股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國電信股份有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00728 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | | | 本月底結存 | | | 13,877,410,000 | RMB | | 1 RMB | | 13,877,410,000 | | 2. 股份分類 | 普通股 | 股份類 ...

Core Insights - The State Council of China is focusing on the development of the silver economy and elderly care services, predicting that by 2035, the market size will reach 30 trillion yuan, accounting for about 10% of GDP, indicating a rapidly emerging industry [1][3] - The aging population in China is expected to reach 320 million by the end of 2025 and exceed 400 million by 2035, with a shift in consumption attitudes from "cautious frugality" to "actively enjoying life," driving the demand for quality services [3][4] Industry Development - The silver economy's growth is supported by top-level design and continuous policy improvement, with the government aiming to enhance consumption potential, establish a universal elderly care service system, and strengthen safety regulations [3][4] - Policies such as consumption subsidies are being introduced to create new consumption scenarios for the elderly, while measures are being taken to combat fraud in elderly care [3] Company Initiatives - China Telecom is addressing the digital divide that hinders the elderly from benefiting from the silver economy by creating an all-encompassing service system that combines online, offline, and home services [4][5] - The company has established a dedicated hotline for elderly users, offering remote video services for various needs, and has optimized its app for easier use by seniors [4][5] Service Innovation - China Telecom has set up "silver service posts" in its stores, providing specialized services such as large print bills and cash payment options to assist elderly customers [5] - The company has transformed traditional phone booths into "Hello Old Friend Digital Phone Booths," offering free calls and other services, enhancing accessibility for the elderly [5] Ecosystem Collaboration - The high-quality development of the silver economy requires the integration of diverse resources from telecommunications, healthcare, elderly care, and finance, with China Telecom leading the establishment of a smart elderly care service platform [6] - The company is leveraging its AIoT capabilities to create a one-stop smart elderly care platform that monitors the health and safety of seniors, ensuring timely alerts and responses in emergencies [6]

Core Viewpoint - The United States has warned Syria against relying on Chinese telecommunications technology, claiming it contradicts U.S. interests and poses a threat to national security [1] Group 1: U.S. Position - The U.S. asserts that Syria's dependence on Chinese technology in the telecommunications sector is detrimental to American interests [1] - The warning includes a direct threat to U.S. national security, indicating the geopolitical implications of such technology reliance [1] Group 2: Syrian Response - Syria's Ministry of Communications stated that decisions regarding equipment and infrastructure will be made based on national technical and security standards [1]

Core Viewpoint - The United States has warned Syria against relying on Chinese technology in the telecommunications sector, claiming it contradicts U.S. interests and poses a threat to national security [1][2] Group 1: U.S. Warnings and Diplomatic Engagement - The warning was issued during a private meeting between a U.S. State Department delegation and Syrian Communications Minister Abdul Salam Haykal in San Francisco [1] - The U.S. has urged Syria to use American or allied technologies in telecommunications [2] - The U.S. has expressed concerns regarding Chinese intelligence and security practices, alleging that they could compel Chinese citizens and companies to provide sensitive data [2] Group 2: Syria's Response and Infrastructure Development - The Syrian Communications Ministry stated that decisions regarding equipment and infrastructure will be made based on national technical and security standards [2] - Syria is actively pursuing telecommunications infrastructure development and is exploring the procurement of Chinese technology for building telecom base stations and local internet service provider infrastructure [1] - Syrian officials indicated a need for supplier diversification due to the urgency of infrastructure projects [1]

Core Insights - The D-3-1 land parcel in the northeastern area of the He Dong district was acquired by China Telecom's Liuzhou branch for a base price of 67 million yuan, indicating a strategic move to enhance its commercial and financial services in the region [1][6]. Group 1: Land Transaction Details - The land parcel covers an area of 5,872.99 square meters (approximately 8.81 acres) and is designated for commercial and financial business use, with a floor area ratio (FAR) ranging from 1.4 to 2.8 [1][7]. - The transaction reflects a rational commercial land market and highlights the location's value and development potential, serving as a reference for future land sales of similar types [6][7]. Group 2: Strategic Implications for China Telecom - Acquiring this land will enable China Telecom to establish new offline service scenarios and expand its commercial financial business footprint, thereby strengthening its competitive position in the regional telecommunications and integrated services market [3][6]. - The presence of a strong enterprise like China Telecom is expected to enhance the area's commercial financial functions, upgrade the surrounding business atmosphere, and attract more upstream and downstream enterprises, fostering an industrial cluster [3][6].

Core Insights - China Telecom has established a new subsidiary, China Telecom Smart Technology (Hunan) Co., Ltd., with a registered capital of 10 million RMB [1] - The company is fully owned by China Telecom Co., Ltd. through indirect holdings [1] Company Overview - The legal representative of the new subsidiary is Zhang Weiping [1] - The business scope includes the development of network and information security software, information system integration services, information system operation and maintenance services, and 5G communication technology services [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Haotian International Investment (01341) at 72.06%, China Telecom (00728) at 71.36%, and Southern Hengsheng Technology (03033) at 70.17% [1] - The largest increases in holdings over the last five trading days were seen in the Yingfu Fund (02800) with an increase of 3.892 billion, Southern Hengsheng Technology (03033) with 3.036 billion, and Tencent Holdings (00700) with 2.099 billion [1] - The largest decreases in holdings over the last five trading days were recorded by Zijin Mining (02899) with a decrease of 706 million, China Pacific Insurance (02601) with 381 million, and Jiangxi Copper (00358) with 361 million [2] Group 1: Hong Kong Stock Connect Holding Ratios - Haotian International Investment (01341) holds 7.997 billion shares, representing 72.06% [1] - China Telecom (00728) holds 9.905 billion shares, representing 71.36% [1] - Southern Hengsheng Technology (03033) holds 10.714 billion shares, representing 70.17% [1] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of 3.892 billion, with a change of 14.644 million shares [1] - Southern Hengsheng Technology (03033) increased by 3.036 billion, with a change of 60.727 million shares [1] - Tencent Holdings (00700) increased by 2.099 billion, with a change of 4.100 million shares [1] Group 3: Recent Decreases in Holdings - Zijin Mining (02899) experienced a decrease of 706 million, with a change of 15.867 million shares [2] - China Pacific Insurance (02601) decreased by 381 million, with a change of 10.720 million shares [2] - Jiangxi Copper (00358) saw a decrease of 361 million, with a change of 8.007 million shares [2]

Core Viewpoint - The Guangfa CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520900) experienced a slight decline of 0.72% in its closing price on February 26, with a trading volume of 67.9185 million yuan [1]. Group 1: Fund Overview - The Guangfa CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520900) was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of February 25, 2025, the fund had a total of 1.834 billion shares and a total size of 2.065 billion yuan, showing a decrease of 2.19% in shares and an increase of 6.21% in size compared to December 31, 2025 [1]. Group 2: Liquidity and Trading Activity - The cumulative trading amount for the Guangfa CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF over the last 20 trading days reached 2.081 billion yuan, with an average daily trading amount of 104 million yuan [1]. - Year-to-date, the ETF has recorded a cumulative trading amount of 2.857 billion yuan over 33 trading days, with an average daily trading amount of 8.65724 million yuan [1]. Group 3: Fund Management and Performance - The current fund managers are Huo Huaming and Lv Xin, with Huo managing the fund since June 26, 2024, achieving a return of 11.08%, while Lv has been managing since April 30, 2025, with a return of 24.96% [2]. - The latest report indicates that the top holdings of the fund include China National Offshore Oil Corporation, China Shenhua Energy, China Petroleum & Chemical Corporation, China Mobile, and others, with significant weightings in the portfolio [2][3].

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed down 0.65% with a trading volume of 214 million yuan on February 26 [1] - The fund was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of February 25, 2025, the fund's latest share count was 5.787 billion shares, with a total size of 6.284 billion yuan, reflecting a 1.87% increase in shares and a 10.61% increase in size year-to-date [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 24.16% and 9.85% respectively during their management periods [2] - The latest report indicates that the top holdings of the fund include China National Offshore Oil Corporation, China Shenhua Energy, China Petroleum & Chemical Corporation, and China Mobile, among others [2] Group 3 - The top holdings and their respective weights in the fund are as follows: - China National Offshore Oil Corporation: 10.04% with a market value of 571 million yuan - China Shenhua Energy: 9.99% with a market value of 568 million yuan - China Petroleum & Chemical Corporation: 9.82% with a market value of 558 million yuan - China Mobile: 9.65% with a market value of 548 million yuan - China Petroleum: 8.21% with a market value of 467 million yuan - COSCO Shipping Holdings: 5.74% with a market value of 326 million yuan - China Telecom: 4.76% with a market value of 270 million yuan - China Unicom: 3.14% with a market value of 179 million yuan - China Tower: 2.83% with a market value of 161 million yuan - China Merchants Bank: 2.07% with a market value of 118 million yuan [3]

Core Insights - The integration of 5G-A technology with artificial intelligence (AI) is becoming essential for various industries, with China Telecom leading the development and application of these technologies [2][3]. Group 1: 5G-A Technology Overview - 5G-A is an advanced version of 5G, offering over 10 times the peak uplink and downlink speeds compared to traditional 5G, with end-to-end latency reduced to milliseconds, enabling high-performance applications like HD streaming and AI interactions [3]. - China Telecom has been actively involved in the research and standardization of 5G-A, winning six awards at the 2025 China Communications Standardization Association Science and Technology Awards, including a first prize for international standards [3]. Group 2: Application in Various Sectors - In the cultural tourism sector, China Telecom enhanced the technology at the Zigong Lantern Festival by increasing bandwidth to 2000 Mbps and ensuring full 5G-A coverage, which improved visitor experience through services like AI-guided tours [4]. - During the Spring Festival travel peak, China Telecom implemented measures to ensure network stability at key transportation hubs, utilizing data analytics to manage traffic and provide emergency support [4]. - For event support, China Telecom optimized network infrastructure during the "Guokong Cup" football league, deploying emergency base stations to ensure stable live broadcasts and smooth connectivity for attendees [5]. Group 3: AI Integration and Future Development - China Telecom is accelerating the integration of AI with 5G-A, focusing on network planning, construction, and operation, which includes the establishment of an F5G-A innovation center in collaboration with Huawei [6]. - The company is implementing AI algorithms for intelligent load scheduling and fault prediction in base stations, significantly improving operational efficiency and reducing energy consumption [6]. - Looking ahead, China Telecom aims to enhance its 5G-A and AI capabilities, developing a comprehensive network architecture that supports various industries, including healthcare and emergency response [7].