Group 1 - UBS downgraded China Telecom's A-share rating to Neutral with a target price of 6.40 RMB [1]

Core Insights - The Ministry of Industry and Information Technology released the "2025 Communication Industry Statistical Bulletin," indicating stable growth in China's communication industry, with ongoing optimization of industrial structure and a significant increase in user scale, particularly in 5G and gigabit infrastructure deployment [1] User Growth - By the end of 2025, the number of 5G mobile phone users is projected to reach 1.204 billion, accounting for 65.9% of total mobile phone users, an increase of 9.2 percentage points from the end of 2024 [1] - Fixed broadband access users are expected to total 691 million, with a net increase of 20.99 million in 2025. Among these, users with access speeds of 1000 Mbps or higher will reach 238 million, representing 34.5% of total users, up 3.6 percentage points from 2024 [1] Network Infrastructure Development - The number of 5G base stations is anticipated to reach 4.838 million by the end of 2025, with a net increase of 588,000 from 2024, making up 37.6% of total mobile base stations, an increase of 4 percentage points [2] - The total length of newly built optical cable lines in 2025 is projected to be 2.113 million kilometers, bringing the national total to 74.99 million kilometers. The number of 10G PON ports capable of gigabit network services is expected to reach 31.62 million, with a net increase of 3.419 million [2] Computing Power Integration - The three major telecom operators are transitioning their computing power layout from "broad coverage" to "deep integration," with the number of service data center racks reaching 938,000 by the end of 2025, an increase of 108,000 from 2024 [2] - The integration of computing and networking is expected to enhance the precision of computing power distribution across various industries and scenarios, leading to a unified national computing power network [3] Industry Digitalization - The ongoing integration of computing and networking is driving deeper digitalization across industries, characterized by active mobile data traffic consumption and extensive industry application integration [3] - The industrial internet has achieved coverage across 41 industrial categories, becoming a key driver for digital transformation and intelligent upgrades across various sectors [3] Technological Advancements - The integration of computing and networking is breaking down barriers between cloud computing and communication networks, embedding computing capabilities into the network layer for more efficient and customized services [4] - Continuous optimization of network infrastructure is expected to embed computing-network integration into new application scenarios and service models, providing users with diverse and innovative value [4]

中新网玉林1月29日电(张广权 钟庆玲)近日，强冷空气南下，广西多地迎来大风降温天气。在广西玉林 市陆川县洞心村，千亩火龙果田和蔬菜地上早已覆盖好保温膜，土壤温湿度得到保持，寒害影响被有效 减轻。这一切，得益于中国电信智慧农业平台的精准赋能。 "以前寒潮来了，要么自己摸黑下田，要么等村干部通知。现在手机上看数据、收提醒，还有人教技 术，踏实多了！"一位李姓村民说道。 图为工程 师向农户介绍智慧农业系统。中国电信广西公司 供图 据统计，此次寒潮期间，该村依托智慧农业系统实现精准防控，火龙果、蔬菜等经济作物受冻面积较去 年同期减少60%以上，预计每亩减损近千元。(完) 图为工程 师向农户介绍智慧农业系统。中国电信广西公司 供图 火龙果种植是陆川县乡村振兴的支柱产业。以往面对突发寒潮，农户只能凭经验连夜抢盖薄膜，一旦错 过时机便可能造成整季收成损失，甚至绝收。2025年，陆川县洞心村引入中国电信智慧农业平台，通过 物联网设备实时监测气温、土壤湿度等数据，配合AI分析，可提前48小时向农户发送精准预警。 ...

其中，经过激烈的竞争，中国电信股份有限公司江苏分公司斩获"2025年度运营商优秀新闻暨品牌传播 力"奖项。 （责任编辑：赵鑫雨） 运营商财经网讯 1月29日，由运营商财经网精心策划的2026中国财经TMT"领秀榜"盛典如期而至。 在盛典的热烈氛围中，运营商财经网正式公布了年度评选的获奖名单。这份名单涵盖了众多领域，包括 运营商、通信、金融、汽车、房地产、手机数码、互联网、家电、家居、药业、酒业和食品等多个领 域，每个获奖者都是各自领域的佼佼者。 ...

运营商财经网讯 1月29日，由运营商财经网举办的2026中国财经TMT"领秀榜"盛典正式举办。此次盛典吸引了国内三大 运营商集团公司、多家运营商省公司及地市分公司，以及众多知名企业参与。 （责任编辑：张运迪） 盛典现场，运营商财经网正式公布了获奖企业的名单。其中，"中国电信App"官方微信凭借出色的表 现，荣获了"2025年度通信运营商领域具有影响力的官方新媒体账号"奖项。 本次评选活动不收取任何费用，秉持着公平公正公开的原则，各奖项竞争异常激烈。 ...

运营商财经网讯 去年一年里，陕西电信在新闻宣传、品牌传播等方面表现出色。在盛典中，运营商财经网郑重宣布中国 电信股份有限公司陕西分公司荣获"2025年度运营商优秀新闻暨品牌传播力"大奖！ 运营商财经网始终秉持着公平、公正、公开的态度进行评选，如今已成功举办十届，已成为业内颇具威 望的奖项之一。 （责任编辑：赵鑫雨） 1月29日，由运营商财经网举办的2026中国财经TMT"领秀榜"盛典隆重召开。此项评选活动已经成功举 办了多届，获得了运营商集团公司、省公司、专业公司、研究院、地市公司的广泛关注和积极参与。 ...

值得声明的是，中国财经TMT"领秀榜"评选活动公平公正公开，不收取任何费用，竞争也十分激烈。 运营商财经网讯 1月29日，由运营商财经网倾力打造的2026中国财经TMT"领秀榜"盛典隆重召开，此次盛典通过线上直 播的方式进行，得到了包括运营商集团公司、省公司、专业公司、研究院、地市公司在内的业界广泛关 注和积极参与。 盛典期间，运营商财经网正式宣布了数十个奖项的获奖名单。其中，中国电信股份有限公司陕西分公司 入选"2025年度优秀运营商省公司"。 （责任编辑：赵鑫雨） ...

Market Overview - In January 2026, the A-share market showed a growth style dominance with structural differentiation, where the STAR 50 and CSI 1000 indices rose over 10%[4] - The Hang Seng Index and other major indices saw gains exceeding 5%, while the ChiNext and Shanghai Composite Index increased by over 3%[4] Investment Themes - The trading focus in January continued to revolve around "growth stocks and cyclical stocks," driven by technological upgrades in AI, semiconductor equipment, and commercial aerospace sectors[4] - Geopolitical factors led to rising international precious metal prices, benefiting cyclical sectors like copper and aluminum, as well as strategic resources such as lithium and rare earths[4] February Market Outlook - February is expected to be a "window period" for market confidence, driven by high growth expectations in new economies and relatively abundant liquidity before the Spring Festival[4] - The market is likely to see accelerated rotation in sectors like technology and non-ferrous metals, with strong earnings reports becoming focal points[4] Key Stock Recommendations - Top stock picks for February include Zijin Mining (601899.SH) with a projected EPS growth from 1.21 in 2024 to 3.37 in 2026, reflecting a strong outlook due to rising copper prices[6] - Yara International (000893.SZ) is recommended due to expected high potassium fertilizer prices, with EPS forecasted to rise from 1.03 in 2024 to 2.93 in 2026[6] Risk Factors - Risks include unexpected policy changes, commercialization outcomes falling short of expectations, and delays in product development and market entry[4]

运营商财经网 吴碧慧/文 据知情人士独家透露，在2025年前11个月中，中国电信政企市场中标份额只有4家省公司同比提升，还 有27家省公司同比下滑。 这一情况实在是不容乐观！但其实也在意料之中。 据了解，这4家同比提升的省公司其实增长趋势也不算明显，而27家省公司同比下滑较严重的已下降超 10%。总体上，大家政企市场中标份额增长都陷入瓶颈。 其实这两年来，运营商政企市场发展十分严峻，为了中标甚至出现"地板价"，这一价格战也着实伤人， 导致利润空间进一步压缩。与此同时，即使运营商中标后也面临着呆账、坏账风险，因为政企客户回款 周期长、流程复杂、多变，三大运营商近年坏账规模仍在进一步扩大。 可见，当前政企市场已进入了增长乏力期，不进行变革还不如不投标。也因此，中国电信政企市场中标 情况下滑严重就不意外了。 运营商财经网通信业务部主任刘庆表示，当前政企市场竞争已进入白热化阶段，但大家如果仍不做出改 变，比如减少"价格战"、专注核心技术研发、谨慎审核项目风险等，今后发展还将更艰难。 （责任编辑：吴碧慧） ...

Core Viewpoint - The communication services sector experienced a 1.5% increase on January 28, with the stock of Erli San leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4151.24, up 0.27% [1] - The Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Erli San's stock price rose by 6.00% to 6.89, with a trading volume of 3.3151 million shares and a transaction value of 2.301 billion [1] Group 2: Individual Stock Performance - The top gainers in the communication services sector included: - Erli San (6.00% increase) [1] - ST Tongmai (4.99% increase) [1] - China Telecom (2.95% increase) [1] - Other notable gainers included Guanghuan Xinwang (2.90% increase) and Mengwang Technology (2.33% increase) [1] Group 3: Capital Flow - The communication services sector saw a net inflow of 1.568 billion in main funds, while retail investors experienced a net outflow of 1.503 billion [2] - Major stocks with significant capital inflows included: - China Telecom with a net inflow of 6.98 billion [3] - China Unicom with a net inflow of 6.82 billion [3] - Erli San with a net inflow of 4.51 billion [3]