Investment Rating - The industry investment rating is "Outperform the Market" [1][43] Core Insights - The report highlights a continuous growth trend in the market, with the Shanghai Composite Index rising by 3.54% in July 2025, while the communication sector increased by 10.7% and the computer sector by 3.86% [5][12] - The AI industry is experiencing significant growth, with the scale of China's AI industry expected to exceed 700 billion yuan in 2024, maintaining a growth rate of over 20% [23] - The demand for AI computing power is surging, driven by the widespread adoption of AI applications, which is expected to sustain high market activity in China's AI computing sector [5][12] Summary by Sections Market Review - From July 1 to July 31, 2025, the communication sector saw a notable increase, with Nvidia receiving U.S. government approval to resume sales of its "special version" H20 chips to China [5][12] - The report indicates that the top ten domestic telecom server manufacturers include ZTE, Inspur, and others, with ZTE holding a market share of 20.51% [37][40] Communication Industry - The domestic telecom business revenue reached 162.95 billion yuan in June 2025, reflecting a year-on-year growth of 4.86% [15][17] - The three major telecom operators are enhancing their AI capabilities, with significant investments in AI models and intelligent agents [6][23][29] Computer Industry - The domestic software industry reported revenues of 1,479.6 billion yuan in June 2025, marking a year-on-year increase of 13.53% [30] - The report notes that the domestic server market is expected to grow rapidly over the next three years, driven by increasing demand for domestic servers and technological innovation [7][40]

Core Viewpoint - The China Securities Hong Kong 300 Communication Services Index has shown significant growth, with a 35.47% increase year-to-date, indicating a strong performance in the communication services sector in Hong Kong [1][2]. Group 1: Index Performance - The China Securities Hong Kong 300 Communication Services Index reported a value of 1613.72 points, with a monthly increase of 8.87% and a quarterly increase of 19.14% [1]. - The index is designed to reflect the overall performance of different industries in the Hong Kong market, based on the China Securities industry classification standards [1]. Group 2: Index Composition - The top ten holdings of the index include Tencent Holdings (15.4%), NetEase-S (14.3%), China Mobile (13.8%), Baidu Group-SW (13.04%), Kuaishou-W (11.78%), Cheung Kong (7.32%), China Telecom (4.52%), China Unicom (3.28%), Bilibili-W (2.89%), and China Tower (2.88%) [1]. - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1]. Group 3: Industry Breakdown - The industry composition of the index shows that digital media accounts for 46.81%, telecommunications services for 30.27%, cultural entertainment for 16.22%, communication technology services for 2.88%, data centers for 1.97%, communication equipment for 1.06%, and marketing and advertising for 0.79% [2]. - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2].

Core Viewpoint - The Hong Kong stock market is experiencing active performance in dividend-related concepts, with the Hong Kong Stock Connect Central Enterprise Dividend Index showing a year-to-date increase of 20.17% as of August 13 [1][2]. Group 1: Index and ETF Performance - The Hong Kong Stock Connect Central Enterprise Dividend Index (931233) has risen by 0.66% as of the latest report, with significant contributors including New China Life Insurance and China Overseas Grand Oceans Group [1]. - The Hong Kong Stock Connect Central Enterprise Dividend ETF Tianhong (159281) is currently being issued, with a management fee of 0.5% and a custody fee of 0.1% [1][2]. Group 2: Investment Value of the Index - The index reflects stable dividend levels and high dividend yields from centrally controlled enterprises, making it a favorable investment option within the Hong Kong Stock Connect framework [2]. - The investment value of the index is supported by four main factors: 1. High dividend assets are more attractive in a weak recovery market due to stable cash flows [2]. 2. Central enterprises are increasingly focusing on market performance and dividend expectations as part of their value management [2]. 3. The Hong Kong market has a higher emphasis on dividends compared to the A-share market, with significant differences in dividend ratios and yields [3]. 4. The long-term effectiveness of dividend investment strategies in the Chinese market is supported by historical data showing a 10% annualized return over the past decade [3]. Group 3: Market Comparisons - The Hang Seng Index's dividend yield is currently higher than that of the Shanghai Composite Index, with the Hang Seng High Dividend Yield Index at 6% compared to the 4.6% of the A-share market [3]. - The long-term dividend yield premium of Hong Kong dividend assets over long-term government bonds has remained positive since 2019, indicating a stronger performance compared to A-shares [3].

Key Points - Xiaomi Group-W (01810), Crystal International Holdings (02228), and BYD Electronic (00285) ranked top in net inflow of southbound funds, with net inflows of 562 million, 227 million, and 213 million respectively [1][2] - Xpeng Motors-W (09868), Innovent Biologics (01801), and Ganfeng Lithium (01772) had the highest net outflows, with net outflows of -663 million, -535 million, and -410 million respectively [1][2] - In terms of net inflow ratio, Haitian Flavoring and Food (03288), Jiangsu Nanjing Highway (00177), and Swire Properties B (00087) led the market with ratios of 55.51%, 49.37%, and 46.46% respectively [1][2] - The highest net outflow ratios were recorded by Reshape Energy (02570), Southbound Hang Seng Index ETF (03037), and First Pacific Company (00142) with ratios of -90.77%, -68.70%, and -60.36% respectively [1][3] Net Inflow Rankings - Xiaomi Group-W (01810) had a net inflow of 562 million, representing 8.75% of its closing price of 50.800, which decreased by 0.88% [2] - Crystal International Holdings (02228) saw a net inflow of 227 million, with a net inflow ratio of 11.34% and a closing price of 7.450, which increased by 4.78% [2] - BYD Electronic (00285) recorded a net inflow of 213 million, with a net inflow ratio of 13.41% and a closing price of 38.680, which increased by 6.15% [2] Net Outflow Rankings - Xpeng Motors-W (09868) experienced the largest net outflow of -663 million, with a net outflow ratio of -20.13% and a closing price of 83.600, which increased by 5.36% [2] - Innovent Biologics (01801) had a net outflow of -535 million, with a net outflow ratio of -19.67% and a closing price of 89.950, which decreased by 1.42% [2] - Ganfeng Lithium (01772) recorded a net outflow of -410 million, with a net outflow ratio of -19.45% and a closing price of 34.000, which increased by 20.91% [2] Net Inflow Ratio Rankings - Haitian Flavoring and Food (03288) had a net inflow ratio of 55.51%, with a net inflow of 21.1399 million and a closing price of 33.560, which decreased by 0.47% [3] - Jiangsu Nanjing Highway (00177) recorded a net inflow ratio of 49.37%, with a net inflow of 14.6726 million and a closing price of 9.980, which decreased by 0.40% [3] - Swire Properties B (00087) had a net inflow ratio of 46.46%, with a net inflow of 4.0945 million and a closing price of 12.160, which decreased by 0.57% [3]

Core Viewpoint - Sibor Technology has achieved significant milestones by winning major contracts from China's three major telecom operators, showcasing its strong competitive position in the 5G infrastructure market [1][2][3]. Group 1: Company Achievements - Sibor Technology was announced as a candidate for the 2020-2021 China Unicom power cable centralized procurement project, with a winning bid amount of 177 million yuan [2]. - The company has successfully secured contracts from China Mobile, China Unicom, and China Telecom, marking a "Grand Slam" in operator contracts [1][2]. - The company’s chairman highlighted the importance of these wins for the company's strength and market expansion in the context of 5G opportunities [1][3]. Group 2: Market Context - The 5G construction is a critical area of focus for new infrastructure development in China, with significant investments expected to drive growth in various emerging industries [4][5]. - The three major telecom operators are projected to build over 550,000 5G base stations by the end of the year, with total investments in 5G infrastructure expected to reach approximately 2.5 trillion yuan by 2025 [4]. Group 3: Financial Performance - Sibor Technology reported a net profit of 38.92 million yuan in 2019, reflecting a year-on-year growth of 6.33%, and an operating revenue of 459 million yuan [5][6]. - The company has submitted materials for public stock issuance to the Guangdong Securities Regulatory Bureau, aiming to meet the financial standards for the New Third Board's selected layer [6].

格隆汇8月12日丨中国联通(00762.HK)公布2025年中期业绩，上半年公司经营业绩稳健增长，收入规模 稳中有升，营业收入突破人民币2,000亿元，同比增长1.5%；盈利能力持续增强，税前利润达到人民币 178亿元，同比增长5.1%。 公司业务结构持续优化。联网通信收入达到人民币1,319亿元；算网数智收入达到人民币454亿元，占比 提升到26%；国际业务收入达到人民币68亿元，同比增长11%；战略性新兴产业收入占比提升到86%， 成为公司高质量发展的新动能。此外，公司始终高度重视股东回报，在实现经营业绩稳健增长的同时， 致力于和股东共享发展红利，今年将继续派发中期股息，董事会决定派发中期股息每股人民币0.2841元 （含税），同比提升14.5%。 ...

Core Viewpoint - Recent network anomalies experienced by China Unicom users have raised concerns, particularly on the evening of August 12, when many users reported being unable to access the internet [1][4][6]. Group 1: Incident Details - Multiple users, primarily from Beijing, but also from Tianjin, Hebei, and Liaoning, reported network issues on August 12 [4]. - The network failure was noted around 8 PM, with users unable to access various websites and apps [6]. - An internet industry professional indicated that the issue was linked to local DNS anomalies, which caused certain domains to resolve incorrectly, leading to access problems [8]. Group 2: Response and Historical Context - As of the report's publication, China Unicom's official customer service accounts had not responded to the incident [6][9]. - Historical context includes a significant network outage in 2019 that affected multiple provinces and cities, where China Unicom acknowledged the issue and apologized to affected customers [11].

Investment Rating - The report maintains a "Buy" rating for China Unicom (0762.HK) [4] Core Views - The company demonstrates continuous profit growth and a high dividend payout, reflecting confidence in long-term development [2] - The revenue for the first half of 2025 reached RMB 200.2 billion, a year-on-year increase of 1.5%, with total profit amounting to RMB 17.8 billion, up 5.1% year-on-year [2] - The board proposed an interim dividend of RMB 0.2841 per share, a 14.5% increase compared to the previous year, significantly higher than the growth rate of net profit attributable to shareholders [2] Summary by Sections Revenue and Profit Growth - The revenue from the Internet of Things (IoT) communication business was RMB 131.9 billion, growing by 0.4% year-on-year, with a total user base exceeding 1.2 billion [2] - The net increase in mobile and broadband users exceeded 11 million, reaching a total of 480 million users, marking the highest net increase in recent years [2] Intelligent Network Business Expansion - The revenue from the intelligent network business was RMB 45.4 billion, a year-on-year increase of 4.3%, accounting for 26% of total revenue [3] - Cloud revenue reached RMB 37.6 billion, growing by 18.6% year-on-year, while data center revenue increased by 9.4% to RMB 14.4 billion [3] - The company has signed contracts worth 60% more in AIDC compared to the previous year, and has launched over 5,000 5G application projects [3] Capital Expenditure and Cash Flow - Capital expenditure decreased by 15% year-on-year, indicating effective cost control [4] - The net cash flow from operating activities was RMB 29 billion, with free cash flow after capital expenditure reaching RMB 8.78 billion, a 63.1% increase year-on-year [4] - The comprehensive gross margin improved by 0.5 percentage points, enhancing profitability [4] Profit Forecast and Valuation - The report forecasts net profit attributable to shareholders for 2025 to be RMB 21.748 billion, with a corresponding P/E ratio of 13X [4] - The company is expected to maintain a stable dividend yield, averaging over 6% in the past five years, indicating strong stability [4]

在当前电信网络诈骗犯罪手段不断升级的背景下，诈骗分子通过招募"卡农"办理实名电话卡，再利用 GOIP设备远程操控实施诈骗的案件频发。江苏联通依托中国联通集团技术优势，持续强化反诈技术能 力建设，近日配合常州市反诈中心成功打掉一个组织严密、分工明确的GOIP诈骗犯罪团伙。 8月初，江苏联通通过自主研发的反诈大数据平台监测发现，常州市武进区存在大量新入网号码异常集 中现象，且这些号码呈现高频呼叫特征。经深度数据分析研判和反诈中心的现场摸查确认该区域存在 GOIP诈骗窝点。 在持续高温天气下，江苏联通信安专员与公安民警协同作战，经过缜密侦查，最终锁定该犯罪团伙在常 州市武进区的藏匿地点。收网行动中，警方现场查扣作案手机50余部、初步串并全国案件20余起，涉案 金额达100余万元。经查，该团伙组织架构严密，设有"办卡组""设备组""话务组"等专业分工，通过远程 操控实施诈骗犯罪。 此次行动中，江苏联通依托智能反诈平台的技术监测能力，为案件侦破提供了关键线索和信息。江苏联 通将持续深化与公安机关的协同配合，不断创新反诈技术手段，通过科技赋能提升打击治理效能。同 时，将进一步强化源头治理，完善风险防控体系，为维护通信网络 ...

智通财经APP获悉，瑞银发布研报称，中国联通(00762)第二季服务收入同比增1%，EBITDA跌0.8%， 净利润增4.6%，大致符合预期。管理层重申，对下半年增长及全年EBITDA增长指引感到乐观，全年资 本开支指引维持550亿元人民币，即同比降10%。在中国联通公布业绩后，该行将其2025至28年的盈测 上调1至2%，将目标价上调7%，由10.8港元升至11.6港元，维持"买入"评级。 ...