Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [5][6]. Core Insights - The "reciprocal tariffs" have disrupted the global trade landscape, benefiting the domestic "Xinchuang" (self-controlled) industry, particularly in servers and chips [2][12]. - The U.S. has exempted certain technology products from tariffs, including communication devices like optical modules, which is expected to alleviate negative impacts from previous tariffs [3][28]. - The report suggests focusing on the Xinchuang sector and overseas optical communication companies while considering the high dividend value of telecom operators [3][4]. Summary by Sections Industry News Tracking - The U.S. government announced an increase in tariffs on Chinese imports to 125%, prompting a reciprocal response from China [12]. - The Xinchuang industry is expected to thrive as it helps state-owned enterprises reduce reliance on foreign technology, ensuring national strategic security [2][12]. Market Performance Review - The telecommunications index fell by 7.67%, while the Shanghai and Shenzhen 300 index decreased by 2.87%, resulting in a relative return of -4.8% [3][10]. Investment Recommendations - The report recommends focusing on companies benefiting from the Xinchuang initiative and those involved in overseas optical communication, while also highlighting the high dividend potential of major telecom operators like China Mobile and China Telecom [3][4]. Key Company Earnings Forecast and Investment Ratings - China Mobile: Outperform, last close at 109.79 CNY, market cap 237 billion CNY, EPS forecast for 2024E at 6.41 CNY [5]. - Zhongji Xuchuang: Outperform, last close at 78.37 CNY, market cap 865.8 million CNY, EPS forecast for 2024E at 4.68 CNY [5]. - ZTE Corporation: Outperform, last close at 32.08 CNY, market cap 153.5 billion CNY, EPS forecast for 2024E at 1.76 CNY [5].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The AI industry is expected to remain a key investment theme for the year, with significant developments anticipated in AI models and applications, particularly with the upcoming release of GPT-4.1 and related technologies [2][10] - The report emphasizes the importance of the "AI + overseas expansion + satellite" investment opportunities, highlighting the potential in sectors such as optical modules, liquid cooling, and domestic computing power [19][20] - The government’s focus on deep-sea technology and the North Star satellite industry is seen as a catalyst for growth in these sectors [2][19] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include companies in optical modules and optical devices such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [3][23] - For switch server PCBs, recommended companies include Hudian Co., ZTE, and Unisplendour [3][23] - Emphasis on undervalued, high-dividend companies like China Mobile, China Telecom, and China Unicom [3][23] - AIDC and cooling solutions are highlighted with key recommendations for companies like Yingweike and Runze Technology [3][23] - AIGC applications and edge computing power are recommended for companies like Guohua Tong and Meige Intelligent [3][23] 2. Marine Wind and Submarine Cables - Key recommendations for marine wind and submarine cable companies include Hengtong Optic-Electric, Zhongtian Technology, and Dongfang Cable [4][24] - The report notes a recovery in overseas expansion and concentration on leading companies such as Huace Navigation and Weisheng Information [4][24] 3. Satellite Internet and Low-altitude Economy - The report highlights the acceleration of low-orbit satellites and the low-altitude economy, recommending companies like Huace Navigation and Haige Communication [5][25] - Suggested companies for attention include Chengchang Technology and Zhenlei Technology [5][25] 4. Recent Industry Dynamics - The AI industry is experiencing rapid advancements, with OpenAI's upcoming GPT-4.1 model expected to enhance multimodal reasoning capabilities [10][12] - The National Development and Reform Commission is seeking public opinion on the Satellite Navigation Regulations, which is expected to support the development of the Beidou satellite industry [13][14]

| 欧佩克公布月度 | 扮演的角色发表 | 报告。 | 与一场问答。 | 话。 | | --- | --- | --- | --- | --- | | 原油市场报告 | 讲话。 | · 10:00:00 | · 07:00:00 | · 2025-04-18 | | (月报具体公布 | ·07:40:00 | 国新办就国民经 | 2025年FOMC票 | 美股休市一日。 | | 时间待定,一般 | 2027年FOMC票 | 济运行情况举行 | 委、堪萨斯联储 | · 2025-04-18 | | 于北京时间18- | 委、亚特兰大联 | 新闻发布会。 | 主席施密德和达 | 旗下贵金属、美 | | 21点左右公 | 储主席博斯蒂克 | | 拉斯联储主席洛 | 国原油、外汇和 | | 布)。 | 就货币政策发表 | | 根就美国经济和 | 股指期货合约全 | | 国家能源局每月 | 讲话。 | | 银行业进行炉边 | 天交易暂停。 | | 15日左右公布全 | ·09:20:00 | | 谈话。 | · 2025-04-18 | | 社会用电量数 | 今日有1000亿 | | 国内成品油将开 | 港股休市一日, ...

智通财经APP获悉，中国银河证券发布研报称，运营商盈利能力、现金流资产不断改善、资产价值优势 凸显，持续增加分红回馈股东，运营商业绩持续增长或超预期，5G+AI"收获期"大有可为。当前运营商 云业务发展如火如荼，国产大模型对于成本端的降低有望协同运营商云业务部署以及运营商的海量数据 资产，推动运营商第二曲线的快速增长;同时，国产算力的发展有望拉动国产算力产业链的快速发展， 国家队引领作用不断加强。建议关注三大电信运营商。 5G全球遥遥领先，新旧动能转换赋能新质生产力，AI布局有望超预期 5G网络建设稳步推进，千兆用户规模持续扩大。截至2月末，5G基站总数达432.5万个，占移动基站总 数的34.1%，比较上年末提高0.5pct。三家运营商固定互联网宽带接入用户总数达6.75亿户，电信建设全 球遥遥领先。新旧动能转换赋能新质生产力，央企电信运营商"科技链主"持续引领，新兴业务赋能打造 AI+国产新生态。运营商作为国家队代表，有庞大的服务器集群和强大的算力基础，积极响应数字经济 智算中心布局，更快速推动国产人工智能发展。同时，运营商拥有我国最大的流量管道，具备数据优势 及接口优势，AI应用的普及将持续推进。从科技 ...

中国联通：苗守野任副总经理、党组成员 金十数据4月11日讯，中国联通4月11日召开党组（扩大）会议，传达中央决定，苗守野同志任中国联合 网络通信集团有限公司副总经理、党组成员。相关任职事项按有关法律规定办理。 ...

中国联通公告指出，公司坚持战略引领与价值导向，持续推动提升上市公司投资价值，着力增强市场信 心和价值认同。公司高度重视股东回报，过去几年，每股分红保持双位数增长。为进一步回报股东， 2025年3月，公司将此前回购的513,314,385股全部注销。未来，中国联通将持续增强核心功能、提高核 心竞争力，不断推动公司高质量发展迈出更大步伐，强化市值管理，为股东、客户及社会创造更大价 值。 （文章来源：新华社） 中国电信公告显示，公司坚定看好中国资本市场的发展前景，高度重视市值管理工作，制定市值管理办 法，提交董事会审议通过并实施，持续推进市场价值和企业内在价值增长，控股股东中国电信集团有限 公司累计增持公司A股股份45.01亿元。公司将持续推动公司经营水平和发展质量提升，做好投资者关系 管理，增强信息披露质量和透明度，与广大投资者共享公司发展成果。 中国移动表示，公司始终锚定世界一流信息服务科技创新公司发展定位，不断强化创新力，持续提升企 业核心竞争力。回归A股上市以来，累计增持4,236.7万股A股股份，合计金额约30亿元；回购并注销香 港股份共1,852.9万股，合计金额约10.7亿港元。公司高度重视股东回报， ...

Core Viewpoint - The telecommunications industry is experiencing slight revenue growth and expanding user base in early 2025, with a projected upward cycle from 2019 to 2028, marking a golden period for value activation among telecom operators [1][2]. Revenue and User Growth - In January-February 2025, the telecommunications industry achieved a cumulative revenue of 295 billion yuan, reflecting a year-over-year increase of 0.9%, with growth slightly declining due to a high base in Q1 2024 and a complex macroeconomic environment [1]. - The mobile user segment has a 5G penetration rate of 58.6%, up by 1.9 percentage points from the end of the previous year, while the proportion of gigabit broadband users in the fixed network segment reached 31.7%, an increase of 0.8 percentage points [1]. Financial Performance - In 2024, the three major telecom operators reported steady revenue growth, with net profit growth consistently outpacing revenue growth, and this trend is expected to continue into 2025, showing a "front low and back high" performance trajectory [2]. - The user base is expanding, with both mobile and fixed-line ARPU remaining stable, while value-added services are anticipated to be a key driver for maintaining traditional business ARPU stability in 2025 [2]. Emerging Business Growth - The share of the industrial internet business in the total service revenue of the three major operators has been increasing, with emerging business contributions to total service revenue growth rising to 57.4%, a year-over-year increase of 7 percentage points [2]. - The DeepSeek initiative is expected to enhance resource utilization rates rapidly, leading to sustained growth in cloud and IDC businesses, alongside collaborations with internet companies to leverage AI model advancements [2]. Capital Expenditure and Cost Management - Capital expenditures for 2024 and 2025 are expected to continue a downward trend, with a structural focus shifting towards computing power, and significant growth in computing power capital expenditures is anticipated [3]. - The three major operators have achieved notable efficiency improvements, with core cost items such as depreciation, amortization, and network operation costs maintaining stable proportions relative to total service revenue [3]. Cash Flow and Dividend Distribution - Free cash flow for mobile and telecom sectors continued to grow rapidly in 2024, while China Unicom's free cash flow remained stable, reinforcing value creation capabilities [4]. - In 2024, the dividend growth rate for the three major operators outpaced net profit growth, with an overall dividend payout ratio of 71.3%, an increase of 2.1 percentage points year-over-year, and the total dividend amount accounted for 58.7% of free cash flow [4]. - Accounts receivable increased due to B-end business expansion, but most accounts receivable are within a one-year aging period, and improved management in 2025 is expected to release overall business cash flow [4].

工业富联：第一季度净利润预计52亿元—53亿元，同比增长24%—27% 工业富联公告称，2025年第一季度预计营业收入1590亿元-1610亿元，同比增长34.0%-35.6%；预计归属 于上市公司股东的净利润为52亿元-53亿元，同比增长24.4%-26.8%。云计算业务方面，板块营业收入同 比增长超过50%，AI服务器、通用服务器营业收入同比皆超过50%。通讯及移动网络设备方面，公司积 极推进战略布局，有效实现对客户的稳健出货。公司将继续聚焦主营业务，推动AI+技术创新和经营提 质增效。 中国联通：为进一步回报股东，3月公司将此前回购的5.13亿股全部注销 中国联通公告称，公司将深入实施融合创新战略，推进"网络向新、技术向新、服务向新"，2025年将着 力实现创新动力更足、能力优势更强、业务结构更优、经营效益更好、品牌形象卓著。同时，公司坚持 战略引领与价值导向，持续推动提升上市公司投资价值，过去几年每股分红保持双位数增长。为进一步 回报股东，2025年3月公司将此前回购的5.13亿股全部注销。此外，公司将持续完善股东沟通渠道，积 极倾听中小股东声音，与投资者高频次交流。 海油工程：控股股东中国海油集团拟 ...

二、持续提升股东回报 1 证券代码：600050 股票简称：中国联通 公告编号：2025-018 中国联合网络通信股份有限公司 关于积极推动"提质增效重回报"情况的公告 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个 别及连带责任。 中国联合网络通信股份有限公司（简称"中国联通"或"公 司"）聚焦主责主业、践行使命担当，着力增强核心功能、提 高核心竞争力，坚持推进高质量发展和"提质增效重回报"， 统筹积极有为的投资者关系以及合规有效的信息披露，强化市 值管理，致力于和广大投资者共享公司长期发展成果。 一、深入实施融合创新战略 中国联通深入实施融合创新战略，聚焦网络强国、数字中 国主责，拓展联网通信、算网数智业务，坚持拥抱智能、向新 而行，努力加快成为具有全球竞争力的世界一流科技服务企业。 2024 年，公司推进"网络向新、技术向新、服务向新"，高质 量发展取得新突破。2025 年，公司将着力实现创新动力更足、 能力优势更强、业务结构更优、经营效益更好、品牌形象卓著。 中国联通坚持战略引领与价值导向，持续推动提升上市公 司投资价值，着力 ...

Investment Rating - The report maintains a positive outlook on the telecommunications industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [3][4]. Core Insights - The report analyzes the annual performance of telecom operators from four perspectives: C-end business, government-enterprise business, computing power layout, and dividend allocation [4][5]. - The overall growth trend in communication consumption demand remains resilient, driven by the continuous strengthening of user base and scale effects [7][8]. - The telecom operators are positioned at the intersection of "big security," "central enterprise valuation system," and "digital economy," with significant growth potential in AI domestic computing power and industry customer digital transformation [16][26]. Summary by Sections C-end Business - China Mobile reported a personal market revenue of 483.7 billion yuan in 2024, a year-on-year decrease of 1.3%, while value-added services contributed positively [6][8]. - China Telecom's mobile communication service revenue reached 202.5 billion yuan, growing by 3.5% year-on-year, with a mobile user base of 425 million [6][8]. - China Unicom's internet communication business revenue was 261.3 billion yuan, with a year-on-year growth of 1.5% and a 5G penetration rate of 83% [6][8]. Government-Enterprise Business - China Mobile's government-enterprise market revenue reached 209.1 billion yuan, growing by 8.8% year-on-year, with cloud business revenue exceeding 100 billion yuan [9][10]. - China Telecom's digital industry revenue was 146.6 billion yuan, a year-on-year increase of 5.5%, with its cloud service revenue maintaining industry leadership [10][16]. - China Unicom's smart computing business achieved revenue of 82.5 billion yuan, growing by 9.6% year-on-year, with significant growth in cloud revenue [12][16]. Computing Power Layout - China Mobile plans to invest 37.3 billion yuan in computing power by 2025, accounting for 25% of its capital expenditure [17][19]. - China Telecom's self-developed computing platform has connected with 50 partners, with a total computing power of 62 EFLOPS [19][23]. - China Unicom's computing power layout is expected to grow by 28% in 2025, focusing on AI infrastructure and major projects [23][26]. Dividend Allocation - China Mobile proposed a dividend payout ratio of 73% for 2024, with a total dividend of 5.09 HKD per share, reflecting a year-on-year increase of 5.4% [27][28]. - China Telecom plans to distribute a dividend of 0.2598 yuan per share for 2024, with a payout ratio of 72% [27][28]. - China Unicom's total dividend for 2024 is expected to be 0.4043 yuan per share, with a payout ratio of 60% [27][28].