证券代码：601728 证券简称：中国电信 公告编号：2025-034 中国电信股份有限公司 关于召开2025年第一次临时股东大会、 2025 年第二次 A 股类别股东会和 2025 年第二次 H 股 类别股东会的通知 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、 召开会议的基本情况 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 (一) 股东大会类型和届次 2025年第一次临时股东大会、2025 年第二次 A 股类别股东会和 2025 年第二次 H 股类别股东会 股东大会召开日期：2025年12月16日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表 ...

（於中華人民共和國註冊成立之股份有限公司） （股份編號：728） H股類別股東會通告 茲通告，中國電信股份有限公司（「本公司」）將 於2025年12月16日（星期二）上 午 10時正假座中國北京市海淀區學院路42號中國電信博物館舉行2025年第二次H股類 別股東會（「H股類別股東會」），以審議並酌情通過以下事項： 特別決議案 承董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中國電信股份有限公司 黃玉霞 中國北京，2025年11月24日 附註： – 1 – 1. 審 議 及批准關於修訂《公司章程》及取消監事會的議案。 2. 審 議 及批准關於修訂《股東會議事規則》的議案。 (1) 上述議案的詳情載於本公司日期為2025年11月24日之通函。就上述特別決議案第1項至第 2項而言，由於《公司章程》及《股東會議事規則》以中文書寫，英文本為非正式譯本，僅供參 考，如中文本與英文本之間 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或 任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中國電信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 普通決議案 承董事會命 特別股東大會通告 茲通告，中國電信股份有限公司（「本公司」）將 於2025年12月16日（星期二）上 午 十時正假座中國北京市海淀區學院路42號中國電信博物館舉行特別股東大會（「特 別股東大會」），以審議並酌情通過以下事項： 特別決議案 – 1 – 1. 審 議 及批准關於修訂《公司章程》及取消監事會的議案。 2. 審 議 及批准關於修訂《股東會議事規則》的議案。 3. 審 議 及批准關於修訂《董事會議事規則》的議案。 4. 審 議 及批准選舉李惠光先生為本公司獨立非執行董事。 5. 審 議 及批准關於本公司獨立非執行董事候選人薪酬方案的議案。 附註： 於本公告刊發之日的本公司董事會包括柯瑞文（董事長兼首席執行官）；劉桂清 （總 ...

此乃要件 請即處理 如 閣下 對本通函任何方面或對將採取的行動存 有任何疑問，應諮詢 閣下的股票經紀人或其他註冊 證券商、銀行經理、律師、專業會計師或其他專業顧問。 如 閣下已出售或轉讓名下全部中國電信股份有限公司股份，應立即將本通函連同所附代表委任表格 交給買主或承讓人，或送交經手買賣或轉讓的銀行、股票經紀或其他代理商，以便其轉交買主或承讓 人。 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部份內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 本通函僅為本公司特別股東大會和H股 類 別 股 東 會 而 向 股 東 提 供 若 干 資 料，並 非 銷 售 任 何 證 券 的 要 約，或邀請任何人士為購買任何證券而提出要約。 China Telecom Corporation Limited 中國電信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） (1) 建 議 修 訂《公 司 章 程》及 取 消 監 事 會 (2) 建 議 修 訂《股 東 會 議 事 規 則》 (3) ...

Core Insights - The report maintains a "stronger than market" investment rating for the communication industry, highlighting its growth potential and favorable valuation levels [1][5][12] - The communication industry index has shown significant performance, ranking second among 30 major industry indices with a 60.87% increase as of November 20, 2025 [12][14] - The report emphasizes the optimistic outlook for AI-related developments, particularly in AI computing and cloud services, which are expected to drive industry growth [4][5][45] Market Review and Industry Performance - In the first three quarters of 2025, the communication industry achieved a total revenue of CNY 19,753.67 billion, representing a year-on-year growth of 2.30%, while net profit reached CNY 1,886.40 billion, up 6.95% [18] - The overall gross margin for the communication industry was 28.45%, with a net margin of 10.19% for the first three quarters of 2025, indicating stable profitability [19] - The telecommunications operators segment reported a revenue of CNY 14,819.21 billion, growing by 0.57%, and a net profit of CNY 1,548.98 billion, increasing by 4.30% [35] Segment Performance - The optical communication segment (including optical modules, devices, and chips) saw a revenue of CNY 795.38 billion, a year-on-year increase of 56.14%, with net profit soaring by 116.86% [41] - The telecommunications equipment segment recorded a revenue of CNY 1,390.0 billion, growing by 11.2%, while the consumer electronics components segment also grew by 11.1% [21] - The cable segment achieved a revenue of CNY 464.54 billion, reflecting a growth of 6.99%, driven by increasing demand across multiple applications [46] Investment Recommendations - The report suggests focusing on companies within the optical module/device/chip sector, such as NewEase, Huagong Technology, and Guangxun Technology, due to their strong growth prospects [5][41] - For AI mobile phones, companies like Xunwei Communication and ZTE are highlighted as key players to watch [5][41] - The telecommunications operators, including China Mobile, China Telecom, and China Unicom, are recommended for their stable operations and high dividend yields [5][41]

Core Insights - The article discusses the significant advancements in China's telecommunications industry, particularly the implementation of policies aimed at reducing costs and increasing internet speeds for users [1][2][3]. Group 1: Policy Implementation - As of July 1, 2023, the three major telecom operators in China have eliminated domestic mobile data "roaming" fees, allowing users to enjoy nationwide data without additional charges [2][3]. - The average mobile data tariff has decreased by 46.2% compared to the end of 2017, reflecting the government's push for lower costs in the telecommunications sector [1][2]. - By the end of June 2023, 53.4% of users had internet speeds of 100 Mbps or higher, an increase of 13.5 percentage points since the beginning of the year [1]. Group 2: User Experience and Feedback - The effectiveness of the cost reduction measures will ultimately be assessed through user bills, which will provide a direct indication of the benefits experienced by consumers [3]. - The Ministry of Industry and Information Technology (MIIT) is closely monitoring user feedback to ensure that the implementation of the new policies meets consumer expectations and addresses any complaints [3]. Group 3: Future Developments - The cancellation of "roaming" fees and other cost-reduction measures are seen as preparatory steps for the upcoming 5G era, which is expected to significantly enhance network speeds and capacity [5]. - The commercial rollout of 5G is anticipated to begin in mid-2019, with expectations of increased data usage and the continuation of data speed limits due to finite network resources [5].

Core Viewpoint - The launch of commercial trials for satellite IoT in China marks a significant step towards enhancing the satellite communication market, stimulating industry growth, and supporting emerging sectors like commercial space and low-altitude economy [1][2][3] Industry Summary - The Ministry of Industry and Information Technology announced the start of a two-year commercial trial for satellite IoT, aimed at enriching market supply and establishing a regulatory framework [1] - The satellite IoT business connects various IoT devices through satellite communication, providing low-speed data services for a wide range of applications, including agriculture and emergency communications [1][2] - The satellite communication market in China is projected to exceed 80 billion yuan in 2023, with an expected annual growth rate of approximately 15% from 2024 to 2029, potentially reaching over 200 billion yuan by 2029 [2] - The commercial trial is expected to create significant demand for satellite launches, driving growth in satellite manufacturing and rocket launch industries [1][3] Company Developments - China Telecom has made advancements in satellite internet technology, enabling mobile devices to connect directly to satellites, with coverage extending to 25 million mobile terminals [4] - China Mobile has received a license to operate satellite mobile communication services, enhancing applications in emergency communication and remote area connectivity [5] - China Unicom successfully launched four low-orbit satellites, including the first domestic satellite with 3GPP narrowband IoT capabilities, marking a significant step in low-orbit satellite IoT development [5]

Core Insights - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 19.38%, with 242 stocks having a shareholding ratio exceeding 20% [1] - Southbound funds hold a total of 4,900.47 million shares, accounting for 19.38% of the total share capital of the stocks, with a market value of 60,614.05 million HKD, representing 14.66% of the total market value [1] - The stocks with the highest shareholding ratios by southbound funds are primarily AH concept stocks, with 129 out of 242 stocks (53.31%) having a shareholding ratio over 20% [1] Group 1: Shareholding Distribution - 242 stocks have a shareholding ratio of over 20%, 131 stocks between 10% and 20%, 91 stocks between 5% and 10%, 84 stocks between 1% and 5%, and 21 stocks below 1% [1] - The stock with the highest southbound fund shareholding is China Telecom, holding 100,451.36 million shares, which is 72.38% of its issued shares [2] - Other notable stocks include Green Power Environmental (69.48%) and China Resources Power (69.45%) [2] Group 2: Industry Concentration - Southbound funds with shareholding ratios over 20% are concentrated in the healthcare, industrial, and financial sectors, with 56, 36, and 34 stocks respectively [2] - The healthcare sector includes stocks like Kanglong Chemical (59.10%) and Fosun Pharma (57.28%) [2][3] - The financial sector features stocks such as Guotai Junan (58.97%) and Zhongtai Securities (60.50%) [2][3]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.38%, Green Power Environmental (01330) at 69.48%, and Da Zhong Public Utilities (01635) at 69.45% [1][2] - Alibaba-W (09988), Xiaomi Group-W (01810), and the Tracker Fund of Hong Kong (02800) saw the largest increases in holding amounts over the last five trading days, with increases of +70.62 billion, +33.67 billion, and +15.78 billion respectively [1][2] - WuXi Biologics (02269), China Shenhua (01088), and China Mobile (00941) experienced the largest decreases in holding amounts over the same period, with decreases of -6.43 billion, -3.93 billion, and -3.75 billion respectively [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 100.45 billion shares, representing 72.38% [2] - Green Power Environmental (01330) has a holding of 2.81 billion shares, representing 69.48% [2] - Da Zhong Public Utilities (01635) has a holding of 3.71 billion shares, representing 69.45% [2] Group 2: Recent Increases in Holdings - Alibaba-W (09988) saw an increase of +70.62 billion in holding amount, with a change of +47.84 million shares [2] - Xiaomi Group-W (01810) experienced an increase of +33.67 billion, with a change of +88.41 million shares [2] - The Tracker Fund of Hong Kong (02800) had an increase of +15.78 billion, with a change of +62.24 million shares [2] Group 3: Recent Decreases in Holdings - WuXi Biologics (02269) had a decrease of -6.43 billion in holding amount, with a change of -21.06 million shares [3] - China Shenhua (01088) saw a decrease of -3.93 billion, with a change of -9.94 million shares [3] - China Mobile (00941) experienced a decrease of -3.75 billion, with a change of -4.36 million shares [3]

Core Insights - The commercial trial of satellite IoT services in China has officially started, aiming to enhance the satellite communication market and support emerging industries like commercial space and low-altitude economy [1] - The satellite IoT business will create significant demand for satellite launches, driving growth in the satellite manufacturing and rocket launch sectors [1][2] - The satellite communication market in China is projected to exceed 80 billion yuan in 2023, with an expected annual growth rate of approximately 15% from 2024 to 2029, potentially reaching around 200 billion yuan by 2029 [2] Industry Developments - The satellite IoT trial is part of a broader strategy to optimize business access and promote the development of the satellite communication industry, aligning with technological innovation and industrial transformation [1] - The integration of satellite IoT is expected to revolutionize various sectors, including agriculture, energy, emergency communication, and low-altitude economy applications [2] - The satellite IoT will enable real-time tracking and data transmission for low-altitude vehicles, addressing communication gaps in the low-altitude economy [3] Company Activities - China Telecom is actively promoting satellite internet development and has achieved significant technological breakthroughs, enabling mobile devices to connect directly to satellites [4] - China Mobile has received a license to operate satellite mobile communication services, enhancing applications in emergency communication and remote area connectivity [5] - China Unicom has successfully launched low-orbit satellites that support narrowband IoT communication, marking a significant step in China's satellite IoT capabilities [5]