新京报讯据中央纪委国家监委驻中国联通纪检监察组、山东省纪委监委消息：中国联通北京市分公司原 党委委员、副总经理郭建利涉嫌严重违纪违法，目前正接受中央纪委国家监委驻中国联通纪检监察组纪 律审查和山东省济宁市监察委员会监察调查。 ...

（中央纪委国家监委驻中国联通纪检监察组、山东省纪委监委） 中央纪委国家监委网站讯 据中央纪委国家监委驻中国联通纪检监察组、山东省纪委监委消息：中国联 通北京市分公司原党委委员、副总经理郭建利涉嫌严重违纪违法，目前正接受中央纪委国家监委驻中国 联通纪检监察组纪律审查和山东省济宁市监察委员会监察调查。 ...

Investment Rating - The report provides a positive outlook on the TMT industry, particularly focusing on AI applications, suggesting a strong investment opportunity in this sector [1]. Core Insights - The TMT sector outperformed the Shanghai and Shenzhen 300 index, with significant weekly gains in sub-industries such as communication network equipment (17.85%) and printed circuit boards (14.05%) [3][5]. - OpenAI launched its first AI-native browser, ChatGPT Atlas, which integrates browsing, chatting, and task automation, aiming to enhance user engagement and expand commercial applications [3][18]. - Huawei's HarmonyOS 6 was released with AI as a core feature, showing improved performance and enhanced user experience, indicating a growing penetration of AI applications in mobile devices [3][18]. Market Weekly Review - The TMT sector's performance from October 20 to October 24 showed significant gains across various sub-industries, with communication leading the way [3][5]. - The overall TMT sector outperformed the broader market, indicating strong investor interest and potential for growth [3][5]. Industry News and Key Company Announcements - OpenAI's new browser and Huawei's HarmonyOS 6 release highlight the rapid advancements in AI applications, suggesting a competitive landscape among tech giants [3][18]. - The report notes various strategic partnerships and product launches in the AI space, indicating a robust ecosystem developing around AI technologies [3][17][21].

Investment Rating - The report maintains a "Buy" rating for China Unicom, with a target price of 7.83 CNY [5][12]. Core Insights - China Unicom's performance in the first three quarters of 2025 showed steady growth, with total revenue reaching 293 billion CNY, a year-on-year increase of 1.0%. The net profit attributable to the parent company was 7.623 billion CNY, reflecting a year-on-year growth of 10.9% [2][12]. - The company's digital intelligence business is a strong growth driver, with significant revenue contributions from its cloud services and data center operations. The cloud segment generated 52.9 billion CNY, while the data center business achieved 21.4 billion CNY, marking an 8.9% increase year-on-year [12]. - The report highlights the solid foundation of the connectivity business, with mobile users reaching 356 million, adding 12.48 million users, and fixed broadband users reaching 129 million, adding 6.79 million users, both achieving record net additions for the same period in recent years [12]. Financial Summary - Total revenue projections for China Unicom are as follows: 372.597 billion CNY for 2023, 389.589 billion CNY for 2024, and 402.638 billion CNY for 2025, with growth rates of 5.0%, 4.6%, and 3.3% respectively [4][13]. - Net profit attributable to the parent company is projected to be 8.173 billion CNY for 2023, increasing to 9.030 billion CNY in 2024 and 9.694 billion CNY in 2025, with growth rates of 12.0%, 10.5%, and 7.4% respectively [4][13]. - The report indicates a decrease in capital expenditure by 15% year-on-year, with a focus on high-value areas such as computing power networks [12]. Market Position - China Unicom's current stock price is 5.55 CNY, with a market capitalization of 173.518 billion CNY. The stock has a price-to-book ratio of 1.01 and a dividend yield of 2.85% [6][14]. - The company has a solid financial position, with total assets of 662.845 billion CNY and total liabilities of 304.910 billion CNY, resulting in a debt-to-equity ratio of approximately 46% [13].

Core Viewpoint - The Shanghai Composite Index rose by 0.71% on October 24, with the communication and electronics sectors leading the gains at 4.73% and 4.72% respectively, while the oil and coal sectors experienced declines of 1.36% and 1.29% [1] Market Overview - A total net inflow of 21.96 billion yuan was observed in the two markets, with 11 sectors seeing net inflows. The electronics sector had the highest net inflow of 22.39 billion yuan, followed by the power equipment sector with a 2.20% increase and a net inflow of 3.71 billion yuan [1] - Conversely, 20 sectors experienced net outflows, with the pharmaceutical and biological sector leading with a net outflow of 2.49 billion yuan, followed by the food and beverage sector with a net outflow of 1.75 billion yuan [1] Communication Sector Performance - The communication sector saw a rise of 4.73% with a net inflow of 2.66 billion yuan, where 98 out of 125 stocks in the sector increased in value, and one stock hit the daily limit [2] - The top three stocks with the highest net inflow in the communication sector were Zhongji Xuchuang with 1.26 billion yuan, followed by Xinyi Sheng and Changxin Bochuang with 800 million yuan and 265 million yuan respectively [2] - The stocks with the highest net outflows included China Unicom, Sanwei Communication, and China Telecom, with outflows of 169 million yuan, 160 million yuan, and 107 million yuan respectively [3]

Core Viewpoint - The launch of the first domestic eSIM-enabled phone, iPhone Air, has been met with operational challenges, particularly regarding age restrictions for eSIM activation, which may hinder access for older users [1][3]. Group 1: eSIM Activation Challenges - A user reported being denied eSIM activation due to being over 60 years old, as the current policy requires users to be between 18 and 60 years old [3]. - China Telecom confirmed the age restriction for eSIM activation, which is part of the trial phase of the eSIM service [5]. - In contrast, China Unicom and China Mobile have set lower age limits, with Unicom requiring users to be at least 16 years old and Mobile requiring 18 [5]. Group 2: Complexity of eSIM Process - The eSIM activation process is described as cumbersome, requiring users to visit physical stores with identification and devices, as online activation is not available during the commercial phase [5]. - Users must return to their number's original location for eSIM conversion, as cross-province conversions are not supported [5]. - A user managed to convert a physical SIM to eSIM by falsely claiming to have lost their SIM card, highlighting potential loopholes in the system [6]. Group 3: Security and Future Developments - The restrictions on eSIM services are attributed to risk management and technical security concerns, particularly regarding the potential for remote anonymous account creation and telecom fraud [8]. - The three major operators had previously suspended eSIM services, with a planned resumption in June 2025 under strict conditions, including offline real-name activation and security certificate requirements [8]. - Future advancements in remote real-name authentication technology and system upgrades are expected to simplify the eSIM activation process, allowing users to complete it online without visiting physical stores [8].

Group 1: Industry Performance Overview - The Hong Kong stock market has seen significant performance reports from various sectors, including non-ferrous metals, insurance, and telecommunications, with leading companies in non-ferrous metals and insurance showing rapid growth, while telecommunications leaders maintain stable performance [1] - Resource stocks, particularly in the rare earth sector, have reported substantial increases in earnings, with Jinli Permanent Magnet achieving a revenue of 5.373 billion yuan, up 7.16%, and a net profit of 515 million yuan, up 161.81% [2][3] - Zijin Mining reported a revenue of 254.2 billion yuan, a 10.33% increase, and a net profit of 37.864 billion yuan, up 55.45%, with its gold business being a significant profit driver [2][3] Group 2: Insurance Sector Growth - Major insurance companies have reported rapid earnings growth, with China Pacific Insurance expecting a net profit increase of 40% to 60% for the first three quarters of 2025 [6] - China Life Insurance anticipates a net profit of approximately 156.785 billion to 177.689 billion yuan, reflecting a growth of 50% to 70% [7] - New China Life Insurance expects a net profit of 29.986 billion to 34.122 billion yuan, a year-on-year increase of 45% to 65% [7] Group 3: Telecommunications Sector Stability - The three major telecommunications operators, China Mobile, China Telecom, and China Unicom, reported stable growth, with China Mobile achieving a revenue of 794.7 billion yuan, up 0.4%, and a profit of 115.4 billion yuan, up 4% [8][9] - China Telecom's revenue reached 396.998 billion yuan, a 0.6% increase, while China Unicom reported a revenue of 293 billion yuan, up 1% [9] Group 4: Retail Sector Losses - High-end retail giant Gao Xin Retail reported a projected net loss of 110 to 140 million yuan for the six months ending September 30, 2025, compared to a profit of 186 million yuan in the same period last year [10][11] - The loss is attributed to increased market competition and weak consumer demand, leading to a decline in average transaction value and revenue [11]

Core Viewpoint - Morgan Stanley has set a target price of HKD 9.5 for China Unicom (00762) and assigned an "Overweight" rating [1] Financial Performance - In Q3, China Unicom's service revenue was RMB 83 billion, remaining flat year-on-year, which met Morgan Stanley's expectations [1] - The cloud revenue for China Unicom increased by 26% year-on-year to RMB 15.3 billion [1] - EBITDA for the period was RMB 25.4 billion, also flat year-on-year, aligning with the bank's forecast [1] - The service EBITDA margin stood at 30.5% [1] - Net profit grew by 5.3% year-on-year to RMB 5.5 billion, in line with expectations, benefiting from a decrease in depreciation costs [1] Corporate Actions - The company plans to spin off its Smart Network Technology for a listing on the ChiNext board, pending regulatory approval [1]

Core Viewpoint - Morgan Stanley has set a target price of HKD 9.5 for China Unicom (00762) and assigned an "Overweight" rating [1] Financial Performance - In Q3, China Unicom's service revenue was RMB 83 billion, remaining flat year-on-year, which met Morgan Stanley's expectations [1] - The cloud revenue for the same period increased by 26% year-on-year to RMB 15.3 billion [1] - EBITDA for the quarter was RMB 25.4 billion, also flat year-on-year, aligning with the firm's expectations [1] - The service EBITDA margin stood at 30.5% [1] - Net profit grew by 5.3% year-on-year to RMB 5.5 billion, again meeting the firm's expectations, aided by a decrease in depreciation costs [1] Corporate Actions - The company plans to spin off its Smart Network Technology for a listing on the ChiNext board, pending regulatory approval [1]

Core Insights - On October 23, 2023, brokerage firms provided target prices for listed companies, with significant increases noted for companies in the pet feed and communication equipment sectors, specifically Guibao Pet, StarNet RuiJie, and Weisheng Information, with target price increases of 61.09%, 50.73%, and 43.78% respectively [1][2]. Target Price Increases - Guibao Pet (301498) received a target price of 118.00 yuan, reflecting a target price increase of 61.09% from the latest closing price [2]. - StarNet RuiJie (002396) has a target price of 39.16 yuan, with a target price increase of 50.73% [2]. - Weisheng Information (688100) has a target price of 51.00 yuan, showing a target price increase of 43.78% [2]. - Other notable companies include China Unicom (600050) with a target price increase of 36.22% and Wens Foodstuff Group (300498) with an increase of 33.28% [2]. Brokerage Recommendations - A total of 59 listed companies received brokerage recommendations on October 23, with Tonghuashun (300033) receiving the highest number of recommendations at 5, followed by Guibao Pet with 4, and Meihua Biological (600873) with 3 [3][4]. - The sectors represented include software development, feed, and chemical products [4]. Rating Adjustments - On October 23, only one company, Huayou Cobalt (603799), had its rating upgraded from "Hold" to "Buy" by Huayuan Securities [5]. - This indicates a positive outlook for the energy metals sector [5]. First-Time Coverage - Nine companies received first-time coverage from brokerages on October 23, with notable mentions including Innovation New Materials (600361) rated "Buy" by Huayuan Securities, and YunTu Holdings (002539) and Meihua Biological (600873) both rated "Buy" by Global Fortune Financial [6]. - Other companies receiving first-time ratings include Babi Food (605338) and Shengquan Group (108850) [6].