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]

转自：新华财经 12月25日，以"创新引领、安全筑基、湾区先行"为主题的2025粤港澳大湾区低空经济高质量发展大会在广州中国进出口商品交易会展馆圆满落幕。广东联通 作为承办单位，在大会上发布低空可信数据空间，并承办低空安全与科技创新专题报告会、粤港澳大湾区经济发展全球视野与高校行动专题报告会、低空文 旅产业发展趋势专题报告会三大分论坛。广东联通党委委员、副总经理闻屏出席会议，并在低空安全与科技创新专题报告会上致辞。 在粤港澳大湾区经济发展全球视野与高校行动专题报告会中，广州联通参与了由中山大学、澳门大学、港科大（广州）牵头发起的大湾区数智中低空经济研 究会成立仪式，致力于联合顶尖科研院校与行业领先企业，构建"产学研用"一体化协同生态，共同推进低空经济在技术研发、运营管理、安全监管、数据互 通等领域的标准共建与创新实践。 在低空安全与科技创新专题报告会上，广东联通数据融合产品-低空可信数据空间正式发布。该产品以"可信、可控、可追溯"为核心，实现"云网边端用 数"全场景全链条安全能力融合，运用可信计算、区块链溯源、安全分级、安全审计等技术能力，在保障数据主权、数据安全的前提下，构建了"双基座、双 模式、双流通"的 ...

Core Viewpoint - The announcement of the 2025 National Green Computing Power Facility List aims to promote the green and low-carbon development of computing power facilities in accordance with the national energy-saving and carbon reduction action plan [1]. Group 1: Industrial Sector - The list includes various computing power facilities in the industrial sector, such as Hongsheng Copper Industry Data Center [2]. - The facilities are part of a broader initiative to enhance energy efficiency and reduce carbon emissions in the industrial domain [1]. Group 2: Information and Communication Sector - Numerous data centers from China Telecom and China Mobile are featured, including the China Telecom Hangzhou Smart Computing Center and the China Mobile Yangtze River Delta (Jinhua) Data Center [2][3]. - These facilities are expected to contribute significantly to the digital infrastructure and support the transition to a low-carbon economy [1]. Group 3: Energy Sector - The list highlights energy-related computing power facilities, such as the State Power Investment Corporation Guian Data Center and the Southern Power Grid Green Smart Data Center [3][4]. - These facilities are crucial for integrating renewable energy sources and enhancing the overall efficiency of energy management [1]. Group 4: Internet Sector - The Internet sector is represented by facilities like the Karamay Carbon and Water Cooling Data Center and the New Silk Road Cloud Computing Center [4]. - These centers are designed to support large-scale data processing and storage while adhering to green standards [1]. Group 5: Financial Sector - Financial institutions are also included, with data centers such as the Bank of Communications Data Center and the People's Insurance Group Northern Information Center [4]. - This inclusion reflects the financial sector's commitment to sustainability and efficient data management practices [1]. Group 6: Public Institutions - The list features data centers from public institutions, including the Beijing Urban Sub-center Administrative Office Data Center [4]. - These facilities are essential for improving public service delivery and enhancing data management capabilities in government operations [1].

Core Viewpoint - The announcement of the "2025 National Green Computing Power Facility List" aims to promote the green and low-carbon development of computing power facilities in accordance with the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" issued by the State Council [2][3]. Group 1: Announcement Details - The announcement was made by six departments: the Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Commerce, the Financial Regulatory Bureau, the National Administration of State Assets, and the National Energy Administration [2]. - The list includes various sectors, with a total of 60 facilities recognized for their contributions to green computing power [3][4]. Group 2: Sector Breakdown - **Energy Sector**: Two facilities were recognized: - State Power Investment Corporation Gui'an Data Center - Southern Power Grid Green Smart Data Center [3][4]. - **Industrial Sector**: Includes facilities such as: - Hongsheng Copper Industry Data Center - China Telecom Hangzhou Smart Computing Center [3][4]. - **Telecommunications Sector**: Notable entries include: - China Telecom's multiple data centers across various locations, including Wenzhou and Changji [3][4]. - **Financial Sector**: Facilities such as: - Bank of Communications Data Center in Pujiang Park (Phase I) - China People's Insurance Group Northern Information Center [5][6]. Group 3: Public Institutions and Educational Facilities - Public institutions and educational facilities also feature in the list, including: - Beijing Urban Sub-center Administrative Office Data Center - Karamay Vocational Technical College Data Center [6].

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.70% on December 29, with a trading volume of 33.25 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 26, the fund had a total of 350 million shares and a total size of 349 million yuan [1] Group 2 - The fund's recent trading activity shows a cumulative trading amount of 559 million yuan over the last 20 trading days, with an average daily trading amount of 27.93 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.04% during the management period [1] - The top holdings of the fund include COSCO Shipping Holdings, Orient Overseas International, China National Freight, PetroChina, CITIC Bank, CNOOC, China Shenhua Energy, China Pacific Insurance, China Unicom, and Agricultural Bank of China, with respective holding percentages [2]

Group 1 - The core event of the article is the final competition of the "Youth Image" singer recruitment activity held by Beijing Unicom, showcasing 12 finalists from various universities in Beijing [1] - The competition aimed to cover all universities in Beijing and took place over two months, culminating in the selection of 12 outstanding contestants [1] - The winners of the competition were Zhang Yuesheng from the Central Conservatory of Music, Qiao Ziyu from Beijing International Studies University, and Qi Jianing from the Central Conservatory of Music, who won first, second, and third place respectively [1] Group 2 - Beijing Unicom emphasizes its commitment to youth development and education, viewing it as an important social responsibility [1] - The company plans to continue investing in smart campus construction, supporting online teaching innovation with high-speed networks, and providing personalized education services through intelligent big data [1] - The initiative aims to empower youth to pursue their dreams and contribute to the development of the nation, fostering a new generation capable of shouldering the responsibilities of national rejuvenation [1]

编辑：张震 转自：新华财经 12月25日，2025粤港澳大湾区低空经济高质量发展大会在广州举办。活动期间，大国工匠、广东联通首 席创新官、广东省通信学会数字低空专业委员会主任委员潘桂新在接受新华财经专访时表示，广东联通 在低空经济新基建上创新不断，提出低空自电网无网一体架构，集成通信网、感知网、导航网、气象网 及算力网，实现通信网分层覆盖超万平方公里。未来，广东联通将持续探索低空应用，联合高校科研机 构技术攻坚，制定低空标准，推动粤港澳大湾区低空经济高质量发展。 ...