- 谁赚钱最多？ - 谁发红包最壕？ - 哪个行业最吃香？ …… | 旺昌 X取同! | | | | | ただ人気 | | --- | --- | --- | --- | --- | --- | | 营业总收入(亿元) | | 同比增幅 | 同比增幅 | 营业总收入(万元) | | | 中国石油 21692.6 | | -3.92% | 106.53% | 127.6 | 康乐卫士 | | 中国石化 | 21134.4 | -10.69% | -47.37% | 200.0 | 首药控股-U | | 中国建筑 | 15582.2 | -4.20% | -63.70% | 544.0 | *ST沪科 | | 中国平安 | 8329.4 | 7.42% | -59.10% | 1872.9 | *ST创兴 | | 中国移动 | 7946.7 | 0.41% | -8.51% | 1966.1 | C禾元-U | | 中国中铁 | 7760.6 | -5.39% | -93.58% | 2085.9 | 沙河股份 | | 中国铁建 | 7284 | -3.92% | 21180.28% | 2335.2 | 海创药 ...

截至2025年11月3日 13:32，国企共赢ETF(159719)上涨1.06%，最新价报1.62元。拉长时间看，截至2025年10月31日，国企共赢ETF近2周累计上涨1.40%。 国企共赢ETF紧密跟踪富时中国国企开放共赢指数，富时中国国企开放共赢指数旨在反映在中国内地和香港上市的中国国有企业(国企)的表现，重点关注于 全球化和可持续发展。本指数旨在用于创建指数跟踪基金，以及用作业绩表现基准。富时中国国企开放共赢指数由100只成分股构成，包括80个A股公司和 20个在香港上市的中国公司。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 601857 | 中国石油 | 4.15% | 14.08% | | 601668 | 中国建筑 | 0.00% | 9.84% | | 600941 | 中国移动 | 0.65% | 8.10% | | 600028 | 中国石化 | 1.65% | 4.75% | | 601728 | 中国电信 | 0.45% | 4.06% | | 601186 | 中国铁建 | 0.50% | 4.05% | | 60 ...

Core Insights - The financial performance of China's three major telecom operators shows a mixed outlook, with revenue growth slowing down while profit growth remains positive [2][3][4] Revenue Performance - For the first three quarters of 2025, China Mobile, China Telecom, and China Unicom reported revenues of 794.7 billion, 394.3 billion, and 293 billion yuan respectively, with growth rates declining from 2.0%, 2.9%, and 3.0% in 2024 to 0.4%, 0.6%, and 1.0% [2] - Only China Mobile achieved a 2.5% year-on-year revenue growth in Q3 2025, while China Unicom's revenue remained flat and China Telecom's revenue decreased by 0.91% [2] Profitability - Net profits for the three operators reached 115.4 billion, 30.8 billion, and 20 billion yuan respectively, with growth rates of 4.0%, 5.0%, and 5.1%, although these rates have slowed compared to the previous year's figures [2][3] - The telecom industry as a whole saw a 0.9% year-on-year increase in telecom business revenue, totaling 1,327 billion yuan for the first three quarters of 2025 [2] Traditional Business Challenges - The decline in revenue growth is attributed to the weakness in traditional business segments, which have seen their revenue share drop from 92% in 2020 to 78% in Q3 2025 [3][4] - China Mobile has 1.009 billion mobile users, but its average revenue per user (ARPU) fell to 48 yuan, a 3% decrease from 49.5 yuan in 2024 [3] Emerging Business Growth - AI-related emerging businesses have become a significant profit driver, with China Unicom's AI-related revenue contributing over 60% to its "smart network" business, and its cloud revenue reaching 52.9 billion yuan, a 20.6% increase [6][7] - China Telecom's smart revenue surged by 62.3%, significantly outpacing its overall revenue growth of 0.59% [7] Investment in AI and R&D - The three operators have shifted their focus from traditional "pipeline thinking" to "computing power and service thinking," with R&D expenditures exceeding 22 billion yuan in the first three quarters of 2025, of which over 40% is allocated to AI-related investments [10][11] - The operators are expected to see long-term returns from these investments, despite short-term pressures on cash flow and profitability [10] Industry Transformation - The growth logic of the telecom industry is changing, with AI and computing power becoming central to future growth strategies [10][11] - The operators are forming a sustainable payment loop around "bandwidth + computing power + data + models," indicating a significant shift in the industry's revenue generation model [11]

截至2025年11月3日 10:29，沪深300红利低波动指数上涨0.58%，成分股宝钢股份上涨2.44%，建设银行 上涨2.30%，上海银行上涨2.11%，江苏银行上涨1.95%，中信银行上涨1.94%。300红利低波 ETF(515300)上涨0.45%。 流动性方面，300红利低波ETF盘中换手0.92%，成交4338.27万元。规模方面，300红利低波ETF最新规 模达47.04亿元。资金流入方面，拉长时间看，300红利低波ETF近17个交易日内有9日资金净流入，合 计"吸金"3774.24万元。 截至10月31日，300红利低波ETF近5年净值上涨60.44%，指数股票型基金排名92/1032，居于前8.91%。 从收益能力看，截至2025年10月31日，300红利低波ETF自成立以来，最高单月回报为13.89%，最长连 涨月数为5个月，最长连涨涨幅为14.56%。截至2025年10月31日，300红利低波ETF近6个月超越基准年 化收益为6.19%。 中国上市公司协会日前发布中国上市公司2025年三季报经营业绩报告。截至10月31日，全市场共1033家 上市公司公布一季度、半年度、三季度现金分红预 ...

Group 1 - The report highlights that the stock-bond allocation value has retreated from historical extremes, with the equity risk premium (ERP) stabilizing below one standard deviation [1] - The overall A-share index PE valuation stands at 22.0, with most broad-based indices around the 60th percentile historically, indicating relatively low valuations [1][29] - Market trading indicators show a decline in trading heat, with turnover rates and transaction volumes decreasing compared to the previous month, suggesting a cooling market sentiment [1][29] Group 2 - The "15th Five-Year Plan" suggestions have been officially released, marking a new phase in China's modernization process, emphasizing the importance of building a modern industrial system and financial strength [2] - The report indicates that local governments are likely to draft their own five-year plans by the end of the year, following the central government's guidelines [2] - The AI infrastructure investment is expected to significantly increase, with companies like Microsoft planning to expand their global AI infrastructure spending to meet growing demand [2] Group 3 - The report identifies green methanol as a key alternative fuel, with a projected demand of approximately 6.79 million tons from new methanol-fueled vessels expected to launch in the coming years [5] - China's green methanol production capacity is anticipated to achieve scale ahead of other regions, with a significant portion of global projects being developed in China [5] - The report recommends focusing on green methanol producers and related equipment manufacturers, highlighting companies like Goldwind Technology and Donghua Technology [5] Group 4 - The report notes that the AI server and cloud computing business is experiencing rapid growth, with a significant increase in revenue and profitability for companies involved in AI infrastructure [4] - The demand for AI computing power continues to rise, with GPU server shipments increasing by over five times year-on-year [4] - The report emphasizes the importance of technological advancements and market demand in driving the performance of companies in the AI sector [4] Group 5 - The report discusses the transition from UPS to HVDC technology, with major companies like Meta and NVIDIA making significant advancements in this area [7] - The domestic market is expected to see sustained demand for HVDC technology driven by initiatives like "East Data West Computing" [7] - Investment recommendations include focusing on domestic leaders in HVDC technology and companies that can benefit from the transition from UPS to HVDC [7]

第十五届全国运动会火炬传递2日在香港、澳门、广州、深圳四个城市同步举行，这是全运会历史 上首次跨境火炬传递，也是全运会火炬首次在香港和澳门传递。 当日9时，火炬传递启动仪式在深圳市莲花山公园举行。活动中，被称为"0号火炬手"的全球首款 5G-A人形机器人"夸父"手握1.6千克重的火炬，无需技术人员陪跑，在第二棒与第三棒之间精准接棒。 这是全球首次由人形机器人参与并独立完成火炬传递。 "夸父"由乐聚智能（深圳）股份有限公司自主研发，历经机器人马拉松、上千公里跨城操控等实战 技术积累和验证。 火炬传递路线设在深圳市民中心，经莲花山长廊至市民广场，全程网络环境复杂，各种设备密集并 行。"夸父"首次丢掉了遥控器操控，在无技术人员陪跑的情况下，通过高清视频回传方式，云端判断行 径路线，完成与其他火炬手的交接棒任务。 记者了解到，"夸父"参与火炬接力活动，由中国移动通信集团公司、乐聚智能（深圳）股份有限公 司及北京通用人工智能研究院联合完成。中国移动为确保每一个火炬接力瞬间的丝滑呈现，对沿线20余 个站点进行了系统优化，实现场景化上行稳定速率和时延的极致体验，保障机器人动作控制、高清视频 回传与远程监控完美同步。 在技术 ...

聚焦民之所需 贡献能源力量 中国华能集团有限公司党组副书记、总经理 张文峰 作为国有重要骨干综合能源集团，中国华能制定"三色绽放"品牌战略规划，锻造世界一流电力品牌。 2025年，集团品牌价值超1333亿元，创历史新高。 向稳而进。中国华能总装机量达2.94亿千瓦，年发电量约占全国的1/11，民生供热面积10.6亿平方米， 煤炭产能超1.3亿吨。集团做精做细供给安全、运行安全、应急安全、供应链安全、科技安全，实现电 煤热安全稳定供应。 向绿前行。大力发展新能源、水电、核电，我国首个千万千瓦级多能互补综合能源基地华能陇东全面并 网，风电装机稳居行业第一方阵，全球首座第四代核电站正式投运，提前完成"十四五"新增新能源装机 目标。 向新突破。牵头组建5个创新联合体，攻关突破150万吨煤电碳捕集示范工程、18兆瓦海上风电机组、深 远海漂浮式海上光伏发电等关键核心技术。 向深求索。加快推进数智华能体系建设，建成国内接入装机规模最大的新能源智慧运维平台，以"华能 睿渥""华能睿驰"等数智品牌赋能新型能源体系和新型电力系统建设。 向外开拓。集团境外资产分布在6个国家，境外技术服务出口超40个国家和地区，主导制定国际标准19 ...

中国移动广东公司做好火炬传递活动通信保障，并完成了业界首个基于5G-A人形机器人的火炬传递应 用。 作为机器人自主火炬传递的通信底座，5G-A广覆盖、高速率与确定性的网络能力，有效保障机器人在 动态移动过程中的实时高清视频回传与控制指令实时传输，确保机器人在火炬接力过程中动作的精准性 及连贯性。 中国青年报客户端广州11月2日电（中青报·中青网记者 林洁）三地联动、四城同传！今天，第十五届全 国运动会火炬传递在香港、澳门、广州、深圳4个城市同步举行，共设火炬手200棒，每个城市跑动50 棒，每棒跑动50至100米。 深圳站"0号火炬手"——全球首款5G-A人形机器人"夸父"亮相。作为"深圳智造"的代表，"夸父"手握1.6 公斤重的火炬，凭借稳定的5G-A连接保障以及全新的运动控制算法，首次打破对手持遥控器现场控制 的依赖，在无技术人员陪跑的情况下，独立自主完成第二棒与第三棒之间的传递，实现步伐稳健、动作 自然的拟人奔跑。 全球首款 5G-A人形机器人"夸父"亮相十五运会火炬传递。受访者供图 中国移动 广东公司做好火炬传递活动通信保障。受访者供图 来源：中国青年报客户端 中国移动广东公司联合中国移动研究院、乐聚 ...

Group 1: Market Overview - In October, the communication sector experienced a decline of 0.45%, aligning closely with the overall market performance, ranking 20th among 31 primary industries [12][17] - The communication industry’s price-to-earnings (PE) ratio was 23.2, indicating a recovery from historical lows, while the price-to-book (PB) ratio was 2.4, reflecting a return to historical median levels [17][22] Group 2: Fund Holdings Analysis - As of Q3 2025, the market value of funds heavily invested in the communication sector reached 288.6 billion yuan, accounting for 7.14% of total fund holdings, with a quarter-on-quarter increase of 3.2 percentage points [30][34] - The concentration of fund holdings in the top ten communication stocks increased, with these stocks representing 99% of the total market value in the communication sector [34][40] Group 3: Financial Performance - In the first three quarters of 2025, the communication industry (excluding operators) saw a revenue growth of 19.57% and a net profit growth of 33.69% [2][42] - For Q3 2025 alone, non-operator communication companies reported total revenues of 185.1 billion yuan, a year-on-year increase of 19.47%, and net profits of 16.7 billion yuan, reflecting a significant growth of 47.4% [2][42] Group 4: Subsector Performance - The growth rates for revenue in the first three quarters of 2025 were led by the optical module, optical device/chip, and liquid cooling sectors, with growth rates of 63.5%, 37.1%, and 36.4% respectively [44] - Notably, the optical module sector achieved a profit growth rate of 125.7%, while AIDC and optical devices/chips also showed significant profit increases of 117.7% and 93.9% respectively [44] Group 5: Investment Recommendations - Continuous attention is recommended for the development of AI computing infrastructure, particularly in sectors such as optical devices, communication equipment, and liquid cooling [4] - The three major operators remain important assets for dividend configuration, with stable operations and increasing dividend payouts [4]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [5]. Core Views - The company has shown steady growth in operating performance, with a revenue of 794.7 billion yuan for the first three quarters of 2025, a year-on-year increase of 0.4%. The net profit attributable to shareholders reached 115.4 billion yuan, up 4.0% year-on-year [1][4]. - The company is focusing on segmented market expansion, enhancing value management, and implementing growth plans in personal and family markets. As of September 30, 2025, the total mobile customer base reached 1.009 billion, with 5G customers at 622 million [2][3]. - The company aims for stable revenue growth and good profit growth in 2025, with specific targets for customer increases in various segments, including over 70 million new 5G customers and over 18 million new gigabit broadband customers [3]. Summary by Sections Financial Performance - For Q3 2025, the company achieved a revenue of 250.9 billion yuan, a 2.5% increase year-on-year, with a net profit of 31.1 billion yuan, up 1.4% year-on-year [1]. - The projected net profit for 2025-2027 is estimated at 145.3 billion yuan, 152.5 billion yuan, and 160.0 billion yuan respectively, indicating a consistent growth trajectory [4]. Business Segments - **Personal Market**: The company is enhancing its market presence with a focus on existing customer value and growth plans. Mobile data traffic increased by 8.3% year-on-year, with an average revenue per user (ARPU) of 48.0 yuan [2]. - **Family Market**: The company has 329 million broadband customers, with a net increase of 14.2 million in the first three quarters. The family customer ARPU stands at 44.4 yuan [2]. - **Enterprise Market**: The company is strengthening its platform operations and AI development, with significant growth in its DICT business and AI revenue [2]. Future Outlook - The company plans to achieve stable revenue and profit growth in 2025, with specific targets for customer growth across various segments, including a net increase of 4.3 million enterprise customers and rapid growth in international business [3].