中国联通公告指出，公司坚持战略引领与价值导向，持续推动提升上市公司投资价值，着力增强市场信 心和价值认同。公司高度重视股东回报，过去几年，每股分红保持双位数增长。为进一步回报股东， 2025年3月，公司将此前回购的513,314,385股全部注销。未来，中国联通将持续增强核心功能、提高核 心竞争力，不断推动公司高质量发展迈出更大步伐，强化市值管理，为股东、客户及社会创造更大价 值。 （文章来源：新华社） 中国电信公告显示，公司坚定看好中国资本市场的发展前景，高度重视市值管理工作，制定市值管理办 法，提交董事会审议通过并实施，持续推进市场价值和企业内在价值增长，控股股东中国电信集团有限 公司累计增持公司A股股份45.01亿元。公司将持续推动公司经营水平和发展质量提升，做好投资者关系 管理，增强信息披露质量和透明度，与广大投资者共享公司发展成果。 中国移动表示，公司始终锚定世界一流信息服务科技创新公司发展定位，不断强化创新力，持续提升企 业核心竞争力。回归A股上市以来，累计增持4,236.7万股A股股份，合计金额约30亿元；回购并注销香 港股份共1,852.9万股，合计金额约10.7亿港元。公司高度重视股东回报， ...

Investment Rating - The report maintains a "Buy" rating for China Telecom (601728) [3][9] Core Views - The company achieved steady growth in its annual performance, with a focus on shareholder returns [3] - In 2024, the company reported operating revenue of 523.57 billion yuan, a year-on-year increase of 3.1%, and a net profit attributable to shareholders of 33.01 billion yuan, up 8.4% year-on-year [4][7] - The mobile communication service revenue reached 202.5 billion yuan, growing by 3.5%, with mobile value-added and application revenue increasing by 16.1% [7] - The company emphasizes digital transformation, achieving significant growth in its industrial digitalization revenue, which reached 146.6 billion yuan, a 5.5% increase [7] - The company is committed to enhancing core technology and innovation, with a 72% cash distribution of profits to shareholders in 2024, reflecting an 11.4% increase in total dividends [7] Summary by Sections Financial Performance - In 2024, total operating revenue was 523.57 billion yuan, with service revenue at 482.03 billion yuan, marking a 3.5% increase [4][8] - The net profit attributable to shareholders was 33.01 billion yuan, with a basic earnings per share (EPS) of 0.36 yuan [4][8] Business Segments - Mobile business revenue reached 202.5 billion yuan, with a user base of 425 million and an ARPU of 45.6 yuan [7] - Fixed-line and smart home services generated 125.7 billion yuan, with broadband users totaling 197 million and an ARPU of 47.6 yuan [7] Future Outlook - The company forecasts EPS of 0.39 yuan and 0.42 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 21 and 20 [7][8]

Core Viewpoint - The telecommunications industry is experiencing slight revenue growth and expanding user base in early 2025, with a projected upward cycle from 2019 to 2028, marking a golden period for value activation among telecom operators [1][2]. Revenue and User Growth - In January-February 2025, the telecommunications industry achieved a cumulative revenue of 295 billion yuan, reflecting a year-over-year increase of 0.9%, with growth slightly declining due to a high base in Q1 2024 and a complex macroeconomic environment [1]. - The mobile user segment has a 5G penetration rate of 58.6%, up by 1.9 percentage points from the end of the previous year, while the proportion of gigabit broadband users in the fixed network segment reached 31.7%, an increase of 0.8 percentage points [1]. Financial Performance - In 2024, the three major telecom operators reported steady revenue growth, with net profit growth consistently outpacing revenue growth, and this trend is expected to continue into 2025, showing a "front low and back high" performance trajectory [2]. - The user base is expanding, with both mobile and fixed-line ARPU remaining stable, while value-added services are anticipated to be a key driver for maintaining traditional business ARPU stability in 2025 [2]. Emerging Business Growth - The share of the industrial internet business in the total service revenue of the three major operators has been increasing, with emerging business contributions to total service revenue growth rising to 57.4%, a year-over-year increase of 7 percentage points [2]. - The DeepSeek initiative is expected to enhance resource utilization rates rapidly, leading to sustained growth in cloud and IDC businesses, alongside collaborations with internet companies to leverage AI model advancements [2]. Capital Expenditure and Cost Management - Capital expenditures for 2024 and 2025 are expected to continue a downward trend, with a structural focus shifting towards computing power, and significant growth in computing power capital expenditures is anticipated [3]. - The three major operators have achieved notable efficiency improvements, with core cost items such as depreciation, amortization, and network operation costs maintaining stable proportions relative to total service revenue [3]. Cash Flow and Dividend Distribution - Free cash flow for mobile and telecom sectors continued to grow rapidly in 2024, while China Unicom's free cash flow remained stable, reinforcing value creation capabilities [4]. - In 2024, the dividend growth rate for the three major operators outpaced net profit growth, with an overall dividend payout ratio of 71.3%, an increase of 2.1 percentage points year-over-year, and the total dividend amount accounted for 58.7% of free cash flow [4]. - Accounts receivable increased due to B-end business expansion, but most accounts receivable are within a one-year aging period, and improved management in 2025 is expected to release overall business cash flow [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 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、准确性和完整性依法承担法律责任。 为维护新国脉数字文化股份有限公司（以下简称"公司"或"国脉文化"）全体股东利益，公司及公司控股 股东中国电信集团有限公司（以下简称"电信集团"）基于对公司未来发展前景的信心及价值的认可，采 取措施积极实施"提质增效重回报"行动。现将有关情况公告如下： 一、控股股东自愿承诺不减持公司股份 二、切实落实"提质增效重回报"行动方案 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步提高上市公司质量的意见》 要求，积极响应上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，公司制定 了"提质增效重回报"行动方案，并于2025年2月28日发布公告，具体内容详见《关于"提质增效重回 报"行动方案的公告》（公告编号：2025-001）。后续，公司将努力提升盈利能力，持续提高上市公司 质量，逐年提升现金分红比例，切实增强投资者回报。 三、其他说明 截至本公告披露日，电信集团直接持有公司股份407,061,147 ...

Group 1 - The core index, the China Securities Chuangxin Quality Growth Index, rose by 0.92% to 6368.71 points, with a trading volume of 370.183 billion yuan [1] - Over the past month, the index has decreased by 8.87%, by 3.80% over the last three months, and by 7.25% year-to-date [1] - The index selects listed companies with high return on equity across various industries, providing diverse investment options for investors [1] Group 2 - The top ten weighted stocks in the index include Kweichow Moutai (9.8%), BYD (2.99%), Wuliangye (2.56%), Dongfang Fortune (2.51%), and others [1] - The index's holdings are primarily from the Shanghai Stock Exchange (53.96%) and Shenzhen Stock Exchange (46.04%) [1] - The industry composition of the index shows that consumer staples account for 20.20%, industrials for 17.60%, and financials for 10.81%, among others [2] Group 3 - The index samples are adjusted four times a year, specifically in March, May, September, and November on the next trading day after the second Friday [2] - Weight factors are adjusted in accordance with the sample adjustments, which are generally fixed until the next scheduled adjustment [2] - Special circumstances may lead to temporary adjustments of the index, including the removal of samples that are delisted or undergo mergers and acquisitions [2]

Core Viewpoint - The China Securities TMT Index has shown a significant decline of 24.59% over the past month, while it has increased by 4.11% over the last three months and 0.59% year-to-date [1]. Group 1: Index Performance - The China Securities TMT Index reported a value of 3426.54 points, reflecting its performance in the TMT sector [1]. - The index is based on 50 listed companies in the TMT sector selected from the Hong Kong Stock Connect, with a base date of November 14, 2014, and a base point of 3000.0 [1]. Group 2: Index Holdings - The top ten holdings of the China Securities TMT Index are as follows: Xiaomi Group-W (18.01%), China Mobile (15.22%), Tencent Holdings (15.06%), SMIC (7.89%), Kuaishou-W (5.84%), CK Hutchison (4.42%), China Telecom (3.31%), Lenovo Group (2.68%), China Unicom (2.13%), and China Tower (2.02%) [1]. Group 3: Market and Sector Breakdown - The index is exclusively composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation to this market [2]. - In terms of industry composition, the index consists of 55.24% in communication services and 44.76% in information technology [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or when new TMT companies meet specific criteria for inclusion [3].

证券代码：601728 证券简称：中国电信 公告编号：2025-013 一、持续深入实施云改数转战略 当前，新一轮科技革命和产业变革深入发展，以人工智能为代表 的新技术推动产业重塑和结构调整，数字化、网络化、智能化、绿色 化浪潮迎面而来，数字服务的新场景、新需求不断衍生，呈现出多元 化、场景化的新特征，国家更大力度支持"两重"项目、加力扩围实 施"两新"政策，行业和公司迎来加快推进高质量发展的宝贵机遇。 面向未来，公司坚定看好通信行业高质量发展趋势，积极把握行业和 人工智能发展方向，持续深入实施云改数转战略，全力打造"三型" 企业，更加突出高质量发展主题，以改革开放为动力，以人才强企为 关键，持续推动科技创新和产业创新深度融合，助力新旧发展动能平 稳接续转换，进一步强化优质高效的数字化、智能化产品和服务供给， 积极助力提振消费，更好满足千行百业、千家万户对美好数字生活的 新需求，推动人工智能应用赋能经济社会发展，不断增强核心功能、 提升核心竞争力，加快建设世界一流企业，积极回馈广大股东，奋力 谱写中国式现代化电信新篇章。 1 二、 高度重视股东回报 公司始终高度关注股东回报，努力增强盈利和现金流创造能力， 董 ...

Group 1 - The core point of the news is that China Telecom has applied for a patent related to a user permission management method and device, aimed at enhancing data security by providing targeted management of user permissions [1][3] Group 2 - China Telecom was established in 2002 and is based in Beijing, primarily engaged in telecommunications, broadcasting, television, and satellite transmission services [2] - The registered capital of China Telecom is approximately 91.5 billion RMB, with a paid-in capital of about 57.4 billion RMB [2] - The company has invested in 87 enterprises and participated in 5,000 bidding projects, holding 54 trademark records and 5,000 patent records, along with 71 administrative licenses [2]

Investment Rating - The report maintains a positive outlook on the telecommunications industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [3][4]. Core Insights - The report analyzes the annual performance of telecom operators from four perspectives: C-end business, government-enterprise business, computing power layout, and dividend allocation [4][5]. - The overall growth trend in communication consumption demand remains resilient, driven by the continuous strengthening of user base and scale effects [7][8]. - The telecom operators are positioned at the intersection of "big security," "central enterprise valuation system," and "digital economy," with significant growth potential in AI domestic computing power and industry customer digital transformation [16][26]. Summary by Sections C-end Business - China Mobile reported a personal market revenue of 483.7 billion yuan in 2024, a year-on-year decrease of 1.3%, while value-added services contributed positively [6][8]. - China Telecom's mobile communication service revenue reached 202.5 billion yuan, growing by 3.5% year-on-year, with a mobile user base of 425 million [6][8]. - China Unicom's internet communication business revenue was 261.3 billion yuan, with a year-on-year growth of 1.5% and a 5G penetration rate of 83% [6][8]. Government-Enterprise Business - China Mobile's government-enterprise market revenue reached 209.1 billion yuan, growing by 8.8% year-on-year, with cloud business revenue exceeding 100 billion yuan [9][10]. - China Telecom's digital industry revenue was 146.6 billion yuan, a year-on-year increase of 5.5%, with its cloud service revenue maintaining industry leadership [10][16]. - China Unicom's smart computing business achieved revenue of 82.5 billion yuan, growing by 9.6% year-on-year, with significant growth in cloud revenue [12][16]. Computing Power Layout - China Mobile plans to invest 37.3 billion yuan in computing power by 2025, accounting for 25% of its capital expenditure [17][19]. - China Telecom's self-developed computing platform has connected with 50 partners, with a total computing power of 62 EFLOPS [19][23]. - China Unicom's computing power layout is expected to grow by 28% in 2025, focusing on AI infrastructure and major projects [23][26]. Dividend Allocation - China Mobile proposed a dividend payout ratio of 73% for 2024, with a total dividend of 5.09 HKD per share, reflecting a year-on-year increase of 5.4% [27][28]. - China Telecom plans to distribute a dividend of 0.2598 yuan per share for 2024, with a payout ratio of 72% [27][28]. - China Unicom's total dividend for 2024 is expected to be 0.4043 yuan per share, with a payout ratio of 60% [27][28].

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company achieved a revenue of 529.42 billion yuan in 2024, representing a year-on-year growth of 3.1%, with service revenue reaching 482.03 billion yuan, up 3.7% year-on-year. The net profit attributable to shareholders was 33.01 billion yuan, an increase of 8.4% year-on-year [1] - The company is focusing on enhancing its digital infrastructure and AI capabilities, with a capital expenditure of 93.52 billion yuan in 2024, and plans to increase computing power investment by 22% [3] - The company is committed to shareholder returns, distributing 72% of its profits in cash dividends for 2024, with a planned increase to over 75% in the next three years [5] Summary by Sections Financial Performance - In 2024, the company reported an EBITDA of 140.85 billion yuan, a growth of 2.9% year-on-year, and a return on equity (ROE) of 7.3%, up 0.4 percentage points [1] - Free cash flow reached 22.18 billion yuan, marking a significant increase of 70.7% [1] Business Segments - Mobile communication service revenue was 202.5 billion yuan, growing by 3.5%, with mobile value-added and application revenue increasing by 16.1%. The mobile user base reached 425 million, with an average revenue per user (ARPU) of 45.6 yuan [2] - Fixed-line and smart home service revenue was 125.7 billion yuan, up 2.1%, with smart home revenue growing by 16.8%. Broadband users reached 197 million, with a broadband ARPU of 47.6 yuan [2] - Digital industry revenue was 146.6 billion yuan, a growth of 5.5%, accounting for 30.4% of service revenue, an increase of 0.5 percentage points [2] Strategic Initiatives - The company is advancing its digital infrastructure, with significant investments in AI and cloud services, including the establishment of high-capacity data centers and a new intelligent computing network [3][4] - The Tianyi Cloud platform is evolving into a smart cloud service, integrating various AI capabilities and achieving significant partnerships to enhance its service offerings [4] Shareholder Returns - The company distributed a cash dividend of 0.2598 yuan per share in 2024, with a year-on-year increase of 11.4% in total dividend payout [5] - The commitment to increase cash distribution to shareholders to over 75% of profits in the next three years reflects a strong focus on shareholder value [5]