Core Points - China Unicom announced the resignation of Chen Zhongyue from his positions as Executive Director, Chairman, and CEO, effective from October 29, 2025 [1] Summary by Category Company Leadership - Chen Zhongyue has resigned from his roles within China Unicom, including Executive Director, Chairman, and CEO [1] - The resignation is attributed to work relocation [1] - The effective date of the resignation is set for October 29, 2025 [1]

Core Viewpoint - China Unicom's chairman, Chen Zhongyue, has announced his resignation due to work adjustments, effective from October 29, 2025, after which he will no longer hold any position within the company [1] Group 1 - Chen Zhongyue has applied to resign from his positions as chairman and director of China Unicom [1] - The resignation will take effect on October 29, 2025 [1] - After his resignation, Chen Zhongyue will not hold any positions within the company [1]

Core Viewpoint - China Unicom announced the resignation of Mr. Chen Zhongyue from his positions as Executive Director, Chairman, and CEO, effective from October 29, 2025 [1] Company Summary - Mr. Chen Zhongyue's resignation is due to work relocation [1] - The resignation will take effect in the future, indicating a planned transition in leadership [1]

证券代码：600050 证券简称：中国联通 公告编号： 2025-054 中国联合网络通信股份有限公司 关于下属公司参与出资央企战新基金的公告 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： 投资标的：央企战略性新兴产业发展基金有限责任公司（以下 简称"央企战新基金"或"基金"） 投资金额：中国联合网络通信股份有限公司（以下简称"公司"） 间接控股子公司中国联合网络通信有限公司之全资附属子公司联 通创新创业投资有限公司（以下简称"联通创投"）参与并以自有 资金出资人民币 150,000 万元认购央企战新基金份额。 资金来源：联通创投自有资金。 审议情况：本次交易不构成关联交易，不构成《上市公司重大 资产重组管理办法》规定的重大资产重组。根据《中国联合网络通 信股份有限公司章程》（以下简称"《公司章程》"）等相关规定， 本次交易无需提交公司董事会和股东会审议。 一、本次交易概述 （一）基本情况 注册时间：2025 年 9 月 29 日 注册地址：北京市西城区车公庄大街 4 号 18 幢 1 层 16-20 室 联 ...

证券代码：600050 证券简称：中国联通 公告编号：2025-053 中国联合网络通信股份有限公司 关于公司董事长辞任的公告 陈忠岳先生担任公司董事长期间，勤勉敬业，恪尽职守， 求真务实，锐意进取，为公司改革发展开创了新的局面、作出 了卓越贡献。陈忠岳先生在任期间，带领公司以习近平新时代 中国特色社会主义思想为指导，认真落实习近平总书记重要指 示批示精神和党中央决策部署，积极服务国家战略，不断深化 融合创新，有力推动企业高质量发展迈出更大步伐。 在陈忠岳先生的带领下，公司聚焦网络强国、数字中国主 责，深耕联网通信、算网数智主业，将联网通信作为服务网络 强国的联通实践、算网数智作为服务数字中国的联通行动，以 算网融合、数智融合、数实融合推进网络向新、技术向新、服 务向新，经营发展持续向好，收入规模稳步增长，盈利水平不 断提升，国际化发展成效明显，创新能力全面增强，多元化董 事会的融合开放治理优势更加巩固，品牌影响力和资本市场市 值进一步提高，加快迈向具有全球竞争力的世界一流科技服务 企业！ 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 ...

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, reflecting a positive outlook due to sustained high demand and growth in AI, 5.5G, and satellite communications [5]. Core Insights - The telecommunications sector experienced a significant increase, with the industry index rising by 11.55% during the week of October 20-26, 2025. This is in contrast to the broader market indices, which saw smaller gains [11][14]. - The report highlights that the highest growth within the telecommunications sub-sectors was in communication network equipment and devices, which rose by 17.85%, while communication engineering and services had the lowest increase at 3.07% [14][15]. - Notable individual stock performances included Zhongji Xuchuang, which surged by 32.23%, followed by Line Online and Shijia Photon with increases of 28.98% and 24.63%, respectively [16]. Summary by Sections Market Overview - The overall market performance for the week showed the Shanghai Composite Index up by 2.88%, the Shenzhen Component Index up by 4.73%, and the ChiNext Index up by 8.05%, indicating a robust market environment [11]. Sub-sector Performance - The report details that all sub-sectors within telecommunications showed an upward trend, with communication network equipment and devices leading the gains [14][15]. Key News and Developments - The report notes significant advancements in quantum computing, with Google achieving a breakthrough that allows for calculations 13,000 times faster than traditional computers, which could have implications for various industries including telecommunications [25]. - The "14th Five-Year Plan" emphasizes the importance of emerging technologies such as low-altitude economy, quantum technology, 6G, and artificial intelligence, which are expected to drive future growth in the telecommunications sector [20][21]. Company Announcements - Several major telecommunications companies released their third-quarter reports, showing varied performance metrics. For instance, China Mobile reported a revenue of 794.67 billion RMB, a year-on-year increase of 0.41%, while China Telecom reported a revenue of 396.99 billion RMB, up by 0.58% [26][28].

Core Viewpoint - China Unicom's chairman Chen Zhongyue has resigned from his position due to work relocation, effective October 29, 2025, and will no longer hold any position within the company [1] Group 1 - Chen Zhongyue's resignation includes his roles as chairman and director of China Unicom [1] - The resignation is attributed to work relocation, indicating a potential shift in leadership strategy [1] - Following his resignation, Chen Zhongyue will not retain any positions within the company [1]

后续安排：公司将依照《公司章程》和相关法规，推进董事长选举工作。 任期表现：陈忠岳任内公司收入规模、盈利水平持续提升，国际化和创新能力增强，品牌影响力及市值 提升。 中国联通（600050）公告要点解读 董事长变动：陈忠岳先生因工作调动，向公司董事会提交辞呈，辞去董事长、董事及董事会发展战略委 员会、提名委员会主任委员职务，辞任自2025年10月29日生效，原定任期至2027年5月28日。 离任影响：陈忠岳先生辞任后，公司董事会人数仍符合法定要求，董事会运作不受影响。陈忠岳与董事 会无意见分歧，亦无其他需提请股东注意事项。 ...

Core Insights - China Unicom's subsidiary, Unicom Innovation and Entrepreneurship Investment Co., plans to invest 1.5 billion yuan in a state-owned enterprise's new strategic fund, representing a 2.94% stake [1] Group 1: Investment Details - The fund will focus on strategic emerging industries to support industrial development [1] - Unicom Innovation and Entrepreneurship Investment Co. is a wholly-owned subsidiary of China Unicom [1] Group 2: Management Changes - Chen Zhongyue has submitted his resignation as Chairman and Director of China Unicom, effective October 29, 2025 [1] - The resignation includes his roles in the Development Strategy Committee and the Nomination Committee [1]

Core Insights - China Mobile has appointed its first "post-70s" chairman, Chen Zhongyue, succeeding Yang Jie, who served for six years [1] - Under Yang Jie's leadership, China Mobile's revenue grew from 745.917 billion yuan in 2019 to 1,040.759 billion yuan in 2024, marking a significant milestone of surpassing one trillion yuan [2] - The company is currently facing growth pressures, with a revenue increase of only 0.4% year-on-year for the first three quarters of 2025 [2] Financial Performance - During Yang Jie's tenure, net profit attributable to shareholders rose from 106.325 billion yuan to 138.37 billion yuan, indicating steady growth [2] - In the first half of 2025, China Mobile reported a revenue of 543.8 billion yuan, a decline of 0.5% year-on-year, marking its first negative revenue growth in six years [2] - The net profit for the same period increased by 5.0% to 84.2 billion yuan, but the growth rate has been slowing compared to previous years [2] Industry Trends - Yang Jie highlighted that traditional communication services are nearing saturation, with voice and SMS services experiencing negative growth [2] - New information services, particularly in artificial intelligence, are still in the developmental stage, with significant growth potential but currently small scale [3] - The telecommunications industry as a whole has seen a slowdown, with a reported revenue growth of only 0.9% in the first three quarters of 2025 [3] Leadership Transition - Chen Zhongyue, the new chairman, has a long history in the telecommunications sector, having previously served in various roles at China Telecom and China Unicom [4] - The industry is keenly observing how Chen will navigate China Mobile, which has surpassed one trillion yuan in revenue [4] - The position of chairman at China Unicom, previously held by Chen, remains unfilled following his transition to China Mobile [5]