证券代码:600050 证券简称:中国联通 公告编号:2025-009 业绩说明环节将于 2025 年 3 月 18 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 3 月 18 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.chinaunicom-a.com）、中国联通 APP 和东方财富路演平 会议召开方式：网络直播（业绩说明环节）及文字互动（问答环节） 投资者可于即日起至 2025 年 3 月 14 日（星期五）16:00 前登录上海 证券交易所上证路演中心网站首页点击"提问预征集"栏目 登录上述平台观看业绩说明短视频及参观"云上展厅"。 中国联合网络通信股份有限公司 关于召开 2024 年度业绩说明会的公告 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 ...

请务必阅读正文最后的中国银河证券股份有限公司免责声明 | | | -20% 0% 20% 40% 60% 通信 沪深300 公司深度报告 · 通信行业 中国银河证券|CGS AI 浪潮大周期,数智云应用破局 ―― 中国联通（600050.SH）深度报告 通信首席分析师:赵良毕 通信分析师:赵中兴 研究助理：刘璐 www.chinastock.com.cn 证券研究报告 3 公司深度报告 · 通信行业 中国银河证券|CGS 目录 Catalog | 一、 联通创新与股权优化,深化改革促产业链升级 | | --- | | (一） 创新不断，推动通信服务升级变革 . | | (二) 战略投资者促多元化发展, 优化股权助市场化治理 | | 深化改革持续推进,算网产业链"链主"引领作用增强 . (三) | | 二、 夯实科技 ICT, 价值重构带来估值提振 | | (一) 运营商行业基本面稳健、电信业务总量两位数增长 | | (二) 电信周期波动促运营商求新,AI 赋能加速数字化转型… | | 5G 投资结构调整，资本开支优化助力算力新业务崛起 (三) | | (四) 提质增效重回报，价值重构有望带来估值溢价 … | ...

Investment Rating - The report assigns a positive investment rating to China Unicom, indicating a favorable outlook for the company's future performance [4]. Core Insights - The report emphasizes that China Unicom is undergoing significant transformation through innovation and strategic partnerships, enhancing its position in the telecommunications industry [9][17]. - The company is focusing on digital transformation and AI integration to drive growth in new business areas, particularly in cloud computing and data services [49][52]. - Financial projections indicate steady revenue growth and profit increases, with a forecasted revenue of 4415.89 billion yuan by 2026, reflecting a compound annual growth rate [4][24]. Summary by Sections Section 1: Innovation and Reform - China Unicom has continuously innovated since its establishment in 1994, evolving from a traditional telecom operator to a technology-driven service provider [9][10]. - The introduction of strategic investors like Tencent and Alibaba has diversified the company's ownership structure and enhanced its market governance [17]. - Ongoing reforms are strengthening China Unicom's role as a leader in the digital economy, particularly in the ICT sector [19][20]. Section 2: Technology and Value Reconstruction - The telecommunications industry is experiencing robust growth, with double-digit increases in overall telecom business volume [24]. - China Unicom's revenue from its second curve business reached 752 billion yuan in 2023, accounting for 23.5% of its main business revenue [13][24]. - The company is optimizing its capital expenditures, shifting focus from traditional network investments to emerging business areas like AI and cloud services [58][59]. Section 3: Steady Improvement and New Growth Drivers - The company is expanding its network infrastructure, with a significant increase in gigabit broadband users and 5G subscribers [38][44]. - China Unicom's digital services are gaining traction, with a notable rise in cloud service revenue, which reached 438.6 billion yuan in 2024 [55]. - The report highlights the importance of AI and digital transformation in driving future growth, with a focus on integrating these technologies into existing services [53][61]. Section 4: Profit Forecast and Investment Recommendations - The financial outlook for China Unicom shows a steady increase in both revenue and net profit, with projections indicating a net profit of 116.46 billion yuan by 2026 [4][24]. - The report suggests that the company's strategic initiatives and market positioning will likely lead to enhanced shareholder returns and overall financial performance [19][20].

Investment Rating - The report maintains an "Outperform" rating for the communication industry [5][6]. Core Insights - The government work report for 2025 emphasizes commercial aerospace as a leading emerging industry, shifting from "encouraging exploration" to "scale and standardized implementation," highlighting its core position in the national modernization industrial system [1][15]. - Manus, a Chinese startup, launched the world's first general-purpose AI agent, which can assist in various applications beyond stock analysis, marking a significant advancement in AI capabilities [2][12]. - The 2025 Mobile World Congress (MWC) showcased innovations in 5G-A technology from Huawei and ZTE, which are expected to accelerate technological progress and the adoption of AI terminals [3][32]. Summary by Sections Commercial Aerospace - The 2025 government work report prioritizes commercial aerospace, indicating a qualitative breakthrough in key technologies, market applications, and industrial ecology, which will inject new momentum into economic development [15][19]. - Various provinces, including Beijing, Shanghai, and Chongqing, are implementing special support policies for commercial aerospace, which is expected to enhance industrial cluster development [19][20]. AI Development - Manus's AI agent can perform tasks autonomously, utilizing a multi-agent architecture to simulate human workflows, and has achieved state-of-the-art performance in benchmark tests [2][10]. - The AI agent trend is becoming mainstream, with major tech companies accelerating their development, indicating a shift towards a more integrated AI application ecosystem [14][37]. 5G-A Innovations - Huawei's AI-Centric 5.5G solutions and ZTE's new 5G-A products were highlighted at MWC 2025, showcasing the integration of AI with 5G technology to enhance user experience and operational efficiency [23][24]. - The report notes that the communication sector index rose by 2.81%, outperforming the broader market, with specific sectors like military information technology and satellite internet showing strong performance [38][40]. Investment Recommendations - The report suggests focusing on companies benefiting from AI development, such as ZTE and Unisplendour, and highlights the high dividend potential of major telecom operators like China Mobile and China Telecom [43][44].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the launch of the domestic general-purpose AI Agent Manus, which outperforms OpenAI's DeepResearch in performance metrics [5][13] - Alibaba's release of the QwQ-32B reasoning model, with 32 billion parameters, accelerates the development of domestic AI models and applications [6][14] - The report emphasizes four key investment directions within the AIDC industry chain: AIDC data center construction, IT sector (domestic computing chips, servers, and power supplies), network sector (switches, chips, optical communication), and cloud computing [7][16] Summary by Sections 1. Investment Insights - The performance of the AI Agent Manus is noted as exceptional, with capabilities that extend beyond simple task execution to complex problem-solving [13] - The report anticipates a surge in AI applications driven by the open-source model trend, particularly with major cloud providers announcing significant investments [16] 2. Communication Data Tracking - By 2024, the total number of 5G base stations in China is projected to reach 4.251 million, with a net increase of 874,000 stations from the end of 2023 [24] - The number of 5G mobile phone users is expected to reach 1.014 billion, reflecting a year-on-year growth of 25.96% [24] - In December 2024, 5G mobile phone shipments are forecasted to be 30.433 million units, accounting for 88.1% of total shipments, with a year-on-year increase of 25.76% [24] 3. Operator Performance - The report details strong revenue growth in cloud services for major operators, with China Mobile's cloud revenue reaching 50.4 billion yuan in the first half of 2024, a 19.3% increase year-on-year [38] - China Telecom's Tianyi Cloud revenue for the same period is projected at 55.2 billion yuan, up 20.3% year-on-year [38] - China Unicom's cloud revenue for the first three quarters of 2024 is expected to be 43.9 billion yuan, reflecting a 19.5% increase [38]

证券代码:600050 证券简称:中国联通 公告编号:2025-008 中国联合网络通信股份有限公司 关于注销已回购股份的实施公告 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。 重要内容提示： 注销已回购股份的原因：为深入落实《国务院关于加强监管防范风险推 动资本市场高质量发展的若干意见》（简称"新国九条"）和国务院国有资 产监督管理委员会、中国证券监督管理委员会关于"提升上市公司质量和投 资价值"方面的要求，以实际行动积极回报投资者，增强投资者信心，鉴于 中国联合网络通信股份有限公司（以下简称"公司"或"本公司"）在回购 股份存续期内未将回购专用证券账户中的股份用于实施限制性股票计划，且 回购专用证券账户股票存续时间即将期满三年，经履行董事会、股东大会的 决策程序，公司对回购专用证券账户中的股份513,314,385股全部予以注销。 本次注销已回购股份的有关情况： | 注销股份数量（股） | 注销日期 | | --- | --- | | 513,314,385 | 2025 年 3 月 10 日 | 一、本次注销已回 ...

申万宏源宏观 . 申万宏源证券研究所 作者： | 宏观研究部 赵伟 申万宏源证券首席经济学家 贾东旭 高级宏观分析师 以下文章来源于申万宏源宏观 ，作者赵伟 贾东旭等 侯 倩楠 宏观分析师 联系人： 侯倩楠 政策跟踪 一、中央一号文件发布，提出扎实推进乡村全面振兴 2月23日，《中共中央国务院关于进一步深化农村改革扎实推进乡村全面振兴的意见》发布。文件指出 实现中国式现代化，必须加快推进乡村全面振兴。坚持农业农村优先发展，坚持城乡融合发展，坚持守正创 新，锚定推进乡村全面振兴、建设农业强国目标，以改革开放和科技创新为动力，巩固和完善农村基本经营 制度，深入学习运用"千万工程"经验，确保国家粮食安全，确保不发生规模性返贫致贫，提升乡村产业发展 水平、乡村建设水平、乡村治理水平，千方百计推动农业增效益、农村增活力、农民增收入，为推进中国式 现代化提供基础支撑。 | 图表 16:《中共中央国务院关于进一步深化农村改革扎实推进乡村全面振兴的意见》主要内容 | | | | | --- | --- | --- | --- | | 时间 | 事件 | 内容概要 | 主要内容 | | | | 持续增强粮食等重 | 深入推进粮 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the cloud computing and data services industry in China, focusing on various listed companies involved in this sector Core Companies Mentioned - **National Level**: - 深桑达A (Shen San Da A) - 中国联通 (China Unicom) - 中国电信 (China Telecom) - 中国移动 (China Mobile) - 易华录 (Yihualu) - 太极股份 (Taiji Co., Ltd) [2][2][2] - **Regional Companies**: - **Beijing**: 铜牛信息 (Tongniu Information) [2] - **Shanghai**: 云赛智联 (Yunsai Zhilian) [2] - **Changsha**: 湘邮科技 (Xiangyou Technology) [2] - **Shijiazhuang**: 常山北明 (Changshan Beiming) [2] - **Kunming**: 南天信息 (Nantian Information) [2] - **Xi'an**: 博通股份 (Botong Co., Ltd) [2] - **Guangzhou**: 广中运通 (Guangzhong Yuntong) [2] - **Shenzhen**: - 英飞拓 (Infinova) - 特发信息 (TeFa Information) [2] - **Jiangsu**: 通行宝 (Tongxingbao) [2] - **Shandong**: 荣联科技 (Ronglian Technology) [2] - **Ningxia**: 美利云 (Meili Cloud) [2] - **Hangzhou**: 杭钢股份 (Hangzhou Steel) [2] - **Shaanxi**: 广电网络 (Guangdian Network) [2] Important Insights - The call highlights the growing importance of cloud services and data management in various sectors, indicating a trend towards digital transformation across industries [2][2][2] - The listed companies are positioned to benefit from government initiatives aimed at enhancing digital infrastructure and promoting cloud adoption [2][2][2] Additional Noteworthy Information - The data sources for the information presented include company announcements, public accounts, WIND, and Dongwu Securities Research Institute, ensuring a comprehensive overview of the market landscape [2][2][2]

Group 1 - The Central Commission for Discipline Inspection and the National Supervisory Commission have initiated an investigation into Cao Xingxin, former member of the Party Group and Vice General Manager of China United Network Communications Group Co., Ltd. for serious violations of discipline and law [1] - Cao Xingxin exhibited a lack of political awareness, disloyalty to the Party, and resistance to organizational scrutiny, which led to significant breaches of various disciplinary regulations [1] - The investigation revealed that Cao engaged in corrupt practices, including accepting bribes, interfering in law enforcement activities, and using his position to benefit others in project contracting and promotions, resulting in the illegal acquisition of substantial assets [1] Group 2 - Cao Xingxin's actions were found to violate multiple Party disciplines, including political, organizational, integrity, work, and lifestyle disciplines, constituting serious job-related violations and suspected bribery crimes [1] - The decision was made to expel Cao from the Party and remove him from public office, along with confiscating his illegal gains and transferring his case to the judicial authorities for prosecution [1]

Core Insights - On February 17, China Unicom made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 101.99 billion, accounting for 50.82% of the day's total trading amount [1] - Tencent Holdings led the trading volume with HKD 36.70 billion, followed by Alibaba-W and SMIC with HKD 20.61 billion and HKD 8.81 billion respectively [1] Trading Activity - The active stocks on February 17 included Tencent Holdings and Meituan-W, both of which appeared on the list 15 times in the past month, indicating strong interest from Hong Kong Stock Connect funds [1] - China Unicom's trading volume on that day was HKD 3.17 billion, with a net buy amount of HKD 320 million, and the stock closed up by 7.65% [1]