按申万行业统计，剑桥科技所属的通信行业共有8家公司公布了2025半年度分配方案，派现金额最多的 是中国移动，派现金额为540.83亿元，其次是中国电信、中国联通，派现金额分别为165.81亿元、34.77 亿元。（数据宝） 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | 股息率（%） | | --- | --- | --- | --- | | 2025.06.30 | 10派0.452元（含税） | 0.12 | 0.11 | | 2024.12.31 | 10派2.2元（含税） | 0.59 | 0.54 | | 2024.06.30 | 10派0.3元（含税） | 0.08 | 0.07 | | 2023.12.31 | 10派1.33元（含税） | 0.36 | 0.28 | | 2019.12.31 | 10转增3派0.34元（含税） | 0.07 | 0.12 | | 2018.12.31 | 10转增3派1.8元（含税） | 0.23 | 0.52 | | 2017.12.31 | 10转增3派1.9元（含税） | 0.19 | 0.40 | 证券时报·数据宝统 ...

Core Insights - The company achieved steady growth in operating performance in the first half of 2025, with revenue reaching 269.4 billion yuan, a year-on-year increase of 1.3% [1] - The net profit attributable to shareholders was 23 billion yuan, reflecting a year-on-year growth of 5.5% [1] - The return on equity (ROE) improved by 0.2 percentage points to 5.0%, while EBITDA margin increased by 3.03 percentage points to 30.3% [1] Revenue Breakdown - The mobile communication service revenue was 106.6 billion yuan, up 1.3% year-on-year, while fixed-line and smart home service revenue reached 64.1 billion yuan, a growth of 0.2% [1] - The company had 433 million mobile users and 199 million broadband users, with mobile ARPU at 46.0 yuan and broadband comprehensive ARPU at 48.3 yuan [1] - Industrial digitalization revenue amounted to 74.9 billion yuan, with AIDC revenue growing by 7.4% [1] Strategic Business Growth - Revenue from strategic emerging products showed rapid growth, with Tianyi Cloud revenue at 57.3 billion yuan [1] - Intelligent revenue reached 6.3 billion yuan, a significant increase of 89.4% year-on-year [1] - Security revenue grew by 18.2% to 9.1 billion yuan, while video network revenue increased by 46.2% and satellite revenue by 20.5% [1] - Quantum revenue surged by 171.1%, indicating strong growth in this sector [1] AI and Quantum Initiatives - The company has established a smart cloud system centered around its core technology "Xirang," providing integrated intelligent cloud services [2] - It has developed over 160 AI applications across 21 key areas, enhancing efficiency and reducing costs for enterprises [2] - The quantum communication user base surpassed 6 million, serving over 3,000 industry clients in sectors such as government and finance [2] Capital Expenditure and Dividends - Capital expenditure for the first half of 2025 was 34.2 billion yuan, with a full-year plan of less than 83.6 billion yuan [2] - The company announced a mid-term dividend plan, with a payout of 0.18 yuan per share, reflecting an 8.4% year-on-year increase [2]

Core Insights - The three major telecom operators in China, namely China Mobile, China Unicom, and China Telecom, have emphasized their strategies and achievements in the AI and IoT sectors in their 2025 semi-annual reports, indicating a consensus on AI as a new growth driver for telecom operators [1][2] Group 1: IoT Business Progress - The semi-annual reports highlight the progress in the IoT sector, covering aspects such as connection scale, network capabilities, and AIoT platform development [2] - IoT is identified as the main driver of total connection growth for telecom operators, with China Mobile reporting a total connection count of 3.815 billion, a net increase of 145 million, and an estimated IoT connection count of approximately 2.487 billion, contributing 93.8% to the net increase [3][5] - China Telecom's total connection count is about 1.448 billion, with nearly 688 million IoT connections, contributing 85.8% to the net increase, while China Unicom has over 1.2 billion connections, with 690 million IoT connections, contributing 84.4% to the net increase [3] Group 2: Digital Infrastructure Development - The digital infrastructure for IoT is being strengthened, with a total of 4.55 million 5G base stations nationwide as of June 2025, supporting various digital applications [6] - China Mobile has opened over 2.599 million 5G base stations, while China Telecom has 1.49 million high-frequency and 880,000 low-frequency base stations, enhancing network capabilities [7] Group 3: AIoT Applications and Services - The application of AIoT in various industries is emphasized as the ultimate value realization of IoT services, with China Mobile signing 1,485 AI+DICT projects and reaching nearly 200 million customers with AI-enabled products [8] - China Telecom has launched multiple intelligent agents covering 450 million customers in public services, while China Unicom focuses on enhancing differentiated services and has established 7,500 5G factories [8] Group 4: Revenue and Value Assessment - The revenue from IoT connections and information services is evolving, with China Mobile reporting a 6.7% growth in IoT connection revenue and a 23.9% growth in IoT information revenue [9] - The overall revenue from mobile IoT in China is projected to reach 45.271 billion yuan in 2024, with contributions from China Telecom, China Mobile, and China Unicom being 5.019 billion, 26.299 billion, and 13.953 billion yuan respectively [9] - The decline in average revenue per user (ARPU) from individual connections is noted, with a shift towards higher growth in IoT information services, indicating a more significant value proposition for telecom operators [10]

Investment Rating - The report maintains a "Buy" rating for multiple companies in the communication sector, including Huadian Co., Meige Intelligent, and China Mobile, among others [1]. Core Insights - Significant advancements have been made in quantum computing architecture in China, with a promising market outlook. The AshN quantum instruction set architecture has been developed, which allows for direct programming of arbitrary two-qubit gates, enhancing efficiency and reducing error accumulation [2][21]. - The commercial aerospace sector is witnessing accelerated developments, particularly with the successful launch of low-orbit satellites, indicating strong investment opportunities in this area [3][36]. Summary by Sections Quantum Computing - The IDC predicts that the quantum computing market will reach $1.1 billion in sales in 2022, growing at a compound annual growth rate (CAGR) of 48.1%, reaching $7.6 billion by 2027. Investment in the quantum computing market is expected to grow at an 11.5% CAGR, nearing $16.4 billion by the end of 2027 [3][35]. - The AshN architecture developed by Tsinghua University and Beijing Quantum Information Science Research Institute significantly improves the performance of superconducting quantum chips by reducing the number of gate operations required [2][22]. Commercial Aerospace - The successful launch of the low-orbit satellite group by the China Academy of Space Technology marks a significant milestone in the development of satellite internet, with plans for extensive satellite constellations [3][36]. - The report highlights the ongoing acceleration of satellite internet deployment, with multiple launches scheduled for 2025-2026, indicating a robust growth trajectory for the commercial aerospace sector [6][55]. Market Performance - The communication sector index rose by 7.66% during the week of August 11-15, 2025, outperforming the CSI 300 index, which increased by 2.37% [11]. - The report recommends several companies for investment, including China Mobile, China Telecom, and various technology firms involved in satellite internet and quantum computing [20].

Market Overview - The Shanghai Composite Index rose by 0.85% on August 18, with 29 out of 31 sectors experiencing gains, led by the communication and comprehensive sectors, which increased by 4.46% and 3.43% respectively [1] - The real estate and oil & petrochemical sectors were the only ones to decline, with decreases of 0.46% and 0.10% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 16.057 billion yuan, with 8 sectors seeing net inflows [1] - The electronic sector had the highest net inflow of 5.040 billion yuan, followed closely by the communication sector with a net inflow of 4.904 billion yuan [1] Communication Sector Performance - The communication sector saw a significant increase of 4.46%, with a total net inflow of 4.904 billion yuan [2] - Out of 125 stocks in the communication sector, 104 stocks rose, including 4 that hit the daily limit, while 21 stocks fell, with 1 hitting the lower limit [2] - The top three stocks with the highest net inflow were ZTE Corporation (28.99 billion yuan), Dongxin Peace (5.45 billion yuan), and China Unicom (5.12 billion yuan) [2] Communication Sector Capital Inflow - The top stocks in terms of capital inflow included: - ZTE Corporation: +8.80%, turnover rate 9.58%, net inflow 289.88 million yuan - Dongxin Peace: +10.00%, turnover rate 23.04%, net inflow 54.54 million yuan - China Unicom: +2.22%, turnover rate 2.50%, net inflow 51.23 million yuan [2] Communication Sector Capital Outflow - The stocks with the highest capital outflow included: - Hengbao Co., Ltd.: -5.14%, turnover rate 47.96%, net outflow -60.15 million yuan - Shijia Photon: -16.38%, turnover rate 14.09%, net outflow -25.39 million yuan - Yongding Co., Ltd.: -0.21%, turnover rate 8.87%, net outflow -17.85 million yuan [3]

高盛发布研报称，中国电信（601728）(00728)第二季EBITDA及净利润均超出预期，分别同比增长5.2% 及7.1%，受资本开支下降推动，自由现金流增长14%。高盛指，在行业竞争及宏观挑战下，中电信的 EBITDA、自由现金流及利润增长均领先于同业，相信是有效的成本控制推动EBITDA利润率扩张。高 盛将中电信2025至2027年EBITDA预测上调1%、1.5%及1.7%，目标价由6.7港元上调至7.2港元，维 持"买入"评级。 ...

（文章来源：每日经济新闻） 民生证券8月18日发布研报称，给予中国电信（601728.SH）推荐评级。评级理由主要包括：1）基础业 务稳健增长，移动用户数增长较快，ARPU保持平稳；2）战略新兴业务持续拓展；3）精细管理提升经 营效率，资本开支持续下降。风险提示：新兴业务不及预期，AI技术落地不及预期，基础业务ARPU值 改善不及预期。 ...

Investment Rating - The report maintains a "Recommended" rating for China Telecom [4] Core Views - The company achieved steady revenue growth with a total revenue of 269.42 billion yuan in the first half of 2025, representing a year-on-year increase of 1.3%. The net profit attributable to shareholders reached 23.017 billion yuan, up 5.5% year-on-year [1] - The company is focusing on deepening its "AI+" strategy, which is expected to enhance operational efficiency and profitability [4] - The mobile communication service revenue reached 106.6 billion yuan, with a mobile user base of 433 million, showing a growth of 8.19 million users compared to the end of 2024 [2] - Strategic emerging businesses are expanding, with digital industrialization revenue reaching 74.9 billion yuan, accounting for 30.1% of service revenue, and significant growth in cloud and AI-related services [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 269.42 billion yuan, a net profit of 23.017 billion yuan, and a cash dividend of 0.1812 yuan per share, reflecting an 8.4% increase year-on-year [1] - The company expects a full-year capital expenditure of less than 83.6 billion yuan for 2025, with a capital expenditure to revenue ratio of 12.7% in the first half [4] Business Segments - Mobile communication service revenue grew by 1.3% to 106.6 billion yuan, with a mobile user base of 433 million and a 5G user penetration rate of 65.2%, up 6.1 percentage points year-on-year [2] - The digital industrialization revenue reached 74.9 billion yuan, with a year-on-year growth of 1.6%, and the AI-driven services showed a robust increase [3] Strategic Initiatives - The company is enhancing its strategic emerging businesses, with significant growth in cloud services, intelligent services, and security services, indicating a strong focus on digital transformation [3] - The company has strengthened its management efficiency through digital empowerment and AI, leading to an increase in return on equity (ROE) to 5.0% and a net profit margin of 9.2% [4]

智通财经APP获悉，高盛发布研报称，中国电信(00728)第二季EBITDA及净利润均超出预期，分别同比 增长5.2%及7.1%，受资本开支下降推动，自由现金流增长14%。高盛指，在行业竞争及宏观挑战下，中 电信的EBITDA、自由现金流及利润增长均领先于同业，相信是有效的成本控制推动EBITDA利润率扩 张。高盛将中电信2025至2027年EBITDA预测上调1%、1.5%及1.7%，目标价由6.7港元上调至7.2港元， 维持"买入"评级。 ...

Core Viewpoint - Midea Group has secured a significant project in the Guangdong-Hong Kong-Macao Greater Bay Area, marking a milestone in its smart building technology business [1] Group 1: Business Developments - Midea Group's smart building technology division has undertaken China's first large-scale all-liquid cooling intelligent computing data center project for China Telecom [1] - The company is collaborating deeply with leading domestic internet enterprises in the intelligent computing center business, focusing on the development of liquid cooling systems and key components [1] - Midea Group is supplying products such as CDU (Cooling Distribution Unit) for these collaborative projects [1]