Core Viewpoint - Goldman Sachs reports that China Unicom's mid-term performance shows revenue growth, but cash flow and profitability are under pressure, while dividend growth remains robust [1] Group 1: Financial Performance - China Unicom's earnings per share dividend increased by 14.5% year-on-year in the first half of the year [1] - The dividend payout ratio increased by 5 percentage points year-on-year [1] - Goldman Sachs expects the increase in accounts receivable leading to higher bad debt provisions will improve in the second half of the year, alleviating profitability pressure [1] Group 2: Investment Outlook - Chinese telecom stocks have become a primary high-yield return choice for local investors due to their stable dividend capabilities and willingness to increase dividends [1] - Goldman Sachs maintains a "Buy" rating on China Unicom, raising the target price from HKD 10.4 to HKD 11.2 [1] Group 3: Future Projections - Goldman Sachs slightly lowers future revenue forecasts to reflect a slowdown in cloud business revenue growth, with revenue projections for 2025 to 2027 reduced by 1.1% to 3.6% [1] - EBITDA forecasts are adjusted downwards by 0.9% to 2.8% for the same period [1]

Core Viewpoint - China Unicom's stock price increased by 2.22% to 5.52 yuan as of August 18, 2025, indicating positive market sentiment and performance [1] Company Summary - China Unicom is one of the three major telecommunications operators in China, providing comprehensive communication services nationwide, including mobile communication, broadband, and cloud computing [1] - The registered capital of China Unicom's Henan subsidiary increased from 1.23 billion yuan to approximately 2.68 billion yuan, reflecting the group's ongoing investment in regional markets [1] Financial Summary - On August 18, 2025, the main capital inflow was 512 million yuan, with a cumulative net inflow of 330 million yuan over the past five days, indicating strong investor interest [1] - The trading volume on the same day reached 4.252 billion yuan, with a turnover rate of 2.50%, suggesting active trading activity [1]

按申万行业统计，剑桥科技所属的通信行业共有8家公司公布了2025半年度分配方案，派现金额最多的 是中国移动，派现金额为540.83亿元，其次是中国电信、中国联通，派现金额分别为165.81亿元、34.77 亿元。（数据宝） 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派0.452元（含税） | 0.12 | 0.11 | | 2024.12.31 | 10派2.2元（含税） | 0.59 | 0.54 | | 2024.06.30 | 10派0.3元（含税） | 0.08 | 0.07 | | 2023.12.31 | 10派1.33元（含税） | 0.36 | 0.28 | | 2019.12.31 | 10转增3派0.34元（含税） | 0.07 | 0.12 | | 2018.12.31 | 10转增3派1.8元（含税） | 0.23 | 0.52 | | 2017.12.31 | 10转增3派1.9元（含税） | 0.19 | 0.40 | 证券时报·数据宝统 ...

Core Insights - The three major telecom operators in China, namely China Mobile, China Unicom, and China Telecom, have emphasized their strategies and achievements in the AI and IoT sectors in their 2025 semi-annual reports, indicating a consensus on AI as a new growth driver for telecom operators [1][2] Group 1: IoT Business Progress - The semi-annual reports highlight the progress in the IoT sector, covering aspects such as connection scale, network capabilities, and AIoT platform development [2] - IoT is identified as the main driver of total connection growth for telecom operators, with China Mobile reporting a total connection count of 3.815 billion, a net increase of 145 million, and an estimated IoT connection count of approximately 2.487 billion, contributing 93.8% to the net increase [3][5] - China Telecom's total connection count is about 1.448 billion, with nearly 688 million IoT connections, contributing 85.8% to the net increase, while China Unicom has over 1.2 billion connections, with 690 million IoT connections, contributing 84.4% to the net increase [3] Group 2: Digital Infrastructure Development - The digital infrastructure for IoT is being strengthened, with a total of 4.55 million 5G base stations nationwide as of June 2025, supporting various digital applications [6] - China Mobile has opened over 2.599 million 5G base stations, while China Telecom has 1.49 million high-frequency and 880,000 low-frequency base stations, enhancing network capabilities [7] Group 3: AIoT Applications and Services - The application of AIoT in various industries is emphasized as the ultimate value realization of IoT services, with China Mobile signing 1,485 AI+DICT projects and reaching nearly 200 million customers with AI-enabled products [8] - China Telecom has launched multiple intelligent agents covering 450 million customers in public services, while China Unicom focuses on enhancing differentiated services and has established 7,500 5G factories [8] Group 4: Revenue and Value Assessment - The revenue from IoT connections and information services is evolving, with China Mobile reporting a 6.7% growth in IoT connection revenue and a 23.9% growth in IoT information revenue [9] - The overall revenue from mobile IoT in China is projected to reach 45.271 billion yuan in 2024, with contributions from China Telecom, China Mobile, and China Unicom being 5.019 billion, 26.299 billion, and 13.953 billion yuan respectively [9] - The decline in average revenue per user (ARPU) from individual connections is noted, with a shift towards higher growth in IoT information services, indicating a more significant value proposition for telecom operators [10]

Market Overview - The Shanghai Composite Index rose by 0.85% on August 18, with 29 out of 31 sectors experiencing gains, led by the communication and comprehensive sectors, which increased by 4.46% and 3.43% respectively [1] - The real estate and oil & petrochemical sectors were the only ones to decline, with decreases of 0.46% and 0.10% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 16.057 billion yuan, with 8 sectors seeing net inflows [1] - The electronic sector had the highest net inflow of 5.040 billion yuan, followed closely by the communication sector with a net inflow of 4.904 billion yuan [1] Communication Sector Performance - The communication sector saw a significant increase of 4.46%, with a total net inflow of 4.904 billion yuan [2] - Out of 125 stocks in the communication sector, 104 stocks rose, including 4 that hit the daily limit, while 21 stocks fell, with 1 hitting the lower limit [2] - The top three stocks with the highest net inflow were ZTE Corporation (28.99 billion yuan), Dongxin Peace (5.45 billion yuan), and China Unicom (5.12 billion yuan) [2] Communication Sector Capital Inflow - The top stocks in terms of capital inflow included: - ZTE Corporation: +8.80%, turnover rate 9.58%, net inflow 289.88 million yuan - Dongxin Peace: +10.00%, turnover rate 23.04%, net inflow 54.54 million yuan - China Unicom: +2.22%, turnover rate 2.50%, net inflow 51.23 million yuan [2] Communication Sector Capital Outflow - The stocks with the highest capital outflow included: - Hengbao Co., Ltd.: -5.14%, turnover rate 47.96%, net outflow -60.15 million yuan - Shijia Photon: -16.38%, turnover rate 14.09%, net outflow -25.39 million yuan - Yongding Co., Ltd.: -0.21%, turnover rate 8.87%, net outflow -17.85 million yuan [3]

Group 1 - The China AI 50 concept index rose by 4.15%, ranking 6th among concept sectors, with 47 stocks increasing in value, including Ruijie Networks which hit a 20% limit up [1] - Notable gainers included Yingwei Technology, Zhiwei Intelligent, and Zhongheng Electric, which also reached their daily limit up, while Haiguang Information, Green Harmonics, and China Mobile experienced declines [1] Group 2 - The top-performing concept sectors included Liquid Cooling Servers with a 6.31% increase, Huawei HiSilicon concept stocks up by 4.93%, and F5G concept rising by 4.61% [2] - The China AI 50 sector saw a net inflow of 5.401 billion yuan, with 31 stocks receiving net inflows, and 13 stocks exceeding 100 million yuan in net inflow, led by ZTE Corporation with 2.899 billion yuan [2] Group 3 - The net inflow ratios were highest for ZTE Corporation at 19.72%, Zhiwei Intelligent at 19.70%, and Yonyou Network at 16.13% [3] - The top stocks by net inflow included ZTE Corporation, China Unicom, and Yonyou Network, with respective net inflows of 2.899 billion yuan, 512 million yuan, and 495 million yuan [3][4] Group 4 - Other notable gainers included Hengxuan Technology with a 9.89% increase, and Maigemeite with a 9.04% rise, while China Mobile saw a slight decline of 0.13% [4][5] - The overall market sentiment was positive for the AI sector, with significant capital inflows indicating strong investor interest [2][6]

齐鲁晚报.齐鲁壹点记者赵波 8月16日，由中铁建工二公司承建的2025年山东省重大实施类项目——国际局通信区域1号机房顺利封顶。至此，该项目三栋单体全部实 现封顶，标志着总投资近40亿元、总建筑面积约2.45万平方米的青岛国际局通信枢纽楼工程取得阶段性胜利。 受既有施工条件及项目特殊性的限制，该工程对施工工艺水平及资源调配提出极高要求。中铁建工集团第二建设有限公司中国联通 （600050）青岛国际通信业务出入口局项目技术部长袁廷威介绍：复杂地质与既有管线保护以及高荷载施工用房是项目的两大特点也是 两大难点。 据了解，项目地处原回填土区域，地质条件复杂，项目部使用全护筒施工以及自平衡检测方法，倒排工期并细化各阶段任务，明确人 力、机械等资源投入计划，确保施工节奏与目标同步，65天完成197根灌注桩，夯实了地基，该工法获得2025年度青岛市房屋建筑工法； 另外地下存在多条国际海缆，因属国家级关键设施无法迁移，项目部组成攻坚团队，施工前采用"钢板桩支护+混凝土上盖"专项保护工 艺，在保护了既有线缆的前提下，大幅缩短了作业周期。 建设北方首个国际通信"新枢纽" 2024年7月10日，国家在原有9个国际通信业务出入口局 ...

Core Viewpoint - The A-share market is experiencing a significant rise, particularly in the telecommunications sector, with the Telecom 50 ETF (560300) increasing nearly 4% and several key stocks reaching notable gains [1][2]. Group 1: Market Performance - The Telecom 50 ETF (560300) saw a rise of 3.86%, closing at 1.670, with a trading volume of 18,300 and a turnover rate of 6.13% [2]. - Key stocks within the ETF include ZTE Corporation, which hit the daily limit, and other notable performers such as Guangku Technology (+15%), Zhongji Xuchuang (+9%), Yinzhijie (+5%), and Xinyi Sheng (+4%) [1]. Group 2: Industry Growth - The National Bureau of Statistics reported a rapid growth in retail sales of information services, with a year-on-year increase of over 10% in the first seven months of the year, indicating a strong demand for digital audio-visual and online entertainment services [3]. - The three major telecom operators in China (China Mobile, China Telecom, and China Unicom) reported a total mid-term dividend of approximately 74.256 billion, reflecting stable growth in core business and rapid development in strategic emerging sectors, particularly in artificial intelligence [3][4]. Group 3: Future Outlook - The telecom sector is expected to see new demand driven by advancements in AI, IoT, satellite communication, and low-altitude economy, which are anticipated to create new growth opportunities [4]. - Analysts suggest that the operators will focus on enhancing cash flow management and improving revenue quality, with a long-term investment focus on computing networks and cloud services [3].

钛媒体App 8月18日消息，天眼查工商信息显示，近日，河南省联通通信有限公司发生工商变更，注册 资本由约12.3亿人民币增至约26.8亿人民币，增幅约119%。该公司成立于1998年3月，法定代表人为华 豫民，经营范围包括设计、制作、代理、发布国内广告业务等。股东信息显示，该公司由中国联合网络 通信集团有限公司全资持股。（天眼查） ...

Core Viewpoint - China Unicom achieved a net profit attributable to shareholders of 6.349 billion yuan in the first half of the year, representing a year-on-year growth of 5.1% [1] Financial Performance - The company's operating performance shows steady growth with continuous optimization of its business structure [1] - International business revenue reached 6.8 billion yuan, an increase of 11% year-on-year [1] - The proportion of revenue from strategic emerging industries increased to 86%, promoting high-quality development [1] Dividend Policy - The company has decided to pay a dividend of 0.11 yuan per share in mid-2025, reflecting a year-on-year increase of 16% [1] Future Outlook - The company is expected to maintain rapid growth in dividends, improve operational efficiency in traditional businesses, and enhance profitability [1] - The AI industry development is anticipated to provide a favorable outlook for computing power business [1] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated to be 10.1 billion yuan, 11.3 billion yuan, and 12.6 billion yuan, respectively, with corresponding price-to-earnings ratios of 17x, 15x, and 13x [1] Investment Rating - The recommendation rating is maintained as "Recommended" [1]