香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 CHINA UNICOM (HONG KONG) LIMITED 中國聯合網絡通信(香港)股份有限公司 （在香港註冊成立之有限公司） （股份代號：762） 續展持續關連交易 茲提述本公司於2022年10月28日及2024年3月19日刊發的公告，內容關於由中國聯通運營公司與 聯通集團訂立的2023-2025年綜合服務協議,以及由財務公司和聯通集團訂立的2023-2025年金融 服務協議。2023-2025年綜合服務協議及2023-2025年金融服務協議將於2025年12月31日期滿。 董事會於2025年9月18日批准中國聯通運營公司與聯通集團簽署2026-2028年綜合服務協議, 以 及批准財務公司與聯通集團簽署2026-2028年金融服務協議。根據2026-2028年綜合服務協議，中 國聯通運營公司和聯通集團同意互相或由一方向另一方提供服務，包括：(i)通信資源和設施使 用；(ii)房屋租賃；(iii)電 ...

Group 1 - The 2025 National Unified Legal Profession Qualification Examination will take place from September 13 to 14, with Jinan City being the largest examination area in Shandong Province, registering 11,454 candidates, the highest in the province [1] - Jinan Unicom has implemented a comprehensive communication security plan to ensure stable network operations during the examination, aiming for "zero interruption, zero failure" [1][6] - The communication support work covers four branches in Jinan, with a significant focus on inspecting and optimizing communication facilities at six examination sites, completing inspections of 52 communication base stations, 102 kilometers of transmission optical cables, and 13 core network devices [3] Group 2 - A dedicated emergency support team was established by Jinan Unicom during the examination period, consisting of professionals from transmission maintenance and customer service to address any unexpected situations [5] - Jinan Unicom has enhanced its network resilience and service capabilities, actively engaging in key public welfare sectors such as education, justice, and healthcare, to strengthen the "information foundation" for social operations [6]

Core Viewpoint - The importance of cybersecurity as a critical component of national security and a key support for building a strong manufacturing and digital economy in China is emphasized by the company [1]. Group 1: Political Leadership and Governance - The company implements a three-tier responsibility system for cybersecurity governance, led by the party committee, ensuring that political advantages are transformed into effective cybersecurity governance [2]. - The company actively promotes the integration of "party building and cybersecurity," aligning with national security strategies and enhancing organizational capabilities [2]. Group 2: Technological Innovation - The company is constructing an integrated cybersecurity defense system that combines monitoring, prevention, management, and control, leveraging AI and big data for comprehensive security [3]. - The establishment of a leading Security Operations Center (SOC) enhances real-time monitoring and rapid response capabilities to various security incidents [3]. - The company has achieved significant recognition, winning a bronze award in the Digital China Innovation Competition for data security in 2025 [3]. Group 3: Anti-Fraud Initiatives - The company has developed a three-pronged anti-fraud work system that includes mechanism guarantees, technological empowerment, and comprehensive governance [4]. - The transition from decentralized control to centralized governance in anti-fraud efforts has been implemented, enhancing collaboration through a fraud prevention alliance platform [4]. - The company has reached over 5 million people through anti-fraud awareness campaigns in collaboration with various sectors, significantly increasing public outreach [4]. Group 4: Commitment to Cybersecurity Ecosystem - The company is focused on strengthening the modern cybersecurity industrial chain, aiming to build an end-to-end security protection system and promote high-quality development in the cybersecurity industry [6]. - The company has successfully completed major event security tasks, achieving zero network failures, zero website tampering, and zero data leaks [6]. - Future plans include continued emphasis on party leadership, technological innovation, and governance to enhance cybersecurity and protect public assets [6].

Group 1 - The core viewpoint of the news is the performance and growth of the Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990), which has seen significant increases in both share count and total assets in 2024 [1] - As of September 16, 2024, the ETF's latest share count is 4.309 billion shares, with a total asset size of 4.391 billion yuan, reflecting a 15.03% increase in shares and a 25.42% increase in assets year-to-date [1] - The ETF has demonstrated strong liquidity, with a cumulative trading amount of 2.1605 billion yuan over 174 trading days this year, averaging 12.4 million yuan per day [1] Group 2 - The current fund managers of the ETF are Gong Lili and Wang Yang, with Gong managing since July 25, 2024, achieving a return of 18.24%, while Wang is set to manage from July 15, 2025, with a return of 4.61% [2] - The ETF's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Merchants Bank, and China Coal Energy, with significant weightings in the portfolio [2][3] - The largest holding is China Mobile at 10.83%, followed by China Petroleum at 10.55%, and COSCO Shipping at 9.66%, indicating a concentrated investment strategy in major state-owned enterprises [3]

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5]. Core Insights - The communication industry experienced steady revenue growth and accelerated profitability in H1 2025, with total revenue reaching 1,785 billion yuan, a year-on-year increase of 10.07%, and net profit attributable to shareholders at 160.43 billion yuan, up 11.26% year-on-year [2][8]. - In Q2 2025, the industry continued to show robust growth, with revenue of 942.48 billion yuan, reflecting a year-on-year increase of 10.91%, and net profit attributable to shareholders of 98.68 billion yuan, up 12.33% year-on-year [11]. - Key sectors such as optical modules, communication PCBs, network equipment manufacturers, and IoT modules demonstrated strong performance, ranking among the top five in revenue and net profit growth rates [14][16]. Summary by Sections 1. H1 2025 Performance Overview - The communication industry achieved total revenue of 1,785 billion yuan in H1 2025, with a year-on-year growth of 10.07%, and net profit attributable to shareholders of 160.43 billion yuan, up 11.26% year-on-year [2][8]. 2. AI Industry Chain Investment - Overseas cloud vendors are expected to maintain optimistic growth in capital expenditures, with a total of 95 billion USD in Q2 2025, marking an increase of 82.96% year-on-year [22]. - Major companies like Apple and Meta are significantly increasing their investments in AI infrastructure, indicating a robust outlook for the AI industry chain [22][24]. 3. Sector Performance Changes - The optical module and device sector reported revenue of 479.88 billion yuan in H1 2025, with a year-on-year increase of 64.88%, and net profit of 108.76 billion yuan, up 111.99% year-on-year [31]. - The communication PCB sector achieved revenue of 572.49 billion yuan in H1 2025, reflecting a year-on-year growth of 37.66%, and net profit of 80.58 billion yuan, up 80.79% year-on-year [36]. - The network equipment sector generated revenue of 5,071.11 billion yuan in H1 2025, with a year-on-year increase of 28.86%, and net profit of 191.84 billion yuan, up 19.57% year-on-year [40]. 4. Telecom Operators' Performance - The basic telecom operators' sector reported revenue of 10,133.93 billion yuan in H1 2025, a slight increase of 0.33% year-on-year, with net profit of 1,136.01 billion yuan, up 5.14% year-on-year [54]. - China Mobile's total connections reached 3.815 billion, with a net increase of 145 million, and its digital transformation revenue grew by 6.6% year-on-year [55].

Group 1 - The 2025 Laizhou Half Marathon successfully took place on September 14, attracting nearly 5,000 running enthusiasts from across the country, showcasing the city's landscape and igniting the event's atmosphere [1] - Yantai Unicom undertook comprehensive communication support for the event, achieving zero network failures during the marathon through solid technical capabilities and meticulous organizational planning [1][5] - A dedicated communication support team was established four days prior to the event, conducting on-site signal testing and network assessments at key locations such as the start, finish, supply, and medical points [3] Group 2 - The support team deployed an emergency communication vehicle and collaborated with fixed base stations to enhance signal strength and network capacity in high-traffic areas like the start and finish lines [5] - The high-speed, low-latency characteristics of the 5G network effectively supported real-time video streaming, athlete tracking, and large-scale concurrent communication needs during the event [5] - The successful hosting of the Laizhou Half Marathon not only highlighted the spirit of national fitness but also demonstrated Yantai Unicom's professional capabilities and sense of responsibility in major event communication support, earning widespread praise from the event committee, runners, and citizens [5]

Core Viewpoint - The article highlights the significant progress of China Unicom's Sanjiangyuan Green Power Intelligent Computing Center project, emphasizing the involvement of various domestic AI chip brands and the substantial computing power achieved through signed and planned collaborations [1][5]. Group 1: Signed Projects - The project has confirmed the cooperation of 1,747 devices equipped with a total of 22,832 computing cards, resulting in an impressive total computing power of 3,479P [1]. - Alibaba Cloud has made a notable contribution with 1,024 devices and 16,384 computing cards, providing 1,945P of computing power [1]. - The Chinese Academy of Sciences has also participated, contributing 512 devices and 4,096 computing cards, yielding 984P of computing power [1]. - Beijing Jingyi has contributed 83 devices with 1,328 computing cards, offering 450P of computing power, while Zhonghao Xinying has provided 128 devices for an additional 200P [1]. Group 2: Planned Projects - The anticipated computing power from planned projects is expected to reach 2,002P, with participation from domestic AI chip brands such as Taichu Yuankei, Suiruan Technology, and Moer Thread [3]. - A comparative analysis of key computing cards, including Alibaba's PPU, NVIDIA A800, NVIDIA H20, Huawei Ascend 910B, and Biran 104P, was highlighted, showcasing the specifications and performance of these cards [3]. Group 3: Industry Implications - The advancement of the Sanjiangyuan Green Power Intelligent Computing Center project underscores China's capabilities in the green power intelligent computing sector and reflects the robust development of the domestic AI chip industry [5]. - The gradual implementation of these projects is expected to enhance the role of domestic computing power in critical areas, providing strong support for the high-quality development of China's digital economy [5]. - The public comparison of different brands' computing card parameters is anticipated to foster healthy competition and technological exchange within the industry, driving continuous upgrades in domestic AI chip technology and enhancing China's competitiveness in the global AI computing landscape [5].

Core Insights - China Unicom's cybersecurity model has been recognized as a significant technological equipment, showcasing its leading position in the cybersecurity industry [1][2] - The model leverages AI to enhance security capabilities, addressing critical operational pain points and improving efficiency [1] Group 1: Recognition and Impact - China Unicom's self-developed cybersecurity model has been included in Beijing's 2025 second batch of major technological equipment, highlighting its technological strength and innovation in the cybersecurity field [1] - This recognition emphasizes China Unicom's role as a "national cybersecurity team" amid escalating global cybersecurity threats [1] Group 2: Technological Advancements - The cybersecurity model integrates four core capabilities: large models, intelligent agents, knowledge bases, and plugin tools, creating a dynamic defense paradigm that can self-learn and evolve [1] - The model has achieved significant breakthroughs in operational scenarios, including a noise reduction rate exceeding 99% and an intelligent judgment accuracy of over 95%, with judgment time reduced to under 30 seconds [1] Group 3: Operational Efficiency - The model enhances report generation efficiency by 80%, allowing security operation teams to focus 90% of their efforts on high-value threat handling, thus significantly improving operational effectiveness [1]

Group 1 - Apple has launched the iPhone Air, which is the thinnest iPhone ever, featuring eSIM technology to save internal space, raising consumer interest in eSIM mobile services in China [2] - The iPhone Air can only be activated via eSIM, and only certain carriers in mainland China support eSIM, with specific support depending on carrier dynamics [2] Group 2 - On September 10, the three major Chinese telecom operators responded regarding eSIM services for mobile phones [3] - China Unicom has commercialized eSIM for smartwatches and tablets and plans to conduct commercial trials for mobile eSIM when conditions permit, with rumors suggesting they will leverage the iPhone Air to launch mobile eSIM services [3] - China Mobile currently does not support mobile eSIM but plans to offer related services in the future, with indications that they have already been approved to handle eSIM mobile services once officially notified [3] - China Telecom has not received official notification for mobile eSIM services but has submitted applications to the Ministry of Industry and Information Technology, with expectations of approval being a matter of time, and they are prepared to launch eSIM services for devices including the iPhone 17 soon after approval [3]

Group 1 - The National Communication Index decreased by 1.14% as of September 16, 2025, with mixed performance among constituent stocks, led by Cambridge Technology with a rise of 9.65% [1] - The Communication ETF (159695) experienced a cumulative increase of 5.45% over the past week, ranking first among comparable funds [1] - The Communication ETF's latest scale reached 299 million yuan, marking a one-year high and also ranking first among comparable funds [3] Group 2 - The communication industry showed strong performance in the first half of 2025, with significant growth in revenue and net profit, and record high gross and net profit margins since 2022 [4] - The top ten weighted stocks in the National Communication Index accounted for 64.43% of the index as of August 29, 2025, with notable companies including New Yisheng, Zhongji Xuchuang, and ZTE [4] - The Communication ETF achieved a net value increase of 109.34% over the past year, ranking 189 out of 3013 index stock funds, placing it in the top 6.27% [3]