Group 1 - The communication services sector increased by 1.03% on December 19, with Zhongfutong leading the gains [1] - The Shanghai Composite Index closed at 3890.45, up 0.36%, while the Shenzhen Component Index closed at 13140.22, up 0.66% [1] - Zhongfutong's stock price rose by 3.82% to 17.93, with a trading volume of 236,200 shares and a transaction value of 421 million yuan [1] Group 2 - The communication services sector experienced a net outflow of 276 million yuan from institutional investors and 376 million yuan from retail investors, while retail investors saw a net inflow of 652 million yuan [2] - China Mobile's stock price increased by 0.26% to 102.16, with a trading volume of 88,200 shares and a transaction value of 901 million yuan [2] - The net inflow of funds for China Telecom was 37.05 million yuan, with a net retail inflow of 17.1 million yuan [3]

证券代码：601728 证券简称：中国电信 公告编号：2025-036 中国电信股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 重要内容提示： 中国电信股份有限公司（以下简称"公司"）已于 2025 年 10 月 21 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入 地了解公司 2025 年第三季度业绩，公司计划于 2025 年 12 月 26 日（星 期五）16:00-17:00 举行 2025 年第三季度业绩说明会，就投资者关 心的问题进行交流。 一、业绩说明会类型 本次业绩说明会以网络文字互动形式召开，公司管理层将针对 会议召开时间：2025 年 12 月 26 日（星期五）16:00-17:00 会议召开地点：上海证券交易所上证路演中心（网址：https:/ /roadshow.sseinfo.com/） 会议召开方式：网络文字互动 投资者可于 2025 年 12 月 19 日（星期五）至 2025 年 12 月 25 日（星期四）16:00 前登录上证路演中心网站首页点击"提问预征集" 栏目或通过公司邮箱 ir@chinatelecom-h.com 进行提问。公司将在 ...

近日，罗永浩在朋友圈吐槽上海电信宽带，称独享千兆宽带实际不到百兆，并放话再得不到解决将"在网上发疯"： 万能的朋友圈，有人认识上海电信宽带的人吗？我搬到上海开了电信的独享千兆宽带，半年多来，绝大多数时候只有不到一百兆，每次找来客 服，不管是官方的还是非官方的还是疑似在官方吃里扒外的，都是管用三五天，然后又回到九十多兆。 如果没有朋友能介绍上海电信宽带的人帮忙解决，我就要在网上发疯了…..希望上海电信宽带多保重。 不过，显然被逼发疯的不止罗永浩一个， 不少微博红V也加入到了吐槽行列。 "终于有人说这事了。" "老罗简直就是我们的嘴替"。 菜菜妈的精彩生活 窗 ■》® 41分钟前 美食博主 已编辑 老罗简直是我们的嘴替,上海电信不仅龟速还杀 熟,我们200M带宽(实际达不到,常常卡顿)一 年是1548元,但现在电信上个月活动是同样套餐 1099两年,我们是十年的老客了一直老价格 ©, 以前偶尔一年还能送一个月,现在什么活动都没有 c (2 @中国电信上海网厅 机智猫 过 = = = = 45分钟前 转赞人数超过10 数码 ... 老罗在朋友圈求助,上海电信的千兆宽带网速不达 标 这种情况之前我也遇到过,反馈了几次 ...

12月18日，罗永浩在朋友圈公开吐槽上海电信网速问题。 有通信行业从业者分析，宽带速率"缩水"有多种可能的原因：一是小区宽带接入的光纤线路老化、端口 带宽被共享挤占，导致高峰期速率骤降；二是电信后台对部分用户的带宽进行了隐性限制，或未按合约 开放足额千兆带宽；三是用户端的路由器、网线等设备不支持千兆速率，形成硬件瓶颈。不过考虑到罗 永浩是科技行业从业者，第三类的硬件问题大概率可排除。 此外，罗永浩的朋友圈在网络上流传开后，不少上海电信用户在评论区反映自己也遭遇过类似情况，表 示办理时表称的千兆宽带实际速率远未达标，报修后问题也未能得到根治。 罗永浩表示，其搬至上海后开通电信独享千兆宽带服务，然而自办理以来的半年多时间里，宽带实际速 率绝大多数时候仅有不到一百兆。 罗永浩说："每次找来客服，不管是官方的还是非官方的，还是疑似在官方吃里扒外的，都是管用三五 天，然后又回到九十多兆。" 无可奈何之下，罗永浩通过朋友圈表示希望能有朋友介绍上海电信宽带的人帮忙解决："我就要在网上 发疯了……希望上海电信宽带多保重。" 黑猫投诉等平台上也可见上海电信宽带用户的投诉。有用户反映上海电信将其签约的100M上行宽带擅 自限制至 ...

12月18日，罗永浩在朋友圈公开吐槽上海电信网速问题。 罗永浩表示，其搬至上海后开通电信独享千兆宽带服务，然而自办理以来的半年多时间里，宽带实际速率绝大多数 时候仅有不到一百兆。 罗永浩说："每次找来客服，不管是官方的还是非官方的，还是疑似在官方吃里扒外的，都是管用三五天，然后又 回到九十多兆。" 无可奈何之下，罗永浩通过朋友圈表示希望能有朋友介绍上海电信宽带的人帮忙解决："我就要在网上发疯了…… 希望上海电信宽带多保重。" 有通信行业从业者分析，宽带速率"缩水"有多种可能的原因：一是小区宽带接入的光纤线路老化、端口带宽被共享 挤占，导致高峰期速率骤降；二是电信后台对部分用户的带宽进行了隐性限制，或未按合约开放足额千兆带宽；三 是用户端的路由器、网线等设备不支持千兆速率，形成硬件瓶颈。不过考虑到罗永浩是科技行业从业者，第三类的 硬件问题大概率可排除。 此外，罗永浩的朋友圈在网络上流传开后，不少上海电信用户在评论区反映自己也遭遇过类似情况，表示办理时表 称的千兆宽带实际速率远未达标，报修后问题也未能得到根治。 黑猫投诉等平台上也可见上海电信宽带用户的投诉。有用户反映上海电信将其签约的100M上行宽带擅自限制至5 ...

Group 1 - The chairman of GuoDun Quantum, Lv Pin, passed away on December 18, 2025, and the company expressed deep condolences and sympathy to his family [1] - Lv Pin served as the chairman since May 2025 and held various committee positions within the company [1] - His passing will not affect the normal operation of the board, and the company will proceed with the election of a new chairman as per legal regulations [1] Group 2 - Lv Pin was 46 years old, born in July 1979, and held a master's degree [5] - He had a significant career in China Telecom, holding various managerial positions before becoming the chairman of GuoDun Quantum [5] - GuoDun Quantum, established in 2009, focuses on quantum communication, quantum computing, and quantum precision measurement, and is recognized as a pioneer in China's quantum information industry [5] Group 3 - GuoDun Quantum's stock price has seen significant growth, doubling from a low of 211.03 CNY per share on April 7, 2025, to 494.00 CNY per share by December 18, 2025 [6] - The stock reached its highest point of 618.28 CNY on October 31, 2025 [6]

Core Viewpoint - The chairman of GuoDun Quantum, Lv Pin, has passed away on December 18, 2025, which may impact the company's leadership and future direction [2][4]. Company Overview - GuoDun Quantum Technology Co., Ltd. was established in 2009 and is a pioneer in the commercialization of quantum information technology in China, focusing on quantum communication, quantum computing, and quantum precision measurement [8]. - The company is controlled by China Telecom's wholly-owned subsidiary, China Telecom Quantum Group, and was listed on the STAR Market in 2020, becoming the "first stock in quantum technology" [8]. - As of December 18, 2025, GuoDun Quantum's stock price was reported at 494 yuan, reflecting an increase of over 65% for the year, with a total market capitalization of 50.813 billion yuan [8]. Leadership Background - Lv Pin, born in July 1979, held various positions within China Telecom before becoming the chairman of GuoDun Quantum on May 30, 2025 [6][8]. - His leadership was marked by significant contributions to the company's growth and its position in the quantum technology sector [8]. Intellectual Property and Standards - The company has surpassed 1,000 total intellectual property rights, holding the largest number of family patents in the field of quantum communication globally [8]. - GuoDun Quantum has led or participated in the development of over 100 domestic and international standards, positioning itself as a key player in the establishment of quantum technology standards [8].

Core Insights - The consumer drone market is experiencing explosive growth, driven by innovations and diverse applications in various sectors, including tourism, agriculture, and urban services [3][4][5] - China Telecom is positioning itself as a key player in the low-altitude economy, leveraging its strengths in communication networks, AI, and cloud computing to support the development of consumer drones [2][5][6] Industry Growth - The consumer drone market is maturing, with over 600 drone manufacturing companies in China and a market value in the hundreds of billions [3] - The demand for consumer drones has expanded beyond aerial photography to include services in agriculture, urban governance, and logistics [3][7] Policy Support - Recent government policies, including the implementation of new guidelines for low-altitude economic applications, are providing significant support for the growth of the consumer drone market [4][5] Company Initiatives - China Telecom has established a dedicated subsidiary, China Telecom Drone Technology Co., to focus on the low-altitude economy and has made significant technological advancements in drone networking and intelligent scheduling [5][6] - The company has developed a comprehensive low-altitude economic capability system, introducing innovative products to address industry challenges [5][6] Technological Infrastructure - China Telecom is building a robust 5G-A low-altitude communication network, ensuring stable and real-time connectivity for drone operations across urban and rural areas [6] - The company has implemented a multi-dimensional "air traffic control system" to enhance drone safety and operational efficiency [6] Application Scenarios - China Telecom is actively expanding drone applications in various fields, including public safety, logistics, and agriculture, creating replicable and scalable models [7][8] - Notable projects include a 5G police drone system for smart governance and a low-altitude logistics line in rural areas to address last-mile delivery challenges [7][8] Future Outlook - China Telecom aims to continue collaborating with industry partners to unlock new drone application scenarios, contributing to the high-quality development of the economy and society [8]

Group 1 - The A-share market saw a collective rise in the three major indices, with the Kexin 50 ETF (588000) increasing by 2.42% in the afternoon session [1] - Notable stock performances included Shengyi Electronics rising by 13.25%, Jinghe Integrated rising by 8.84%, and China Resources Microelectronics increasing by 5.89% [1] - The Kexin 50 ETF (588000) has attracted significant capital inflow, with a net inflow of 986 million in the last three days and 1.788 billion in the last five days [1] Group 2 - The Kexin 50 ETF (588000) tracks the Kexin 50 Index, with 69.39% of its holdings in the electronics sector and 4.88% in the computer sector, totaling 74.27%, aligning well with the development of cutting-edge industries like AI and robotics [2] - The ETF also covers various sub-sectors including semiconductors, medical devices, software development, and photovoltaic equipment, indicating a high content of hard technology [2] - Investors optimistic about the long-term development prospects of China's hard technology are encouraged to continue monitoring this ETF [2]

Core Viewpoint - Muxi Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, opening with a 568% increase, reaching a stock price of 700 yuan and a total market value of 280 billion yuan, with a single contract profit of nearly 300,000 yuan, while the issue price was 104.66 yuan per share [1] Company Overview - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, becoming the second domestic GPU company to list on the A-share market after Moore Threads [1] - The company focuses on the independent research and development of full-stack high-performance GPU chips and computing platforms, primarily engaged in the R&D, design, and sales of full-stack GPU products for AI training and inference, general computing, and graphics rendering [1] - Muxi has established a unique GPU product system and an independent open software ecosystem, providing high-efficiency and versatile computing power support for cloud computing, and is a significant force in promoting the autonomous and controllable infrastructure for intelligent computing in various industries [1] Investment and Financing - Muxi has completed over 10 rounds of financing, with a strong shareholder base including the founding team, national funds, top VC firms, local state-owned assets, and industrial capital [2] - Key VC investors include Sequoia China and Matrix Partners, with Sequoia holding approximately 4.19% and Matrix holding 5.13% through multiple associated funds [2] - Lenovo Group, as an early strategic investor, holds nearly 1% of Muxi's shares and has collaborated on the "DeepSeek integrated machine," positioning itself in the domestic AI computing core sector [2] Product Development and Market Position - Muxi and Lenovo launched the "DeepSeek domestic AI integrated machine," achieving rapid delivery and significant market penetration across various core industries [3] - Muxi's GPU product matrix includes inference, training, and graphics rendering, with its flagship product, the Xiyun C600, achieving a fully domestic closed loop in design, manufacturing, and testing, competing with international leaders like NVIDIA's A100 [3] - The collaboration between Muxi and Lenovo enhances the usability of domestic GPUs and addresses the final mile in application, leveraging Lenovo's established supply chain and customer resources [3] Industry Outlook - The ongoing investment in AI infrastructure and the increasing importance of autonomous and controllable strategies are expected to drive the expansion of domestic computing power supply, with Muxi and Moore Threads leading the way [4] - This trend presents long-term investment opportunities in the capital market and promotes the development of the upstream and downstream of the industry chain [4]