小摩表示，良性竞争、改善投资回报率和资本开支优化，应能带动2026至27年行业利润复合年增长率达 5%; 中国电信运营商对企业数字化有相当大的曝光，而这领域的增长速度远超传统电信服务。该行认 为，中国AI和DeepSeek的崛起或会驱动云计算和人工智能数据中心收入的重新加速，并进一步提升估 值，预计中国移动(00941)、中国联通(00762)、中国电信(00728)目前的股价或再有11至95%的潜在上涨 空间。 三大电讯商中，该行首选中国电信，因为该公司拥有三大运营商中最大的云平台，预计其在中国AI主 题下最为受惠，并迎来估值重估和云计算业务增长，其后则依次为中国联通及中国移动。该行续指，虽 然予三大营运商的A股"增持"评级，但更加偏好H股，因为H股的交易价格比A股有29至35%折让。 智通财经APP获悉，摩根大通发布研报称，中国电讯业营运商的股价在2019年至2024年间表现超过恒 指，差距达到双位数，而本年迄今的表现优于市场。该行指出，前三大电信营运商不仅提供具吸引力的 股息收益率，还是具AI增长潜力的成长型公司。 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][5] Core Views - The company achieved a revenue of RMB 269.42 billion in 1H25, a year-on-year increase of 1.3%, and a net profit of RMB 23 billion, up 5.5% year-on-year, slightly exceeding previous expectations [1] - The company plans to distribute a mid-year dividend of RMB 0.18 per share, with a payout ratio of 72%, reflecting an 8.4% increase in dividends year-on-year [1] - The report highlights the company's strong growth potential in digitalization and AI-related services, particularly through its Tianyi Cloud business, which is transitioning towards intelligent cloud services [1][5] Summary by Sections Financial Performance - In 1H25, mobile communication service revenue grew by 1.3% to RMB 106.6 billion, with mobile users reaching 433 million, a net increase of 25 million from the end of 2024 [2] - Fixed-line and smart home revenue increased by 0.2% to RMB 64.1 billion, with fixed broadband users growing to 199 million, a net increase of 9 million [2] Digital Transformation - The company's digitalization revenue rose by 1.5% to RMB 74.85 billion in 1H25, with Tianyi Cloud revenue increasing by 4% to RMB 57.3 billion [3] - AI-related revenue saw a remarkable growth of 89.4%, with the company's self-owned and accessed intelligent computing capacity reaching 77 EFLOPS [3] Capital Expenditure and Profitability - Capital expenditure in 1H25 was RMB 34.2 billion, with a projected decrease of 10.6% to RMB 83.6 billion for the full year [4] - The company's return on equity (ROE) improved by 0.2 percentage points to 5.0%, and net profit margin increased by 0.3 percentage points to 9.2% [4] Future Outlook - The report forecasts net profits for 2025-2027 to be RMB 34.8 billion, RMB 36.7 billion, and RMB 38.4 billion respectively, with a slight downward adjustment of 2%-4% from previous estimates [5] - The company is assigned a target price of RMB 9.11 based on a 1.8x PB valuation for 2025, compared to a global average of 1.51x [5][11]

Core Viewpoint - UBS report indicates that China Telecom's service revenue for Q2 reached 124.4 billion yuan, representing a year-on-year increase of 2.1% [1] Financial Performance - EBITDA margin for Q2 increased by 1 percentage point year-on-year due to effective cost control [1] - Net profit for the quarter was 14.2 billion yuan, up 7.1% compared to the same period last year, exceeding both UBS and market forecasts by 2% [1] - The growth rate of net profit outperformed that of China Mobile and China Unicom [1] Business Outlook - The most notable aspect of China Telecom's performance is the stable outlook for traditional telecom services [1] - The mobile ARPU (Average Revenue Per User) for the first half of the year was 46 yuan, remaining roughly flat compared to the same period last year despite macroeconomic challenges [1] - Management expects traditional telecom revenue to maintain stable growth, with ARPU supported by value-added services and AI upgrades [1] Forecast Adjustments - UBS has revised its net profit forecasts for 2025 to 2028 upwards by 0% to 2.5% due to improved cost control assumptions [1] - The target price has been raised from 6.8 HKD to 7.4 HKD, maintaining a "Buy" rating [1]

报告指，中国电信业绩中最值得注意的地方是传统电信业务前景稳定。上半年移动ARPU为46元，尽管 面临宏观不利因素，但与去年同期比较大致持平。管理层预期传统电信收入将维持稳定增长，ARPU值 将在增值服务及人工智能升级的支持下保持稳定。假设成本控制改善，该行上调2025至2028年净利预测 0%至2.5%，目标价由6.8港元上调至7.4港元，评级"买入"。 瑞银发表报告指，中国电信第二季服务收入1244亿元，较去年同期增加2.1%。得益于有效的成本控 制，次季EBITDA利润率按年增长1个百分点。净利润为142亿元，较去年同期增加7.1%，高于该行和市 场预测2%，增幅亦高于中国移动和联通。 ...

Investment Rating - The report maintains a "Strong Buy" rating for China Telecom [2][6] Core Views - In the first half of 2025, China Telecom's operating performance improved steadily, with revenue of 269.4 billion yuan, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 23 billion yuan, up 5.5% year-on-year [1][5] - The company has significantly enhanced its role in technological innovation, leading to improved shareholder returns [1][5] - The growth in basic business revenue is stable, with a notable increase in users and maintained user value [5][6] Summary by Sections Financial Performance - In H1 2025, China Telecom achieved revenue of 269.4 billion yuan, with service revenue at 249.1 billion yuan, reflecting a year-on-year growth of 1.2% [5] - For Q2 2025, the company reported revenue of 134.9 billion yuan, a 2.6% increase year-on-year, and a net profit of 14.2 billion yuan, up 7.1% from the previous quarter [5] - Mobile business revenue reached 106.6 billion yuan in H1 2025, with a year-on-year growth of 1.3% and a net user increase of 3.24 million in Q2 [5] Strategic Developments - The company is accelerating the development of strategic emerging industries, with significant achievements in cloud, AI, quantum, and satellite technologies [5] - The revenue from the Tianyi Cloud business reached 57.3 billion yuan in H1 2025, growing 3.8% year-on-year [5] - AI-related revenues surged by 89.4% year-on-year, reaching 6.3 billion yuan, with over 160 AI applications developed [5] Cost Management and Shareholder Returns - Operating costs increased by only 0.9% year-on-year, which is lower than the revenue growth rate, leading to a net profit margin increase to 9.2% [5] - The company has prioritized shareholder returns, continuing to distribute interim dividends of 0.1812 yuan per share, an increase of 8.4% year-on-year, with a payout ratio of 72% [6] - Capital expenditures in H1 2025 were 34.2 billion yuan, a decrease of 27.5% year-on-year, with a full-year budget of 83.6 billion yuan [5][6]

Core Viewpoint - Morgan Stanley's research report indicates that Chinese telecom operators are expected to outperform the Hang Seng Index from 2019 to 2024, with a double-digit gap, and have shown better performance than the market this year [1] Group 1: Telecom Operators Performance - The top three telecom operators not only offer attractive dividend yields but are also growth companies with AI potential [1] - The rise of AI and DeepSeek is expected to drive a re-acceleration in cloud computing and artificial intelligence data center revenues, further enhancing valuations [1] - The report anticipates potential stock price increases for China Mobile, China Unicom, and China Telecom ranging from 11% to 95% [1] Group 2: Preferred Stocks and Ratings - Among the three telecom operators, China Telecom is preferred due to having the largest cloud platform, making it the most likely to benefit from the AI theme and experience valuation re-rating and growth in cloud computing [1] - Following China Telecom, China Unicom and China Mobile are also favored [1] - The report maintains an "overweight" rating for the three operators' A-shares but shows a stronger preference for H-shares, which are trading at a discount of 29% to 35% compared to A-shares [1]

Core Viewpoint - China Telecom reported a revenue of RMB 269.4 billion for the first half of 2025, reflecting a year-on-year growth of 1.3% [1] Group 1: Financial Performance - The revenue from strategic new products showed rapid growth, with industrial digitalization revenue reaching RMB 74.9 billion and Tianyi Cloud revenue at RMB 57.3 billion [1] - Tianyi Cloud's revenue increased by 3.8% year-on-year, indicating stable growth despite a backdrop of previous high growth rates [5] Group 2: Industry Trends - The global cloud computing industry is undergoing a "new and old kinetic energy conversion," leading to a noticeable decline in growth for traditional cloud services [3] - The demand for intelligent computing driven by artificial intelligence is robust, marking a critical transition period for the industry [3] Group 3: Strategic Developments - Intelligent revenue for Tianyi Cloud reached RMB 6.3 billion, with a significant year-on-year growth of 89.4%, aligning with global trends towards intelligent cloud services [5] - As of March, Tianyi Cloud became the first cloud service provider to adapt to DeepSeek, signing over 4,000 projects with a total contract value exceeding RMB 4 billion within six months [5] - The company believes that the "AI+" development will significantly drive the structural transformation and growth of Tianyi Cloud, guided by the "cloud transformation and intelligent benefits" strategy [6]

Group 1: Company Performance - China Telecom (601728) reported a revenue of 2694.22 billion yuan for the first half of the year, a year-on-year increase of 1.3% [1] - The net profit attributable to shareholders was 230.17 billion yuan, reflecting a year-on-year growth of 5.53% [1] - The company plans to distribute an interim cash dividend of 0.1812 yuan per share (tax included) [1] Group 2: Industry Trends - The National Development and Reform Commission is preparing the "14th Five-Year" marine economy development plan, focusing on innovation-driven growth and the transformation of traditional marine industries [2] - The marine economy's total production value is expected to exceed 10 trillion yuan for the first time in 2024, doubling since 2012 [2] - The marine economy is recognized as a strategic priority, with an emphasis on deep-sea technology and the integration of marine communication as a key infrastructure for future 6G networks [2] Group 3: Stock Market Activity - Several marine technology concept stocks have seen significant inflows from financing clients, with major stocks like Jili Rigging and Weichai Heavy Industry showing substantial price increases [3][4] - China Shipbuilding's net profit is projected to be between 28 billion and 31 billion yuan, marking a year-on-year increase of 98.25% to 119.49% [4] - Financing net inflows for key stocks include China Shipbuilding at 4.43 billion yuan, China Ship Defense at 1.46 billion yuan, and Diweier at 1.1 billion yuan [5][6]

Group 1: Regulatory Changes and Economic Measures - The State Council of China has announced the introduction of a new K visa for foreign young scientific and technological talents, effective from October 1, 2025 [1] - The People's Bank of China will conduct a 500 billion yuan reverse repurchase operation with a fixed quantity and interest rate, set for August 15, 2025, with a term of 182 days [1] Group 2: Industry Growth and Performance - China's digital infrastructure has seen significant development during the 14th Five-Year Plan period, with 5G base stations reaching 4.55 million and gigabit broadband users totaling 226 million by June 2025 [1] - The data industry in China is expected to grow rapidly, with over 400,000 data companies projected by 2024 and an industry scale reaching 5.86 trillion yuan, a 117% increase from the end of the 13th Five-Year Plan [1] - The postal industry in China reported a cumulative delivery volume of 122.3 billion items in the first seven months, a year-on-year increase of 16.2% [1] Group 3: Company Financial Performance - JD Group reported a revenue of 356.7 billion yuan (approximately 49.8 billion USD) for Q2 2025, a 22.4% increase compared to Q2 2024 [1][7] - China Telecom's half-year report for 2025 showed a revenue of 269.4 billion yuan, a 1.3% year-on-year increase, with a net profit of 23 billion yuan, up 5.5% [1][7] - Cambrian Technology announced that its stock price has deviated significantly due to misleading information regarding large orders and revenue forecasts [1][7]

Core Insights - The central enterprises in China are significantly increasing their investments in the artificial intelligence (AI) sector, with a focus on high-quality development and capital operations to create new industry advantages and foster new growth drivers [1][2][3] Group 1: AI Revenue and Growth - China Mobile reported AI-related revenue in the "tens of billions" range for the first half of the year, indicating strong growth in the sector [2] - China Telecom's AIDC revenue grew by 7.4% year-on-year, while Tianyi Cloud revenue reached 573 billion [2] - China Unicom's smart network business revenue reached 454 billion, with a 60% year-on-year increase in AIDC contract value [2] Group 2: Development of AI Models - Major state-owned enterprises have launched significant AI models, such as the "Qingyuan" model by the National Energy Group and the "Xiaomiao" model by China National Building Material Group [3] - The industry is witnessing a shift from self-use to output, transforming cloud and energy computing capabilities into tradable public services [3] Group 3: Local Government Initiatives - Local state-owned enterprises are actively creating application scenarios for AI, with Guangzhou showcasing 60 AI application scenarios and over 30 AI professional parks [4] - Shenzhen has introduced a "rolling release" model for selecting high-quality application scenarios, while Zhejiang has published a list of 26 "AI+" open scenarios across various sectors [4] Group 4: Strategic Development and Ecosystem - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for strategic high-value applications and the integration of AI with the real economy [5] - There is a call for the establishment of a supportive industrial ecosystem that integrates funding, industry, and data resources to foster innovation and competitiveness [6]