Core Viewpoint - The China Securities TMT Index has shown a significant decline of 24.59% over the past month, while it has increased by 4.11% over the last three months and 0.59% year-to-date [1]. Group 1: Index Performance - The China Securities TMT Index reported a value of 3426.54 points, reflecting its performance in the TMT sector [1]. - The index is based on 50 listed companies in the TMT sector selected from the Hong Kong Stock Connect, with a base date of November 14, 2014, and a base point of 3000.0 [1]. Group 2: Index Holdings - The top ten holdings of the China Securities TMT Index are as follows: Xiaomi Group-W (18.01%), China Mobile (15.22%), Tencent Holdings (15.06%), SMIC (7.89%), Kuaishou-W (5.84%), CK Hutchison (4.42%), China Telecom (3.31%), Lenovo Group (2.68%), China Unicom (2.13%), and China Tower (2.02%) [1]. Group 3: Market and Sector Breakdown - The index is exclusively composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation to this market [2]. - In terms of industry composition, the index consists of 55.24% in communication services and 44.76% in information technology [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or when new TMT companies meet specific criteria for inclusion [3].

金融界4月2日消息，上证指数低开震荡，中证沪港深互联互通基建指数 (沪港深通基建，H30558)报 1477.90点。 从中证沪港深互联互通基建指数持仓的市场板块来看，上海证券交易所占比50.71%、香港证券交易所 占比37.59%、深圳证券交易所占比11.70%。 据了解，"中证沪港深主题指数系列基于中证沪港深互联互通综合指数样本和中证沪港深 500 指数样 本，同时结合中证行业分类的主题定义，选取相应主题指数样本，从多种主题投资的角度反映了在沪港 深三地上市的互联互通范围内证券的整体表现。"该指数以2004年12月31日为基日，以1000.0点为基 点。 从指数持仓来看，中证沪港深互联互通基建指数十大权重分别为：中国移动（11.52%）、长江电力 （8.2%）、中电控股（2.91%）、中国电信（2.91%）、长和（2.68%）、中国建筑（2.63%）、中国移 动（2.32%）、中国联通（2.12%）、中国核电（1.85%）、中国电信（1.84%）。 从中证沪港深互联互通基建指数持仓样本的行业来看，公用事业占比43.31%、工业占比26.77%、通信 服务占比26.59%、能源占比3.33%。 数据统计显示 ...

Core Points - The A-share market indices closed mixed, with the China Securities Hong Kong-Shenzhen Connect Infrastructure Index at 1461.15 points [1] - The index has seen a 0.52% increase over the past month, a 2.31% decrease over the past three months, and a year-to-date decline of 2.31% [1] - The index is based on the comprehensive index samples of the Hong Kong-Shenzhen Connect and the China Securities 500 Index, reflecting the overall performance of securities listed in the three regions [1] Index Holdings - The top ten weighted stocks in the index include China Mobile (11.6%), China Yangtze Power (8.26%), China Telecom (2.96%), CLP Holdings (2.9%), China State Construction (2.66%), CK Hutchison Holdings (2.66%), China Mobile (2.35%), China Unicom (2.15%), China Nuclear Power (1.84%), and China Telecom (1.83%) [1] - The market share of the index holdings is distributed as follows: Shanghai Stock Exchange 50.81%, Hong Kong Stock Exchange 37.51%, and Shenzhen Stock Exchange 11.68% [1] Industry Composition - The industry composition of the index holdings shows that utilities account for 43.11%, industrials for 26.78%, communication services for 26.78%, and energy for 3.32% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

Group 1 - The Hong Kong Securities and Futures Commission (SFC) is consulting on multiple optimization suggestions for IPOs and post-listing matters, aiming to enhance regulatory efficiency and protect investor rights [1] - CATL plans to issue up to 220 million shares in Hong Kong, potentially raising $5 billion (approximately 36.5 billion RMB), marking one of the largest IPOs in recent years [2] - China Unicom and Alibaba have signed a strategic cooperation agreement focusing on AI technology and smart infrastructure, indicating potential for innovation in smart cities and related sectors [3] Group 2 - Jiangsu Hongxin's public offering in Hong Kong was oversubscribed by 46.96 times, reflecting strong market enthusiasm despite a low winning rate of 3.91% for investors [4] - Changhong New Materials has submitted its prospectus for listing on the Hong Kong GEM board, focusing on graphene heating materials, with projected revenue of 98 million RMB and a net profit of 17 million RMB for 2024 [5] Group 3 - The Hang Seng Index closed at 23,426.60, down 0.65%, while the Hang Seng Tech Index and the National Enterprises Index fell by 1.48% and 0.82%, respectively [6]

Core Viewpoint - The company is committed to accelerating the development of the digital economy and integrating it with the real economy, following the directives from the Party's 20th National Congress and subsequent meetings, focusing on digital government construction, industrial transformation, and rural revitalization [1][14]. Digital Governance - The company emphasizes high-quality party building to drive high-quality development, integrating party leadership with business operations to establish a secure and efficient digital governance system [2]. - A "government service network" covering 70% of the city's counties and districts has been established, enabling one-stop government services [4]. - An investment of 60 million yuan has been made to build the province's first district-level cloud data center, exploring new models for enterprise and government cloud collaboration [4]. - The company has developed a city-level IoT service platform with the capacity for millions of concurrent device connections, enhancing smart city infrastructure [4]. Smart City Initiatives - The company has created a "smart eye" for urban governance by integrating over 300,000 video resources, enabling traffic congestion alerts and real-time emergency responses [5]. - The deployment of intelligent security systems in seven counties has led to a decrease in crime rates and an increase in public safety perception [5]. Industrial Upgrading - The company focuses on the "integration and innovation" strategy, leveraging technologies like 5G, industrial internet, and artificial intelligence to facilitate the transformation of traditional industries [6]. - A successful 5G independent private network has been established in collaboration with a local machinery company, marking the first commercial application of 5G LAN technology in the province [8]. - The company has implemented a comprehensive optical network to serve various industries, providing tailored solutions for clients [8]. Agricultural Innovation - The company promotes the integration of digital technology in agriculture, establishing a service ecosystem that enhances agricultural productivity [10]. - Smart greenhouses equipped with IoT devices have been installed to monitor environmental parameters, leading to increased crop yields [12]. - A livestock data platform has been developed to address management challenges in the livestock sector, enabling comprehensive monitoring and analysis [13]. Future Directions - The company aims to leverage technology to support the modernization of industries and contribute to national development goals, positioning itself as a leader in digital information services and technological innovation [14].

Core Insights - China Unicom has applied for a patent related to a traffic settlement scheme aimed at reducing economic losses for users [1] Group 1: Patent Application - The patent titled "Method, Device, Equipment, and Storage Medium for Determining Traffic Settlement Scheme" was filed with the National Intellectual Property Administration [1] - The application date for the patent is December 2024, and the publication number is CN 119676008 A [1] - The patent addresses the challenge of determining an appropriate fee settlement scheme for users exceeding their data limits, thereby minimizing their financial losses [1] Group 2: Company Overview - China Unicom, established in 1994, is based in Beijing and primarily engages in telecommunications, broadcasting, and satellite transmission services [2] - The company has a registered capital of approximately 10.48 billion RMB and has made investments in 33 enterprises [2] - China Unicom has participated in 3,091 bidding projects and holds 5,000 patent records along with 3,663 trademark records [2]

Group 1 - Central enterprises are actively embracing artificial intelligence (AI) through the "AI+" initiative, achieving positive results in key areas such as application, computing power, data, and models [1] - Over 500 scenarios in key industries like industrial manufacturing, energy, and intelligent connected vehicles have been established for AI applications by central enterprises [1] - China Unicom has developed the "Yuanjing" model family, which includes multimodal models for language, speech, vision, and multimodal processing, and has released the first "adaptive slow thinking" general thinking chain model to enhance model efficiency [1] Group 2 - The State Grid has launched the "Guangming" multimodal industry model, which provides specialized intelligent services across the entire power industry chain [2] - China National Petroleum Corporation has introduced the "Kunlun" model for energy and chemical applications, focusing on oil and gas exploration and equipment engineering design [2] - The State-owned Assets Supervision and Administration Commission (SASAC) plans to deepen the "AI+" initiative by emphasizing application leadership, data empowerment, and foundational intelligent computing, while encouraging central enterprises to increase investment in AI [2]

在电信行业全球性放缓背景下，中国运营商业绩稳健，同时也面临挑战。中国移动董事长杨杰在业绩说 明会上表示，外部环境更趋严峻复杂，宏观经济回升向好基础还不稳固，有效需求不足，消费不振；传 统通信需求日趋饱和，行业同质化竞争加剧，跨界跨域竞争形势更加复杂。同时，以AI为代表的科技 革命、产业变革给整个行业带来了巨大的信息服务增长空间。 （经济观察）中国运营商加码算力基础设施投资 中新社北京3月25日电 题：中国运营商加码算力基础设施投资 中新社记者 刘育英 至3月25日，中国三大电信运营商2024年业绩悉数公布。展望2025年，三大电信运营商均表示将加大算 力、人工智能等方面资本开支，加快布局人工智能基础设施。 业绩持续稳健增长 中国电信25日公布的2024年业绩显示，公司经营收入达5294亿元(人民币，下同)，同比增长3.1%，其中 服务收入4820亿元，同比增长3.7%。净利润330亿元，同比增长8.4%。 中国移动上周公布了2024年业绩。公司实现营业收入10408亿元，同比增长3.1%；归属于母公司股东的 净利润1384亿元，同比增长5.0%。主营业务收入8895亿元，同比增长3.0%；数字化转型收入278 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 13, representing a potential upside of 38% from the current price of HKD 9.6 [4][7]. Core Insights - The company's revenue and profit performance are in line with expectations, with a steady increase in the dividend payout ratio to 60%. For the fiscal year ending December 31, 2024, the company is projected to achieve a revenue of HKD 389.6 billion (+4.6% YoY) and a net profit of HKD 20.7 billion (+10.1% YoY) [3][7]. - The company is experiencing robust growth in its AIDC (Artificial Intelligence Data Center) orders, with a significant increase in its cloud and data center revenues driven by advancements in artificial intelligence [7]. - The capital expenditure structure is optimized, with a reduction in overall capital spending while maintaining growth in computing power investments [7]. Financial Summary - **Revenue Projections**: The company expects revenues to grow from HKD 372.6 billion in 2023 to HKD 389.6 billion in 2024, with a compound annual growth rate (CAGR) of approximately 4.6% over the next few years [3][12]. - **Net Profit**: The net profit is projected to increase from HKD 18.9 billion in 2023 to HKD 20.7 billion in 2024, reflecting a growth rate of 10.1% [3][12]. - **Earnings Per Share (EPS)**: EPS is expected to rise from HKD 0.65 in 2023 to HKD 0.72 in 2024, indicating a growth of 11.8% [3][12]. - **Dividend Growth**: The company has consistently increased its dividend per share, with a projected dividend of HKD 0.43 for 2024, up 20.1% YoY, and a target payout ratio increasing to over 75% in the coming years [7][12]. - **Capital Expenditure**: The capital expenditure is forecasted to decrease from HKD 613.7 billion in 2024 to HKD 550 billion in 2025, while investments in computing power are expected to grow by 28% [7][12]. Market Position - The company holds a strong position in the telecommunications sector, with significant growth in its IoT (Internet of Things) connections and a leading position in the automotive IoT market [7]. - The report highlights the company's strategic focus on AI and cloud services, which are anticipated to drive future revenue growth [7].

Group 1 - Citi maintains a "Buy" rating for China Unicom (00762) with a target price of HKD 6.9 [1] - For the fiscal year 2025, China Unicom's capital expenditure guidance aims for a 28% year-on-year increase, with AI investments coming from a separate funding pool based on demand [1] - In Q4 of the previous year, China Unicom reported revenue of RMB 99.5 billion, exceeding both Citi's and market expectations by 8% and 5% respectively [1] Group 2 - EBITDA for the same quarter decreased by 9% to RMB 19 billion, falling short of Citi's and market expectations by 5% and 12% respectively [1] - Net profit increased by 7% to RMB 1.6 billion, which was 3% and 4% lower than Citi's and market expectations [1] - For the fiscal year 2024, the dividend per share is expected to rise by 20% to RMB 0.404, with a payout ratio of 60%, slightly above Citi's expectations [1] Group 3 - The overall capital expenditure for fiscal year 2024 is projected at RMB 61 billion, a 17% year-on-year decrease, not meeting the guidance target of RMB 65 billion [1] - The capital expenditure guidance for fiscal year 2025 is set at RMB 55 billion, representing a year-on-year decrease of approximately 10%, which may negatively impact ZTE Corporation (00763) [1]