智通财经APP获悉，根据2025年8月18日披露数据，中国电信（00728）、绿色动力环保（01330）、中 国神华（01088）位居港股通持股比例前3位，分别为74.69%、69.88%、68.38%。此外，中国人寿 （02628）、南方恆生科技（03033）、信达生物（01801）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+24.16亿元、+12.98亿元、+9.84亿元;快手-W（01024）、盈富基金（02800）、安踏体 育（02020）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-27.47亿元、-25.56亿 元、-16.11亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） 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 | | --- | --- | --- | | 快手-W(01024) | -27.47亿元 | -3727.86万股 | | 盈富基金(02800) | -25.56亿元 | -9961.30万股 | | 安踏体育(02020) | -16.11亿元 | -1728. ...

Core Insights - The company achieved steady growth in operating performance in the first half of 2025, with revenue reaching 269.4 billion yuan, a year-on-year increase of 1.3% [1] - The net profit attributable to shareholders was 23 billion yuan, reflecting a year-on-year growth of 5.5% [1] - The return on equity (ROE) improved by 0.2 percentage points to 5.0%, while EBITDA margin increased by 3.03 percentage points to 30.3% [1] Revenue Breakdown - The mobile communication service revenue was 106.6 billion yuan, up 1.3% year-on-year, while fixed-line and smart home service revenue reached 64.1 billion yuan, a growth of 0.2% [1] - The company had 433 million mobile users and 199 million broadband users, with mobile ARPU at 46.0 yuan and broadband comprehensive ARPU at 48.3 yuan [1] - Industrial digitalization revenue amounted to 74.9 billion yuan, with AIDC revenue growing by 7.4% [1] Strategic Business Growth - Revenue from strategic emerging products showed rapid growth, with Tianyi Cloud revenue at 57.3 billion yuan [1] - Intelligent revenue reached 6.3 billion yuan, a significant increase of 89.4% year-on-year [1] - Security revenue grew by 18.2% to 9.1 billion yuan, while video network revenue increased by 46.2% and satellite revenue by 20.5% [1] - Quantum revenue surged by 171.1%, indicating strong growth in this sector [1] AI and Quantum Initiatives - The company has established a smart cloud system centered around its core technology "Xirang," providing integrated intelligent cloud services [2] - It has developed over 160 AI applications across 21 key areas, enhancing efficiency and reducing costs for enterprises [2] - The quantum communication user base surpassed 6 million, serving over 3,000 industry clients in sectors such as government and finance [2] Capital Expenditure and Dividends - Capital expenditure for the first half of 2025 was 34.2 billion yuan, with a full-year plan of less than 83.6 billion yuan [2] - The company announced a mid-term dividend plan, with a payout of 0.18 yuan per share, reflecting an 8.4% year-on-year increase [2]

Core Insights - The three major telecom operators in China, namely China Mobile, China Unicom, and China Telecom, have emphasized their strategies and achievements in the AI and IoT sectors in their 2025 semi-annual reports, indicating a consensus on AI as a new growth driver for telecom operators [1][2] Group 1: IoT Business Progress - The semi-annual reports highlight the progress in the IoT sector, covering aspects such as connection scale, network capabilities, and AIoT platform development [2] - IoT is identified as the main driver of total connection growth for telecom operators, with China Mobile reporting a total connection count of 3.815 billion, a net increase of 145 million, and an estimated IoT connection count of approximately 2.487 billion, contributing 93.8% to the net increase [3][5] - China Telecom's total connection count is about 1.448 billion, with nearly 688 million IoT connections, contributing 85.8% to the net increase, while China Unicom has over 1.2 billion connections, with 690 million IoT connections, contributing 84.4% to the net increase [3] Group 2: Digital Infrastructure Development - The digital infrastructure for IoT is being strengthened, with a total of 4.55 million 5G base stations nationwide as of June 2025, supporting various digital applications [6] - China Mobile has opened over 2.599 million 5G base stations, while China Telecom has 1.49 million high-frequency and 880,000 low-frequency base stations, enhancing network capabilities [7] Group 3: AIoT Applications and Services - The application of AIoT in various industries is emphasized as the ultimate value realization of IoT services, with China Mobile signing 1,485 AI+DICT projects and reaching nearly 200 million customers with AI-enabled products [8] - China Telecom has launched multiple intelligent agents covering 450 million customers in public services, while China Unicom focuses on enhancing differentiated services and has established 7,500 5G factories [8] Group 4: Revenue and Value Assessment - The revenue from IoT connections and information services is evolving, with China Mobile reporting a 6.7% growth in IoT connection revenue and a 23.9% growth in IoT information revenue [9] - The overall revenue from mobile IoT in China is projected to reach 45.271 billion yuan in 2024, with contributions from China Telecom, China Mobile, and China Unicom being 5.019 billion, 26.299 billion, and 13.953 billion yuan respectively [9] - The decline in average revenue per user (ARPU) from individual connections is noted, with a shift towards higher growth in IoT information services, indicating a more significant value proposition for telecom operators [10]

高盛发布研报称，中国电信（601728）(00728)第二季EBITDA及净利润均超出预期，分别同比增长5.2% 及7.1%，受资本开支下降推动，自由现金流增长14%。高盛指，在行业竞争及宏观挑战下，中电信的 EBITDA、自由现金流及利润增长均领先于同业，相信是有效的成本控制推动EBITDA利润率扩张。高 盛将中电信2025至2027年EBITDA预测上调1%、1.5%及1.7%，目标价由6.7港元上调至7.2港元，维 持"买入"评级。 ...

（文章来源：每日经济新闻） 民生证券8月18日发布研报称，给予中国电信（601728.SH）推荐评级。评级理由主要包括：1）基础业 务稳健增长，移动用户数增长较快，ARPU保持平稳；2）战略新兴业务持续拓展；3）精细管理提升经 营效率，资本开支持续下降。风险提示：新兴业务不及预期，AI技术落地不及预期，基础业务ARPU值 改善不及预期。 ...

Investment Rating - The report maintains a "Recommended" rating for China Telecom [4] Core Views - The company achieved steady revenue growth with a total revenue of 269.42 billion yuan in the first half of 2025, representing a year-on-year increase of 1.3%. The net profit attributable to shareholders reached 23.017 billion yuan, up 5.5% year-on-year [1] - The company is focusing on deepening its "AI+" strategy, which is expected to enhance operational efficiency and profitability [4] - The mobile communication service revenue reached 106.6 billion yuan, with a mobile user base of 433 million, showing a growth of 8.19 million users compared to the end of 2024 [2] - Strategic emerging businesses are expanding, with digital industrialization revenue reaching 74.9 billion yuan, accounting for 30.1% of service revenue, and significant growth in cloud and AI-related services [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 269.42 billion yuan, a net profit of 23.017 billion yuan, and a cash dividend of 0.1812 yuan per share, reflecting an 8.4% increase year-on-year [1] - The company expects a full-year capital expenditure of less than 83.6 billion yuan for 2025, with a capital expenditure to revenue ratio of 12.7% in the first half [4] Business Segments - Mobile communication service revenue grew by 1.3% to 106.6 billion yuan, with a mobile user base of 433 million and a 5G user penetration rate of 65.2%, up 6.1 percentage points year-on-year [2] - The digital industrialization revenue reached 74.9 billion yuan, with a year-on-year growth of 1.6%, and the AI-driven services showed a robust increase [3] Strategic Initiatives - The company is enhancing its strategic emerging businesses, with significant growth in cloud services, intelligent services, and security services, indicating a strong focus on digital transformation [3] - The company has strengthened its management efficiency through digital empowerment and AI, leading to an increase in return on equity (ROE) to 5.0% and a net profit margin of 9.2% [4]

智通财经APP获悉，高盛发布研报称，中国电信(00728)第二季EBITDA及净利润均超出预期，分别同比 增长5.2%及7.1%，受资本开支下降推动，自由现金流增长14%。高盛指，在行业竞争及宏观挑战下，中 电信的EBITDA、自由现金流及利润增长均领先于同业，相信是有效的成本控制推动EBITDA利润率扩 张。高盛将中电信2025至2027年EBITDA预测上调1%、1.5%及1.7%，目标价由6.7港元上调至7.2港元， 维持"买入"评级。 ...

Core Viewpoint - Midea Group has secured a significant project in the Guangdong-Hong Kong-Macao Greater Bay Area, marking a milestone in its smart building technology business [1] Group 1: Business Developments - Midea Group's smart building technology division has undertaken China's first large-scale all-liquid cooling intelligent computing data center project for China Telecom [1] - The company is collaborating deeply with leading domestic internet enterprises in the intelligent computing center business, focusing on the development of liquid cooling systems and key components [1] - Midea Group is supplying products such as CDU (Cooling Distribution Unit) for these collaborative projects [1]

8月17日，成都第12届世界运动会落下帷幕。这是一场创新与传统交融的国际性体育盛会。来自116个国家和地区的近4000名运动员，在34个竞技项目中 挥洒激情汗水、绽放拼搏风采，共同点燃体育荣耀之光。 更具前瞻性的是，全球首个专为国际重大赛事设计的指挥调度智能体应运而生。该智能体基于中国电信第一科技息壤平台，构建覆盖"算力+平台+数据 +模型+应用"的AI基础设施及应用体系，实现赛事指挥模式从传统依赖人工经验判断到 "AI智能体辅助决策+人机高效协同" 的根本性转变，确保赛事信息流 转畅通无阻。 另一方面，中国电信充分发挥综合智能信息服务优势，构建了1朵赛事云和"3大类+9小类+89个子系统"的赛事信息系统，涵盖从竞赛视频到赛事管理的 全流程。同时，建设"4+1"赛事专网体系，为世运会提供全流程、全过程、全方位的数字化运行保障。 赛事保障：5G-A全球综合性赛事首秀 5G-A（5G-Advanced）首次在全球性综合体育赛事的规模化应用，成为本次赛事技术保障的最大亮点。 据悉，中国电信在世运会27个竞赛场馆及核心区域完成5G-A的全面深度覆盖，网络容量较传统5G提升10倍，峰值速率最高可达10Gbps。这些技术 ...

高盛发表研究报告指，中国电信第二季EBITDA及净利润均超出预期，分别按年增长5.2%及7.1%，受资 本开支下降推动，自由现金流增长14%。高盛指，在行业竞争及宏观挑战下，中国电信的EBITDA、自 由现金流及利润增长均领先于同业，相信是有效的成本控制推动EBITDA利润率扩张。高盛将其2025至 2027年EBITDA预测上调1%、1.5%及1.7%，目标价由6.7港元上调至7.2港元，维持"买入"评级。 ...