Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (74.81%), Gree Power Environmental (69.75%), and China Shenhua (68.33%) [1] - Xiaomi Group-W, Alibaba-W, and Tencent Holdings saw the largest increases in holding amounts over the last five trading days, with increases of +32.27 billion, +16.94 billion, and +11.40 billion respectively [1] - Kuaishou-W, WuXi Biologics, and Innovent Biologics experienced the largest decreases in holding amounts, with reductions of -29.14 billion, -16.60 billion, and -7.44 billion respectively [2] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding ratio of 74.81% with 10.384 billion shares [1] - Gree Power Environmental (01330) has a holding ratio of 69.75% with 0.282 billion shares [1] - China Shenhua (01088) has a holding ratio of 68.33% with 2.308 billion shares [1] Group 2: Recent Increases in Holdings - Xiaomi Group-W (01810) increased by +32.27 billion with a change of +60.65 million shares [1] - Alibaba-W (09988) increased by +16.94 billion with a change of +13.91 million shares [1] - Tencent Holdings (00700) increased by +11.40 billion with a change of +1.93 million shares [1] Group 3: Recent Decreases in Holdings - Kuaishou-W (01024) decreased by -29.14 billion with a change of -38.75 million shares [2] - WuXi Biologics (02269) decreased by -16.60 billion with a change of -53.86 million shares [2] - Innovent Biologics (01801) decreased by -7.44 billion with a change of -7.75 million shares [2]

Group 1: Regulatory Changes and Economic Measures - The State Council of China has announced the introduction of a new K visa for foreign young scientific and technological talents, effective from October 1, 2025 [1] - The People's Bank of China will conduct a 500 billion yuan reverse repurchase operation with a fixed quantity and interest rate, set for August 15, 2025, with a term of 182 days [1] Group 2: Industry Growth and Performance - China's digital infrastructure has seen significant development during the 14th Five-Year Plan period, with 5G base stations reaching 4.55 million and gigabit broadband users totaling 226 million by June 2025 [1] - The data industry in China is expected to grow rapidly, with over 400,000 data companies projected by 2024 and an industry scale reaching 5.86 trillion yuan, a 117% increase from the end of the 13th Five-Year Plan [1] - The postal industry in China reported a cumulative delivery volume of 122.3 billion items in the first seven months, a year-on-year increase of 16.2% [1] Group 3: Company Financial Performance - JD Group reported a revenue of 356.7 billion yuan (approximately 49.8 billion USD) for Q2 2025, a 22.4% increase compared to Q2 2024 [1][7] - China Telecom's half-year report for 2025 showed a revenue of 269.4 billion yuan, a 1.3% year-on-year increase, with a net profit of 23 billion yuan, up 5.5% [1][7] - Cambrian Technology announced that its stock price has deviated significantly due to misleading information regarding large orders and revenue forecasts [1][7]

Core Insights - The central enterprises in China are significantly increasing their investments in the artificial intelligence (AI) sector, with a focus on high-quality development and capital operations to create new industry advantages and foster new growth drivers [1][2][3] Group 1: AI Revenue and Growth - China Mobile reported AI-related revenue in the "tens of billions" range for the first half of the year, indicating strong growth in the sector [2] - China Telecom's AIDC revenue grew by 7.4% year-on-year, while Tianyi Cloud revenue reached 573 billion [2] - China Unicom's smart network business revenue reached 454 billion, with a 60% year-on-year increase in AIDC contract value [2] Group 2: Development of AI Models - Major state-owned enterprises have launched significant AI models, such as the "Qingyuan" model by the National Energy Group and the "Xiaomiao" model by China National Building Material Group [3] - The industry is witnessing a shift from self-use to output, transforming cloud and energy computing capabilities into tradable public services [3] Group 3: Local Government Initiatives - Local state-owned enterprises are actively creating application scenarios for AI, with Guangzhou showcasing 60 AI application scenarios and over 30 AI professional parks [4] - Shenzhen has introduced a "rolling release" model for selecting high-quality application scenarios, while Zhejiang has published a list of 26 "AI+" open scenarios across various sectors [4] Group 4: Strategic Development and Ecosystem - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for strategic high-value applications and the integration of AI with the real economy [5] - There is a call for the establishment of a supportive industrial ecosystem that integrates funding, industry, and data resources to foster innovation and competitiveness [6]

Core Viewpoint - The company emphasizes its commitment to high-quality development and innovation, particularly in the context of artificial intelligence and digital transformation, while also focusing on shareholder returns through dividend distribution. Financial Performance - In the first half of 2025, the company's operating revenue reached RMB 269.4 billion, a year-on-year increase of 1.3%, with service revenue at RMB 249.1 billion, up 1.2% [4][24] - The net profit attributable to shareholders was RMB 23.02 billion, reflecting a growth of 5.5%, with basic earnings per share at RMB 0.25 [4][24] - Capital expenditure amounted to RMB 34.2 billion [4] Business Segments - Mobile communication service revenue was RMB 106.6 billion, up 1.3%, while fixed-line and smart home service revenue reached RMB 64.1 billion, a slight increase of 0.2% [5] - The company reported a mobile user base of 433 million and broadband users of 199 million, with mobile ARPU at RMB 46.0 and broadband ARPU at RMB 48.3 [5] - Revenue from industrial digitalization reached RMB 74.9 billion, with AIDC revenue growing by 7.4% [5] Shareholder Returns - The board approved a profit distribution plan, proposing a cash dividend of RMB 0.1812 per share (including tax), totaling RMB 16.58 billion, which is 72% of the net profit for the first half of 2025 [2][6][44] Strategic Initiatives - The company is advancing its "AI+" initiative, integrating artificial intelligence across various sectors to enhance operational efficiency and customer service [7][9] - It has established a comprehensive intelligent cloud system, providing integrated services across IaaS, PaaS, DaaS, and SaaS layers [7][8] - The company is focusing on green development, achieving a significant reduction in carbon emissions and promoting energy-efficient technologies [15] Innovation and Technology - The company has made significant strides in quantum technology, with over 6 million users of quantum communication services and multiple applications in various sectors [11][12] - It continues to enhance its AI capabilities, developing over 160 AI applications across 21 key areas, which have improved operational efficiency [10][12] Governance and Corporate Responsibility - The company has been recognized for its corporate governance and social responsibility, receiving multiple awards for its investor relations and sustainability efforts [21][20] - It is committed to modernizing its governance structure and enhancing its operational capabilities to support high-quality development [19][24]

"今年是人工智能规模应用的元年。"中国电信董事长柯瑞文在14日举行的业绩说明会上表示，从市场情 况看，一些数字化基础较好的企业，以及部分持续跟踪人工智能技术发展的企业，已经在很多应用方面 形成了商业闭环，实现了场景的规模应用，这也给中国电信带来了很大信心。 根据披露，中国联通上半年在算网数智方面的收入占比提升至近三成。中国移动则在业绩说明会上表 示，将把创新作为驱动公司发展最重要的动力。 中国电信智能云体系构建完成 2025年上半年，中国电信的移动通信服务收入达到1066亿元，同比增长1.3%；产业数字化收入达到749 亿元，AIDC收入同比增长7.4%；战新重点产品收入保持较快增长，其中天翼云收入达到573亿元。柯 瑞文表示，天翼云现已全面进入智能云的发展新阶段，面向智能时代多元的场景化需求，提供全方位智 能化服务，形成市场领先优势。 柯瑞文介绍，今年来，公司以"息壤"为核心，构建完成智能云体系，基于云网融合提供"算力+平台+数 据+模型+应用"一体化的智能云服务。 在算力即服务方面，公司提供覆盖通算、智算、超算及量子计算的异构算力服务，自有及接入算力总规 模达77EFLOPS。 在平台即服务方面，提供一站 ...

Core Insights - China Telecom reported a revenue of 269.4 billion yuan for the first half of 2025, a year-on-year increase of 1.3%, with service revenue at 249.1 billion yuan, up 1.2% [2] - The net profit for the same period was 23 billion yuan, reflecting a growth of 5.5%, and basic earnings per share were 0.25 yuan [2] - The company continues to focus on innovation-driven development, with steady growth in basic services and rapid expansion in strategic emerging businesses [2] Business Segment Performance - Mobile communication service revenue reached 106.6 billion yuan, growing by 1.3% year-on-year [2] - Fixed-line and smart home service revenue was 64.1 billion yuan, with a slight increase of 0.2% [2] - Key emerging product revenues showed significant growth: Tianyi Cloud revenue was 57.3 billion yuan; smart revenue surged by 89.4% to 6.3 billion yuan; security revenue increased by 18.2% to 9.1 billion yuan; video network revenue grew by 46.2%; satellite revenue rose by 20.5%; and quantum revenue skyrocketed by 171.1% [2] Dividend Distribution - The board of China Telecom decided to distribute an interim dividend for 2025, with a cash payout representing 72% of the net profit attributable to shareholders, amounting to 0.1812 yuan per share (including tax), an increase of 8.4% year-on-year [2] Technological Advancements - The company is enhancing its intelligent cloud system centered around its core technology "Xirang," providing integrated services of computing power, platforms, data, models, and applications [2] - In the IaaS layer, the total scale of self-owned and accessed computing power reached 77 EFLOPS, offering heterogeneous computing power services [3] - The PaaS layer is focused on upgrading intelligent computing platforms to provide one-stop computing power scheduling and AI development services [3] - The DaaS layer is developing the "Xinghai" data intelligence platform, integrating various data sets, totaling over 350 TB [4] - The SaaS layer is creating standardized AI products to meet the digital needs of production, life, and governance [4] Industry Trends - The global technological innovation landscape is experiencing unprecedented activity, with AI and quantum technology leading a new wave of technological revolution and industrial transformation [4] - China Mobile reported a revenue of 543.8 billion yuan for the first half of 2025, with a net profit of 84.2 billion yuan, while China Unicom achieved a revenue of 200.2 billion yuan [5] - All three major telecom operators are focusing on the AI sector, with China Mobile's AI-related revenue reaching several billion yuan [5] - China Unicom's AI business is becoming a new growth point, with plans to expand intelligent computing centers in various regions [5]

Group 1: Financial Performance - In the first half of 2025, China Mobile reported operating revenue of 543.769 billion yuan, a decrease of 0.5% year-on-year, and a net profit of 84.235 billion yuan, an increase of 5.0% [1] - China Telecom achieved operating revenue of 269.4 billion yuan, a year-on-year increase of 1.3%, and a net profit of 23 billion yuan, up 5.5% [1] - China Unicom's operating revenue was 200.202 billion yuan, reflecting a year-on-year growth of 1.5%, with a net profit of 6.349 billion yuan, an increase of 5.1% [1] Group 2: Dividend Distribution - China Mobile plans to distribute an interim dividend of 59.432 billion Hong Kong dollars, equivalent to approximately 54.199 billion yuan [1] - China Telecom intends to distribute a cash dividend of 0.1812 yuan per share, totaling around 16.581 billion yuan [1] - China Unicom plans to distribute approximately 3.477 billion yuan in dividends to shareholders [1] Group 3: AI Development - China Mobile's AI-related revenue reached several billion yuan, marking a significant growth phase since last year [2] - China Telecom reported intelligent revenue of 6.3 billion yuan, a year-on-year increase of 89.4% [2] - China Unicom is accelerating AI applications to enhance user experience and operational efficiency [2][3] Group 4: Capital Expenditure - China Mobile's capital expenditure for the first half of the year was 58.4 billion yuan, with a focus on computing power investments [4] - China Telecom completed capital expenditure of 34.2 billion yuan, with significant investments in mobile networks and digital industry [4] - China Unicom's capital expenditure was 20.2 billion yuan, a decrease of 15% year-on-year, with future investments expected to stabilize [5]

Mergers and Acquisitions - Kangda New Materials plans to acquire 51% stake in Chengdu Zhongke Huami Electronics for RMB 275 million, which will make Zhongke Huami a subsidiary included in the consolidated financial statements of Kangda New Materials [1] Earnings Disclosure - Dongyangguang reported a net profit of RMB 613 million for the first half of 2025, representing a year-on-year increase of 170.57%, with revenue of RMB 7.124 billion, up 18.48% [2] - Bubugao announced a net profit of RMB 201 million for the first half of 2025, a significant increase of 357.71%, with revenue of RMB 2.129 billion, up 24.45% [3] - China Telecom reported a net profit of RMB 23.017 billion for the first half of 2025, a year-on-year growth of 5.5%, with revenue of RMB 269.422 billion, up 1.3% [4] Shareholding Changes - Meixin Technology's shareholder Runke Investment plans to reduce its stake by up to 3%, amounting to a maximum of 1.3278 million shares, due to funding needs [5] - Mengke Pharmaceutical's shareholder Mengke Hong Kong intends to reduce its holdings by up to 3%, totaling a maximum of 19.6682 million shares, based on market conditions [6] - Junshi Biosciences' shareholder Shanghai Tanying plans to reduce its stake by up to 2%, which equates to a maximum of 2.0538 million shares, due to fund duration and liquidity arrangements [7]

证券代码：601728 证券简称：中国电信 公告编号：2025-027 中国电信股份有限公司 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： ? 2025 年中期每股派发现金红利人民币 0.1812 元（含税）。 ? 本次利润分配以实施权益分派股权登记日当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。 ? 如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， 相应调整每股分配比例，并将另行公告具体调整情况。 ? 本次利润分配方案已由 2024 年年度股东大会授权董事会决定。 一、利润分配方案内容 截至 2025 年 6 月 30 日，中国电信股份有限公司（以下简称"公 ）母公司报表中期末未分配利润为人民币 180,860,539,282.68 元。 司" 经公司第八届董事会第二十一次会议批准，公司 2025 年半年度拟以 实施权益分派股权登记日登记的总股本为基数分配利润。本次利润分 配方案如下： 公司拟向全体股东每股派发现金红利 0.1812 元 截至 2025 （含税）。 年 6 月 30 ...

证券代码：601728 证券简称：中国电信 公告编号：2025-025 中国电信股份有限公司 第八届董事会第二十一次会议决议公告 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。 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 8 月 14 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 董事会第二十一次会议。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 吕永钟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 （一）批准《关于公司 2025 年半年度报告的议案》 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。 董事会批准公司 2025 年半年度报告、摘要及业绩公告。具体内容 详见公司同日披露于上海证券交易所网站（www.sse.com ...