基金管理人在四季报中表示，在现金收益率持续下降的背景下，高股息资产"类固收"属性凸显，成为四季度相对占优的风格主线；相较之下，成长板块在市 场情绪担忧之下与基本面预期反复中波动加大、表现承压。鉴于宏观环境仍存在不确定性，本基金将维持基本面稳定的高分红股份作为主要投资部署，继续 看好金融、电信、能源和公用事业等板块。我们认为这些行业在经济恢复过程当中能带来良好的能见度和盈利稳定性，且能维持高分红。 截至1月22日，平安港股通红利精选混合发起式A近三个月复权单位净值增长率为-0.63%，位于同类可比基金588/621；近半年复权单位净值增长率 为-0.69%，位于同类可比基金607/621；近一年复权单位净值增长率为19.68%，位于同类可比基金525/613。 AI基金平安港股通红利精选混合发起式A（021046）披露2025年四季报，第四季度基金利润1196.43万元，加权平均基金份额本期利润0.04元。报告期内，基 金净值增长率为3.5%，截至四季度末，基金规模为3.89亿元。 该基金属于偏股混合型基金。截至1月22日，单位净值为1.286元。基金经理是丁琳，目前管理6只基金。其中，截至1月22日，平安消费 ...

【窩輪透視】「強力買入」信號亮起，如何把握聯通的短線反彈？ 1月22日，三大中資電信股走勢略有分化，中國電信 (00728)表現相對強勢，單日上漲0.78%至5.17元；中國聯通 (00762.)小幅回升0.40%，收於7.62元；中國 移動 (00941)則微跌0.25%，收報79.00元。 溫馨提示：本文章不構成任何投資建議。 截至今日（23日）阻力位先看7.9元，突破後或測試8.25元。支撐位方面，首要關注7.42元，若跌破則可能進一步下探7.21元。需注意的是，目前仍處長期下 跌趨勢中，逆向博弈反彈需謹慎評估風險，控制倉位與止損至關重要。 結合聯通的技術走勢，精選一隻認購證產品供投資者參考： 中聯信證六七購A.C (24226)，槓桿比例8倍，行使價8.88元。該產品核心特點為引伸波幅最低，在股價出現短期反彈時，引伸波幅波動對產品價格的負面影 響相對較小，適合對聯通短線反彈有預期的投資者關注，需留意行使價距離當前股價的差距及到期時間。 | 相關資產 | 名稱 | 座前 | 複年 | 行使 | | --- | --- | --- | --- | --- | | 中國聯通(00762) | 信證認購證 | ...

Core Insights - The telecommunications service industry received a total of 173,629 complaints in 2025, representing a year-on-year decrease of 7.05% compared to 2024 [1][12] - The Ministry of Industry and Information Technology initiated the "Clear and Reassuring Use" campaign in April 2025 to address key issues such as complex packages and unclear charges, leading to a significant reduction in complaints in the second half of the year [1][12] Complaint Categories - The primary complaint category is package fee disputes, accounting for over 50% of all complaints, followed by poor customer service at 16.7%, broadband faults at 5.96%, and account cancellation issues at 2.44% [3][15] - Common issues include unclear billing rules, unauthorized subscription renewals, and poor customer service quality, such as long wait times and unhelpful staff [2][14] Complaint Handling - The overall complaint handling performance in the telecommunications sector is positive, with a complaint response rate exceeding 98% among major operators like China Mobile, China Unicom, China Telecom, and China Broadcasting [4][16] Demographics of Complainants - Male consumers dominate the complaint demographic, making up 70.02% of complaints, while female consumers account for 29.98% [5][17] - The average age of complainants is 30, with the majority being young consumers aged 20-25 (36.45%) and 26-30 (26.24%) [6][18] Geographic Distribution - Guangdong province has the highest number of complaints, accounting for 16.77% of the total, followed by Jiangsu and Zhejiang provinces at 8.65% and 7.71%, respectively [7][19]

（来源：内蒙古晨网） 转自：内蒙古晨网 在鄂尔多斯达拉特旗，某单位互联网线路受天气影响突发中断。得知这一消息，达拉特旗分公司迅速组 建抢修小组奔赴现场。 彼时，夜间气温低至零下二十几度，寒风呼啸，天寒地冻，为尽快恢复通信，抢修队员们不畏严寒，在 光线昏暗的恶劣环境下连夜奋战，手脚冻僵也仍不停歇。经过连续数小时的作业，两处48芯光缆终于在 当晚21时许全部熔接完毕，所有受阻业务恢复正常。 这条冬日里的"安心线"，输送的不仅是信号，更是寒冷中的温暖与期盼，它一端连着客户的生产运营命 脉，一端系着周边居民的"云端"生活。线通了，用户的心就稳了。 近日，内蒙古遭遇新一轮强冷空气，多地气温断崖式下跌，为通信网络稳定运行带来严峻挑战。天虽 寒、路虽远，但联通人毅然迎风战雪、坚守一线，默默守护广大用户用网体验。 周密部署保畅通 为保障城市通信"生命线"稳定运行，呼和浩特联通凭借一系列科学务实的举措做好寒潮天气通信保障。 呼和浩特联通以"防"为先，针对低温易导致线路覆冰、设备故障等问题，各维护队伍对全市范围内的通 信设施及重点区域开展"拉网式"特巡，确保通信网络万无一失。以"抢"为要，建立24小时应急响应机 制，备足应急物资 ...

Investment Rating - The report maintains an "Outperform" rating for the commercial aerospace industry [1] Core Insights - The aerospace sector is transitioning from being viewed as a "cost center" driven by national will to a "growth engine" driven by commercial demand, with significant investments and strategic planning from both the US and China [6][9] - The global aerospace economy is projected to reach $613 billion in 2024, with commercial aerospace contributing 78%, and is expected to exceed $1 trillion by 2032 [6][9] - The value chain of commercial aerospace is divided into five core levels: "space, ground, terminal, rocket, and application," each presenting unique market opportunities and technical challenges from 2026 to 2030 [10][29] Summary by Sections 1. Space: Satellite Manufacturing - The satellite manufacturing market in China is expected to grow from approximately 7.1 billion yuan in 2025 to about 39.4 billion yuan by 2030, reflecting a shift from sporadic research models to continuous, batch engineering deliveries [16][18] 2. Ground: Ground Systems - The ground systems market is projected to increase from around 1.2 billion yuan in 2025 to approximately 39.1 billion yuan by 2030, evolving from a supporting role to a core infrastructure essential for stable satellite constellation operations [21][22] 3. Terminal: Key Variable for Commercial Aerospace - The terminal market is anticipated to grow from 500 million yuan in 2025 to about 141.9 billion yuan by 2030, driven by multiple vertical industries and potential consumer scenarios [23][24] 4. Rocket: Core Constraint - The cost of rocket launches is a critical constraint, with reusable technology expected to reduce costs by 80%-90% compared to traditional expendable rockets. The market for rocket launch services is projected to grow from approximately 10.7 billion yuan in 2025 to about 34.3 billion yuan by 2030 [25][26] 5. Application: Final Value Realization - The application market is expected to expand from 200 million yuan in 2025 to 525 billion yuan by 2030, with the revenue share from applications projected to rise from single digits to over 67% by around 2030 [27][28] 6. Investment Opportunities - Investment opportunities in commercial aerospace can be categorized into three main tracks: 1. Launch and manufacturing segments, which are expected to benefit directly from increased orders and visibility 2. Core components and systems, characterized by high technical barriers and critical for long-term competitiveness 3. Downstream applications and operational services, which, while currently limited in scale, hold the greatest long-term potential for value realization [29][30]

Core Insights - The three major telecom operators in China are shifting their strategies towards "strategic contraction and focused transformation," moving away from a "large and comprehensive" approach to concentrate resources on core business areas such as computing power, AI applications, and enterprise markets [1][4] Financial Performance - In 2024, the total revenue of the three operators approached 2 trillion yuan, with a year-on-year growth rate slowing to approximately 3%, a significant decline compared to previous years. The combined net profit was about 192 billion yuan, reflecting a year-on-year increase of approximately 6.1%. The combined EBITDA was around 574 billion yuan, showing a slight decline of about 0.7%, indicating a fatigue in profitability [2] Strategic Focus - China Telecom is upgrading its strategy from "cloud transformation" to "intelligent and beneficial cloud transformation," emphasizing AI empowerment and security in enterprise construction. In 2024, the revenue from digitalization in its industry is expected to increase, with a 22% year-on-year growth in capital expenditure for computing power [3] - China Unicom is focusing on four core areas: connectivity, computing power, services, and security, moving away from a comprehensive coverage model. Its investment in computing power is expected to rise by 19% in 2024, with plans to build a multi-layered computing supply system [3] - China Mobile aims to strengthen its three main businesses: communication services, computing services, and intelligent services, with a focus on technology leadership and scale synergy. The planned investment in computing power for 2025 is 37.3 billion yuan, maintaining the same level as 2024 but increasing its share in capital expenditure to 25% [4] Embracing AI - All three operators are sending a clear signal of "fully embracing AI." China Unicom is focusing on the synergy between AI and its core areas, while China Telecom is integrating AI throughout its operations. China Mobile is also prioritizing intelligent services and plans to develop 15 million AI terminals by 2026 [5][6] Capital Expenditure Trends - The capital expenditure of the three operators is showing a trend of "overall contraction with localized increases," with a total planned capital expenditure for 2025 reduced by 9.1% to 289.8 billion yuan. The focus is shifting towards "intelligent computing centers" and "massive card clusters" [7]

从营业厅前的积雪清扫，到田间地头的光缆抢修，再到风雪中的上门服务，菏泽联通人用坚守与担当，在寒冬里传递着温暖与力量。他们是通信线路 的"守护者"，是客户身边的"贴心人"，更是央企使命的"践行者"。在这场与风雪的较量中，菏泽联通以"时时放心不下"的责任感和"事事落实到位"的执行 力，保障了通信服务"不断档"、服务温度"不降温"，用实际行动诠释了"人民邮电为人民"的初心使命，彰显了央企的责任与担当。 1月19日清晨七点，天刚蒙蒙亮，曹县联通中心营业厅的营业员们已提前到岗。凛冽寒风中，他们拿起扫帚、铁锨，迅速投入到积雪清扫工作中。营业厅 门前台阶、周边道路的积雪被逐一清除，冰冷的工具在手中传递着温暖的力量。为防范雪天路滑风险，大家在醒目位置整齐摆放"雪天路滑注意安全"提示 牌，用细致入微的举措为前来办理业务的客户筑牢安全防线。"雪再大，服务不能断；天再冷，初心不能凉。"营业员们的话语质朴而坚定，他们以实际行 动践行"客户至上"的服务承诺，让雪天里的营业厅始终暖意融融。 雪落无声，服务有情，菏泽联通将始终与市民群众同心同行，在每一个急难险重的时刻挺身而出，用可靠的通信保障和优质的服务，为牡丹城的高质量发 展保驾护航。 ...

Core Insights - The new hospital district in Yuncheng County, Heze, has officially opened, marking a significant upgrade in local medical services [1] - China Unicom Yuncheng Branch played a crucial role in ensuring communication support for the new hospital, implementing a comprehensive network solution [1][5] Group 1: Communication Infrastructure - The new hospital's communication network was designed to support essential medical systems and digital healthcare applications, including remote consultations and smart nursing [1] - A three-part communication solution was customized, consisting of a "fiber backbone network + 5G private network + cloud platform" [1][2] Group 2: Project Execution - The project faced challenges such as tight deadlines and complex construction environments, with over 80 personnel and 30 types of equipment deployed [2] - More than 120 optical fiber links were laid to ensure gigabit network coverage across all areas of the new hospital [2] Group 3: System Migration - A "step-by-step migration and seamless transition" strategy was implemented for the hospital's core information systems, ensuring zero errors during the switch [4] - A 10-person emergency support team was established to monitor network performance and respond to communication needs on the opening day [4] Group 4: Impact on Healthcare Services - The stable communication network has significantly improved patient experience, reducing average waiting times for registration by 40% and increasing imaging report efficiency by 50% [4] - The successful implementation of remote consultations and smart guidance services has enhanced the overall quality of medical care [4] Group 5: Future Directions - China Unicom aims to continue integrating technology into healthcare, optimizing communication solutions for smart hospitals and supporting regional medical collaboration [5] - The company positions itself as a key player in the digital infrastructure and smart healthcare sectors, contributing to a more efficient and intelligent medical service system [5]

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) disclosed the salary information of over 80 central enterprise leaders for the year 2024, indicating a stable salary range without extreme high salaries, showcasing significant industry differentiation [1][5]. Group 1: Salary Disclosure - The disclosure of salary information is part of SASAC's ongoing efforts to enhance transparency in key areas and respond to public concerns [2]. - The overall salary of central enterprise leaders in 2024 remains within a stable range, characterized by "top leaders leading, median concentration, and low compliance," with no extreme high salary phenomena observed [5]. Group 2: Salary Rankings - The top tier of salaries is dominated by leaders from telecommunications and energy central enterprises, with China Mobile's former chairman Yang Jie leading with a pre-tax salary of 1.2582 million yuan, followed by China Telecom and China Unicom chairmen with salaries of 1.2160 million yuan and 1.2101 million yuan respectively [6]. - In the energy sector, PetroChina's chairman Dai Houliang and general manager Hou Qijun both have an annual salary of 978,500 yuan, ranking first among energy central enterprises [7]. - Other notable salaries include China Huaneng Group's chairman Wen Shugang at 961,700 yuan and State Power Investment Corporation's chairman Yu Bing at 953,700 yuan, both of whom are also in the top tier [8]. Group 3: Salary Distribution - The second tier includes core central enterprises in electricity, construction, and automotive industries, with notable figures such as State Grid's chairman Zhang Zhigang earning 735,000 yuan and China National Nuclear Corporation's chairman Yang Changli earning 930,000 yuan [15]. - The third tier consists of central enterprises with strong public welfare attributes, such as China Forestry Group's chairman Shan Zhongli and Overseas Chinese Town Group's chairman Zhang Zhenggao, both earning 438,500 yuan, which is below the average level for central enterprises [16]. Group 4: Salary Variability - Within the same industry, the salary differences among central enterprise executives are manageable, with the highest annual salary for energy central enterprise chairmen (PetroChina at 978,500 yuan) and the lowest (National Pipeline Network at 872,900 yuan) showing a difference of about 100,000 yuan [20].

Core Viewpoint - Central enterprises are transitioning from temporary support to a systematic and sustainable assistance model for rural revitalization during the "14th Five-Year Plan" period, focusing on education and industrial empowerment [1][3][5]. Education Assistance - China General Nuclear Power Group (CGN) has invested 100 million yuan to build the Bailu School, transforming it into a modern educational facility with advanced teaching spaces and resources [1][2]. - The school now has 30 elementary classes and 7 middle school classes, along with specialized "Bailu Classes" supported by CGN for curriculum development and student incentives [2]. - CGN has organized 23 research activities to broaden students' horizons, fostering aspirations among students, such as a sixth-grade student who aims to become a teacher after participating in a summer camp [2][3]. Industrial Empowerment - COFCO Group is innovating its cooperation model with farmers, engaging in large-scale planting over 3 million acres through order agriculture and cooperative planting to enhance agricultural productivity and farmers' income [4]. - The company aims to create a modern agricultural service model that integrates various agricultural sectors, providing comprehensive solutions from production to sales [4][5]. - Digital technology is being leveraged to enhance agricultural practices, as seen in the smart cultivation of Lingzhi mushrooms in Jilin Province, which has significantly improved yield rates [6]. Transition to Normalized Support - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for central enterprises to shift from transitional support to a normalized assistance phase, focusing on sustainable development and effective integration with rural revitalization plans [5][6]. - The goal of normalized support is to achieve comprehensive rural revitalization, moving beyond mere poverty alleviation to fostering thriving industries, ecological sustainability, and improved living standards [6].