Core Viewpoint - Morgan Stanley's research report indicates that China Telecom's service revenue growth in Q3 was 0.5% year-on-year, a slowdown from 2.1% in Q2, while net profit growth also decelerated from 7.1% in Q2 to 3.6% in Q3 [1] Summary by Category Financial Performance - China Telecom's service revenue growth of 0.5% in Q3 was slightly lower than its competitor China Mobile's growth of 0.8% [1] - The net profit growth of China Telecom at 3.6% was faster than China Mobile's 1.9% [1] Market Expectations - The slowdown in communication service revenue growth aligns with market expectations, according to Morgan Stanley [1] - The firm maintains an "overweight" rating on China Telecom, highlighting it as a quality value stock in the market [1] Future Outlook - Morgan Stanley anticipates that for China Telecom's stock performance to improve, there will need to be a resurgence in cloud and IDC revenue growth driven by industrial digitalization [1] - A target price of HKD 7.5 has been set for China Telecom's stock [1]

Core Viewpoint - UBS reports that China Telecom's service revenue for Q3 increased by 0.5% year-on-year to 117.2 billion yuan, which is 2% lower than market expectations, attributed to macroeconomic impacts [1] Financial Performance - EBITDA for the period grew by 2.4% year-on-year to 35 billion yuan, while net profit increased by 3.6% to 7.7 billion yuan, showing a slowdown compared to the 5.5% growth in the first half of the year [1] - The growth in IDC revenue accelerated in Q3, reaching 12.7%, surpassing the 7.4% growth in the first half and 7.3% from the previous year, indicating strong AI-driven computing demand benefiting the IDC sector [1] Forecast Adjustments - Based on the latest performance, UBS has revised its revenue and net profit forecasts for China Telecom for 2025 to 2027 down by 1% to 4% to reflect the slowdown in growth [1] - The target price for China Telecom has been adjusted from 7.4 HKD to 7.2 HKD [1]

中金发布研报称，中国电信(00728)公布2025年前三个季度业绩，营业收入同比增长0.6%至3,943亿元人 民币;服务收入同比增长0.9%至3,663亿元人民币; 归母净利润同比增长5%至308亿元人民币;收入和利润 表现符合该行的预期;认为公司各项战新业务实现高速发展，拓展收入增长动能。参考SOTP估值，中金 予公司A股维持"跑赢行业"评级和8.3元人民币目标价，分别对应2025年、2026年21.9倍、20.9倍市盈率; 港股维持"跑赢行业"评级和7港元目标价，分别对应2025年、2026年16.9倍、15.9倍市盈率。 考虑到宏观经济影响公司业务增速，中金分别下调中国电信2025年、2026年服务收入预测1%、1.9%至 4,870亿、4,919亿元人民币; 考虑到网运成本控制严格，维持2025年、2026年盈利预测不变。 ...

智通财经APP获悉，中金发布研报称，中国电信(00728)公布2025年前三个季度业绩，营业收入同比增长 0.6%至3,943亿元人民币;服务收入同比增长0.9%至3,663亿元人民币; 归母净利润同比增长5%至308亿元 人民币;收入和利润表现符合该行的预期;认为公司各项战新业务实现高速发展，拓展收入增长动能。参 考SOTP估值，中金予公司A股维持"跑赢行业"评级和8.3元人民币目标价，分别对应2025年、2026年 21.9倍、20.9倍市盈率;港股维持"跑赢行业"评级和7港元目标价，分别对应2025年、2026年16.9倍、15.9 倍市盈率。 考虑到宏观经济影响公司业务增速，中金分别下调中国电信2025年、2026年服务收入预测1%、1.9%至 4,870亿、4,919亿元人民币; 考虑到网运成本控制严格，维持2025年、2026年盈利预测不变。 ...

Market Overview - On October 22, the Shanghai Composite Index fell by 0.07%, the CSI 300 decreased by 0.33%, the STAR Market 50 dropped by 0.06%, the CSI 1000 declined by 0.43%, the ChiNext Index fell by 0.79%, and the Hang Seng Index decreased by 0.94% [4] - The best-performing sectors on October 22 were Oil & Petrochemicals (+1.58%), Banking (+0.97%), Home Appliances (+0.82%), Real Estate (+0.75%), and Media (+0.59%). The worst-performing sectors were Non-ferrous Metals (-1.36%), Power Equipment (-1.29%), Agriculture, Forestry, Animal Husbandry and Fishery (-1.19%), Defense and Military Industry (-1.17%), and Coal (-1.03%) [4] - The total trading volume of the A-share market on October 22 was 1,690.3 billion yuan, with a net inflow of 10.018 billion Hong Kong dollars from southbound funds [4] Company Analysis: China Telecom (601728) - On October 21, 2025, China Telecom released its third-quarter report, showing a revenue growth of 0.6% year-on-year for the first three quarters, with service revenue increasing by 0.9% and net profit attributable to shareholders rising by 5.0% [5] - In the third quarter alone, revenue decreased by 0.9% year-on-year, while service revenue grew by 0.5%. Revenue from terminal products fell by 18.0%, but this had a limited impact on profits. New businesses such as AI computing power continued to grow rapidly [5] - IDC revenue increased by 9.1% year-on-year, with a notable acceleration in growth compared to the first half of 2025 (+7.4%). Smart revenue surged by 62.3%, satellite communication revenue grew by 23.5%, and quantum revenue skyrocketed by 134.6% [5] - Investment opportunities are highlighted by the dual attributes of dividends and computing power, with AI driving increased demand for computing power [5]

Core Viewpoint - China Telecom reported a slight decrease in revenue for Q3 2025, but net profit showed a positive growth trend, indicating resilience in its financial performance despite market challenges [2][6]. Financial Performance - Revenue for Q3 2025 was approximately 124.85 billion yuan, a decrease of 0.91% year-on-year; however, year-to-date revenue reached about 394.27 billion yuan, an increase of 0.59% [2]. - Total profit for Q3 2025 was approximately 9.86 billion yuan, an increase of 4.03% year-on-year; year-to-date profit reached about 39.45 billion yuan, up 4.61% [2]. - Net profit attributable to shareholders for Q3 2025 was approximately 7.76 billion yuan, an increase of 3.60% year-on-year; year-to-date net profit was about 30.77 billion yuan, up 5.03% [2][3]. Cash Flow and Earnings - Net cash flow from operating activities year-to-date was approximately 87.31 billion yuan, a decrease of 10.37% compared to the previous year [4]. - Basic earnings per share for Q3 2025 were 0.08 yuan, an increase of 3.60% year-on-year; year-to-date earnings per share were 0.34 yuan, up 5.03% [4]. - The weighted average return on equity for Q3 2025 was 1.67%, an increase of 0.02 percentage points; year-to-date return on equity was 6.66%, up 0.18 percentage points [4]. User Growth and Market Position - As of September 30, 2025, the total number of mobile users reached 43.72 million, with a net increase of 1.27 million users; 5G network users totaled 29.24 million, with a net increase of 4.17 million users [20][23]. - The company reported a total of 20.05 million fixed broadband users, with a net increase of 305,000 users [20][23]. Revenue Breakdown - For the first three quarters of 2025, the company achieved a revenue of approximately 394.3 billion yuan, a year-on-year increase of 0.6%; service revenue was about 366.3 billion yuan, up 0.9% [20]. - New business segments showed significant growth: IDC revenue reached 27.5 billion yuan, up 9.1%; security revenue was 12.6 billion yuan, up 12.4%; smart revenue increased by 62.3%; IoT revenue grew by 34.2%; satellite communication revenue rose by 23.5%; and quantum revenue surged by 134.6% [20]. Cost and Expenses - Operating costs for the first three quarters of 2025 were approximately 274.8 billion yuan, a year-on-year increase of 0.1%; selling expenses were about 38.9 billion yuan, down 1.4%; management expenses were approximately 27.1 billion yuan, up 0.7%; and R&D expenses were around 9.1 billion yuan, up 4.4% [21]. Shareholder Information - As of the report date, the total number of ordinary shareholders was 273,723 [12]. - The largest shareholder, China Telecom Group Co., Ltd., held 63.90% of the shares, followed by Hong Kong Central Clearing Limited with 15.10% [13][14].

Core Viewpoint - The recent issuance of satellite mobile communication business licenses to China Unicom and China Mobile, following China Telecom, marks a significant step in the development of the satellite communication industry in China, enabling all three major telecom operators to engage in satellite communication services, enhancing emergency communication, maritime communication, and connectivity in remote areas [1][2]. Group 1: Industry Development - The Ministry of Industry and Information Technology (MIIT) has accelerated the commercialization process of the satellite mobile communication industry, aiming to create a competitive market environment and enhance service accessibility for ordinary users [2]. - The MIIT's guidelines set a target of over 10 million satellite communication users by 2030, promoting new applications such as direct satellite connections via mobile phones [2]. - The integration of satellite communication with emerging technologies like 5G/6G and artificial intelligence is expected to stimulate market vitality and innovation [2][5]. Group 2: Technological Advancements - China Telecom has developed a comprehensive ecosystem for satellite mobile communication, covering chip development, terminal manufacturing, network construction, application development, and market expansion [5]. - New technologies and products are emerging within the satellite communication industry, such as the Macro WiFi product from Tongyu Communication, which connects satellite networks with terrestrial communication [4]. - China Mobile's STCN technology system aims to optimize satellite resource management and reduce the number of satellites needed for coverage by half, while also decreasing the cost per satellite by 10% [5]. Group 3: Market Applications - Satellite communication is primarily focused on emergency communication and coverage supplementation in remote areas, with services like short messaging and voice communication already in the market [6]. - China Telecom has achieved global leadership in mobile direct satellite communication, allowing users to make calls and send messages without changing their SIM cards or phone numbers [6][7]. - The user base for the Tian Tong satellite has exceeded 3 million, with significant partnerships established with various smartphone manufacturers and automotive companies to promote satellite connectivity [7][8].

Core Viewpoint - The recent issuance of satellite mobile communication business licenses to China Unicom and China Mobile, following China Telecom, marks a significant step in the development of the satellite communication industry in China, enabling all three major telecom operators to engage in satellite communication services, enhancing emergency communication, maritime communication, and connectivity in remote areas [1][2][6]. Industry Developments - The Ministry of Industry and Information Technology (MIIT) has accelerated the commercialization process of the satellite mobile communication industry, aiming to create a competitive market environment and promote collaboration between telecom operators and the satellite communication industry [2][3]. - The MIIT's guidelines set a target of over 10 million satellite communication users by 2030, with a focus on new applications such as direct satellite connections via mobile phones [2][3]. Technological Innovations - China Mobile has launched the "Beidou + Tiantong" dual-satellite communication service, marking a new phase in commercial operations and contributing to the establishment of an integrated "Heaven and Earth" intelligent communication network [2][3]. - The development of new technologies and products, such as the Macro WiFi product by Tongyu Communication, aims to connect satellite networks with terrestrial communication, enhancing coverage and user capacity [3][4]. Market Applications - Satellite communication is primarily focused on emergency communication and supplementary coverage in areas lacking terrestrial network access, with services already being offered for short messages and voice communications [6][7]. - China Telecom has achieved significant milestones, including the global launch of direct satellite communication services for smartphones, enabling users to make calls and send messages without changing their SIM cards [4][6]. User Adoption and Growth - The user base for Tiantong satellites has exceeded 3 million, with major smartphone manufacturers launching devices capable of direct satellite connections, leading to substantial sales figures [7][8]. - The industry anticipates that satellite communication will become as ubiquitous as 4G/5G, providing seamless connectivity for users in various environments, including remote and extreme locations [8][9].

Core Viewpoint - China Unicom reported a net profit growth of 5.2% in the first three quarters of 2025 and plans to spin off its subsidiary, Unicom Smart Network Technology, for listing on the ChiNext board [2][7]. Financial Performance - For the first three quarters of 2025, China Unicom's operating revenue reached 292.99 billion yuan, a year-on-year increase of 1% [2][3]. - The net profit attributable to shareholders was 8.77 billion yuan, reflecting a growth of 5.2% compared to the same period last year [2][3]. - The net profit excluding non-recurring gains and losses was 7.62 billion yuan, up by 10.9% year-on-year [2][3]. - The net cash flow from operating activities was 58.36 billion yuan, showing a slight increase of 0.2% [2][3]. - In Q3 2025, the operating revenue was 92.78 billion yuan, remaining flat compared to the same period last year [3]. User Growth and Business Segments - China Unicom's mobile user base reached 356 million, with a net increase of 12.48 million users [3]. - The fixed broadband user base grew to 129 million, adding 6.79 million users [3]. - The number of IoT connections surpassed 700 million [3]. - The company's cloud revenue reached 52.9 billion yuan, while data center revenue increased by 8.9% to 21.4 billion yuan [3]. Industry Comparison - The revenue growth rate of the three major telecom operators in China has shown a slowdown, with China Unicom, China Mobile, and China Telecom reporting similar trends in their Q3 results [4]. - Despite the revenue growth slowdown, net profit and net profit excluding non-recurring items have maintained a steady growth trajectory across the three companies [4]. Spin-off Announcement - China Unicom announced plans to spin off its subsidiary, Unicom Smart Network Technology, for a listing on the ChiNext board [7]. - The spin-off is expected to enhance the innovation and operational quality of Unicom Smart Network Technology, allowing it to leverage capital markets for strategic opportunities in the vehicle networking industry [8]. - The market capitalization of China Unicom was reported at 173.2 billion yuan as of October 22 [8].

格隆汇10月21日丨中国电信(601728.SH)公布，2025年第三季度实现营业收入1248.48亿元，同比下降 0.91%；归属于上市公司股东的净利润77.56亿元，同比增长3.60%；基本每股收益0.08元。 ...