Core Viewpoint - Southbound capital saw a significant increase in trading volume today, reaching approximately HKD 137.85 billion, but still experienced a net outflow of about HKD 34.27 billion, marking a continuous outflow trend over the past four trading days totaling approximately HKD 64.88 billion [2][3]. Trading Activity - Southbound trading accounted for 38.13% of the total turnover of the Hang Seng Index today, with a notable net outflow from the Shanghai-Hong Kong Stock Connect of approximately HKD 47.72 billion and a net inflow from the Shenzhen-Hong Kong Stock Connect of about HKD 13.45 billion [2]. - Major stocks with significant net inflows included Tencent Holdings (HKD 1.21 billion), Pop Mart (HKD 734 million), Yangtze Optical Fibre (HKD 298 million), and CloudWalk Technology (HKD 74 million) [3]. - Conversely, stocks with substantial net outflows included Alibaba (HKD 945 million), Zijin Mining (HKD 854 million), China Mobile (HKD 748 million), and SMIC (HKD 379 million) [3]. Stock Performance - Tencent Holdings increased by 2.31%, with a cumulative reduction of approximately 80,000 shares over the past five days, but has seen a return of capital in the last three days [4]. - Pop Mart surged by 7.03%, with an increase of 19.44 million shares over the past five days, indicating a continued inflow trend [5]. - Yangtze Optical Fibre rose by 15.43%, despite a reduction of 6.78 million shares in the previous five days, suggesting a short-term outflow [5]. - CloudWalk Technology experienced a significant increase of 73.79%, with an addition of 440,000 shares over the past five days, indicating accelerated inflow [5]. - Alibaba saw a rise of 2.12%, with an increase of 27.08 million shares over the past five days, maintaining a short-term inflow trend [5]. - Zijin Mining increased by 3.13%, but has seen a reduction of 49.81 million shares over the past five days, indicating a short-term outflow [5]. - China Mobile rose by 3.06%, with a reduction of 21.9 million shares over the past five days, continuing the outflow trend [5]. - SMIC increased by 3.52%, with an addition of 44.02 million shares over the past five days, indicating a short-term inflow trend [5].

Core Viewpoint - The Hong Kong stock market experienced a net sell-off of 34.27 billion HKD from northbound trading, with significant movements in individual stocks, indicating investor sentiment and market dynamics. Group 1: Northbound Trading Summary - Northbound trading saw a net sell of 34.27 billion HKD, with the Shanghai Stock Connect contributing a net sell of 47.72 billion HKD and the Shenzhen Stock Connect a net buy of 13.45 billion HKD [1] - The most bought stocks included Tencent (00700), Pop Mart (09992), and Yangtze Optical Fibre and Cable (06869) [1] - The most sold stocks included the Tracker Fund of Hong Kong (02800), Alibaba-W (09988), and Zijin Mining (02899) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) had a buy amount of 20.87 billion HKD and a sell amount of 29.31 billion HKD, resulting in a net outflow of 8.44 billion HKD [2] - Tencent (00700) recorded a net buy of 12.09 billion HKD, supported by the announcement of a cash red envelope event worth up to 1 billion HKD [4] - Pop Mart (09992) saw a net buy of 7.33 billion HKD, with plans for expansion into North American shopping centers [5] - Yangtze Optical Fibre and Cable (06869) had a net buy of 2.97 billion HKD, benefiting from a long-term supply agreement with Meta for fiber optic cables [5] - The Tracker Fund of Hong Kong (02800) faced a net sell of 23.16 billion HKD, influenced by market sentiment regarding the US dollar [7] - Other notable net sells included China Mobile (00941) with 7.48 billion HKD, Zijin Mining (02899) with 8.54 billion HKD, and Alibaba-W (09988) with 9.44 billion HKD [8]

Market Performance - The Hong Kong stock market continued its upward trend with all three major indices closing higher: Hang Seng Index up 2.58% at 27,826.91 points, Hang Seng Tech Index up 2.53% at 5,900.16 points, and the National Enterprises Index up 2.89% at 9,512.24 points [2] - Leading sectors included optical communications, oil, gold, telecommunications, and real estate, while tea and aviation stocks faced downward pressure [3] Optical Communications - Demand for AI infrastructure has spurred the optical communications industry, with Changfei Optical Fiber Cable (06869.HK) leading the sector, closing up 15.43% at 75.20 HKD [4][5] - Corning, a major player in the fiber optics market, saw a single-day increase of over 15%, reaching a historical high, following a long-term agreement with Meta for the procurement of $6 billion worth of fiber optic cables by 2030 [4] Energy Sector - Geopolitical risks have heightened energy security expectations, with China National Offshore Oil Corporation (00883.HK) and China Petroleum & Chemical Corporation (00857.HK) both reaching historical highs, closing up 4.85% and 4.99% respectively [5][6] - The U.S. military's recent military exercises in the Middle East have raised concerns about energy supply stability, contributing to the rise in oil stocks [6] Gold Market - The weakening U.S. dollar has stimulated international gold prices, with Chifeng Jilong Gold Mining (06693.HK) rising 10.65% [7] - The dollar index experienced its largest single-day drop since April 2023, pushing gold prices above $5,200 per ounce [7] Telecommunications - The telecommunications sector is entering a new phase of "deep integration," with China Telecom (00728.HK) rising 6.27% [9] - The Ministry of Industry and Information Technology reported that the three major operators have added 108,000 data center racks, indicating a shift in focus from "broad coverage" to "deep integration" [9] Real Estate - Regulatory optimizations have boosted confidence in the real estate sector, with China Jinmao (00817.HK) rising 11.92% [11] - Feedback from multiple real estate companies indicates that the regulatory body has lifted the monthly reporting requirements for most firms, enhancing market expectations for liquidity and operational environment improvements [11] Individual Stock Movements - Wuneng Zhixing (00800.HK) rose 2.11% as it prepares to launch autonomous buses in Abu Dhabi [17][18] - Kuaishou-W (01024.HK) increased by 4.44%, with its AI product, Keling, surpassing 12 million monthly active users and achieving a 350% growth in paid users [19]

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [2][9]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in December 2025, rising by 12.82% compared to +2.06% for the Shanghai Composite Index and +2.28% for the CSI 300 Index [8][14]. - Key material supply for optical modules remains tight, with major players like Longfei and Hengtong winning bids for China Unicom's hollow-core fiber cable procurement [8][9]. - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [8][41]. - The global smartphone shipment is projected to grow by 2% year-on-year in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market [8][29]. - The export value of optical modules from China decreased by 15.6% year-on-year in 2025, while Thailand's communication equipment exports surged by 152.1% [8][9]. Summary by Sections Market Review - The communication industry index rose by 12.82% in December 2025, outperforming major indices [14]. - Sub-sectors such as cables and network equipment saw significant gains, with increases of 22.05% and 19.44% respectively [15][19]. Industry Tracking - The capital expenditure of major cloud providers in North America reached $112.43 billion in Q3 2025, a 76.9% increase year-on-year [25][28]. - AI applications are driving cloud business growth, with major companies like Amazon, Microsoft, Google, and Meta significantly increasing their capital expenditures [25][29]. - The Chinese ICT market is expected to grow to approximately $889.43 billion by 2029, with a CAGR of 7.0% [39][40]. Domestic Telecom Industry - Telecom business revenue in China reached 1.6096 trillion yuan from January to November 2025, a year-on-year increase of 0.9% [48]. - The number of 5G mobile phone users reached 1.193 billion by November 2025, accounting for 65.3% of total mobile phone users [49]. - The number of fixed broadband users with gigabit access reached 239 million, representing 34.3% of total users [52].

Core Viewpoint - The State-owned Assets Supervision and Administration Commission (SASAC) is actively promoting the "AI+" initiative among central enterprises, achieving significant progress in key areas such as application, computing power, data, and models [1][2] Group 1: Achievements in AI+ Initiative - Central enterprises have created over 1,000 application scenarios focusing on key industries like energy, manufacturing, and communications [1] - Examples include the State Grid and Southern Power Grid utilizing AI for intelligent management in power dispatch and fault prediction [1] - Central enterprises are integrating into the national computing power layout, with three major telecom operators establishing four "ten thousand card clusters" to support large model training [1] Group 2: Support for AI Development - General models like "Jiutian" from China Mobile and "Xingchen" from China Telecom have empowered over 200 external units, accelerating applications in energy and industrial manufacturing [1] - The "Huanxin Community" initiated by SASAC provides over 2,000 domestic intelligent computing chips for free, gathering over 4,000 models and 800 datasets to promote the widespread application of AI technology [1] Group 3: Future Directions - Central enterprises will intensify efforts in the "AI+" initiative, focusing on enhancing investment traction, deepening scenario cultivation, and optimizing data supply [2] - The goal is to become a key provider of intelligent computing infrastructure, a significant enabler of AI across various industries, and an organizer of systematic industrial layout [2]

摩根士丹利发表研报指，中资电讯商多年的上升周期驱动因素——包括监管放松、竞争减弱、云业务份 额提升及股东回报的基本面素已经过去。宏观环境与通缩持续压力影响移动业务，而人工智能尚不足以 推动业务收入增长。该行将中资电讯股H股评级下调至"与大市同步"，偏好固网多于移动，并偏好H股 多于A股，因为人民币走强以及A股溢价可能收窄。该行预期中资电讯H股在2026年的目标股息率为6- 7%，并继续偏好排序：中国电信>联通>中国移动。 ...

来源：央视新闻客户端 作者: 朱江 孙蓟潍 工业和信息化部今天（1月28日）发布的《2025年通信业统计公报》显示，我国通信业产业结构持续优 化，5G、千兆等新型信息基础设施建设加快部署。 经初步核算，2025年电信业务收入累计完成1.75万亿元，比上年增长0.7%。云计算、大数据、数据中心 等新兴业务收入达到4508亿元，比上年增长4.7%。截至2025年底，5G移动电话用户超过12亿户，占移 动电话用户总数的65.9%。中国电信、中国移动和中国联通三家基础电信企业的固定宽带用户总数达 6.91亿户。其中，1000Mbps及以上接入速率的用户占总用户数的34.5%，固定互联网宽带接入服务持续 在农村地区加快普及，截至2025年底，全国农村宽带用户总数达2.04亿户。 ...

Industry Overview - In 2025, China's telecommunications business revenue reached 1.75 trillion yuan, a year-on-year increase of 0.7%. The total telecommunications business volume, calculated at last year's prices, grew by 9.1% year-on-year [4][5][7]. Fixed Internet Broadband Access - Fixed internet broadband access revenue in 2025 was 289.6 billion yuan, up 5.9% from the previous year, increasing its share of total telecommunications revenue from 15.9% to 16.5%, contributing 0.9 percentage points to overall revenue growth [5][6]. Mobile Data Traffic - Mobile data traffic revenue in 2025 was 609.7 billion yuan, a decline of 3.1% compared to the previous year, with its share of total telecommunications revenue decreasing from 36.2% to 34.8% [7]. Emerging Business Growth - Revenue from emerging businesses, including cloud computing, big data, mobile IoT, and data centers, reached 450.8 billion yuan in 2025, growing by 4.7% year-on-year. This segment's share of total telecommunications revenue increased from 25% to 25.7%, contributing 1.2 percentage points to overall revenue growth. Specific growth rates included cloud computing at 2.9%, big data at 7.8%, and mobile IoT at 4.9% [8][9]. Voice Business Revenue - Revenue from fixed and mobile voice services was 16.09 billion yuan and 109.2 billion yuan, respectively, with fixed voice revenue increasing by 2.3% and mobile voice revenue decreasing by 1.7%. Together, these services accounted for 7.2% of total telecommunications revenue, a decrease of 0.1 percentage points from the previous year [12]. User Development - By the end of 2025, the total number of telephone users in China reached 1.987 billion, with a net increase of 30.91 million users. Mobile phone users totaled 1.827 billion, with a net increase of 37.25 million users, achieving a penetration rate of 130 per 100 people, an increase of 2.9 per 100 people from the previous year. The number of 5G mobile phone users reached 1.204 billion, accounting for 65.9% of mobile phone users, an increase of 9.2 percentage points [13][18]. Fixed Broadband Access Users - By the end of 2025, the total number of fixed internet broadband access users reached 691 million, with a net increase of 20.99 million users. Users with access speeds of 100 Mbps and above totaled 659 million, with a net increase of 22.99 million users, representing 95.3% of total users [18][20]. Mobile IoT User Growth - By the end of 2025, the number of mobile IoT terminal users reached 2.888 billion, with a net increase of 232 million users, surpassing the number of mobile phone users [21]. Internet TV User Growth - By the end of 2025, the total number of internet TV (IPTV, OTT) users reached 408 million, with a net increase of 590,000 users [22]. Mobile Internet Traffic Growth - In 2025, mobile internet access traffic reached 3.958 trillion GB, a year-on-year increase of 17.3%. The average monthly data usage per mobile internet user was 20.74 GB, up 14.1% from the previous year [23][26]. Network Infrastructure Development - In 2025, the total length of optical cable lines reached 74.99 million kilometers, with 2.113 million kilometers of new lines built. The number of fixed internet broadband access ports reached 1.251 billion, with a net increase of 48.77 million ports [30][31]. 5G Network Expansion - By the end of 2025, the total number of mobile phone base stations reached 12.87 million, with 4.838 million being 5G base stations, accounting for 37.6% of all mobile phone base stations, an increase of 4 percentage points from the previous year [31]. Regional Development - In 2025, the telecommunications business revenue shares for the eastern, central, western, and northeastern regions were 50.9%, 19.7%, 24.3%, and 5.1%, respectively. The telecommunications revenue shares for the Beijing-Tianjin-Hebei and Yangtze River Delta regions were 9.1% and 23.2% [35].

工信部发布2025年通信业统计公报， 中国电信、 中国移动和 中国联通三家基础电信企业推动 算力布局 从"广覆盖"迈向"深融合"，截至2025年底，对外提供服务 数据中心机架数量93.8万个，较上年增加10.8 万个，发展重点转向深化算网融合，通过着力推进资源一体化协同与智能调度能力建设，企业正从提供 基础云资源转向供给智能、绿色、多元的算力服务。 ...

每经AI快讯，1月28日，港股三大运营商集体走高，中国电信涨超5%，中国联通涨近5%，中国移动涨 超3%。 ...