（文章来源：每日经济新闻） 民生证券8月18日发布研报称，给予中国电信（601728.SH）推荐评级。评级理由主要包括：1）基础业 务稳健增长，移动用户数增长较快，ARPU保持平稳；2）战略新兴业务持续拓展；3）精细管理提升经 营效率，资本开支持续下降。风险提示：新兴业务不及预期，AI技术落地不及预期，基础业务ARPU值 改善不及预期。 ...

Investment Rating - The report maintains a "Recommended" rating for China Telecom [4] Core Views - The company achieved steady revenue growth with a total revenue of 269.42 billion yuan in the first half of 2025, representing a year-on-year increase of 1.3%. The net profit attributable to shareholders reached 23.017 billion yuan, up 5.5% year-on-year [1] - The company is focusing on deepening its "AI+" strategy, which is expected to enhance operational efficiency and profitability [4] - The mobile communication service revenue reached 106.6 billion yuan, with a mobile user base of 433 million, showing a growth of 8.19 million users compared to the end of 2024 [2] - Strategic emerging businesses are expanding, with digital industrialization revenue reaching 74.9 billion yuan, accounting for 30.1% of service revenue, and significant growth in cloud and AI-related services [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 269.42 billion yuan, a net profit of 23.017 billion yuan, and a cash dividend of 0.1812 yuan per share, reflecting an 8.4% increase year-on-year [1] - The company expects a full-year capital expenditure of less than 83.6 billion yuan for 2025, with a capital expenditure to revenue ratio of 12.7% in the first half [4] Business Segments - Mobile communication service revenue grew by 1.3% to 106.6 billion yuan, with a mobile user base of 433 million and a 5G user penetration rate of 65.2%, up 6.1 percentage points year-on-year [2] - The digital industrialization revenue reached 74.9 billion yuan, with a year-on-year growth of 1.6%, and the AI-driven services showed a robust increase [3] Strategic Initiatives - The company is enhancing its strategic emerging businesses, with significant growth in cloud services, intelligent services, and security services, indicating a strong focus on digital transformation [3] - The company has strengthened its management efficiency through digital empowerment and AI, leading to an increase in return on equity (ROE) to 5.0% and a net profit margin of 9.2% [4]

智通财经APP获悉，高盛发布研报称，中国电信(00728)第二季EBITDA及净利润均超出预期，分别同比 增长5.2%及7.1%，受资本开支下降推动，自由现金流增长14%。高盛指，在行业竞争及宏观挑战下，中 电信的EBITDA、自由现金流及利润增长均领先于同业，相信是有效的成本控制推动EBITDA利润率扩 张。高盛将中电信2025至2027年EBITDA预测上调1%、1.5%及1.7%，目标价由6.7港元上调至7.2港元， 维持"买入"评级。 ...

Core Viewpoint - Midea Group has secured a significant project in the Guangdong-Hong Kong-Macao Greater Bay Area, marking a milestone in its smart building technology business [1] Group 1: Business Developments - Midea Group's smart building technology division has undertaken China's first large-scale all-liquid cooling intelligent computing data center project for China Telecom [1] - The company is collaborating deeply with leading domestic internet enterprises in the intelligent computing center business, focusing on the development of liquid cooling systems and key components [1] - Midea Group is supplying products such as CDU (Cooling Distribution Unit) for these collaborative projects [1]

Core Insights - The 12th World Sports Games in Chengdu concluded on August 17, showcasing a blend of innovation and tradition with nearly 4,000 athletes from 116 countries participating in 34 sports [1] - China Telecom, as the official partner and core event system integrator, successfully implemented its "Cloud Transformation and Intelligent Benefits" strategy, providing robust digital support for the event [3] Event Technology - The event's technical support was a large-scale system project, featuring a Technology Operation Center (TOC) built by China Telecom that integrated communication command, resource scheduling, operation monitoring, and emergency response [4] - The world's first intelligent command and scheduling system for international events was introduced, utilizing AI to enhance decision-making and ensure smooth information flow during the games [4] 5G-A Implementation - 5G-A technology was showcased for the first time at a global multi-sport event, with comprehensive coverage across 27 venues, increasing network capacity by 10 times compared to traditional 5G, and achieving peak speeds of up to 10 Gbps [5] - The technology enabled efficient communication during high-density events and allowed for real-time network load analysis and resource allocation [5] Quantum Security - China Telecom introduced a quantum protection system for the event, utilizing QKD, PQC, and national encryption algorithms to secure network communications, along with the world's first quantum OTN dedicated line for major events [6] - The security system underwent rigorous testing, demonstrating advanced protective capabilities for core data transmission [6] Emergency Communication - A dedicated team of over 880 professionals managed communication networks with full redundancy, while infrastructure improvements included the construction of over 3,000 new or upgraded base stations [7] - An innovative emergency communication system was established, integrating various technologies to ensure seamless communication coverage under extreme conditions [7] International Guest Services - The event featured a full-service telecom office at Chengdu Tianfu International Airport, enhancing convenience for international visitors [8] - China Telecom provided comprehensive services at the athlete village, receiving positive feedback from international delegations for their friendly and efficient support [8] Cultural Integration - China Telecom utilized 5G-A, AI, and XR technologies to create immersive experiences that connected the event with local culture and tourism, enhancing the overall visitor experience [10] - The integration of sports and cultural elements positioned Chengdu as a vibrant city on the global stage, showcasing the power of sports and technological innovation [10]

Core Viewpoint - The A-share market is experiencing a significant rise, particularly in the telecommunications sector, with the Telecom 50 ETF (560300) increasing nearly 4% and several key stocks reaching notable gains [1][2]. Group 1: Market Performance - The Telecom 50 ETF (560300) saw a rise of 3.86%, closing at 1.670, with a trading volume of 18,300 and a turnover rate of 6.13% [2]. - Key stocks within the ETF include ZTE Corporation, which hit the daily limit, and other notable performers such as Guangku Technology (+15%), Zhongji Xuchuang (+9%), Yinzhijie (+5%), and Xinyi Sheng (+4%) [1]. Group 2: Industry Growth - The National Bureau of Statistics reported a rapid growth in retail sales of information services, with a year-on-year increase of over 10% in the first seven months of the year, indicating a strong demand for digital audio-visual and online entertainment services [3]. - The three major telecom operators in China (China Mobile, China Telecom, and China Unicom) reported a total mid-term dividend of approximately 74.256 billion, reflecting stable growth in core business and rapid development in strategic emerging sectors, particularly in artificial intelligence [3][4]. Group 3: Future Outlook - The telecom sector is expected to see new demand driven by advancements in AI, IoT, satellite communication, and low-altitude economy, which are anticipated to create new growth opportunities [4]. - Analysts suggest that the operators will focus on enhancing cash flow management and improving revenue quality, with a long-term investment focus on computing networks and cloud services [3].

高盛发表研究报告指，中国电信第二季EBITDA及净利润均超出预期，分别按年增长5.2%及7.1%，受资 本开支下降推动，自由现金流增长14%。高盛指，在行业竞争及宏观挑战下，中国电信的EBITDA、自 由现金流及利润增长均领先于同业，相信是有效的成本控制推动EBITDA利润率扩张。高盛将其2025至 2027年EBITDA预测上调1%、1.5%及1.7%，目标价由6.7港元上调至7.2港元，维持"买入"评级。 ...

高盛发表研究报告指，中国电信第二季EBITDA及净利润均超出预期，分别按年增长5.2%及7.1%，受资 本开支下降推动，自由现金流增长14%。高盛指，在行业竞争及宏观挑战下，中国电信的EBITDA、自 由现金流及利润增长均领先于同业，相信是有效的成本控制推动EBITDA利润率扩张。高盛将其2025至 2027年EBITDA预测上调1%、1.5%及1.7%，目标价由6.7港元上调至7.2港元，维持"买入"评级。 ...

Core Insights - Insurance capital has emerged as a significant shareholder in Tongling Nonferrous Metals, holding 60 million shares valued at 200 million yuan as of August 18 [1] - In the second quarter, insurance capital appeared in the top ten shareholders of 75 stocks, with a total holding of 6.006 billion shares valued at 51.859 billion yuan [1] - The top three stocks by the number of shares held by insurance capital are China Unicom (3.190 billion shares), China Telecom (1.097 billion shares), and Zhongyuan Expressway (217 million shares) [1] Shareholding Distribution - The industry distribution of insurance capital holdings is primarily concentrated in Materials II, Capital Goods, and Technology Hardware & Equipment, with 12, 12, and 10 stocks respectively [1] - As of August 18, 50 stocks have insurance capital holdings valued over 100 million yuan, with China Unicom (17.037 billion yuan), China Telecom (8.500 billion yuan), and China Mobile (5.135 billion yuan) leading [1] Shareholding Proportions - Eight stocks have insurance capital holding ratios exceeding 5%, with Beijing Culture (15.61%), Huakang Clean (11%), and China Unicom (10.37%) having the highest proportions [1]

Core Insights - China Telecom reported record-high revenue and net profit for the first half of 2025, achieving operating income of 269.42 billion yuan and net profit of 23.017 billion yuan, marking year-on-year growth of 1.3% and 5.53% respectively [2][3] Financial Performance - The mobile communication service revenue reached 106.6 billion yuan, with a year-on-year increase of 1.3% - Fixed-line and smart home service revenue was 64.1 billion yuan, growing by 0.2% - The total number of mobile users reached 433 million, while broadband users totaled 199 million - The average revenue per user (ARPU) for mobile services was 46.0 yuan, and for broadband services, it was 48.3 yuan [3][4] Strategic Growth Areas - Revenue from strategic emerging products showed rapid growth, with Tianyi Cloud revenue reaching 57.3 billion yuan and smart revenue increasing by 89.4% to 6.3 billion yuan - Security revenue grew by 18.2%, while video network revenue increased by 46.2% and satellite revenue rose by 20.5% [3][4] AI Empowerment Initiatives - The company has implemented AI technology across 21 key areas, developing over 160 AI applications to enhance efficiency and reduce costs - AI-driven marketing and customer service initiatives have improved operational efficiency, with AI customer service accounting for 87.5% of interactions [5][6] Capital Expenditure and Shareholder Returns - Capital expenditure for the first half of 2025 was 34.2 billion yuan, a decrease of 27% year-on-year, with a maintained full-year budget of 83.6 billion yuan - The company plans to distribute a mid-term dividend of 16.58 billion yuan, representing 72% of the net profit attributable to shareholders for the first half of 2025 [7][8]