Market Performance - On August 28, the communication services sector rose by 1.28%, with Sanwei Communication leading the gains [1] - The Shanghai Composite Index closed at 3843.6, up 1.14%, while the Shenzhen Component Index closed at 12571.37, up 2.25% [1] Individual Stock Performance - Sanwei Communication (002115) closed at 9.52, with a gain of 10.06% and a trading volume of 970,900 shares, amounting to a transaction value of 917 million [1] - Other notable performers included Wajingke (301380) with a 4.18% increase, and Chaoxun Communication (603322) with a 3.85% increase [1] Fund Flow Analysis - The communication services sector experienced a net outflow of 261 million from institutional investors and 454 million from speculative funds, while retail investors saw a net inflow of 715 million [2][3] - Sanwei Communication had a net inflow of 442 million from institutional investors, but a net outflow of 224 million from speculative funds [3]

Core Viewpoint - The issuance of satellite internet business licenses to major telecom operators in China marks the beginning of commercial operations in the satellite internet industry, presenting new growth opportunities for the sector [1]. Group 1: Market Performance - As of August 28, 2025, the China Telecom Theme Index (931235) rose by 1.75%, with key stocks such as Changfei Fiber (601869) increasing by 10.00%, Tianfu Communication (300394) by 9.65%, and Xinkai Mobile (688387) by 9.52% [1]. - The Telecom ETF Fund (560690) also saw an increase of 1.73%, with the latest price reported at 1.76 yuan [1]. Group 2: Industry Developments - The relevant authorities are set to officially issue satellite internet business licenses to China Mobile, China Telecom, and China Unicom, along with China Satellite Network Group and Shanghai Yuanxin Satellite Technology Co., marking a significant step in the commercialization of satellite internet in China [1]. - The AI wave is expected to significantly benefit telecom operators through performance growth and value reassessment driven by intelligent computing services [1]. Group 3: Index Composition - As of July 31, 2025, the top ten weighted stocks in the China Telecom Theme Index (931235) include China Unicom (600050), China Mobile (600941), and China Telecom (601728), collectively accounting for 78.18% of the index [2].

Core Viewpoint - The three major telecom operators in China are actively entering the satellite internet sector, supported by recent government guidelines aimed at optimizing the satellite communication industry by 2030 [1][2]. Group 1: Government Guidelines - The Ministry of Industry and Information Technology issued guidelines to enhance the satellite communication management system and promote the integration of satellite communication into the new development framework, aiming for over 10 million satellite communication users by 2030 [1]. - The guidelines encourage telecom operators to collaborate with satellite companies to explore the potential of high-orbit satellites like Tiantong and Beidou, promoting direct satellite connections for mobile devices [1]. Group 2: Major Telecom Operators' Initiatives - China Mobile has launched two low-orbit experimental satellites in 2023, including the world's first satellite capable of verifying 5G integrated technology [2]. - China Telecom plans to offer direct satellite connection services for mobile phones and cars, having overcome key technical challenges in satellite communication [2][3]. - China Unicom has successfully launched four low-orbit satellites and aims to integrate satellite communication with the Internet of Vehicles through strategic partnerships [3]. Group 3: Challenges in Satellite Internet Development - The development of satellite internet faces challenges such as differences in satellite-ground network architecture, high network construction costs, and performance gaps compared to terrestrial networks [4]. - China Mobile is working on a technology system to reduce the number of satellites needed for integrated networks and lower costs by 10% per satellite [5]. Group 4: Strategic Importance of Satellite Internet - The shift towards satellite internet is seen as a strategic necessity for telecom operators, marking a fundamental change from previous focuses on terrestrial mobile communication [6]. - The collaboration between telecom operators and satellite companies is expected to accelerate the commercialization of low-orbit satellite constellations, leveraging the operators' extensive user base and established sales channels [6].

Macro News - The Ministry of Industry and Information Technology has issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming for over 10 million satellite communication users by 2030 [1] - The Ministry of Commerce plans to introduce new policies to promote service exports and expand service consumption, focusing on fiscal, financial, regulatory facilitation, and international market development [1] Company News - Nvidia reported Q2 FY2026 revenue of $46.74 billion, a 56% year-over-year increase, exceeding market expectations of $46.06 billion. Net profit reached $26.42 billion, up 59%, with earnings per share at $1.05, surpassing the expected $1.01. However, data center revenue of $41.1 billion slightly missed the forecast of $41.34 billion [2] Industry News - The Ministry of Commerce and Jiangsu Provincial Government have released a development plan for the biopharmaceutical industry, focusing on technological innovation and major national projects in the sector [3] - The 2025 AGIC Shenzhen International General Artificial Intelligence Conference has commenced, featuring over 1,000 global brands and more than 11,000 overseas buyers, showcasing advancements across the AI industry [3] - The 2025 China International Big Data Industry Expo will be held in Guiyang, with major companies like Huawei and China Telecom confirmed to participate, highlighting cutting-edge technologies in digital infrastructure and AI [4] Overseas News - U.S. stock indices closed higher on August 27, with the Dow Jones up 147.16 points (0.32%), S&P 500 up 15.46 points (0.24%), and Nasdaq up 45.87 points (0.21%). Major tech stocks mostly rose, while Chinese concept stocks saw declines [5] - The U.S. government is considering acquiring stakes in defense contractors like Lockheed Martin following its investment in Intel [5]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) of China has issued guidelines to optimize business access and promote the development of the satellite communication industry, aiming for significant advancements by 2030, including the integration of satellite communication into the new development pattern and the growth of satellite communication users to over 10 million [1] Group 1: Industry Development - By 2030, the satellite communication management system and policies will be further improved, with a continuous optimization of the industry development environment [1] - The guidelines encourage telecom operators to explore the potential of high-orbit satellite applications and promote the direct connection of mobile devices to satellites [1] - The integration of satellite communication with terrestrial mobile communication is emphasized to enhance service quality and user experience [1] Group 2: Major Telecom Operators - Major telecom operators, including China Mobile, China Telecom, and China Unicom, have all deployed satellite internet services [2] - China Mobile plans to open its mobile direct satellite connection service to the public once it obtains the necessary operational qualifications [2] - China Telecom has launched mobile direct satellite services and plans to introduce "automobile direct satellite" services in 2024 [2][3] - China Unicom has successfully launched four low-orbit satellites and is working on integrating satellite communication with vehicle networking [3] Group 3: Challenges and Solutions - The development of mobile direct satellite broadband services faces three main challenges: coordination difficulties between satellite and terrestrial network architectures, high network construction costs, and performance gaps between satellite and terrestrial networks [4] - To address these challenges, China Mobile is developing a flexible and efficient satellite-terrestrial collaborative network and has proposed an innovative technology system to reduce the number of satellites needed for network construction [5] - A digital twin system is being created to simulate satellite operations, aiming to significantly improve system performance during various stages of satellite networking [5] Group 4: Strategic Importance - The shift towards satellite internet is seen as a strategic necessity for telecom operators as they transition from focusing solely on terrestrial mobile communication to integrating satellite services [6] - The collaboration between telecom operators and satellite companies is expected to accelerate the commercialization of low-orbit satellite constellations, leveraging the operators' extensive user base and established sales channels [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中国电信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 海外監管公告 中國電信股份有限公司 2025 年半年度 A 股利潤分配實施公告 证券代码：601728 证券简称：中国电信 公告编号：2025-029 中国电信股份有限公司 2025年半年度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。 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 兹載列中國電信股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國電信股份有 限公司 2025 年半年度 A 股利潤分配實施公告》，僅供參考。 承董事會命 中國電信股份有限公司 董事長兼首席執行官 柯瑞文 中國北京，2025 年 8 ...

Core Points - China Telecom announced a cash dividend of 0.1812 RMB per share (including tax) for its shareholders [1][2] - The total number of shares for the dividend distribution is based on the company's total share capital of 91,507,138,699 shares [2] - The record date for shareholders is September 3, 2025, with the last trading day on September 4, 2025, and the dividend payment date also on September 4, 2025 [2][4] Dividend Distribution Plan - The cash dividend will be distributed to all shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the record date [2] - Shareholders who have completed designated transactions can receive their cash dividends at their designated securities business department on the payment date [2] - For shareholders who have not completed designated transactions, the dividends will be held by China Securities Depository and Clearing Corporation Limited until the designated transaction is completed [2] Taxation Policies - For individual shareholders holding unrestricted circulating shares for more than one year, the dividend income is temporarily exempt from personal income tax [3] - For shares held for one year or less, the company will not withhold personal income tax, resulting in an actual cash dividend of 0.1812 RMB per share [3] - For shareholders holding shares for one month or less, the actual tax burden is 20%, while for those holding between one month and one year, the tax burden is reduced to 10% [5][6] H Share Dividend Arrangement - The cash dividend distribution arrangement for H share shareholders will be disclosed in the company's mid-term performance announcement on August 14, 2025 [7]

证券代码：601728 证券简称：中国电信 公告编号：2025-029 中国电信股份有限公司 2025年半年度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0.1812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 | 2025/9/3 | － | 2025/9/4 | 2025/9/4 | 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 中国电信股份有限公司（以下简称"公司"）于 2025 年 5 月 21 日 召开 2024 年年度股东大会，审议通过了《关于授权董事会决定公司 2025 年中期利润分配方案的议案》；公司于 2025 年 8 月 14 日召开第八 四、 分配实施办法 1. 实施办法 届董事会第二十一次会议，审议通过了《关于公司 2025 年中期利润分 配和股息宣 ...

Core Insights - The communication sector is experiencing significant growth, with the Guozheng Communication Index rising by 4.49% and individual stocks like Shijia Photon increasing by 19.72% [1] - The recent policy direction from the State Council emphasizes the integration of AI with the communication industry, which is expected to create new applications and enhance infrastructure [3][4] Group 1: Market Performance - The Communication ETF (159695) has seen a 3.97% increase, with a weekly cumulative rise of 9.69%, ranking first among comparable funds [1][3] - The ETF's trading volume was active, with a turnover rate of 12.54% and a total transaction value of 20.63 million yuan [3] - The ETF's latest scale reached 160 million yuan, marking a one-year high, and its shares reached 89.81 million, also a one-month high [3] Group 2: Financial Performance - New Yi Sheng reported a revenue of 10.437 billion yuan, a year-on-year increase of 282.64%, and a net profit of 3.942 billion yuan, up 355.68% [4] - The Communication ETF has achieved a net value increase of 92.52% over the past year, ranking 254 out of 2977 in the index stock fund category [3] Group 3: Industry Trends - The integration of AI technology in the communication sector is creating new application scenarios, such as intelligent communication network optimization and AI-based fault prediction [4][5] - The rise of low-altitude economy is driving demand for low-altitude communication networks, expanding market opportunities for the communication industry [5] - The top ten weighted stocks in the Guozheng Communication Index account for 61.8% of the index, indicating concentrated investment in key players [5][7]

Group 1 - The former Party Secretary and General Manager of China Telecom Yunnan Branch, Miao Fengyuan, is under investigation for serious violations of discipline and law [1] - The investigation is being conducted by the Central Commission for Discipline Inspection and the National Supervisory Commission, along with the Jiangxi Provincial Commission for Discipline Inspection [1]