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之內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致之任何損失承擔任何責任。 • 上半年公司經營業績穩健增長，收入規模穩中有升，營業收入突破人民幣2,000 億元，同比增長1.5%；盈利能力持續增強，稅前利潤達到人民幣178億元，同比 增長5.1%。 • 公司業務結構持續優化。聯網通信收入達到人民幣1,319億元；算網數智收入達 到人民幣454億元，佔比提升到26%；國際業務收入達到人民幣68億元，同比增 長11%；戰略性新興產業收入佔比提升到86%，成為公司高質量發展的新動能。 • 公司始終高度重視股東回報，在實現經營業績穩健增長的同時，致力於和股東共 享發展紅利，今年將繼續派發中期股息，董事會決定派發中期股息每股人民幣 0.2841元（含稅），同比提升14.5%。 董事長報告書 尊敬的各位股東： 上半年，公司搶抓戰略機遇，有力應對挑戰，全面推進融合創新，培育壯大新質生產 力，經營發展保持良好勢頭，高質量發展的基礎更穩，動能更強，質量更優。 （在香港註冊成立之有限公司） （股份 ...

Operating Results - Operating revenue reached RMB 2002 billion, showing steady growth[7] - Service revenue reached RMB 1784 billion, indicating a positive trend[7] - Profit before income tax reached RMB 178 billion, demonstrating improved profitability[7] Business Structure Optimization - Connectivity and Communications (CC) revenue was RMB 1319 billion[10] - Computing and Digital Smart Applications (CDSA) revenue was RMB 454 billion[10] - International business revenue was RMB 68 billion, with a growth of 111%[10] Subscriber Base Expansion - Total mobile and broadband subscribers reached 480 million, with a new high in net additions in recent years[15] - IoT connections net increased by 6032 million, reaching a total of 690 million[15] Computing Power Business - Unicom Cloud revenue reached RMB 144 billion[24] - Data center revenue reached RMB 376 billion[24] Network Investment - CAPEX decreased by 15% to RMB 276 billion[35] - Mobile network population coverage is over 99%[38] Shareholder Returns - The board resolved to distribute an interim dividend of RMB 02841 per share (before tax), a YoY growth of 145%[47] Financial Risk Control - Interest-bearing liabilities decreased by XXX% to RMB 3684 billion[56]

Group 1 - The core viewpoint of the article emphasizes the importance of regulating administrative law enforcement related to enterprises, particularly focusing on the issues of arbitrary charges, fines, inspections, and closures [1] - The Supreme People's Court has issued a notice to enhance judicial review of administrative cases in key areas such as market access, administrative penalties, and administrative enforcement [1] - A typical case of administrative enforcement involves a communication equipment company that had its equipment forcibly demolished by a local government without proper compensation procedures, leading to a court ruling that deemed the demolition illegal [2] Group 2 - The West Xi'an Railway Transport Court ruled that any land acquisition must follow legal procedures, including compensation before relocation, which was not adhered to in this case [2] - The court highlighted that the local government failed to sign a valid compensation agreement with the communication company before demolishing its equipment, violating legal regulations [2] - The Supreme Court emphasized the need for fair and reasonable compensation for all property owners and users affected by land acquisition, including enterprises that have made actual investments in the area [2]

金融界8月11日消息，上证指数上涨0.34%，中证港股通TMT主题指数 (港股通 TMT，931026)报4636.77 点。 数据统计显示，中证港股通TMT主题指数近一个月上涨5.56%，近三个月上涨14.05%，年至今上涨 36.12%。 据了解，中证港股通TMT主题指数从港股通范围内选取50只TMT主题领域的上市公司证券作为指数样 本，以反映相关行业主题上市公司证券的整体表现。该指数以2014年11月14日为基日，以3000.0点为基 点。 从指数持仓来看，中证港股通TMT主题指数十大权重分别为：腾讯控股（14.76%）、中国移动 （13.61%）、小米集团-W（12.78%）、快手-W（8.13%）、中芯国际（8.02%）、长和（4.72%）、联 想集团（3.22%）、中国电信（2.95%）、金蝶国际（2.13%）、中国联通（2.12%）。 从中证港股通TMT主题指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通TMT主题指数持仓样本的行业来看，通信服务占比56.62%、信息技术占比43.38%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星 ...

Core Points - The Shanghai Composite Index increased by 0.34%, while the China Securities Hong Kong 300 Communication Services Index (H300 Communication) reported a value of 1578.18 points [1] - The H300 Communication Index has seen a rise of 4.79% over the past month, 16.90% over the past three months, and 32.48% year-to-date [1] Group 1: Index Overview - The China Securities Hong Kong 300 Industry Index series classifies securities based on the China Securities Industry Classification Standard, reflecting the overall performance of different sectors in the Hong Kong market [1] - The base date for the index is December 31, 2004, with a base point of 1000.0 [1] Group 2: Top Holdings - The top ten holdings of the H300 Communication Index are Tencent Holdings (15.07%), NetEase-S (13.89%), China Mobile (13.81%), Baidu Group-SW (12.96%), Kuaishou-W (12.72%), Cheung Kong (7.38%), China Telecom (4.5%), China Unicom (3.24%), China Tower (2.93%), and Bilibili-W (2.79%) [1] Group 3: Sector Composition - The sector composition of the H300 Communication Index includes Digital Media (47.10%), Telecom Services (30.30%), Cultural Entertainment (15.78%), Communication Technology Services (2.93%), Data Centers (2.03%), Communication Equipment (0.99%), and Marketing & Advertising (0.86%) [2] Group 4: Sample Adjustment - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are adjusted in accordance with the sample changes, and any temporary adjustments will follow the same protocol as the index sample adjustments [2]

Core Viewpoint - The article emphasizes the rapid development and enhancement of China's information and communication industry, highlighting its role as a strategic and foundational sector for economic and social development, particularly during the "14th Five-Year Plan" period [1]. Group 1: Communication Infrastructure Improvement - The construction of communication infrastructure has accelerated, achieving significant breakthroughs in technology, with a solid "digital foundation" established [3]. - As of June 2023, China has completed its goals for 5G and gigabit optical network construction, with 4.55 million 5G base stations and 226 million gigabit broadband users [3]. - The total length of optical cable lines reached 73,770 kilometers, and the deployment of 400G backbone networks has begun, significantly enhancing transmission bandwidth and network capacity [3]. Group 2: Industry Integration and Application - The integration of 5G and AI technologies has improved production efficiency, as seen in the automotive industry, where a smart detection system has increased production line efficiency by 20% [5]. - 5G applications have penetrated 86 out of 97 major categories of the national economy, with over 18,500 "5G + Industrial Internet" projects established [7]. Group 3: Service Quality Enhancement - The information and communication industry has improved service quality by addressing consumer concerns, such as implementing measures to reduce misleading marketing practices [8]. - The industry has also focused on enhancing accessibility for special groups, with over 3000 websites and apps modified for older adults and disabled individuals [8][9]. - A total of 1.046 billion instances of "Do Not Disturb" services have been provided to 1.08 billion users, reflecting the industry's commitment to consumer protection [9].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights the release of GPT-5 by OpenAI, which has achieved state-of-the-art (SOTA) performance across multiple domains, significantly improving reliability [5][13] - Arista Networks has raised its performance guidance, indicating a sustained increase in demand for AI backend networks, with Q2 2025 revenue reaching $2.205 billion, a year-on-year increase of 30.4% [6][16] - The report maintains a positive outlook on the global AI chain, emphasizing the importance of the AIDC computing power industry chain, satellite internet, and 6G among seven key industry directions [7][18] Summary by Sections 1. Investment Outlook - GPT-5 has shown significant improvements in various areas, including coding, mathematics, writing, health, and visual perception, with a 45% reduction in factual error rates compared to GPT-4 [13][14] - Arista Networks' revenue guidance for 2025 has been raised by 25% to $8.75 billion, driven by strong demand from cloud and AI giants [6][16] - The report suggests focusing on seven major industry directions, including AIDC data center construction, IT equipment, network devices, computing power leasing, cloud computing platforms, AI applications, and satellite internet & 6G [18][19] 2. Communication Data Tracking - As of May 2025, the total number of 5G base stations in China reached 4.486 million, with a net increase of 235,000 stations compared to the end of 2024 [26] - The number of 5G mobile phone users reached 1.098 billion, reflecting a year-on-year growth of 21.3% [26][29] - 5G mobile phone shipments in May 2025 were 21.19 million units, accounting for 89.3% of total shipments, although this represents a year-on-year decrease of 17% [26][35] 3. Operator Performance - The three major operators reported strong growth in cloud computing revenues, with China Mobile's cloud revenue reaching 100.4 billion yuan, a year-on-year increase of 20.4% [42] - The average revenue per user (ARPU) for China Mobile remained stable at 48.5 yuan, while China Telecom's ARPU slightly increased to 45.6 yuan [42][48]

Investment Rating - The report does not explicitly provide an investment rating for the telecommunications industry during the "15th Five-Year Plan" period [4]. Core Insights - The telecommunications industry in China is undergoing a profound transformation during the "15th Five-Year Plan" (2026-2030), shifting from a traditional growth model centered on "connectivity" to becoming "intelligent service and value creators" [4][5]. - The report identifies three core survival crises: "bleeding pipelines" (value erosion from the volume-revenue gap), "heavy assets" (investment return challenges), and "capability gaps" (inability to meet future market demands) [5][14]. - The report emphasizes the necessity of transformation, leveraging four core strategic assets accumulated by operators: ubiquitous network assets, national-level computing power assets, high-value data assets, and deep customer and channel assets [5][21]. Summary by Sections Section 1: Unavoidable Turning Point - The "14th Five-Year Plan" laid a solid foundation for the digital economy, with significant achievements such as the establishment of the world's largest 5G network, comprising 4.486 million base stations and 223 million gigabit broadband users by May 2025 [13]. - The cumulative investment in 5G network construction exceeded 1.2 trillion RMB, leading to substantial asset return pressures [13][19]. Section 2: Strategic Landscape - The report identifies ten strategic opportunities for the telecommunications industry, categorized into foundational enablers, core strategic battlefields, and visionary bets [30][34]. - Core strategic opportunities include AI-native intelligent computing networks, data element value realization, and integrated vehicle-road-cloud systems, which are deemed critical for operators to focus their resources on [30][39]. Section 3: Core and Forward-looking Opportunities - The report provides a detailed analysis of seven core strategic and forward-looking opportunities, assessing their necessity, feasibility, adaptability, and urgency [56]. - The AI-native intelligent computing network is highlighted as a critical battleground for survival, with a projected market size exceeding 750 billion RMB by 2030, growing at a CAGR of over 30% [60][62]. - Data element value realization is identified as essential for unlocking dormant assets, with the data element market expected to reach 7.5 trillion RMB by 2030 [68][71]. Section 4: Strategic Paths - Six core development paths are proposed for operators, including autonomous innovation in cutting-edge technologies, deepening application scenarios, and upgrading business models [8]. - The report suggests prioritizing investments in AI-native intelligent computing networks and data element value realization, allocating 50% of strategic incremental resources to core capability areas [8][7].

Core Viewpoint - The introduction of eSIM technology in the Chinese mobile phone market is gaining momentum, with China Unicom leading the charge, but there are significant challenges and limitations that may hinder widespread adoption [2][20][27]. Group 1: eSIM Technology Overview - eSIM integrates traditional SIM card functions directly into device chips, eliminating the need for a physical SIM card slot, which allows manufacturers to utilize the freed-up space for larger batteries or advanced camera modules [3][20]. - eSIM can store multiple numbers, making it convenient for users traveling abroad to switch to local numbers easily [6][15]. Group 2: Challenges and Limitations - The process of switching devices becomes more complicated with eSIM, requiring users to deregister the eSIM from the old device and download a configuration file on the new device, which can be problematic if the old device is lost or damaged [6][10]. - Current eSIM activation processes in China still require users to visit physical stores, which does not significantly differ from the traditional SIM card activation process [10][20]. Group 3: International Considerations - Many countries still rely on physical SIM cards, which poses a challenge for users with eSIM-only devices when traveling abroad, as they may need to purchase eSIM travel cards that are often more expensive than local physical SIM cards [12][15]. - Domestic devices may only activate local eSIMs when abroad, limiting the flexibility of using eSIM technology for international users [20][25]. Group 4: Market Dynamics - China Unicom is actively promoting eSIM services, having restored eSIM operations in 25 provinces, while China Mobile is gradually advancing its eSIM offerings, and China Telecom remains cautious and has not yet completed its eSIM upgrades [20][23]. - The transition from physical SIM cards to eSIMs in China is expected to take several years, as the entrenched habits of users and the existing infrastructure pose significant barriers to rapid adoption [23][25].

Core Points - The China Securities Hong Kong 300 Communication Services Index (H300 Communication) reported a value of 1584.28 points, with a monthly increase of 6.91%, a three-month increase of 17.10%, and a year-to-date increase of 32.99% [1] - The index is designed to reflect the overall performance of different industries in the Hong Kong market, using a sample of all securities classified under the China Securities industry classification standards [1] Index Composition - The top ten weighted stocks in the H300 Communication Index are Tencent Holdings (15.18%), NetEase-S (13.99%), China Mobile (13.6%), Baidu Group-SW (13.07%), Kuaishou-W (12.81%), Cheung Kong (7.31%), China Telecom (4.42%), China Unicom (3.16%), China Tower (2.88%), and Bilibili-W (2.85%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] Industry Breakdown - The industry composition of the H300 Communication Index includes Digital Media (47.42%), Telecommunications Services (29.86%), Cultural Entertainment (15.86%), Communication Technology Services (2.88%), Data Centers (2.04%), Communication Equipment (1.01%), and Marketing & Advertising (0.93%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December [2]