Group 1 - The year 2024 marks the formal inclusion of data assets in accounting practices, with 92 listed companies reporting a total of 2.495 billion yuan in data assets by the end of the year [1][2] - The number of companies reporting data assets has increased from 17 in the first quarter to 92 by the annual report, with the total value rising from 79 million yuan to 2.495 billion yuan [2] - Major contributors to data asset reporting include China Mobile, Cloud Horse, China Unicom, and China Telecom, each reporting over 100 million yuan in data assets [2][5] Group 2 - Data assets are primarily classified as intangible assets, with over 60 companies accounting for more than 1.3 billion yuan in this category, representing approximately 60% of the total [3] - The inclusion of data assets in financial statements helps companies optimize their financial reports, impacting asset scale and net profit [3] - Data asset reporting is seen as a foundation for digital transformation and exploring data trading and value-added services [3] Group 3 - The standardization and normalization of data asset reporting is a growing concern, as not all data resources qualify as assets [4] - Companies face challenges in distinguishing between data resources, products, and assets, necessitating a comprehensive approach to compliance and management [4] - Some companies have been cautious in reporting data assets, with instances of previously reported data being corrected or omitted in annual reports [5]

Group 1 - The eighth Digital China Construction Summit focused on the integration of artificial intelligence, large models, computing power, and data elements, highlighting a collaborative effort among government, enterprises, and research institutions to advance intelligent transformation in the capital [1] - Beijing is accelerating the deep integration of the digital economy and artificial intelligence, aiming to enhance digital infrastructure and intelligent computing systems while collaborating with companies like Beijing Telecom to optimize the digital economy ecosystem [1] - China Telecom is rapidly building computing power infrastructure in Beijing, establishing a systematic computing scheduling platform, large model training platform, intelligent agent development platform, and standardized data labeling system [1] Group 2 - The AI cloud era is witnessing a strategic shift in the large model industry from a "hundred model battle" in pre-training competition to optimizing cloud inference service efficiency, emphasizing the need for engineering in both training and inference stages [2] - Beijing Telecom and Beijing University of Posts and Telecommunications have established a "Joint Laboratory for Industry Data Intelligent Labeling," showcasing innovations and explorations in AI, computing power, and data elements during the forum [2]

证券代码：601728 证券简称：中国电信 公告编号：2025-017 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 股东大会召开日期：2025年5月21日 ● 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票系统 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024年年度股东大会、2025年第一次A股类别股东会和2025年第一次H股类别股东会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025年5月21日 上午10点整 召开地点：香港金钟道88号太古广场香港JW万豪酒店三楼宴会厅 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时间 段，即9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台的 ...

险资入市又有了新进展。 4月29日晚，新华保险公告称，公司拟出资不超过100亿元认购由国丰兴华（北京）私募基金管理有限公司发起 设立的私募基金的份额。该基金成立规模为200亿元，新华保险与中国人寿拟各出资100亿元认购私募基金份 额。 公告显示，该基金投资范围为中证A500指数成份股中符合条件的大型上市公司A+H股。 据了解，该私募基金的名称暂定为国丰兴华鸿鹄志远二期私募证券投资基金（简称"鸿鹄志远二期"），由国丰 兴华发起设立。鸿鹄志远二期存续期限为10年，私募基金贯彻长期投资理念，通过低频交易、长期持有的方式 以获得稳健股息收益。 鸿鹄志远二期的规模为200亿元，新华保险与中国人寿拟各出资100亿元认购私募基金份额。基金投资范围为， 中证A500指数成 份 股中符合条件的大型上市公司A+H股。 据新华保险公告，鸿鹄志远二期的投资标的应当公司治理良好、经营运作稳健、股息相对稳定、股票流动性相 对较好，与保险资金长期投资需求相适应。 新华保险表示，本次投资事项符合国家推动中长期资金入市的相关政策，以及未来本公司整体战略发展方向。 本公司坚持长期投资、价值投资和稳健投资的理念，积极发挥好长期资本、耐心资本、高能 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - The company's operating performance remains stable, with traditional mobile communication business developing steadily and new emerging businesses, particularly IDC, experiencing accelerated growth [2][6] - For Q1 2025, the company achieved operating revenue of 134.5 billion yuan, flat year-on-year, and a net profit attributable to shareholders of 8.9 billion yuan, representing a year-on-year increase of 3.1% [6][12] - The company has provided clear guidance for the year, indicating expectations for good growth in revenue, EBITDA, and net profit [2][12] Summary by Sections Operating Performance - In Q1 2025, the mobile communication business showed steady growth, with 5G network users reaching 270 million, a penetration rate of 62.0%, and mobile internet traffic increasing by 14.2% year-on-year [12] - The smart home business also performed well, with revenue growth of 11.5% year-on-year [12] Emerging Business Growth - IDC revenue reached 9.5 billion yuan in Q1 2025, a year-on-year increase of 10.4%, with significant growth in intelligent revenue (151.6% year-on-year), video internet revenue (58.4% year-on-year), satellite communication revenue (37.2% year-on-year), and quantum revenue (81.1% year-on-year) [12] - The company is leveraging its cloud-network integration advantages to drive innovation and expand new business scales [12] Cash Flow and Accounts Receivable - The net operating cash flow for Q1 2025 was 10.83 billion yuan, down 48.1% year-on-year, primarily due to longer payment cycles in the digitalization business [12] - However, the growth rate of accounts receivable has begun to decline, indicating improved control over accounts receivable [12] Financial Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 35.1 billion yuan, 37.2 billion yuan, and 39.3 billion yuan, corresponding to year-on-year growth rates of 6.4%, 6.1%, and 5.4% respectively [12]

Group 1 - The core viewpoint is that the construction of a digital China is at a critical juncture, transitioning from digitization to intelligence, which will open a new chapter in development [1] - Artificial intelligence (AI) applications are identified as a key engine accelerating the construction of digital China, with 2023 being marked as the year of large-scale AI application, driven by new open-source AI technologies like DeepSeek [1] - The focus of AI application has shifted from computing power and algorithms to data elements due to explosive demand growth [1] Group 2 - The development of AI requires strengthening technological breakthroughs and promoting the intelligent upgrade of digital information infrastructure, with China Telecom achieving significant advancements in key technologies [1] - China Telecom has launched the world's first intelligent computing Ascend super node in Shaoguan, Guangdong, showcasing its full-stack cloud technology and product system [1] - The explosive growth of intelligent computing poses challenges to energy supply, necessitating innovations in AI energy-saving technologies and the integration of computing power with energy and communication [1] Group 3 - Common security issues facing the industry include cultural value biases from data bias, sensitive information leaks from model training, risks of model misalignment, and the proliferation of false information due to deep fakes [2] - To address these security challenges, China Telecom plans to integrate quantum technology into cloud network infrastructure and accelerate the construction of quantum backbone networks and metropolitan area networks in key cities [2] - An open and win-win cooperation framework is essential for promoting the construction of digital China, with a focus on inclusive computing power, open-source models, data flow, and open scenarios as key drivers for innovation in the AI industry [2]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【杭州银行（600926.SH）】扩表强度高，盈利增速稳——2025年一季报点评 杭州银行25Q1营收、拨备前利润、归母净利润同比增速分别为2.2%、3%、17.3%，利息收入贡献季环比 提升，盈利增速维持高位。2025年是杭州银行"二二五五"战略收官之年，更是新征程的起笔之处，1Q信 贷投放实现"开门红"，资产质量保持稳健，盈利增速在17%以上，基本面韧性较强。 （王一峰/董文欣） 2025-04-29 您可点击今日推送内容的第1条查看 【盈峰环境（000967.SZ）】环卫装备销量连续24年国内第一，环卫电动化推进行业领先——2024年年报 &2025年一季报点评 （洪吉然） 2025-04-29 您可点击今日推送内 ...

点击注册小程序 查看完整报告 2024年资本开支935亿元人民币，同比下降5.4%，公司预计2025年资本开支836亿元，持续下降。根据公司 2024年报，公司2024年度以现金方式分配的利润为当年股东应占利润的72%，并承诺从2024年起，三年内 公司以现金方式分配的利润将逐步提升至当年股东应占利润的75%以上。 2025Q1，公司实现营业收入1345亿元人民币，同比增长0.01%；其中服务收入为1247亿元人民币，同比增 长0.3%。归属于上市公司股东的净利润89亿元人民币，同比增长3.1%。加权平均净资产收益率1.94%，同 比提升0.02pct。 基础业务稳健发展，用户数小幅提升 2025Q1，公司移动通信业务稳健发展，移动用户数达4.3亿户，净增495万户；5G 网络用户数达到2.7亿 户，净增1548万户，渗透率提升至62.0%；手机上网总流量同比增长14.2%，手机上网总流量2322.93万 TB，DOU 达到20.4GB，同比增长9.1%；固网及智慧家庭业务保持良好增长，有线宽带用户数2.0亿户， 净增67万户，千兆宽带用户渗透率约 30%，智慧家庭收入同比增长 11.5%。 充分发挥云网融合 ...

Core Insights - The construction of a digital China is at a critical juncture, transitioning from digitization to intelligence, which will open a new chapter in development [3] - Artificial intelligence (AI) applications are becoming a crucial engine for accelerating the construction of digital China, with 2023 being recognized as the year of large-scale AI application [3] - The focus of AI application has shifted from computing power and algorithms to data quality, which is essential for high-quality applications [3] Group 1 - AI applications are significantly driven by new open-source technologies like DeepSeek, which lower the barriers for computing power and algorithms, thus promoting the widespread adoption of large models [3] - China Telecom has launched the world's first intelligent computing super node in Shaoguan, Guangdong, marking a significant leap in both the quality and quantity of intelligent computing supply [3] - The explosive growth of intelligent computing poses challenges to energy supply, necessitating innovations in energy-saving technologies and the integration of computing power with energy and communication [3] Group 2 - The importance of security in high-quality development is increasingly highlighted in the AI era, with China Telecom establishing a comprehensive protection system from infrastructure to data, content, algorithms, and applications [4] - Building an open and win-win cooperation framework is essential for advancing the construction of digital China, requiring extensive collaboration across various industries and fields [4] - China Telecom emphasizes the principles of openness, sharing, and cooperative win-win, enhancing collaboration in technology, cloud networks, data, and scenarios with partners and customers [4]

Core Viewpoint - The conference highlighted the importance of accelerating the infrastructure of artificial intelligence (AI) technology through four key breakthroughs, as presented by the general manager of Tianyi Cloud, Hu Zhijiang [3]. Group 1: AI Infrastructure Breakthroughs - The first breakthrough is the standardization of AI capabilities, aiming to provide users with standardized AI service capabilities similar to communication services, without the need to understand underlying technologies [3]. - The second breakthrough focuses on the universal accessibility of AI services, which involves unified scheduling and efficient operation of computing resources to continuously lower computing costs [3]. - The third breakthrough emphasizes the popularization of AI applications, transitioning AI technology from a mere auxiliary tool for consumer (C-end) use to a productivity tool for business (B-end) applications [3]. - The fourth breakthrough is the self-sufficiency of the entire AI industry chain, recognizing AI as a critical battleground for major powers and advocating for the autonomy of key technologies and ecological reconstruction of the industry chain [3]. Group 2: Key Focus Areas for Tianyi Cloud - Tianyi Cloud is focusing on three key areas: platform architecture, domestic core technologies, and AI application ecology to achieve significant breakthroughs [4]. - The platform architecture has been enhanced with the introduction of the Triless architecture, which allows developers to focus solely on business logic without managing servers, thus lowering the barriers for large model application services [4]. - The domestic core technology initiative is moving towards integrated research and development of foundational software, ensuring self-sufficiency across the entire industry chain [4]. - The AI application ecology has been upgraded with the second generation of cloud computers and an AI application center, targeting various scenarios such as government, education, research, and management [4].