近日，通信行业迎来历史性突破——中国电信与中国联通在山东成功打通业界首个跨运营商可溯源 VoWiFi 通话，为解决蜂窝网络室内弱覆盖导致的语音、短信难 题提供跨运营商方案。 即使双方使用不同运营商（如电信用户呼叫联通用户），在 WiFi 环境下也能显示真实号码拨号，通话计入套餐时长，并支持精准溯源保障安全。 早在2022年5月20日，上海电信就成功打通了全球第一个具备端到端带溯源能力的 VoWiFi 电话。 看到这里，可能一些小伙伴对 VoWiFi 比较迷茫，也有人会将其与 VoLTE 和 VoNR 混淆。 VoLTE (Voice over LTE)是一种基于 4G 网络的语音通信技术，它允许语音服务直接通过 4G 网络传输，而不需要回落到 3G 或 2G 网络。 VoNR（Voice over New Radio）则可以看作是 VoLTE 在 5G 时代的升级版，它利用 5G 网络来承载语音服务。相较于 VoLTE，VoNR 在通话质量、接通速度和视频 分辨率等方面都有显著提升。此外，VoNR 在通话过程中不会中断数据连接，确保了语音和数据业务的同时进行。比如玩游戏、观看视频或进行其他需要网络连 接的活动 ...

Core Insights - Citigroup's research report indicates that China Telecom's Q3 2025 performance showed a 1% year-on-year decline in revenue to 126 billion yuan, which is 4% lower than market expectations [1] - Service revenue increased by 0.5% year-on-year to 117 billion yuan, falling short of market predictions by 2% [1] - EBITDA grew by 2% year-on-year to 35 billion yuan, exceeding market expectations by 8%, attributed to cost control measures that improved the EBITDA margin by 0.9 percentage points year-on-year [1] - Net profit rose by 4% to 7.8 billion yuan, showing a slowdown compared to approximately 6% year-on-year growth in the first half of the year [1] - Citigroup employs a sum-of-the-parts valuation method, setting a target price of HKD 7.1 for China Telecom's H-shares, with a "Buy" rating [1]

新京报贝壳财经讯（记者韦英姿）10月21日，中国电信公布2025年第三季度报告，财报显示，今年三季 度中国电信收入约1248亿元，同比下降0.91%；归属于上市公司股东 今年前三季度，中国电信营收3943亿元，同比增长0.6%；归属于上市公司股东的净利润为308亿元，同 比增长5%。中国电信每年前三季度营收增速已连续四年下滑。 与移动ARPU类似，中国电信同样未披露与新兴业务板块整体收入相关的产业数字化收入数据。今年以 来，中国电信仅在二季度财报中披露过上述数据。 移动通信业务方面，据财报，截至2025年9月30日，中国电信的移动用户数约4.37亿户，当季净增448万 户。其中5G网络用户数约2.9亿户，当季净增1039万户。在运营商移动用户增长乏力背景下，中国电信 此次财报未披露与移动ARPU（每用户平均收入）有关数据。今年以来中国电信仅在二季度财报中披露 过移动ARPU为46元，与去年基本持平。 的净利润约78亿元，同比增长3.6%。 新兴业务方面，财报显示，今年前三季度，中国移动IDC收入达275亿元，同比增长9.1%；安全收入达 126亿元，同比增长12.4%；智能收入同比增长62.3%，视联网收入同 ...

New Stock Offerings - Dana Biological's subscription code is 920009, with an issue price of 17.10 yuan per share and a subscription limit of 360,000 shares [1] Economic and Trade Relations - China's stance on Sino-U.S. economic and trade issues is consistent and clear, emphasizing that trade wars do not benefit either side and should be resolved through equal and respectful negotiations [3] - A video conference was held between China's Minister of Commerce and the EU's Trade Commissioner to discuss key economic and trade issues, including export controls and the EU's anti-subsidy case against Chinese electric vehicles [3] Artificial Intelligence Development - Guangdong Province's action plan aims to enhance high-quality development in manufacturing through artificial intelligence, focusing on various sectors such as consumer electronics and biomedicine, and providing funding support for benchmark projects [4] - Zhejiang Province's draft action plan aims to cultivate leading intelligent development platforms and achieve over 70% application penetration of intelligent systems by 2027, with a goal of over 90% by 2030 [5] Tourism and Consumption - Guizhou Province's implementation plan aims to enhance tourism consumption by creating world-class destinations and promoting deep experience tourism products, alongside policies to optimize travel services [6] - Guangzhou's action plan focuses on boosting consumption by enhancing the management of state-owned listed companies and promoting income growth through various measures [7] Company Performance Highlights - Pop Mart reported a year-on-year revenue increase of 245%-250% in Q3 [11] - Jin Gu shares received a project designation from a global leading automotive company for low-carbon wheels [12] - China Telecom's net profit for the first three quarters increased by 5.03% year-on-year [13] - Shiyida's net profit for Q3 surged by 471.34% year-on-year [14] - Wancheng Group's net profit for the first three quarters increased by 917.04%, with a proposed dividend of 1.5 yuan per share [15] - Shengnong Development's net profit for the first three quarters rose by 202.82%, proposing a dividend of 3 yuan per share [16] - China National Materials' net profit for Q3 increased by 234.84% year-on-year [17] - Grebo received significant orders from a leading U.S. home improvement retailer for lithium battery outdoor power equipment [18]

2、多名欧洲领导人：应以俄乌当前战线为谈判起点。 3、广东：支持工业智能算力应用，培育工业软件和智能装备。 4、现货黄金跌超5%，报4130.41美元/盎司，盘中一度创自2013年4月以来的最大单日跌幅。 5、泡泡玛特预计第三季度整体收益同比增长245％至250％。 早 报 精 选 1、 特朗普表示，他将于明年初访问中国，外交部回应。 宏 观 新 闻 1、 昨日的外交部例行记者会上，有记者提问称，特朗普表示，他将于明年初访问中国。郭嘉昆强调，元首外交对中美关系发挥着不 可替代的战略引领作用，中美两国元首保持着密切的沟通与交往。"关于你提到的具体问题，我目前没有可以提供的信息。" 2、昨日的外交部例行记者会上，有记者提问称，美国总统特朗普表示，美国可以对华断供飞机零部件，以此来作为威胁。郭嘉昆回 应，中方在处理中美经贸问题上的立场是一贯的、明确的，关税战、贸易战不符合任何一方的利益，双方应该在平等、尊重、互惠的 基础上协商解决有关问题。 3、美国总统特朗普称尚未就与普京的会晤做出决定。特朗普还表示，他仍然认为乌克兰与俄罗斯有机会停火。 4、法国总统府21日发布一份多名欧洲领导人关于乌克兰问题的联合声明，称"强烈 ...

Core Insights - China Telecom reported a revenue of 394.3 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.6% [1] - The company is focusing on embracing artificial intelligence and transforming its strategy towards cloud and digital intelligence [1][2] - Net profit attributable to shareholders reached 30.8 billion yuan, reflecting a 5% year-on-year growth [1] Financial Performance - Service revenue for the period was 366.3 billion yuan, up 0.9% year-on-year [1] - Operating costs amounted to 274.8 billion yuan, a slight increase of 0.1% [2] - Research and development expenses rose by 4.4% to 9.1 billion yuan, emphasizing the focus on core technology advancements [2] User Metrics - The number of 5G network users reached 290 million, with a penetration rate of 66.9% [1] - Mobile internet traffic increased by 16.9% year-on-year, with a daily average usage (DOU) of 22.3 GB, up 11.4% [1] New Business Growth - IDC revenue grew by 9.1% to 27.5 billion yuan, while security revenue increased by 12.4% to 12.6 billion yuan [2] - Smart revenue surged by 62.3%, and satellite communication revenue rose by 23.5% [2] - Quantum revenue saw a remarkable growth of 134.6% [2] Strategic Initiatives - The company aims to implement a comprehensive strategy for cloud transformation and digital intelligence, enhancing core functions and competitiveness [2] - China Telecom is committed to advancing its "AI+" initiative to promote intelligent infrastructure across various sectors [2]

Core Insights - China Telecom reported a revenue of 394.3 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.6% [1] - The company's net profit attributable to shareholders reached 30.8 billion yuan, reflecting a growth of 5.0% year-on-year [1] - Strategic emerging businesses showed strong performance, with IDC revenue at 27.5 billion yuan (up 9.1%), security revenue at 12.6 billion yuan (up 12.4%), and smart revenue increasing by 62.3% [1] Financial Performance - Total service revenue for the first three quarters was 366.3 billion yuan, up 0.9% year-on-year [1] - Operating costs amounted to 274.8 billion yuan, maintaining steady growth [2] - Research and development expenses increased by 4.4% to 9.1 billion yuan, focusing on core technology advancements [2] Business Strategy - The company aims to implement a "cloud transformation" strategy, enhancing both foundational and data-driven business development [3] - Emphasis on integrating artificial intelligence into operations to improve digital infrastructure and service offerings [3] - The company is committed to high-quality development and enhancing core competitiveness [3] Shareholder Activity - China Life Insurance increased its stake in China Telecom by acquiring 43.76 million shares in the third quarter [3] - Hong Kong Central Clearing (Agent) reduced its holdings by 27.94 million shares but remains among the top shareholders [3]

Core Viewpoint - The article highlights concerns regarding telecom operators targeting elderly consumers with confusing mobile plans, leading to unintended subscriptions and difficulties in cancellation [1] Group 1: Consumer Behavior - Elderly individuals are reportedly subscribing to mobile plans they do not understand, often without their consent or knowledge [1] - Family members express frustration as they confirm with the elderly that no such subscriptions were made, yet telecom customer service insists that the subscriptions were authorized by the account holder [1] Group 2: Telecom Operators - The article mentions major telecom operators such as China Unicom, China Mobile, and China Telecom in the context of these practices [1] - There is an implication that these operators may be exploiting the lack of digital literacy among older consumers to increase their subscription numbers [1]

Core Insights - China Telecom reported a revenue of 394.27 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.59%, and a net profit attributable to shareholders of 30.773 billion yuan, up 5.03% year-on-year [2] - In Q3 2025, the company achieved a revenue of 124.848 billion yuan, a decrease of 0.91% year-on-year, while the net profit was 7.756 billion yuan, an increase of 3.6% year-on-year [2] Financial Performance - For the first three quarters of 2025, China Telecom's operating costs were 274.8 billion yuan, an increase of 0.1% year-on-year [3] - Sales expenses were 38.9 billion yuan, down 1.4% year-on-year, while management expenses were 27.1 billion yuan, up 0.7% year-on-year [3] - R&D expenses reached 9.1 billion yuan, a year-on-year increase of 4.4%, focusing on core technologies in network, cloud, AI, quantum, and security [3] Business Development - As of the report date, China Telecom had 290 million 5G network users, with a penetration rate of 66.9% [2] - Mobile internet traffic grew by 16.9% year-on-year, with a data usage per user (DOU) of 22.3 GB, up 11.4% year-on-year [2] - The penetration rate of gigabit broadband users was approximately 31.0% [2] Strategic Emerging Businesses - Revenue from IDC reached 27.5 billion yuan, a year-on-year increase of 9.1% [2] - Security revenue was 12.6 billion yuan, up 12.4% year-on-year [2] - Intelligent revenue grew by 62.3%, video internet revenue increased by 34.2%, satellite communication revenue rose by 23.5%, and quantum revenue surged by 134.6% [2] New Business Initiatives - China Telecom has officially launched eSIM mobile services, previously supporting smartwatches and in-car devices [3] - The company reported a rapid increase in reservations for the eSIM mobile service, indicating strong market interest [3]

Major Events - Guanghe Tong (00638) has set the offer price at HKD 21.5 per share, with the public offering receiving a subscription rate of 550.99 times [1] - China Biologic Products (01177) announced the Phase III study data of Kymriah combined with Fluvestrant for the first-line treatment of advanced breast cancer will be presented at ESMO 2025 [1] - Derun Holdings (01709) plans to conduct a placement of new shares at a discount of approximately 11.34%, aiming to raise about HKD 761 million [1] - New World Development (00017) clarified media reports, stating that it has not undertaken any debt management projects regarding perpetual and other debt securities [1] - China Shenhua (01088) reported that Unit 4 of the Jiujiang Phase II project has successfully completed a 168-hour trial run [1] - Jingwei TianDi (02477) has acquired a TCSP licensed company and launched a new feature called FOPAY [1] - Rongzun International Holdings (01780) announced that its controlling shareholder intends to place up to 60% of the company's shares, reducing their stake to 15% [1] Financial Performance - Pop Mart (09992) reported a year-on-year revenue growth of 245%-250% for the third quarter [2] - China Telecom (00728) recorded a profit attributable to shareholders of RMB 30.8 billion for the first three quarters, reflecting a year-on-year increase of 5.0% [2] - Luk Fook Holdings (00590) reported that its overall retail value, retail income, and same-store sales for the second quarter exceeded the first quarter, increasing by 18%, 15%, and 10% respectively [2] - Minmetals Resources (01208) produced a total of 127,000 tons of copper in the third quarter, marking an 11% year-on-year increase [2] - Datang Power (00991) achieved a total electricity generation of approximately 2,062.41 billion kilowatt-hours in the first three quarters, up about 2.02% year-on-year [2] - Far East Horizon (03360) reported an increase in profit attributable to ordinary shareholders for the first three quarters [2] - China General Nuclear Power Corporation (01164) produced a total of 644.3 tons of natural uranium in the third quarter [2]