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]

Group 1 - The core viewpoint is that telecom companies are taking measures to regulate marketing calls and protect consumers from unsolicited sales pitches [1][2][3] - Official outbound numbers for telecom companies are established: China Telecom 10001, China Mobile 10085, and China Unicom 10016, while all other numbers are considered unauthorized marketing calls [1] - Consumers can refuse marketing calls, and if they do, the calls must cease; companies are required to avoid false advertising and must disclose all relevant information about service packages [1][2] Group 2 - Marketing calls must be recorded throughout the process, and confirmation messages must be sent before any business is conducted, requiring consumer consent [2] - In case of encountering non-compliant marketing calls, consumers are advised not to trust unofficial numbers and to report issues to official customer service hotlines [3]

Core Viewpoint - The three major telecommunications companies in China, namely China Telecom, China Mobile, and China Unicom, have introduced measures to regulate telemarketing practices, aiming to address public concerns regarding false advertising and inducement in communication services, thereby protecting user rights [1]. Group 1: Regulatory Measures - The official outbound marketing numbers for the three companies are China Telecom 10001, China Mobile 10085, and China Unicom 10016, with no authorization for any other entities to conduct outbound marketing using different numbers [1]. - Marketing content must be presented accurately without false advertising or inducement, and all key information such as pricing standards, applicable scenarios, validity periods, and restrictive conditions must be disclosed [1]. - Users must provide consent before receiving confirmation SMS for service requests, which will include necessary information about the service [1]. Group 2: Quality Control and User Protection - All outbound marketing calls will be recorded, and a comprehensive review will be conducted to ensure strict quality control throughout the process [1]. - If users explicitly refuse outbound marketing calls, the companies will cease further contact to respect user preferences [1]. - Users are advised to recognize official outbound marketing numbers and refrain from conducting business through any unofficial numbers, as well as not to share verification codes with anyone [1].

Group 1 - The three major telecommunications companies have collectively announced standardized measures for telephone marketing to address user complaints regarding false advertising and inducement to consume [1] - The companies require that if a user explicitly refuses telephone marketing services, they cannot be contacted again [1] - Telephone marketing must provide comprehensive and accurate information about the marketing content, avoiding false advertising and disclosing key information such as pricing standards, applicable scenarios, validity periods, and restrictive conditions [1] Group 2 - All proposed pricing plans must be publicly available on the companies' online service platforms and official apps [1] - Outbound marketing calls will be recorded and reviewed in full to ensure compliance with strict quality standards, ensuring transparency and integrity [1] - After obtaining user consent, staff must send a confirmation SMS detailing necessary information about the service, and the service will only be processed upon user confirmation via SMS [1] Group 3 - The official outbound marketing numbers for the three telecommunications companies are: China Telecom 10001, China Mobile 10085, and China Unicom 10016 [1] - The customer service hotlines for the three companies are: China Telecom 10000, China Mobile 10086, and China Unicom 10010 [1]

Core Points - The three major telecommunications companies in China, China Telecom, China Mobile, and China Unicom, have collectively announced standardized measures for telephone marketing to address issues of false advertising and inducement to consume [1] - The official outbound marketing numbers for these companies are China Telecom 10001, China Mobile 10085, and China Unicom 10016, and no other numbers are authorized for outbound marketing [1] - The companies require that telephone marketing must accurately present marketing content without false advertising or inducement, and all relevant pricing and conditions must be disclosed [1] - Users who explicitly refuse outbound marketing will no longer receive calls from these companies [1] - Outbound marketing calls will be recorded and reviewed to ensure compliance and transparency, and confirmation messages will be sent to users before processing any requested services [1]