信达证券发布研报称，中国电信（00728）2025年前三季度集团收入与利润均实现温和增长，但第三季 度盈利增速略有放缓。旗下天翼云业务处于新旧动能转换期，通用云计算收入增速下降，但智能算力相 关收入前三季度同比大幅增长62.3%。展望未来，政府推动科技创新的政策或鼓励政企客户采用AI相关 云计算，为天翼云带来机遇。推荐评级为"买入"。 信达证券主要观点如下： 2025年第三季度盈利保持温和增长 2025年前三季度，集团收入同比小幅上升0.6%，其中服务收入同比增长0.9%；EBITDA同比增长4.2%， 股东应占利润同比增长5.0%。单计第三季度，集团收入同比小幅下跌0.9%，其中服务收入同比增长 0.5%；EBITDA同比增长2.4%，股东应占利润同比增长3.6%。第三季度盈利增长略有放缓，主要受宏观 经济影响。 2025年天翼云处于新旧动能转换阶段，收入增速放缓 信达证券主要观点如下： 2025年第三季度盈利保持温和增长 集团在第三季度财报中未披露旗下天翼云的收入。2025年上半年，天翼云收入为573亿元人民币，同比 增长3.8%，增速较以往有所放缓。对此，管理层表示，全球云计算行业正处于新旧动能转换的关 ...

智通财经APP获悉，信达证券发布研报称，中国电信(00728)2025年前三季度集团收入与利润均实现温和 增长，但第三季度盈利增速略有放缓。旗下天翼云业务处于新旧动能转换期，通用云计算收入增速下 降，但智能算力相关收入前三季度同比大幅增长62.3%。展望未来，政府推动科技创新的政策或鼓励政 企客户采用AI相关云计算，为天翼云带来机遇。推荐评级为"买入"。 集团在第三季度财报中未披露旗下天翼云的收入。2025年上半年，天翼云收入为573亿元人民币，同比 增长3.8%，增速较以往有所放缓。对此，管理层表示，全球云计算行业正处于新旧动能转换的关键时 期，以通用计算为主的云业务增幅明显下降，而人工智能驱动的智能算力需求则非常旺盛。管理层认 为，天翼云已经迈过智能云发展的拐点，能够面向智能时代多元的场景化需求，提供全方位的智能化服 务。其中，2025年前三季度，集团的智能收入（包括面向客户提供的人工智能、智能算力服务等收入） 同比增长62.3%。 "十五五"期间或有鼓励政企应用AI相关云计算技术的举措 集团较大比例的企业客户为政府相关单位，由于对安全性要求较高，其采用AI相关云计算技术的态度 较为保守。在10月发布的《 ...

智通财经APP获悉，信达证券发布研报称，中国电信(00728)2025年前三季度集团收入与利润均实现温和 增长，但第三季度盈利增速略有放缓。旗下天翼云业务处于新旧动能转换期，通用云计算收入增速下 降，但智能算力相关收入前三季度同比大幅增长62.3%。展望未来，政府推动科技创新的政策或鼓励政 企客户采用AI相关云计算，为天翼云带来机遇。推荐评级为"买入"。 集团在第三季度财报中未披露旗下天翼云的收入。2025年上半年，天翼云收入为573亿元人民币，同比 增长3.8%，增速较以往有所放缓。对此，管理层表示，全球云计算行业正处于新旧动能转换的关键时 期，以通用计算为主的云业务增幅明显下降，而人工智能驱动的智能算力需求则非常旺盛。管理层认 为，天翼云已经迈过智能云发展的拐点，能够面向智能时代多元的场景化需求，提供全方位的智能化服 务。其中，2025年前三季度，集团的智能收入（包括面向客户提供的人工智能、智能算力服务等收入） 同比增长62.3%。 "十五五"期间或有鼓励政企应用AI相关云计算技术的举措 集团较大比例的企业客户为政府相关单位，由于对安全性要求较高，其采用AI相关云计算技术的态度 较为保守。在10月发布的《 ...

Core Viewpoint - The Central Enterprise ETF (159959) opened at 1.530 yuan, experiencing a slight decline of 0.33% on December 15 [1] Group 1: ETF Performance - The Central Enterprise ETF's major holdings include companies such as 澜起科技 (Lianqi Technology), 中芯国际 (SMIC), and 海康威视 (Hikvision), with respective opening declines of 2.02%, 1.41%, and 0.71% [1] - The ETF's performance benchmark is the 中证央企结构调整指数 (CSI Central Enterprise Structural Adjustment Index), managed by 银华基金管理股份有限公司 (Yinhua Fund Management) [1] - Since its establishment on October 22, 2018, the ETF has achieved a return of 53.63%, while its return over the past month has been -3.61% [1] Group 2: Individual Stock Movements - Notable stock movements within the ETF include 国电南瑞 (Guodian NARI) increasing by 0.34%, 招商银行 (China Merchants Bank) remaining unchanged, and 宝钢股份 (Baosteel) decreasing by 0.56% [1] - Other stocks such as 中国神华 (China Shenhua) and 中国建筑 (China State Construction) also remained unchanged, while 长安汽车 (Changan Automobile) and 中国电信 (China Telecom) saw declines of 0.77% and 0.15%, respectively [1]

Core Viewpoint - The collaboration between Linyi Unicom and Linyi Telecom has successfully implemented the first commercial use of 5G RedCap technology based on the 800M frequency band in the province, addressing network coverage challenges in rural areas and marking a significant step towards deeper business integration through resource sharing [1][2]. Group 1: Technological Innovations - The integration of the 800M frequency band's wide coverage with Unicom's 5G RedCap technology has led to three major breakthroughs: filling signal blind spots in remote mountainous areas, avoiding redundant construction of L900 frequency band base stations, and meeting the low latency and high reliability requirements of the power industry for dedicated networks [2]. - The establishment of a joint task force by both companies aims to overcome technical barriers related to network slicing and transmission optimization, ensuring seamless integration with the national power grid's 5G dedicated network [2]. Group 2: Cost Efficiency and Resource Optimization - By sharing existing telecom resources, Linyi Unicom has avoided the need to upgrade the 900 frequency band and deploy RedCap licenses, significantly reducing costs associated with hardware procurement, software licensing, and base station modifications [4]. - The shared model is expected to lower both construction and operational costs while enhancing customer satisfaction through improved fault response and business continuity [4]. Group 3: Impact on Rural Development - The innovative practices of Linyi Unicom and Telecom are set to drive the growth of IoT connections in rural areas, supporting the implementation of the rural revitalization strategy and addressing the digital divide [4].

Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.36%, with 246 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds hold a total of 4,924.06 million shares, representing 19.36% of the total share capital of the stocks, with a market value of 62,000.23 million HKD, accounting for 14.59% of the total market value [1] Group 1: Shareholding Distribution - 246 stocks have a shareholding ratio of over 20%, 132 stocks between 10% and 20%, 92 stocks between 5% and 10%, 84 stocks between 1% and 5%, and 26 stocks below 1% [1] - The stock with the highest southbound fund shareholding is China Telecom, holding 1,004.99 million shares, which is 72.41% of its issued shares [2] - Other notable stocks with high southbound fund shareholding include Green Power Environmental (69.93%) and China Resources Power (69.81%) [2] Group 2: Industry Concentration - Southbound funds with a shareholding ratio exceeding 20% are primarily concentrated in the healthcare, industrial, and financial sectors, with 56, 37, and 34 stocks respectively [2] - The majority of stocks with high southbound fund holdings are AH concept stocks, with 129 out of 246 stocks (52.44%) having a shareholding ratio over 20% [1] Group 3: Notable Stocks and Performance - Key stocks with high southbound fund holdings include: - China Telecom: 1,004.99 million shares, 72.41% shareholding, closing price 5.650 HKD, daily change +0.89% [2] - Green Power Environmental: 28,282.20 million shares, 69.93% shareholding, closing price 5.300 HKD, daily change -0.75% [2] - China Shenhua: 225,184.39 million shares, 66.66% shareholding, closing price 38.820 HKD, daily change -0.15% [2] - Other significant stocks include: - Huatai Securities: 99,083.41 million shares, 57.63% shareholding, closing price 18.970 HKD, daily change +2.71% [3] - Fosun Pharma: 31,772.50 million shares, 57.55% shareholding, closing price 22.520 HKD, daily change +1.08% [3]

12月9日，由中关村科金主办的"超级连接・智见未来"EVOLVE 2025大模型与智能体产业创新峰会在北京圆满落幕。本次峰会聚焦 大模型与智能体的技术融合与产业实践，汇聚华为云、阿里云、百度智能云、火山引擎、亚马逊云科技、超聚变、软通动力等众多 产业领军企业，共同启动"超级连接"全球生态伙伴计划，凝聚行业力量，推动人工智能技术深入千行万业。 中国电信作为深耕产业数字化的服务商，深入汽车领域，以技术为纽带、以场景为核心，为产业全场景增效提供了实战方案。中国 电信广州汽车BU总经理魏志兴受邀出席，发表了题为《汽车行业智能体助力产业全场景增效》的主题演讲，结合行业数据与实践 案例，深度阐述了智能体在汽车产业的应用价值与发展前景。 中国已成为全球汽车产业核心力量，2024年汽车产量达3128万辆，占全球总产量的三分之一，超过美国、日本、德国等五个国家的 产量总和；智能网联汽车渗透率持续攀升，从2022年的60%跃升至2025年的85%，预计2028年将达到100%；乘用车智能渗透率也从 2022年的34.9%增长至2025年的62.8%，2028年有望突破90%。 数据背后是产业的深度变革： 一是交通工具升级为"出行 ...

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (00728) at 72.41%, Green Power Environmental (01330) at 69.93%, and Da Zhong Public Utilities (01635) at 69.81% [1] - Xiaomi Group-W (01810), China Merchants Bank (03968), and Agricultural Bank of China (01288) saw the largest increases in stockholding amounts over the last five trading days, with increases of +2.377 billion, +1.655 billion, and +0.815 billion respectively [1] - The largest decreases in stockholding amounts over the same period were recorded by WanGuo Gold Group (02979) at -3.768 billion, YingFu Fund (02800) at -1.184 billion, and China Petroleum & Chemical Corporation (00857) at -0.624 billion [2] Stockholding Ratios - The latest stockholding ratios for the top 20 companies in the Hong Kong Stock Connect show that China Telecom leads with 100.50 billion shares, followed by Green Power Environmental with 2.83 billion shares and Da Zhong Public Utilities with 3.73 billion shares [1] - Other notable companies in the top 20 include Kaisa New Energy (01108) at 67.96% and Tianjin Chuangye Environmental Protection (01065) at 66.72% [1] Recent Increases in Stockholding - Xiaomi Group-W (01810) increased its stockholding by +2.377 billion, with a change of +55.329 million shares [2] - China Merchants Bank (03968) saw an increase of +1.655 billion, with a change of +32.2845 million shares [2] - Agricultural Bank of China (01288) increased by +0.815 billion, with a change of +146.8699 million shares [2] Recent Decreases in Stockholding - WanGuo Gold Group (02979) experienced the largest decrease of -3.768 billion, with a change of -494.5072 million shares [2] - YingFu Fund (02800) decreased by -1.184 billion, with a change of -45.2735 million shares [2] - China Petroleum & Chemical Corporation (00857) saw a decrease of -0.624 billion, with a change of -75.768 million shares [2]

Group 1 - The Central Commission for Discipline Inspection and National Supervisory Commission is enhancing digital supervision to combat corruption within state-owned enterprises, focusing on data-driven models to identify irregularities [1][3] - A recent inspection revealed issues such as frequent reimbursements by the same personnel and discrepancies in accommodation locations, leading to disciplinary actions against involved parties and the recovery of over 11,000 yuan in illicit funds [1] - The establishment of a comprehensive digital supervision system aims to integrate large data volumes, transforming isolated data into cohesive clusters, which is crucial for effective oversight [1] Group 2 - The digital oversight framework includes the development of risk alert models for various areas, such as vehicle and hospitality expenses, enhancing the ability to preemptively identify potential issues [1][3] - The National Pipeline Network Group's disciplinary inspection team is creating a detailed integrity archive for each enterprise, incorporating findings from audits and inspections to strengthen oversight [2] - The China Telecom disciplinary inspection team has implemented a digital platform that connects with other regulatory systems, allowing for real-time monitoring of multiple risk points related to financial operations [3] Group 3 - The use of small models, tools, and algorithms is being promoted to streamline data analysis and enhance the accuracy of investigations, facilitating the identification of risks in power operations [4] - Future initiatives will focus on leveraging big data and artificial intelligence to further empower the disciplinary inspection work, ensuring high-quality development in oversight practices [4]

Core Insights - The 20th China IDC Industry Annual Convention (IDCC2025) and Digital Infrastructure Technology Expo (DITExpo) took place on December 10, 2025, in Beijing, focusing on the theme "Reshaping Computing Power, Breaking Boundaries" [1][15] - The event gathered hundreds of guests, including academicians, industry leaders, scholars, technical experts, and representatives from overseas data centers to discuss new trends in computing power development [1][15] Awards Summary - The 2025 China IDC Industry Annual Awards recognized outstanding contributions in the computing power industry over the past year, with 88 companies and projects awarded across 12 categories after a rigorous selection process [3][17] Domestic Ecological Intelligent Computing Engine Award - Beijing Electronic Smart Technology Co., Ltd. for Beijing Digital Economy Computing Power Center - Weichai Heavy Machinery Co., Ltd. for Weichai Data Center Generator Set [19] AI + DC Innovation Practice Award - China Telecom Guizhou Cloud Computing Branch for industry applications based on telecom AI large model - ProLogis Data Technology (Shanghai) Co., Ltd. for AI-driven green efficiency practices at ProLogis Smart Computing Center [19] Innovation Development Award - Shanghai Data Port Co., Ltd. - Beijing International Computing Power Service Co., Ltd. [20] Green Computing Center Award - China Mobile Communications Group Shanghai Co., Ltd. for China Mobile Yangtze River Delta (Shanghai) Lingang Data Center Building 5 - GDS Services Ltd. for GDS Langfang Data Center Building 2 [20] High Reliability Data Center Award - China Unicom Ningxia Autonomous Region Branch for China Unicom Zhongwei Cloud Data Center - China Telecom Qinghai Branch for National Digital Qinghai Green Data Center [20] Construction Design Award - China Aviation Planning and Design Institute Co., Ltd. for the renovation project of the People's Bank of China Clearing Center Satellite Ground Station [22] Power and Computing Synergy Pioneer Award - China Unicom (Qinghai) Green Power Intelligent Computing Technology Co., Ltd. for the demonstration microgrid project [25] Green Solutions Award - China Mobile Communications Group Anhui Co., Ltd. for AI-based multi-modal energy-saving operation and maintenance solutions [27] Innovative Technology Product Award - Kuaishou Intelligent Cloud (Ulanqab) Technology Co., Ltd. for the innovative soft tube liquid cooling data center project [29] Global Digital Infrastructure Leader Award - China Telecom International Co., Ltd. - GDS Services Ltd. [30] Excellence in Overseas Expansion Award - China Unicom International Co., Ltd. - SUNeVision Holdings Ltd. [30]