Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a slight decline of 0.60% in its closing price on January 8, 2025, with a trading volume of 39.06 million yuan [1]. Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of January 7, 2025, the fund's total shares stood at 355 million, with a total size of 355 million yuan, reflecting a 0.28% increase in shares and a 1.38% increase in size since December 31, 2025 [1]. Group 2: Liquidity and Performance - Over the past 20 trading days leading up to January 8, 2025, the cumulative trading amount for the ETF was 551 million yuan, with an average daily trading amount of approximately 27.56 million yuan [1]. - The current fund manager, He Yuxuan, has managed the fund since its inception, with a performance return of -0.81% during the management period [1]. Group 3: Top Holdings - The ETF's top holdings include COSCO Shipping Holdings (0.85%), Orient Overseas International (0.40%), China National Foreign Trade Transportation Group (0.33%), and China Petroleum & Chemical Corporation (0.32%) among others, with respective market values and share counts detailed [2].

Group 1 - The core viewpoint of the article is that Goldman Sachs has a positive outlook on the shift of capital expenditure from traditional telecom networks to AI computing infrastructure and new business expansions in Chinese telecom companies, but notes that short-term growth in service and innovative businesses is under pressure [2][3] Group 2 - In terms of telecom services, future growth is expected to stagnate due to the slowdown in 5G applications affecting both paying users and average revenue per user (ARPU) growth, although there is a positive outlook on value-added services [3] - The expansion of ARPU is believed to depend on breakthroughs in AI applications and functionalities to drive user traffic [3] - For innovative businesses, there is a long-term positive view on the revenue contribution from AI-related solutions and growth in computing capital expenditure, but macroeconomic uncertainties may lead enterprises to prioritize quality projects, potentially impacting short-term growth [3] Group 3 - Goldman Sachs has downgraded the investment ratings for China Telecom (00728) and China Unicom (00762) from "Buy" to "Neutral" due to stagnation in telecom service growth and the need for a longer time frame for innovative business acceleration [3] - The target price for China Telecom has been reduced from HKD 7.9 to HKD 6, while the target price for China Unicom has been lowered from HKD 11.5 to HKD 8.8 [3] - The firm has also cut its earnings forecasts for both companies for the next two years by 6% to 7% [3]

Group 1 - The core viewpoint of the article indicates a stagnation in future growth for telecommunications services due to a slowdown in 5G applications affecting both paid user growth and average revenue per user (ARPU) [1] - Goldman Sachs expresses a positive outlook on the shift of capital expenditure from traditional telecom networks to artificial intelligence (AI) computing infrastructure and new business expansions, although short-term growth in service and innovative businesses is expected to be under pressure [1] - The article highlights a positive view on the long-term revenue contribution from AI-related solutions and the growth of computing capital expenditure, but macroeconomic uncertainties may lead companies to prioritize quality projects, potentially impacting short-term growth [1] Group 2 - Goldman Sachs downgraded the investment ratings for China Telecom (00728) and China Unicom (00762) from "Buy" to "Neutral" due to stagnation in telecom service growth and the longer time required for innovative businesses to accelerate [1] - The target price for China Telecom was reduced from HKD 7.9 to HKD 6, while the target price for China Unicom was lowered from HKD 11.5 to HKD 8.8 [1] - The firm also revised down its earnings forecasts for both companies for the next two years by 6% to 7% [1]

Core Viewpoint - Goldman Sachs expresses a positive outlook on the shift of Chinese telecom operators' capital expenditure from traditional telecom networks to artificial intelligence computing infrastructure and new business expansions, but notes that the growth of service and innovative businesses in the domestic telecom industry is under short-term pressure [1] Telecom Services - Future growth in telecom services is expected to stagnate due to a slowdown in 5G applications affecting both paying users and average revenue per user (ARPU) growth [1] - There is a positive outlook on the increase of value-added services, but the expansion of ARPU will depend on breakthroughs in artificial intelligence applications and functionalities to drive user traffic [1] Innovative Businesses - A long-term positive view is maintained regarding the revenue contribution from AI-related solutions and the growth of computing capital expenditure [1] - However, macroeconomic uncertainties are expected to lead companies to prioritize quality projects, which may impact short-term growth [1] Price Target Adjustments - Goldman Sachs has lowered the target price for China Telecom from HKD 7.9 to HKD 6 and for China Unicom from HKD 11.5 to HKD 8.8, with both ratings downgraded from "Buy" to "Neutral" [1] - The earnings forecasts for both companies for the next two years have been reduced by 6% to 7% [1]

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.53%), Gree Power (69.79%), and Kaisa New Energy (68.10%) [1] - The largest increases in holding amounts over the last five trading days were seen in the following companies: Tracker Fund of Hong Kong (+5.201 billion), Hang Seng China Enterprises (+2.069 billion), and Xiaomi Group-W (+1.624 billion) [1] - The largest decreases in holding amounts over the last five trading days were observed in Tencent Holdings (-2.929 billion), China Mobile (-1.513 billion), and China Unicom (-0.727 billion) [1] Group 2 - The latest holding ratios for the top 20 companies in Hong Kong Stock Connect show significant ownership levels, with China Telecom leading at 71.53% [1] - The top 10 companies with the largest increases in holdings include SMIC (+1.541 billion) and Kuaishou-W (+1.348 billion) [1] - The top 10 companies with the largest decreases in holdings include Zijin Mining (-0.589 billion) and Innovent Biologics (-0.432 billion) [3]

Core Viewpoint - The investment by Chinese telecom operators in Thunderbird Innovation marks a strategic move to position themselves in the next generation of personal communication terminals, particularly in the AR smart glasses market, which is expected to reach a significant milestone akin to the "iPhone moment" in the coming years [2][3][4]. Group 1: Investment and Financing - Thunderbird Innovation has completed a new financing round exceeding 1 billion yuan, led by China Mobile's Chain Long Fund and CITIC Jinshi, with participation from China Unicom's Lianchuang Innovation Fund [3]. - Since its establishment in 2021, Thunderbird Innovation has attracted significant capital, with its previous financing round occurring just two months prior, setting a record for the largest single financing amount in the domestic AI+AR glasses sector for 2025 [3]. - The strategic investment from China Mobile and China Unicom signifies the formal entry of AR terminals into the strategic vision of national communication infrastructure [3]. Group 2: Market Position and Growth - According to Counterpoint Research, Thunderbird Innovation held a 24% global market share in AR glasses by Q3 2025, achieving the highest shipment volume globally for two consecutive quarters [4]. - The company has established a strong presence in international retail channels, with its products available in over 25 countries and regions, and a cumulative user base exceeding 500,000, with overseas sales increasing by 3.8 times year-on-year [4]. Group 3: Strategic Collaboration - The partnership with telecom operators will facilitate comprehensive collaboration in market channel development, business model innovation, and core technology ecosystems, leveraging the operators' extensive offline service networks and user bases [5]. - The introduction of the first AR smart glasses with eSIM technology, "Thunderbird X3 Pro Project eSIM," exemplifies the collaborative efforts between Thunderbird Innovation and telecom operators, enabling independent communication capabilities [5][6]. Group 4: Future Outlook - The integration of eSIM technology is expected to transform AR smart glasses into a complete personal computing center, capable of independent communication, computation, display, and interaction [6]. - The operators' involvement is anticipated to catalyze the growth of AR glasses sales in China, potentially reaching millions in volume by 2026-2027, thus accelerating their adoption as mainstream consumer devices [7].

Core Viewpoint - The year-end bonus system in state-owned enterprises (SOEs) creates a perception of "back pay" due to the fixed salary cap established at the beginning of the year, which is linked to the company's economic performance and profit targets [2][4][20]. Salary Cap Management - The total salary budget is predetermined annually, encompassing all forms of employee compensation, including salaries, bonuses, and allowances [2][18]. - The salary budget is linked to the company's economic performance; if profits decline, the salary budget must also decrease [4][20]. - This budgetary constraint leads to conservative monthly payouts, with significant adjustments made at year-end based on confirmed performance metrics [5][20]. Performance Pressure in 2025 - The major telecom operators are facing significant performance pressures, with emerging business revenue growth slowing down from 22.2% in 2023 to 9.9% in 2024, and further stagnation expected in 2025 [6][22]. - EBITDA for China Mobile and China Unicom has shown rare negative growth, while China Telecom's growth rate has also declined, indicating reduced profitability [6][22]. - Management salaries have been cut, with China Mobile's key management compensation decreasing from 10.1 million yuan in 2022 to 9.29 million yuan in 2024, a reduction of approximately 8% [6][22]. Year-End Bonus Disparities - There is a significant disparity in year-end bonuses among employees, with reported bonuses ranging from 6,000 yuan to 150,000 yuan depending on position and location [7][23]. - For example, a graduate from Hunan Mobile received a total of 100,000 yuan, while a master's degree holder from Anhui received around 30,000 yuan [7][23]. - The differences reflect the complex internal distribution logic within the operators [9][25]. Hierarchical Influence on Compensation - The fixed salary cap means that higher-ranking employees receive a larger share of the total compensation pool, leading to substantial differences in bonuses based on job level [10][26]. - For instance, an employee in a lower position may receive only a fraction of what a higher-ranking colleague earns for similar contributions [10][26]. Departmental Impact on Bonuses - Not all departments within the telecom operators are equally valued; R&D departments are prioritized, with significant increases in R&D budgets for AI and cloud computing [12][28]. - Conversely, traditional communication roles are under pressure, with bonuses likely to decrease as these services decline [12][28]. Year-End Bonus as a Management Tool - Year-end bonuses serve as a management tool rather than just a reward, with a portion of the total salary budget allocated to performance-based bonuses linked to company performance metrics [29][34]. - This system allows for differentiated bonuses to incentivize and manage employee performance effectively [29][34]. Future Trends in Year-End Bonuses - The trend of bonus disparities is expected to continue, with traditional communication roles facing further reductions while positions in AI and computing may see increases [15][31]. - The success of the operators' transformation into digital service providers will directly influence the potential for year-end bonuses to become genuine incentives rather than mere compensatory payments [33].

FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00762 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 30,598,124,345 | | 0 | | 30,598,124,345 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 30,598,124,345 | | 0 | | 30,598,124,345 | 第 2 頁 共 10 頁 v 1.1.1 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: | 2025年12月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司 ...

Core Insights - The article highlights the commitment of Heze Unicom to serve the community by enhancing communication services and infrastructure, focusing on high-quality network construction and digital innovation to meet the needs of the public [1] Group 1: Network Infrastructure Development - Heze Unicom has significantly invested in digital infrastructure, achieving comprehensive 5G network coverage across urban, county, town, and major administrative village areas, with residential communities equipped for 10 Gbps broadband access [3] - The company has optimized coverage in over 600 weak signal areas, including underground parking lots, ensuring a seamless network experience for users [3] Group 2: Smart Services for Public Welfare - The company has integrated technological innovation with public needs, creating a "5G + Pre-hospital Emergency Rescue Platform" that reduces average response times by over 30%, allowing emergency services to reach patients within 15 minutes [4] - The "5G + Remote Medical Vehicle" initiative has improved treatment success rates by 25% in rural areas by enabling local CT and ultrasound examinations and remote consultations with senior experts [4] - Heze Unicom promotes FTTR whole-home fiber networking services to meet the demand for high-speed connections across multiple devices in households [4] Group 3: Customer-Centric Initiatives - Heze Unicom has established a "customer-first" service mechanism, resolving ordinary complaints within 24 hours and conducting regular "Unicom Customer Day" events to provide tailored services for different demographics, including the elderly [5] - The company has served over 2,000 elderly users with services such as free phone screen protection, usage guidance, and anti-fraud education, while also offering student-specific services during the school season [5] Group 4: Corporate Social Responsibility - Heze Unicom has been recognized for six consecutive years as an "Advanced Unit Supporting Heze Development," investing 12 million yuan in infrastructure improvements and contributing to the creation of a civilized city [6] - The company has successfully provided communication support for major events and has launched over 3,000 information solutions across various sectors, demonstrating its commitment to digital and intelligent development in Heze [6] - Looking ahead to 2026, Heze Unicom plans to continue enhancing network construction, optimizing service systems, and innovating product offerings to benefit the community [6]

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.90%), GCL-Poly Energy (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in stockholding over the last five trading days include SMIC (+1.092 billion), China Merchants Bank (+1.052 billion), and Hong Kong Exchanges and Clearing (+790 million) [1][2] - The companies with the largest decrease in stockholding over the last five trading days include China Mobile (-3.216 billion), Tencent Holdings (-1.107 billion), and the Tracker Fund of Hong Kong (-465 million) [1][2] Stockholding Ratios - China Telecom (00728) holds 99.79 million shares with a stockholding ratio of 71.90% [2] - GCL-Poly Energy (01330) holds 28.3 million shares with a stockholding ratio of 69.96% [2] - Da Zhong Public Utilities (01635) holds 36.7 million shares with a stockholding ratio of 68.75% [2] - Other notable companies in the top 20 include China Shenhua (66.39%) and China Merchants Energy (64.43%) [2] Recent Trading Activity - The top three companies with increased holdings in the last five trading days are: - SMIC (00981): +1.092 billion, +15.28 million shares [2][3] - China Merchants Bank (03968): +1.052 billion, +19.92 million shares [2][3] - Hong Kong Exchanges and Clearing (00388): +790 million, +1.93 million shares [2][3] - The top three companies with decreased holdings in the last five trading days are: - China Mobile (00941): -3.216 billion, -39.36 million shares [2][3] - Tencent Holdings (00700): -1.107 billion, -1.84 million shares [2][3] - Tracker Fund of Hong Kong (02800): -465 million, -18.01 million shares [2][3]