证券代码：600050 证券简称：中国联通 公告编号：2025-033 中国联合网络通信股份有限公司 关于召开 2025 年度中期业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 台（https://roadshow.eastmoney.com/luyan/4828410）同步直播 （http://roadshow.sseinfo.com/questionCollection.do）或通过公司 邮箱 ir@chinaunicom.cn 进行提问。公司将在业绩说明会上对投资者普 遍关注的问题进行回答。 业绩说明环节将于 2025 年 8 月 12 日（星期二）17:00-约 17:20 进行， 问答环节将于当日约 17:20-18:30 进行，投资者可于当日 17:00-18:30 1 会议召开时间：2025 年 8 月 12 日（星期二）17:00-18:30 网络直播地址：上海证券交易所上证路演中心 （http://roadshow.sseinfo.com）、本公司网站 （http://www ...

证券之星消息，8月5日通信服务板块较上一交易日上涨0.38%，北纬科技领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。通信服务板块个股涨跌见下表： 从资金流向上来看，当日通信服务板块主力资金净流出2.98亿元，游资资金净流出1410.62万元，散户资 金净流入3.12亿元。通信服务板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601728 中国电信 | | 8247.08万 | 12.85% | -5729.62万 | -8.93% | -2517.47万 | -3.92% | | 600050 中国联通 | | 7563.42万 | 5.43% | -6929.43万 | -4.98% | -634.00万 | -0.46% | | 002148 北纬科技 | | 7362.12万 | 25.10% | -3929.56万 | - ...

Core Insights - The CSI Hong Kong-Shanghai-Shenzhen 500 Communication Services Index has shown significant growth, with a 10.16% increase over the past month, 20.08% over the past three months, and 20.80% year-to-date [1][2] Group 1: Index Performance - The CSI Hong Kong-Shanghai-Shenzhen 500 Communication Services Index is currently at 2069.32 points [1] - The index is based on a sample of securities categorized into 11 industries, reflecting the overall performance of different sectors within the index series [1] Group 2: Index Holdings - The top ten weighted stocks in the index include Tencent Holdings (14.19%), China Mobile (13.04%), Kuaishou-W (8.97%), and others [1] - The market segment distribution of the index holdings shows that the Hong Kong Stock Exchange accounts for 50.91%, Shenzhen Stock Exchange for 32.89%, and Shanghai Stock Exchange for 16.20% [1] Group 3: Industry Composition - The industry composition of the index holdings includes Telecommunications Services (37.04%), Digital Media (27.18%), and Communication Equipment (25.97%) [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

序号代码名称最新价涨跌幅主力净流入主力净占比1601288农业银行6.542.352.64亿元8.27%2601988中国 银行5.651.252.36亿元13.11%3601857中国石油8.591.421.44亿元12.37%4601398工商银行7.761.041.42亿元 5.41%5601319中国人保8.42.561.03亿元14.56%6601881中国银河17.472.529681.66万元8.43%7002415海康 威视29.332.668626.70万元2.75%8601728中国电信7.410.148247.08万元12.85%9600050中国联通 5.381.137563.42万元5.43%10601328交通银行7.771.447023.60万元4.98% 来源：金融界 8月5日，中特估概念上涨0.67%，今日主力资金流入2.06亿元，概念股62只上涨，13只下跌。 主力资金净流入居前的分别为农业银行（2.64亿元）、中国银行（2.36亿元）、中国石油（1.44亿 元）、工商银行（1.42亿元）、中国人保（1.03亿元）。 ...

Core Viewpoint - The three major telecom operators in China (China Mobile, China Unicom, China Telecom) have made commitments to improve transparency and simplify their service packages in response to consumer complaints and regulatory scrutiny [1][3][27] Group 1: Operator Commitments - China Mobile announced ten service commitments, including requiring explicit customer consent for service orders and sending notification messages after service completion [1] - China Telecom introduced nine measures to ensure user consent before activating telecom services and to standardize the service cancellation process [1] - China Unicom plans to significantly reduce the variety and number of service packages, ensuring clear and categorized pricing information [1] Group 2: Consumer Complaints - Consumer complaints against the three operators have been rising sharply, with complaints increasing from 3,125 in 2022 to over 13,000 in 2023, marking a 316.99% increase [3][5] - By July 2025, complaints had reached 21,148, nearing the total for the previous year, with involved amounts exceeding 23.96 million yuan [5] - China Mobile led in complaints with 15,233 cases in the first half of 2025, but also had the highest resolution rate at 93.36% [7] Group 3: Key Complaint Issues - The main issues leading to complaints include unclear pricing (21.34%), package disputes (15.11%), and poor service attitude (13.80%) [9] - Specific complaints against China Mobile highlighted issues with unclear pricing and package disputes, while China Unicom faced complaints regarding recharge disputes and service attitude [9] Group 4: Consumer Experiences - Individual cases illustrate ongoing issues, such as a consumer being misled about broadband fees and another facing unexpected charges after a supposed "free upgrade" [11][17] - Consumers have reported that marketing tactics often obscure critical information about minimum charges and contract terms, leading to confusion and dissatisfaction [20] Group 5: Complaint Statistics - Complaints involving amounts over 100 yuan account for over half of all complaints, indicating significant financial impact on consumers [23] - The cities with the highest complaint rates are Guangzhou, Dongguan, and Beijing, reflecting regional disparities in consumer experiences [25] Group 6: Industry Outlook - The operators' recent commitments to transparency and simplification are seen as positive steps, but the effectiveness of these measures in addressing long-standing issues remains to be seen [27]

Group 1 - As of August 4, 2025, China Unicom's stock price is 5.32 yuan, unchanged from the previous trading day, with a trading volume of 779 million yuan and a turnover rate of 0.48% [1] - China Unicom is one of the three major basic telecommunications operators in China, providing mobile communication, fixed communication, and innovative services such as cloud computing, big data, and the Internet of Things [1] - Recently, China Unicom Group invested in Hangzhou Zhixun Investment Co., Ltd., increasing the company's registered capital from 5 billion yuan to approximately 9.18 billion yuan [1] Group 2 - On August 4, 2025, there was a net outflow of 73.09 million yuan in main funds for China Unicom, with a net outflow of 61.12 million yuan over the past five days [1]

Core Insights - High-quality data is becoming a differentiated advantage for China's AI industry [1][5] - China Unicom has showcased its data industry foundation at the WAIC, emphasizing its unique path in data governance, security, and industry empowerment [1][2] Group 1: Data Infrastructure and Capabilities - China Unicom's data foundation integrates computing power, algorithms, and high-quality data sets, focusing on the construction of high-quality data sets [2][3] - The company has accumulated 700PB of enterprise data and created over 400TB of high-quality communication and industry data sets through collaboration with industry partners [2][3] - A framework called "Three Ones" has been established, which includes a governance methodology, a platform tool, and a high-quality data set [3][4] Group 2: Data Governance and Tools - A data governance methodology has been developed to manage data sets through a classification framework and a dynamic optimization mechanism [3] - A comprehensive toolchain has been created for the entire data processing lifecycle, from collection to quality evaluation, which has won the DataOps Product Innovation Award [3] - Specialized data sets have been built for eight fields, supporting training and fine-tuning of 27 large model scenarios, with some data sets recognized as exemplary by the State-owned Assets Supervision and Administration Commission [3] Group 3: AI Transformation and Industry Applications - China Unicom's strategy focuses on specific industry scenarios, enhancing smart operations and digital transformation across various sectors [6] - The company has developed over a thousand intelligent agents and engaged more than ten thousand participants in AI transformation initiatives [6] - Real-time, accurate, and reliable communication data is highlighted as a unique advantage for empowering various industries [6] Group 4: Data Security and Privacy - China Unicom recognizes the dual nature of data circulation, balancing value release with security and privacy challenges [7] - The company has established multiple security measures, including a data classification platform and a multi-layered technical protection system [7] - Active participation in national trustworthy data space construction aims to ensure efficient, secure, and traceable data circulation [7]

Investment Rating - The report maintains a "Buy" rating for Tianfu Communication, Xingwang Ruijie, Ruijie Network, China Mobile, China Telecom, China Unicom, Huace Navigation, and Hengtong Optoelectronics, while recommending "Hold" for Huafeng Technology [9][50]. Core Insights - North American cloud service providers (MAMG: Microsoft, Amazon, Meta, Google) reported a 69% year-on-year increase in capital expenditures (CapEx) for Q2 2025, totaling $87.4 billion, indicating strong demand for computing power [1][2][15]. - The report anticipates that the total CapEx for 2025 will reach $333.8 billion, reflecting a 49% year-on-year growth, with optimistic guidance from major players [4][15]. - The report suggests that the robust CapEx growth from overseas cloud service providers will continue to boost confidence in computing power demand, benefiting both the overseas computing supply chain and domestic internet companies [1][15]. Summary by Sections Market Performance - The communication index rose by 2.54% last week, while the Shanghai Composite Index fell by 0.94% and the Shenzhen Component Index dropped by 1.58% [1][15]. Key Companies and Dynamics - The report highlights key companies in the AI computing supply chain for 2025, recommending Tianfu Communication, Xingwang Ruijie, Ruijie Network, and Huafeng Technology, as well as core asset value reassessment for China Mobile, China Telecom, and China Unicom [5][9]. - Major cloud providers' CapEx for Q2 2025 includes Microsoft ($17.08 billion, +23%), Amazon ($31.37 billion, +91%), Meta ($16.54 billion, +102%), and Google ($22.45 billion, +70%) [16]. Capital Expenditure Guidance - Microsoft expects its Q1 FY26 CapEx to exceed $30 billion, while Amazon's Q2 CapEx rate is projected to represent the investment rate for the second half of the year [4][16]. - Meta has raised its 2025 CapEx guidance to $66-72 billion, and Google has increased its guidance to $85 billion [4][16]. Investment Recommendations - The report emphasizes the importance of focusing on the global AI computing supply chain, including components like optical modules, liquid cooling, copper connections, and switches [1][15]. - The report also notes the expected growth in domestic internet companies' investments driven by the positive outlook from overseas cloud service providers [1][15].

人民财讯8月4日电，企查查APP显示，近日，杭州市智训投资有限公司发生工商变更，新增中国联合网 络通信集团有限公司为股东，注册资本由50亿元人民币增至约91.8亿元人民币，同时部分主要人员发生 变更。企查查信息显示，该公司成立于2024年7月，法定代表人为宣啸，经营范围包括人工智能行业应 用系统集成服务、人工智能公共数据平台、人工智能公共服务平台技术咨询服务等。 ...

Market Overview - On August 4, the communication services sector experienced a slight decline of 0.07%, with Hengshi Technology leading the drop [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Stock Performance - Notable gainers in the communication services sector included: - Beiwai Technology (002148) with a closing price of 7.79, up 10.03% and a trading volume of 885,700 shares [1] - ST Xintong (600289) closed at 6.74, up 4.98% with a trading volume of 73,000 shares [1] - ST Tongmai (603559) closed at 8.94, up 4.56% with a trading volume of 15,200 shares [1] - Conversely, Hengshi Technology (300513) saw a decline of 0.75%, closing at 9.22 with a trading volume of 112,500 shares [2] Capital Flow - The communication services sector saw a net inflow of 25.24 million yuan from institutional investors, while retail investors contributed a net inflow of 21.3 million yuan [2] - Notable capital flows included: - Beiwai Technology (002148) had a net inflow of 208 million yuan from institutional investors, but a net outflow of 83.08 million yuan from speculative funds [3] - China Mobile (600941) experienced a net inflow of 12.5 million yuan from institutional investors, with net outflows from both speculative and retail investors [3]