瑞银发布研报称，中国联通（600050）(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。 ...

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。 ...

Core Viewpoint - Securities firms have provided "buy" ratings for over 20 A-share listed companies on August 13, focusing on industries such as liquor, transportation equipment, complete automobiles, bioproducts, consumer electronics, and auto parts [1] Group 1: Company Ratings - Kweichow Moutai received significant attention from securities firms, with five reports on August 13, ranking first among recommended stocks. Guojin Securities projected net profits of 93.4 billion, 98.8 billion, and 105.4 billion yuan for 2025-2027, with year-on-year growth rates of +8.4%, +5.8%, and +6.6% respectively, maintaining a "buy" rating [4] - Yanjing Beer was also highlighted, with five reports in the past month. Pacific Securities forecasted revenue growth rates of 6%, 5%, and 4% for 2025-2027, and net profit growth rates of 44%, 19%, and 11% respectively, assigning a target price of 14.58 yuan and a "hold" rating [4] - Chuanfeng Power, a leader in the all-terrain vehicle industry, received attention from four securities firms, ranking third among recommended stocks on August 13 [5] Group 2: Industry Insights - The liquor industry, particularly Kweichow Moutai and Yanjing Beer, is experiencing strong interest from analysts, indicating a positive outlook for major players in this sector [4] - The transportation equipment sector, represented by Chuanfeng Power, is benefiting from high-end market trends and product innovation, suggesting growth potential [5] - Other companies such as BYD, Jinbo Biological, Industrial Fulian, Fuda Co., Rongbai Technology, China Unicom, and Aobi Zhongguang have also garnered attention from multiple securities firms, indicating a broad interest across various industries [5]

Group 1 - The core index of the CSI Hong Kong-Shenzhen 500 Communication Services Index reported a value of 2130.47 points, with a monthly increase of 12.14%, a three-month increase of 18.91%, and a year-to-date increase of 24.37% [1] - The CSI Hong Kong-Shenzhen 500 Communication Services Index is categorized into 11 industries, reflecting the overall performance of different industry companies' securities [1] - The top ten weighted stocks in the index include Tencent Holdings (14.04%), China Mobile (13.1%), and Xinyi Technology (8.37%) among others [1] Group 2 - The industry composition of the CSI Hong Kong-Shenzhen 500 Communication Services Index shows that telecommunications services account for 36.87%, communication equipment for 27.08%, and digital media for 26.09% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Special circumstances may lead to temporary adjustments of the index samples, such as delisting or corporate actions like mergers and acquisitions [2]

证券日报网讯 8月12日晚间，中国联通发布公告称，2025年半年度公司实现营业收入200，202，431， 028元，同比增长1.5%；归属于上市公司股东的净利润为6，348，627，384元，同比增长5.1%。 （编辑 何成浩） ...

该行指，联通管理层预期盈利将维持稳定增长，而资本支出将同比减少10%至2025年的550亿人民币， 同时宣派中期股息每股0.28元人民币，同比上升14.5%，派息率为60%，同比上升5基点。 智通财经APP获悉，里昂发布研报称，中国联通(00762)上半年业绩未达预期。总服务收入和净利同比分 别增长1.5%和5%各至1,784亿和1,455亿人民币，较该行预测低0.9%和3.5%。里昂维持对联通"跑赢大 市"评级，目标价由9.5上调至11港元，反映将10年资本支出预测调低20%，以配合管理层对稳定资本支 出计划的指引，并假设资本支出相对持平。 ...

Core Viewpoint - China Unicom's (600050) (00762) H1 performance fell short of expectations, with total service revenue and net profit growing by 1.5% and 5% year-on-year to RMB 178.4 billion and RMB 145.5 billion, respectively, which were 0.9% and 3.5% lower than the forecast by Citi [1] Group 1: Financial Performance - Total service revenue for H1 reached RMB 178.4 billion, reflecting a year-on-year growth of 1.5% [1] - Net profit for the same period was RMB 145.5 billion, showing a year-on-year increase of 5% [1] Group 2: Analyst Ratings and Price Target - Citi maintains a "Outperform" rating for China Unicom, raising the target price from HKD 9.5 to HKD 11 [1] - The adjustment in target price reflects a 20% reduction in the 10-year capital expenditure forecast to align with management's guidance for stable capital spending [1] Group 3: Management Guidance - Management expects stable profit growth, with capital expenditure projected to decrease by 10% to RMB 55 billion by 2025 [1] - The interim dividend declared is RMB 0.28 per share, representing a year-on-year increase of 14.5%, with a payout ratio of 60%, up by 5 basis points year-on-year [1]

Investment Rating - The investment rating for China Unicom is "Accumulate" with a target price of 7.59 CNY [6][12]. Core Insights - The company continues to optimize its cost structure and enhance operational efficiency, with a focus on R&D investments in AI and computing power, laying a solid foundation for high-quality development [2]. - In the first half of 2025, the company achieved steady revenue growth, with total operating income reaching 200.2 billion CNY (YoY +1.5%) and net profit attributable to shareholders at 6.349 billion CNY (YoY +5.1%) [12]. - The intelligent computing business has become a core growth engine, contributing 45.4 billion CNY in revenue, accounting for 26% of total operating income [12]. - The company has effectively controlled capital expenditures, which decreased by 15% year-on-year, while increasing R&D expenses by 15.6% to 3.46 billion CNY [12]. Financial Summary - Total operating revenue is projected to grow from 372.6 billion CNY in 2023 to 439.4 billion CNY in 2027, with a CAGR of approximately 4.9% [5]. - Net profit attributable to shareholders is expected to increase from 8.17 billion CNY in 2023 to 11.24 billion CNY in 2027, reflecting a CAGR of about 9.2% [5]. - The earnings per share (EPS) is forecasted to rise from 0.26 CNY in 2023 to 0.36 CNY in 2027 [5]. - The return on equity (ROE) is anticipated to improve from 5.1% in 2023 to 6.2% in 2027 [5]. Business Performance - The intelligent computing business has shown strong momentum, with cloud revenue reaching 37.6 billion CNY and data center revenue growing by 9.4% to 14.4 billion CNY [12]. - The connectivity business remains stable, with revenue of 131.9 billion CNY and a user base exceeding 480 million, marking a net increase of over 11 million users in the first half of 2025 [12]. - The company has maintained a stable average revenue per user (ARPU) while achieving high-quality user growth [12].

Core Viewpoint - China Unicom is focusing on enhancing its cloud services and digital infrastructure, with significant revenue growth in its cloud and IDC segments, indicating a strong position in the digital economy [2][9]. Group 1: Financial Performance - In 2024, China Unicom achieved a revenue of RMB 200.2 billion, a year-on-year increase of 1.45%, and a net profit of RMB 6.349 billion, up 5.12% [9]. - The company reported a cloud revenue of RMB 26.87 billion, a substantial increase of 142% year-on-year, while IDC revenue reached RMB 18.61 billion, growing by 12.9% [2]. - The main business revenue composition includes broadband and mobile data services (38.49%), data and other internet applications (27.48%), and value-added services (7.78%) [9]. Group 2: Strategic Initiatives - China Unicom is part of a collaboration with other major telecom operators to launch 5G roaming services, enhancing network efficiency and customer experience without additional costs [3]. - The company has launched the "Smart Home" initiative, which integrates various communication services for families, marking a shift from traditional service bundling [4]. Group 3: Market Position and Shareholder Information - As of June 30, 2025, China Unicom had 556,900 shareholders, with an average of 55,248 shares per shareholder, indicating a slight increase in share distribution [9]. - The company has distributed a total of RMB 35.536 billion in dividends since its A-share listing, with RMB 12.427 billion in the last three years [10]. - Major shareholders include Hong Kong Central Clearing Limited and various ETFs, reflecting a diversified ownership structure [10].

Group 1: Market Performance - The China Central Enterprises Innovation-Driven Index (000861) increased by 0.35% as of August 13, 2025, with notable gains from Inner Mongolia First Machinery (600967) at 9.98%, Shenzhen South Circuit (002916) at 9.23%, and China National Offshore Oil Corporation Development (600968) at 3.73% [3] - The Central Enterprises Innovation-Driven ETF (515900) rose by 0.39%, with a latest price of 1.55 yuan, and has seen a cumulative increase of 1.25% over the past week [3][4] - The ETF's trading volume reached 22.38 million yuan with a turnover rate of 0.63% [3] Group 2: Financial Performance of China Unicom - China Unicom reported a revenue of 200.2 billion yuan for the first half of 2025, reflecting a year-on-year growth of 1.5%, and a net profit of 6.3 billion yuan, up by 5.1% [4] - The company plans to invest approximately 55 billion yuan in fixed assets for the year [4] Group 3: ETF Growth and Performance Metrics - The Central Enterprises Innovation-Driven ETF has seen a net value increase of 15.41% over the past year, with a maximum monthly return of 15.05% since inception [5] - The ETF's management fee is 0.15% and the custody fee is 0.05%, which are the lowest among comparable funds [5] - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.037% over the past five years [6] Group 4: Top Holdings in the Index - As of July 31, 2025, the top ten weighted stocks in the Central Enterprises Innovation-Driven Index include Hikvision (002415) and State Grid South Technology (600406), collectively accounting for 34.11% of the index [6]