Core Viewpoint - The report emphasizes the integration of computing networks and industrial internet, highlighting that computing networks serve as a new type of information infrastructure centered on computing and rooted in networking, facilitating the digital transformation of industries [1][21]. Group 1: Development Background and Trends - The digital economy and industrial digital transformation require superior network connectivity and robust computing power to meet demands for ultra-high bandwidth, ultra-low latency, and high security [22]. - Computing networks are emerging as a hot topic in the industry, with operators, equipment manufacturers, and research institutions actively engaging in research and establishing a development roadmap and architecture system [24][25]. - International organizations like ITU and IETF are working on establishing standards for computing networks, indicating a global push towards computing and network convergence [26][27]. Group 2: Key Technologies - Key technologies for computing networks include unified metrics for computing and network, real-time user demand and state perception, multi-factor joint scheduling algorithms based on IPv6/SRv6, and ensuring end-to-end service reliability [2]. - The report identifies the need to overcome technical bottlenecks such as heterogeneous hardware abstraction and edge computing collaboration to optimize industrial production processes [2]. Group 3: Application Scenarios - Computing networks will transform the supply, application, and service methods of computing power, enhancing service flexibility and efficiency across various industries [29]. - Specific application scenarios include Cloud VR services, V2X vehicle networking, and green low-carbon initiatives, all benefiting from the integration of computing and networking capabilities [30][32][37]. Group 4: Collaborative Development - The industrial internet network is crucial for connecting people, machines, and objects in industrial environments, with internal and external networks serving different operational needs [39].

智通财经6月5日电，中国电信四川公司原党委书记、总经理郑成渝被开除党籍和公职。 ...

近日，中国电信济南分公司喜获第七届"全国文明单位"称号，这标志着中国电信济南分公司精神文明建 设工作取得重要成果。 履行社会责任，共绘社会文明新篇章。坚定履行建设网络强国和数字中国、维护网信安全的使命责任， 不断夯实城市新基建底座。警企联动，打击电信网络诈骗，与济南市反诈中心警企联合深入推进反诈宣 传教育，成立"反电诈宣传教育基地"，切实守护人民群众财产安全。党建联动，社区结对共建，与双报 到社区联合签订共建项目清单，积极参与文明城市建设。资源联动，决战脱贫攻坚，助力乡村振兴，先 后派驻5名驻村书记对口帮扶济南市4个扶贫村，通过产业扶贫、消费扶贫、完善基础设施、推进数字乡 村建设等方式，助力脱贫攻坚成果同乡村振兴有效衔接。 培育特色文化，筑牢文明创建根基。为实现企业（员工）和客户价值双提升提供有力的文化动力。坚持 传承红色基因，积极弘扬"红色电信精神"，坚守初心使命。通过开展文明礼仪教育、文明行为倡 导、"廉洁短视频""家教家风建设"等活动，推动形成清廉政风、文明行风、优良作风。贯彻"人本、诚 信、担责、实干、包容"的特色企业文化理念，组织"两优一先""最美电信人""劳动模范"等先进典型选 树和学习宣传活动， ...

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [11]. Core Insights - The communication sector saw a 2.02% increase in the 22nd week of 2025, ranking 4th among major industries, while it has declined 2.78% since the beginning of the year, ranking 24th [2][6]. - Nvidia's FY26Q1 results showed strong growth in its data center business, with revenues of $44.06 billion, a year-on-year increase of 69.2%, indicating robust demand for AI and computing power [7]. - IDC predicts that China's intelligent computing power will reach 1,037.3 EFLOPS by 2025, growing 43% year-on-year, and will double by 2026 [8]. - The Ministry of Industry and Information Technology (MIIT) has launched the "Computing Power Interconnection Action Plan," aiming for a comprehensive standardization of computing power interconnectivity by 2026 [8]. Summary by Sections Market Performance - In the 22nd week of 2025, the communication sector increased by 2.02%, with notable stock performances from companies like Haige Communication (+15.8%) and Wuhan Fangu (+14.7%) [6]. Company Performance - Nvidia's data center revenue reached $39.11 billion in FY26Q1, a 73.3% increase year-on-year, driven by strong AI inference demand [7]. - The report highlights significant growth in intelligent computing power, with a forecasted increase to 1,460.3 EFLOPS by 2026 [8]. Policy Developments - The MIIT's action plan aims to establish a complete set of standards for computing power interconnectivity by 2026, enhancing the infrastructure for intelligent computing [8]. Investment Recommendations - The report recommends focusing on operators like China Mobile, China Telecom, and China Unicom, as well as companies in the optical module and domestic computing sectors [9].

从沪深300信息服务指数持仓的市场板块来看，深圳证券交易所占比50.66%、上海证券交易所占比 49.34%。 从沪深300信息服务指数持仓样本的行业来看，半导体占比33.99%、电子占比31.27%、通信设备及技术 服务占比11.50%、计算机占比9.59%、电信服务占比9.49%、传媒占比4.16%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样本中剔除。样本公司发生收 购、合并、分拆等情形的处理，参照计算与维护细则处理。 数据统计显示，沪深300信息服务指数近一个月下跌1.43%，近三个月下跌10.55%，年至今下跌8.02%。 据了解，沪深300信息服务、消费品与服务、公用事业与运输指数从沪深300指数样本中根据各自主题选 择对应行业内的证券构成指数样本，以反映该主题上市公司证券的整体表现。该指数以2004年12月31日 为基日，以1000.0点为基点。 从指数持仓来看，沪深300信息服务指数十大权重分别为：中芯国际（4.76%）、立讯精密（4.45%）、 京东方A（4.08%）、北方华 ...

Core Insights - The report highlights a positive outlook for various sectors, with specific companies identified as key investment opportunities based on their performance and market conditions [5][11][15][19][23][27][31][35][39][44]. Company Summaries 招商银行 (China Merchants Bank, 600036) - The bank's Q1 2025 performance showed a decline in revenue and net profit, with operating income at 837.51 billion yuan, down 3.09% year-on-year, and net profit at 372.86 billion yuan, down 2.08% [11]. - The bank maintains a high dividend payout ratio, with a projected dividend of 2 yuan per share for 2024, resulting in a dividend yield of 4.60% based on the May 29 closing price [11]. - The bank's asset quality remains under pressure, particularly in retail loans, with a non-performing loan ratio of 0.94% [11]. 紫金矿业 (Zijin Mining, 601899) - The company reported significant growth in mineral production, achieving 1.07 million tons of copper and 73 tons of gold in 2024, with production costs decreasing [15]. - Zijin Mining's resource reserves are expanding, with successful exploration projects and acquisitions enhancing its market position [15]. - The company expects continued growth in copper and gold prices, supporting its revenue projections for 2025 [15]. 三美股份 (Sanmei Co., 603379) - The company experienced a substantial increase in revenue from its refrigerant products, with a 30.28% year-on-year growth in 2024 [19]. - The average selling price of refrigerants rose significantly, contributing to improved profitability [19]. - The company is well-positioned in the refrigerant market, with ongoing price increases expected in 2025 [19]. 青岛啤酒 (Qingdao Beer, 600600) - The company reported a revenue of 321.38 billion yuan in 2024, with a net profit of 43.45 billion yuan, showing signs of recovery in the beverage sector [23]. - The management is optimistic about demand recovery as the peak season approaches, supported by favorable government policies [23]. - EPS projections for 2025 are set at 3.52 yuan, with a "buy" rating maintained [23]. 恒瑞医药 (Hengrui Medicine, 600276) - The company achieved a 20.14% year-on-year growth in revenue for Q1 2025, driven by its innovative drug portfolio [27]. - Hengrui's focus on R&D has led to the development of multiple new drugs, enhancing its market competitiveness [27]. - EPS for 2025 is projected at 1.05 yuan, with a "buy" rating maintained [27]. 海大集团 (Haida Group, 002311) - The company reported a 9% increase in feed sales in 2024, with significant growth in international markets [31]. - Haida is actively pursuing international expansion, particularly in Southeast Asia and Africa, to enhance its market presence [31]. - EPS projections for 2025 are set at 3.01 yuan, with a "buy" rating maintained [31]. 华电国际 (China Huadian Corporation, 600027) - The company completed a significant asset restructuring, expected to enhance its operational scale and market share [35]. - Post-restructuring, the company anticipates a 25.07% increase in revenue and a 5.93% increase in net profit [35]. - EPS projections for 2025 are set at 0.64 yuan, with a "buy" rating maintained [35]. 胜宏科技 (Shenghong Technology, 300476) - The company reported a 35.31% increase in revenue for 2024, driven by strong demand in the PCB sector [39]. - Q1 2025 saw an 80.31% increase in revenue, with significant growth in high-value product orders [39]. - EPS projections for 2025 are set at 5.09 yuan, with a "buy" rating maintained [39]. 中国电信 (China Telecom, 601728) - The company reported a 3.1% year-on-year increase in revenue, with a focus on digital transformation and service innovation [44]. - The mobile user base continues to grow, contributing to stable revenue streams [44]. - EPS projections for 2025 are set at 0.39 yuan, with a "buy" rating maintained [44].

Core Viewpoint - The China Securities Service Industry Index has shown a slight increase over the past month but has declined year-to-date, indicating mixed performance in the service sector [2][3]. Group 1: Index Performance - The China Securities Service Industry Index rose by 1.95% over the past month, decreased by 0.07% over the last three months, and has fallen by 0.89% year-to-date [2]. - The index is designed to reflect the overall performance of listed companies in the service industry, covering sectors such as agriculture, electricity, transportation, finance, real estate, culture, sports, and entertainment [2]. Group 2: Index Composition - The top ten weighted companies in the index include: - Changjiang Electric Power (5.94%) - Beijing-Shanghai High-Speed Railway (2.79%) - WuXi AppTec (2.6%) - Ping An Insurance (2.03%) - China State Construction (1.91%) - China Merchants Bank (1.9%) - SF Holding (1.86%) - COSCO Shipping Holdings (1.67%) - Cambricon Technologies (1.63%) - China Telecom (1.61%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (75.92%) and the Shenzhen Stock Exchange (24.08%) [3]. - Sector allocations within the index include: - Industrial (26.26%) - Financial (20.63%) - Public Utilities (15.92%) - Information Technology (11.42%) - Communication Services (10.16%) - Healthcare (7.14%) - Real Estate (4.46%) - Consumer Discretionary (2.88%) - Energy (1.14%) [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Core Viewpoint - China Telecom announced a cash dividend of 0.0927 RMB per share (including tax) for its A-shares, approved during the annual shareholders' meeting on May 21, 2025 [1][2]. Dividend Distribution Details - The total number of shares for the dividend distribution is 91,507,138,699 shares, resulting in a total cash dividend payout [2]. - The key dates for the dividend distribution are as follows: - Record date: June 10, 2025 - Last trading date: June 11, 2025 - Dividend payment date: June 11, 2025 [2][3]. Distribution Implementation - Cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch to registered shareholders as of the record date [3]. - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [3]. Taxation Policies - For individual shareholders holding unrestricted shares for over one year, dividend income is exempt from personal income tax. For those holding shares for one year or less, tax will be calculated upon transfer of shares [4][5]. - The effective tax burden varies based on the holding period, with a 20% tax for holdings of one month or less, and a 10% tax for holdings between one month and one year [5]. - For Hong Kong investors holding shares via the Shanghai-Hong Kong Stock Connect, a 10% withholding tax applies, resulting in a net dividend of 0.08343 RMB per share [6]. - Qualified Foreign Institutional Investors (QFIIs) will also face a 10% withholding tax on dividends [6]. H Share Dividend Arrangement - The dividend distribution arrangements for H-share shareholders will be detailed in the announcements made on the Hong Kong Stock Exchange [7].

证券代码：601728 证券简称：中国电信 公告编号：2025-023 中国电信股份有限公司2024年年度 A 股利润分配实施公告 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： 每股分配比例 A 股每股现金红利0.0927元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息） | 现金红利发 | | --- | --- | --- | --- | --- | | | | | 日 | 放日 | | Ａ股 | 2025/6/10 | － | 2025/6/11 | 2025/6/11 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经中国电信股份有限公司（以下简称"公司" 或"本公司"）2025 年 5 月 21 日的2024年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司"）登记 在册的本公司全体 ...

Group 1 - The Shanghai Stock Exchange 180 Industry Layered Equal Weight Index (180 Layered, 000093) rose by 0.12% to 10,993.14 points, with a trading volume of 134.33 billion yuan [1] - Over the past month, the 180 Layered Index increased by 0.93%, while it decreased by 0.57% over the last three months and has fallen by 2.62% year-to-date [1] - The 180 Layered Index and the Equal Weight Index share the same sample as the 180 Index, with the former using an equal weight method for industry distribution, providing different risk-return characteristics for investors [1] Group 2 - The top ten holdings of the 180 Layered Equal Weight Index include Zhangjiang Hi-Tech (4.17%), Poly Developments (3.91%), China Telecom (2.83%), China Mobile (2.58%), China Unicom (2.38%), China Satcom (2.15%), Dongpeng Beverage (1.25%), Baillie Gifford (1.17%), China Petroleum (1.17%), and China National Offshore Oil Corporation (1.12%) [1] - The index is fully composed of stocks listed on the Shanghai Stock Exchange, with the largest sector allocations being Communication Services (9.94%), Consumer Staples (9.62%), Healthcare (9.62%), Financials (9.53%), and Materials (9.28%) [2] - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December, typically not exceeding 10% of the sample [2]