transitioned from frontline operations to management, serving as the Vice President of the China Telecom Party School and later as the Dean of the China Telecom Academy, which was renamed the China Telecom Talent Development Center [3]. - His career is noted for significant contributions to operational management, new business development, and talent cultivation within the company [3].

Group 1 - The core viewpoint of the article highlights that China's telecom quantum business has shown significant growth, achieving a three-digit increase in revenue over the first ten months of the year, indicating a rapid development trend [1][3] - As of the end of October, 24 provincial companies under China Telecom reported positive growth in quantum business revenue, while 7 provincial companies experienced negative growth, with Liaoning Telecom facing the largest decline, exceeding 50% year-on-year [3] - Despite being a smaller provincial company, Liaoning Telecom's performance in the quantum business was unexpectedly poor, leading to warnings from the group [3] Group 2 - Liu Qing, the director of the communication business department at the operator's finance network, stated that the quantum business of China Telecom is still in its early stages and experiencing rapid growth, suggesting that Liaoning Telecom missed the opportunity for development and may find it challenging to catch up in the future [3] - The current leadership of Liaoning Telecom's government and enterprise information service group is under Vice General Manager Sun Wei, indicating a need for increased effort in this "new battle business" [3]

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.90%), GCL-Poly Energy (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in stockholding over the last five trading days include SMIC (+1.092 billion), China Merchants Bank (+1.052 billion), and Hong Kong Exchanges and Clearing (+790 million) [1][2] - The companies with the largest decrease in stockholding over the last five trading days include China Mobile (-3.216 billion), Tencent Holdings (-1.107 billion), and the Tracker Fund of Hong Kong (-465 million) [1][2] Stockholding Ratios - China Telecom (00728) holds 99.79 million shares with a stockholding ratio of 71.90% [2] - GCL-Poly Energy (01330) holds 28.3 million shares with a stockholding ratio of 69.96% [2] - Da Zhong Public Utilities (01635) holds 36.7 million shares with a stockholding ratio of 68.75% [2] - Other notable companies in the top 20 include China Shenhua (66.39%) and China Merchants Energy (64.43%) [2] Recent Trading Activity - The top three companies with increased holdings in the last five trading days are: - SMIC (00981): +1.092 billion, +15.28 million shares [2][3] - China Merchants Bank (03968): +1.052 billion, +19.92 million shares [2][3] - Hong Kong Exchanges and Clearing (00388): +790 million, +1.93 million shares [2][3] - The top three companies with decreased holdings in the last five trading days are: - China Mobile (00941): -3.216 billion, -39.36 million shares [2][3] - Tencent Holdings (00700): -1.107 billion, -1.84 million shares [2][3] - Tracker Fund of Hong Kong (02800): -465 million, -18.01 million shares [2][3]

Core Viewpoint - The company, Sitergy (300608), is a key partner of China Telecom (601728) and is actively involved in the national "East Data West Computing" project, focusing on the development of computing network scheduling technologies and products [1] Group 1: Company Collaboration - Sitergy is recognized as a leading enterprise in computing network scheduling and is deeply engaged in the construction of the national "East Data West Computing" initiative [1] - The company plans to continue its close collaboration with China Telecom to advance related technological and product innovations [1] Group 2: Industry Development - The partnership aims to contribute to the high-quality development of the "East Data West Computing" project and the intelligent computing scheduling sector [1]

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.34%, with 249 stocks having a shareholding ratio exceeding 20% [1] - As of December 30, southbound funds held a total of 4,925.70 million shares, accounting for 19.34% of the total share capital of the stocks, with a market value of 61,460.68 million HKD, representing 14.67% of the total market value [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 9,997.50 million shares, representing 71.90% of the issued shares [2] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 56, 37, and 34 stocks respectively [2] - Among the stocks with over 20% shareholding by southbound funds, 129 are AH concept stocks, accounting for 51.81% [1] - The stock with the second-highest shareholding ratio is Green Power Environmental, with 28,290.80 million shares, representing 69.96% [2] Group 3 - The stock with the third-highest shareholding ratio is China Resources Power, with 36,689.50 million shares, representing 68.75% [2] - Other notable stocks with high southbound fund holdings include Kaisa Group, Tianjin Chuangye Environmental Protection, and China Shenhua, with shareholding ratios of 68.23%, 67.16%, and 66.39% respectively [2] - The data indicates a significant interest from mainland investors in Hong Kong stocks, particularly in sectors with strong growth potential [1][2]

Core Viewpoint - The company, Sitergy (300608.SZ), confirmed its status as an industrial partner of China Telecom and emphasized its involvement in the national East Data West Computing project, indicating a commitment to ongoing collaboration in technology and product innovation related to computing network scheduling [2]. Group 1 - Sitergy is recognized as a leading enterprise in computing network scheduling [2]. - The company is deeply involved in the construction of the national East Data West Computing project [2]. - Sitergy aims to contribute to the high-quality development of computing network scheduling and related technologies in collaboration with China Telecom [2].

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.90%), Gree Power Environmental (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are SMIC (+1.108 billion), China Merchants Bank (+1.056 billion), and Hong Kong Exchanges (+0.792 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are China Mobile (-3.231 billion), Tencent Holdings (-1.109 billion), and Tracker Fund of Hong Kong (-0.469 billion) [1][4] Group 2 - The latest holding ratios for the top 20 companies in Hong Kong Stock Connect show that China Telecom has 9.979 billion shares, Gree Power Environmental has 0.283 billion shares, and Da Zhong Public Utilities has 0.367 billion shares [2] - The top 10 companies with the largest increase in holdings over the last five trading days include Xiaomi Group (+0.633 billion) and Alibaba Group (+0.530 billion) [2] - The top 10 companies with the largest decrease in holdings over the last five trading days include China Unicom (-0.445 billion) and XinDa Biologics (-0.432 billion) [4]

Core Insights - The China Telecom Gansu Qingyang Intelligent Computing Power Center Phase I project is about to commence operations, marking a significant milestone in the construction of data center clusters in Qingyang and indicating a new phase of large-scale, high-quality operations for the national "East Data West Computing" project in Gansu [1] Group 1 - The first Qingyang computing power center (Phase I) was put into operation in August 2023, providing 1,664 racks of computing power [1] - The larger intelligent computing power center project is set to begin construction in October 2024, achieving main structure completion and civil works within just over a year [2] - The Phase I data center and dispatch center have been fully completed, with over half of the electromechanical supporting projects finished, and the introduction of external power is in the final stages [1][2] Group 2 - The intelligent computing center park is located in the core area of the digital industry in Xifeng District, with a total planned building area of approximately 183,000 square meters, a PUE value as low as 1.192, and a WUE value of 0.982, ultimately forming an advanced computing capacity of about 13,700 racks and 135 megawatts [2] - The park's scientific layout of personnel, vehicles, and goods flow, along with seven data center main buildings and complete supporting facilities, creates a reliable, flexible, and efficient modern computing base [2] - The Qingyang Telecom has signed contracts totaling over 330 million yuan, with a rack utilization rate of 97.06%, and high-performance computing services contracts nearing 80 million yuan, indicating a continuous optimization of business structure and strong growth potential [2]