Group 1 - The three major telecommunications companies have collectively announced standardized measures for telephone marketing to address user complaints regarding false advertising and inducement to consume [1] - The companies require that if a user explicitly refuses telephone marketing services, they cannot be contacted again [1] - Telephone marketing must provide comprehensive and accurate information about the marketing content, avoiding false advertising and disclosing key information such as pricing standards, applicable scenarios, validity periods, and restrictive conditions [1] Group 2 - All proposed pricing plans must be publicly available on the companies' online service platforms and official apps [1] - Outbound marketing calls will be recorded and reviewed in full to ensure compliance with strict quality standards, ensuring transparency and integrity [1] - After obtaining user consent, staff must send a confirmation SMS detailing necessary information about the service, and the service will only be processed upon user confirmation via SMS [1] Group 3 - The official outbound marketing numbers for the three telecommunications companies are: China Telecom 10001, China Mobile 10085, and China Unicom 10016 [1] - The customer service hotlines for the three companies are: China Telecom 10000, China Mobile 10086, and China Unicom 10010 [1]

Core Points - The three major telecommunications companies in China, China Telecom, China Mobile, and China Unicom, have collectively announced standardized measures for telephone marketing to address issues of false advertising and inducement to consume [1] - The official outbound marketing numbers for these companies are China Telecom 10001, China Mobile 10085, and China Unicom 10016, and no other numbers are authorized for outbound marketing [1] - The companies require that telephone marketing must accurately present marketing content without false advertising or inducement, and all relevant pricing and conditions must be disclosed [1] - Users who explicitly refuse outbound marketing will no longer receive calls from these companies [1] - Outbound marketing calls will be recorded and reviewed to ensure compliance and transparency, and confirmation messages will be sent to users before processing any requested services [1]

Core Viewpoint - The three major telecommunications companies in China, including China Unicom, China Telecom, and China Mobile, have collectively announced standardized telemarketing practices to enhance user protection and service quality, including the establishment of unique official outbound marketing numbers [1][2][3] Group 1: Company Announcements - China Unicom has established 10016 as its sole official outbound marketing number and has committed to accurate marketing practices, including clear communication of fees and terms [1][2] - China Telecom has designated 10001 as its official outbound marketing number and has made similar commitments to transparency and user consent in its marketing practices [1][3] - China Mobile has introduced 10085 as its official outbound marketing number and has implemented a "marketing-free" policy, allowing users to report unsolicited calls [3] Group 2: Service Commitments - China Unicom's five commitments include accurate marketing content, user consent for service requests, and strict process controls, including call recording and quality checks [2] - China Telecom has aligned its service commitments with those of China Unicom, emphasizing transparency and user rights [3] - China Mobile's service commitments include a reporting mechanism for unsolicited calls, with incentives for users who report violations [3] Group 3: Industry Context - The announcements come in response to user complaints regarding misleading telemarketing practices, indicating a shift towards more user-centric business models in the telecommunications industry [3]

Group 1 - The core point of the article highlights the performance and holdings of the Huatai-PineBridge CSI 300 Anzhong Index A fund, which has a recent net value of 1.9429 yuan and a decline of 0.78% [1] - The fund's one-month return is 4.19%, ranking 724 out of 1620 in its category, while the three-month return is 8.95%, ranking 883 out of 1541 [1] - Year-to-date, the fund has achieved a return of 3.61%, with a ranking of 1108 out of 1423 in its category [1] Group 2 - The top ten stock holdings of the fund account for a total of 22.91%, with significant positions in companies such as China Shenhua (3.43%), China Yangtze Power (3.09%), and Kweichow Moutai (2.90%) [1] - As of June 30, 2025, the fund has a total size of 1.375 billion yuan, and the fund manager is Wu Zhenxiang [1] Group 3 - Wu Zhenxiang has a strong academic background with a PhD in management from the University of Science and Technology of China and a postdoctoral degree in applied mathematics from the Chinese Academy of Sciences [2] - He has extensive experience in fund management, having held various positions at Huatai-PineBridge since March 2008, including senior manager and quantitative investment analyst [2]

Core Viewpoint - The 2025 World Artificial Intelligence Conference emphasizes the integration of artificial intelligence into various industries, with China Telecom leading the charge in transforming its strategy to embrace AI for economic growth [1][2]. Group 1: Company Strategy - China Telecom is shifting its strategy from "cloud transformation to data transformation" to "cloud transformation to intelligent benefits" [1]. - The company aims to enhance its AI service capabilities and strengthen security measures while promoting open collaboration [1]. - A comprehensive intelligent cloud service system will be developed, integrating computing power, platforms, data, models, and applications to support digital transformation across industries [1]. Group 2: AI Development in Shanghai - Shanghai is positioned as an international technology innovation center, and China Telecom is increasing its AI investments in the city [2]. - The company plans to accelerate the construction of "Smart Cloud Shanghai," transitioning from "cloud for the city" to "intelligent benefits for the city" [2]. - China Telecom will collaborate with local universities and research institutions to tackle cutting-edge AI challenges and support the establishment of an AI hub in Shanghai [2].

Core Viewpoint - The China Securities TMT Index has shown significant growth, with a year-to-date increase of 35.09%, reflecting strong performance in the TMT sector [1]. Group 1: Index Performance - The China Securities TMT Index has increased by 5.12% over the past month and 15.24% over the last three months [1]. - The index was established on November 14, 2014, with a base point of 3000.0 [1]. Group 2: Index Composition - The index comprises 50 listed companies in the TMT sector from the Hong Kong Stock Connect, with Tencent Holdings, Xiaomi Group-W, and China Mobile being the top three holdings [1]. - The top ten weightings in the index are as follows: Tencent Holdings (14.42%), Xiaomi Group-W (13.77%), China Mobile (13.69%), SMIC (8.44%), Kuaishou-W (7.88%), CK Hutchison (4.76%), Lenovo Group (3.01%), China Telecom (2.99%), Kingdee International (2.24%), and China Unicom (2.07%) [1]. Group 3: Market and Sector Breakdown - The index is exclusively composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [2]. - In terms of industry distribution, communication services account for 55.81% and information technology for 44.19% of the index [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - Special adjustments may occur under certain circumstances, such as delisting or significant corporate actions [3].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) has completed the benchmarking assessment for procurement and supply chain management of central enterprises for 2025, identifying 33 A-level enterprises, including major companies in the energy and telecommunications sectors [1] Group 1 - The assessment was organized by SASAC to evaluate the procurement and supply chain management practices of central enterprises [1] - A total of 33 enterprises were classified as A-level, indicating high performance in procurement and supply chain management [1] - Notable A-level enterprises include State Grid, China Southern Power Grid, China Mobile, Sinopec, China Unicom, China Telecom, China Huaneng, CRRC, China National Petroleum Corporation, and State Energy Group [1]

Investment Rating - The report maintains a "Buy" rating for China Telecom, expecting the stock price to outperform the industry index by more than 15% in the next six months [5][18]. Core Viewpoints - China Telecom is upgrading its corporate strategy to embrace artificial intelligence (AI) and enhance its cloud services, transitioning from "cloud transformation" to "intelligent cloud transformation" [2][3]. - The company is leveraging its cloud-network integration to offer comprehensive computing and networking services, aiming to reduce costs and improve efficiency [2]. - China Telecom has established the "AI Investment Alliance" to support foundational technology research and industry application projects, indicating a commitment to innovation and collaboration [3]. Financial Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are projected at 545.0 billion, 570.7 billion, and 598.0 billion yuan respectively, with growth rates of 4.1%, 4.7%, and 4.8% [3]. - **Net Profit Forecast**: The net profit attributable to the parent company is forecasted to be 35.1 billion, 36.9 billion, and 38.7 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 6.5%, 5.1%, and 4.9% [3]. - **Earnings Per Share (EPS)**: EPS is projected to increase from 0.38 yuan in 2025 to 0.42 yuan in 2027 [3]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 19.0 in 2025 to 17.2 in 2027, while the price-to-book (P/B) ratio is projected to decline from 1.4 to 1.3 over the same period [3].

基础电信企业还要求，电话营销必须全面准确介绍营销内容，不虚假宣传、诱导消费，不隐瞒资费标 准、适用场景、有效期限、限制性条件等关键信息，所有向用户推介的资费方案都要在网络营业厅和官 方APP(移动应用程序)公示。 7月下旬，电信运营商纷纷宣布推进行风纠风专项行动，落实工信部2025年工作部署，以"精简套餐、透 明消费"为核心，推出多项改革措施。(完) （文章来源：中国新闻网） 中新社北京8月1日电中国三家基础电信企业8月1日集体发布规范电话营销举措，统一外呼营销号码，旨 在解决用户反映突出的通信业务电话营销虚假宣传、诱导消费等问题。 据了解，三家基础电信企业唯一官方外呼营销号码分别是：中国电信10001、中国移动10085、中国联通 10016。如果接到其他号码要用户办卡办套餐，则不是正规渠道。 此前，不少消费者都接到过各种营销电话，有的营销电话通过普通电话号码拨打，让人防不胜防。此次 基础电信企业规范外呼营销号码，要求如果用户明确拒绝电话营销的业务，就不能再继续呼叫打扰用 户。 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Insights - The report highlights that the three major telecom operators in China—China Mobile, China Telecom, and China Unicom—are transitioning from traditional communication providers to "AI infrastructure providers, industry enablers, and security guardians," significantly contributing to the digital transformation of the economy and society [1][3]. - The integration of AI into various sectors is seen as a key driver of the new technological revolution and industrial transformation, with telecom operators playing a crucial role in this evolution [1]. Summary by Sections Investment Recommendations - The report suggests that telecom operators will significantly benefit from the performance growth and value reassessment brought by intelligent computing services under the AI wave. It recommends focusing on the three major operators: China Mobile, China Telecom, and China Unicom, as well as their partnerships with computing service providers such as Runze Technology, Pingzhi Information, Zhongbei Communication, ZTE, Fenghuo Communication, and Unisplendour [3]. Industry Developments - The report emphasizes the practical AI capabilities demonstrated by the telecom operators at WAIC 2025, showcasing their role as a "digital infrastructure national team" and their technological leadership in building a smart service ecosystem that covers both industry and people's livelihoods [3]. - The collaboration between computing power and network innovation is highlighted as a core logic for the operators' computing infrastructure, leading to significant breakthroughs in computing resource utilization and efficiency [3]. Infrastructure Investment - In 2025, the three major operators are expected to increase their investments in computing infrastructure, with China Mobile planning to invest 37.3 billion RMB in this area. Both China Telecom and China Unicom are projected to see over 20% year-on-year growth in their computing investments [3]. - The report notes that the domestic server procurement by China Unicom has exceeded 90% for domestic servers, while China Mobile has the largest single liquid-cooled intelligent computing center among global operators, with over 85% of its computing power being domestically sourced [3].