Core Viewpoint - The three major telecom operators in China (China Mobile, China Unicom, China Telecom) have made commitments to improve transparency and simplify their service packages in response to consumer complaints and regulatory scrutiny [1][3][27] Group 1: Operator Commitments - China Mobile announced ten service commitments, including requiring explicit customer consent for service orders and sending notification messages after service completion [1] - China Telecom introduced nine measures to ensure user consent before activating telecom services and to standardize the service cancellation process [1] - China Unicom plans to significantly reduce the variety and number of service packages, ensuring clear and categorized pricing information [1] Group 2: Consumer Complaints - Consumer complaints against the three operators have been rising sharply, with complaints increasing from 3,125 in 2022 to over 13,000 in 2023, marking a 316.99% increase [3][5] - By July 2025, complaints had reached 21,148, nearing the total for the previous year, with involved amounts exceeding 23.96 million yuan [5] - China Mobile led in complaints with 15,233 cases in the first half of 2025, but also had the highest resolution rate at 93.36% [7] Group 3: Key Complaint Issues - The main issues leading to complaints include unclear pricing (21.34%), package disputes (15.11%), and poor service attitude (13.80%) [9] - Specific complaints against China Mobile highlighted issues with unclear pricing and package disputes, while China Unicom faced complaints regarding recharge disputes and service attitude [9] Group 4: Consumer Experiences - Individual cases illustrate ongoing issues, such as a consumer being misled about broadband fees and another facing unexpected charges after a supposed "free upgrade" [11][17] - Consumers have reported that marketing tactics often obscure critical information about minimum charges and contract terms, leading to confusion and dissatisfaction [20] Group 5: Complaint Statistics - Complaints involving amounts over 100 yuan account for over half of all complaints, indicating significant financial impact on consumers [23] - The cities with the highest complaint rates are Guangzhou, Dongguan, and Beijing, reflecting regional disparities in consumer experiences [25] Group 6: Industry Outlook - The operators' recent commitments to transparency and simplification are seen as positive steps, but the effectiveness of these measures in addressing long-standing issues remains to be seen [27]

Group 1 - The core point of the article highlights the financing activities of China Telecom, indicating a net buying amount of 9.63 million yuan on August 4, 2023, with a financing buy amount of 47 million yuan, ranking 360th in the market [1] - Over the last three trading days from July 31 to August 4, China Telecom received financing buy amounts of 39 million yuan, 49 million yuan, and 47 million yuan respectively [1] Group 2 - In terms of securities lending, on the same day, 300 thousand shares were sold short, while 288 thousand shares were net bought [2]

Investment Rating - The report maintains a "Buy" rating for Tianfu Communication, Xingwang Ruijie, Ruijie Network, China Mobile, China Telecom, China Unicom, Huace Navigation, and Hengtong Optoelectronics, while recommending "Hold" for Huafeng Technology [9][50]. Core Insights - North American cloud service providers (MAMG: Microsoft, Amazon, Meta, Google) reported a 69% year-on-year increase in capital expenditures (CapEx) for Q2 2025, totaling $87.4 billion, indicating strong demand for computing power [1][2][15]. - The report anticipates that the total CapEx for 2025 will reach $333.8 billion, reflecting a 49% year-on-year growth, with optimistic guidance from major players [4][15]. - The report suggests that the robust CapEx growth from overseas cloud service providers will continue to boost confidence in computing power demand, benefiting both the overseas computing supply chain and domestic internet companies [1][15]. Summary by Sections Market Performance - The communication index rose by 2.54% last week, while the Shanghai Composite Index fell by 0.94% and the Shenzhen Component Index dropped by 1.58% [1][15]. Key Companies and Dynamics - The report highlights key companies in the AI computing supply chain for 2025, recommending Tianfu Communication, Xingwang Ruijie, Ruijie Network, and Huafeng Technology, as well as core asset value reassessment for China Mobile, China Telecom, and China Unicom [5][9]. - Major cloud providers' CapEx for Q2 2025 includes Microsoft ($17.08 billion, +23%), Amazon ($31.37 billion, +91%), Meta ($16.54 billion, +102%), and Google ($22.45 billion, +70%) [16]. Capital Expenditure Guidance - Microsoft expects its Q1 FY26 CapEx to exceed $30 billion, while Amazon's Q2 CapEx rate is projected to represent the investment rate for the second half of the year [4][16]. - Meta has raised its 2025 CapEx guidance to $66-72 billion, and Google has increased its guidance to $85 billion [4][16]. Investment Recommendations - The report emphasizes the importance of focusing on the global AI computing supply chain, including components like optical modules, liquid cooling, copper connections, and switches [1][15]. - The report also notes the expected growth in domestic internet companies' investments driven by the positive outlook from overseas cloud service providers [1][15].

Market Overview - On August 4, the communication services sector experienced a slight decline of 0.07%, with Hengshi Technology leading the drop [1] - The Shanghai Composite Index closed at 3583.31, up 0.66%, while the Shenzhen Component Index closed at 11041.56, up 0.46% [1] Stock Performance - Notable gainers in the communication services sector included: - Beiwai Technology (002148) with a closing price of 7.79, up 10.03% and a trading volume of 885,700 shares [1] - ST Xintong (600289) closed at 6.74, up 4.98% with a trading volume of 73,000 shares [1] - ST Tongmai (603559) closed at 8.94, up 4.56% with a trading volume of 15,200 shares [1] - Conversely, Hengshi Technology (300513) saw a decline of 0.75%, closing at 9.22 with a trading volume of 112,500 shares [2] Capital Flow - The communication services sector saw a net inflow of 25.24 million yuan from institutional investors, while retail investors contributed a net inflow of 21.3 million yuan [2] - Notable capital flows included: - Beiwai Technology (002148) had a net inflow of 208 million yuan from institutional investors, but a net outflow of 83.08 million yuan from speculative funds [3] - China Mobile (600941) experienced a net inflow of 12.5 million yuan from institutional investors, with net outflows from both speculative and retail investors [3]

中国电信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 董事會會議召開日期 中國北京，2025 年 8 月 4 日 於本公告刊發之日的本公司董事會包括柯瑞文（董事長兼首席執行官）；劉桂清（總裁兼首席 運營官）；唐珂、李英輝（財務總監）（皆為執行副總裁）；呂永鐘（非執行董事）；吳嘉寧、 楊志威、陳東琪、呂薇（皆為獨立非執行董事）。 中國電信股份有限公司（「本公司」）董事會（「董事會」）宣佈將於 2025 年 8 月 14 日（星 期四）舉行本公司董事會會議，藉以批准（其中包括）本公司及其附屬公司截至 2025 年 6 月 30 日止六個月的中期業績及考慮派發中期股息（如有）。 承董事會命 中國電信股份有限公司 公司秘書 黄玉霞 ...

Core Viewpoint - The three major telecom operators in China have unified their outbound marketing numbers to combat the long-standing issue of telemarketing fraud and protect consumer rights [1][2][3] Group 1: Unified Outbound Marketing Numbers - The unified outbound marketing numbers for the three operators are: China Telecom 10001, China Unicom 10016, and China Mobile 10085, allowing users to easily identify official marketing calls [1][2] - This initiative aims to provide users with a "fraud prevention guide" and compel operators to enhance internal controls, ensuring transparency and compliance in telemarketing practices [2][3] Group 2: Addressing Telemarketing Issues - The unification of outbound numbers is just the starting point in addressing telemarketing chaos, as it does not restrict third-party companies that access telecom lines, which are the main source of nuisance calls [2] - The Ministry of Industry and Information Technology has proposed that all commercial outbound calls use the 700 number segment to ensure clear identification across the industry [2] Group 3: Impact on Services - The discontinuation of services like Alibaba's virtual number, which was misused for marketing, signifies a crucial step in rectifying the outbound marketing ecosystem [3] - The telecom industry is urged to prioritize genuine service over manipulative marketing tactics, fostering trust through transparent agreements and accountable practices [3]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [12]. Core Insights - The communication sector saw a 2.94% increase in the 31st week of 2025, ranking first among major industries in the Yangtze River region. Year-to-date, the sector has risen by 20.52%, ranking third [2][7]. - Strong financial performance and order growth from the four major North American cloud service providers indicate a robust capital expenditure trend, driven by the acceleration of AI commercial applications and sustained demand in the overseas computing power chain [8]. - The adoption of liquid cooling technology is accelerating, with significant opportunities identified in the liquid cooling supply chain [9][10]. Summary by Sections Market Performance - In the 31st week of 2025, the communication sector increased by 2.94%, leading the Yangtze River industry rankings. Since the beginning of the year, the sector has grown by 20.52%, placing it third overall. Notable stock performances include: - Top gainers: Invech (+29.6%), Changfei Fiber (+25.8%), Tianfu Communication (+25.2%) - Top losers: Dawi Technology (-7.2%), Runze Technology (-6.5%), Aofei Data (-6.4%) [2][7]. North American Cloud Providers - The financial results of the four major North American cloud providers exceeded expectations: - Microsoft reported revenues of 764 billion and net profits of 272 billion, with a year-on-year growth of 18% and 24% respectively. Azure services saw a 39% increase [8]. - Meta's revenue reached 475 billion with a net profit of 183 billion, marking a 22% and 36% increase year-on-year [8]. - AWS reported revenues of 309 billion, up 18% year-on-year, with a backlog of 1950 billion, a 25% increase [8]. - Google's cloud business revenue was 136 billion, a 32% increase, with a backlog of 1060 billion, up 38% [8]. Liquid Cooling Technology - Vertiv's Q2 2025 results showed net sales of 2.64 billion, a 35% increase, and net profits of 490 million, up 28%. The company raised its full-year guidance, expecting net sales to reach 10 billion, a 25% increase [9]. - Microsoft announced that all Azure data center regions now support liquid cooling deployment, indicating a significant shift in infrastructure [9]. - The report highlights the growing importance of liquid cooling technology in the industry, with several companies making advancements in this area [10]. Investment Recommendations - The report recommends focusing on the following companies: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Domestic Computing: Fenghuo Communication, Huafeng Technology, Invech - AI Applications: Heertai, Tuobang Technology, Yiyuan Communication - Satellite Applications: Haige Communication, Huace Navigation [10].

Investment Rating - Industry rating: Recommended [4] Core Insights - The integration of "Artificial Intelligence+" is deepening, with AI maintaining high performance in overseas computing power chains, despite short-term volatility pressures. Recommended companies include Unisplendour, ZTE, StarNet, Guanghui New Network, Aofei Data, Data Port, Invec, New Ray Energy, and Wangsu Technology, with related beneficiaries such as Runze Technology and Baoxin Software [1][6][11] - In the long term, the computing power industry chain is still in its early growth stage, driven by reasoning power and model iteration upgrades. Beneficiaries include NewEase, Zhongji Xuchuang, and Tianfu Communication, with CPO-related beneficiaries like Taicheng Light and Yuanjie Technology, and PCB-related beneficiaries such as Shenghong Technology and Hude Electronics [1][7] - The demand for domestic computing power, private cloud, and integrated government and enterprise cloud deployment is expected to accelerate, with beneficiaries including Cambricon, Guangxun Technology, Huagong Technology, Tuwei Information, and Weishi Jiajie [1][7][11] Summary by Sections Section 1: AI and Computing Power - AI is becoming a new engine for economic growth, with significant integration into various industries. The government is promoting the commercialization of AI applications [6] - The recent discussions around the H20 computing chip vulnerabilities are expected to accelerate the domestic production chain, with beneficiaries including SMIC, Cambricon, StarNet, and others [2][10] Section 2: Recommendations in the Communication Sector - Recommended companies in the computing and communication infrastructure include China Mobile, China Telecom, and China Unicom, along with equipment manufacturers like ZTE and Unisplendour [11][13] - The report emphasizes the importance of third-party computing power leasing companies such as Guanghui New Network and Aofei Data, with additional beneficiaries like Runze Technology and Baoxin Software [11][13] Section 3: Optical Network and Edge Computing - Beneficiaries in the optical network upgrade include Guangxun Technology, Huagong Technology, and Tianfu Communication [14] - In edge computing, recommended companies include Wangsu Technology, Youkede, and Qianlong Technology, focusing on high-performance SoC chips [15]

Group 1 - China Telecom Corporation Limited has applied for a patent titled "Method, Device, and Non-volatile Storage Medium for Parsing Configuration Files," with publication number CN120416365A and application date of May 2025 [1] - The patent describes a method that includes obtaining configuration files and attribute information of network devices, segmenting the configuration files into multiple information fragments corresponding to different services, and determining target configuration templates from a business configuration template library [1] - The business configuration template library stores configuration templates from various vendors, which are used to parse the configuration files of network devices, with each template corresponding to a specific business scenario [1] Group 2 - China Telecom Corporation Limited was established in 2002 and is located in Beijing, primarily engaged in telecommunications, broadcasting, television, and satellite transmission services [2] - The company has a registered capital of approximately 9.15 billion RMB and has invested in 88 enterprises, participated in 5,000 bidding projects, and holds 53 trademark records and 5,000 patent records [2] - Additionally, the company possesses 72 administrative licenses [2]

Market Overview - The Shanghai Composite Index fell by 0.94% this week, with six industries experiencing gains, led by the pharmaceutical and communication sectors, which rose by 2.95% and 2.54% respectively [1] - The coal and non-ferrous metals industries saw the largest declines, with drops of 4.67% and 4.62% [1] Fund Flow Analysis - A total of 211.86 billion yuan was net withdrawn from the two markets this week, with only the banking sector seeing a net inflow of 4.33 billion yuan [1] - The non-ferrous metals industry had the highest net outflow, totaling 25.99 billion yuan, followed by the computer industry with a net outflow of 20.45 billion yuan [1][2] Industry Performance - In the communication sector, 125 stocks were tracked, with 62 stocks rising and 61 stocks falling. Notable gainers included Changfei Fiber (up 25.85%), Tianfu Communication (up 25.17%), and Dekeli (up 19.46%) [3] - The communication sector experienced a net outflow of 5.02 billion yuan, with 32 stocks seeing net inflows, led by Tianfu Communication with 611 million yuan [3][4] Individual Stock Highlights - The top inflow stocks in the communication sector included Tianfu Communication, Cambridge Technology, and China Telecom, with net inflows of 611 million yuan, 577 million yuan, and 504 million yuan respectively [3] - The top outflow stocks included Shijia Photon, Dongxin Peace, and Hengbao Shares, with net outflows of 1.06 billion yuan, 444 million yuan, and 418 million yuan respectively [4]