Core Insights - On January 7, 2026, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 83.52 billion, 44.91 billion, and 34.34 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) also ranked as the top three, with trading amounts of 67.05 billion, 28.31 billion, and 19.91 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - The top active stocks included: - Alibaba-W (09988): Trading amount of 83.52 billion, net buying of +9.74 billion - SMIC (00981): Trading amount of 44.91 billion, net selling of -10.38 billion - Tencent Holdings (00700): Trading amount of 34.34 billion, net buying of +8.86 billion - Xiaomi Group-W (01810): Trading amount of 23.83 billion, net buying of +8.13 billion - China Mobile (00941): Trading amount of 22.60 billion, net selling of -11.26 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - The top active stocks included: - Alibaba-W (09988): Trading amount of 67.05 billion, net selling of -8.50 billion - Tencent Holdings (00700): Trading amount of 28.31 billion, net buying of +10.69 billion - SMIC (00981): Trading amount of 19.91 billion, net selling of -3.20 million - Xiaomi Group-W (01810): Trading amount of 16.55 billion, net buying of +8.19 billion - Meituan-W (03690): Trading amount of 13.07 billion, net buying of +4.48 billion [2]

Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - In the 53rd week of 2025, the communication sector experienced a decline of 1.26%, ranking 24th among primary industries in the Yangtze River region. However, since the beginning of 2025, the sector has risen by 84.79%, ranking 1st among primary industries [2][5]. - SoftBank Group has made an additional investment of $22.5 billion in OpenAI, fulfilling its $40 billion investment commitment, increasing its stake to approximately 11%, making it the second-largest shareholder. This funding will primarily support the expansion of OpenAI's large model training and inference capabilities [6][8]. - Meta Platforms has announced the acquisition of AI Agent startup Manus for over $2 billion, marking its third-largest acquisition in history. Manus has processed over 147 trillion tokens and created more than 80 million virtual computer instances, with a revenue run rate exceeding $125 million as of mid-December 2025 [7][8]. Summary by Sections Market Performance - The communication sector's performance in the 53rd week of 2025 showed a decline of 1.26%, while it has increased by 84.79% since the start of the year, leading the primary industries [2][5]. Company Developments - SoftBank's total investment in OpenAI has reached $41 billion, with a focus on enhancing AI capabilities and infrastructure [6]. - Meta's acquisition of Manus is aimed at leveraging AI technology to enhance user engagement across its platforms [7]. Investment Recommendations - The report recommends several companies within the communication sector, including: - Telecom Operators: China Mobile, China Telecom, China Unicom - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid Cooling: Invec - AI Applications: Boshi Jie, Heertai, Tuobang Co., Yiyuan Communication - Satellite Applications: Huace Navigation, Haige Communication [8].

欢迎扫描下方二维码关注： 关于2025年度—2027年度和2026年度—2028年度公益性社会组织捐赠税前扣除资格名单的公告 财政部 税务总局 民政部公告2025年第21号 财政部 税务总局 民政部 根据《中华人民共和国企业所得税法》及《中华人民共和国企业所得税法实施条例》有关规定，按照《财政部 税务总局 民政部关于公益性捐赠税前 扣除有关事项的公告》（财政部 税务总局 民政部公告2020年第27号）等有关要求，现将符合公益性捐赠税前扣除资格的公益性社会组织名单公告如下： 一、2025年度—2027年度符合公益性捐赠税前扣除资格的公益性社会组织名单 1.中国民航科普基金会 2.中国友好和平发展基金会 3.中华全国体育基金会 4.华鼎国学研究基金会 5.中国社会工作联合会 6.中国狮子联会 7.阿尔茨海默病防治协会 8.中国和平统一促进会 二、2026年度—2028年度符合公益性捐赠税前扣除资格的公益性社会组织名单 1.中国西部人才开发基金会 2.爱佑慈善基金会 3.中国健康促进基金会 4.中华见义勇为基金会 5.中国青少年发展基金会 6.中国牙病防治基金会 7.中国乡村发展基金会 8.中国红十字基金会 9.中 ...

Core Viewpoint - The year-end bonus system in state-owned enterprises (SOEs) creates a perception of "back pay" due to the fixed salary cap established at the beginning of the year, which is linked to the company's economic performance and profit targets [2][4][20]. Salary Cap Management - The total salary budget is predetermined annually, encompassing all forms of employee compensation, including salaries, bonuses, and allowances [2][18]. - The salary budget is linked to the company's economic performance; if profits decline, the salary budget must also decrease [4][20]. - This budgetary constraint leads to conservative monthly payouts, with significant adjustments made at year-end based on confirmed performance metrics [5][20]. Performance Pressure in 2025 - The major telecom operators are facing significant performance pressures, with emerging business revenue growth slowing down from 22.2% in 2023 to 9.9% in 2024, and further stagnation expected in 2025 [6][22]. - EBITDA for China Mobile and China Unicom has shown rare negative growth, while China Telecom's growth rate has also declined, indicating reduced profitability [6][22]. - Management salaries have been cut, with China Mobile's key management compensation decreasing from 10.1 million yuan in 2022 to 9.29 million yuan in 2024, a reduction of approximately 8% [6][22]. Year-End Bonus Disparities - There is a significant disparity in year-end bonuses among employees, with reported bonuses ranging from 6,000 yuan to 150,000 yuan depending on position and location [7][23]. - For example, a graduate from Hunan Mobile received a total of 100,000 yuan, while a master's degree holder from Anhui received around 30,000 yuan [7][23]. - The differences reflect the complex internal distribution logic within the operators [9][25]. Hierarchical Influence on Compensation - The fixed salary cap means that higher-ranking employees receive a larger share of the total compensation pool, leading to substantial differences in bonuses based on job level [10][26]. - For instance, an employee in a lower position may receive only a fraction of what a higher-ranking colleague earns for similar contributions [10][26]. Departmental Impact on Bonuses - Not all departments within the telecom operators are equally valued; R&D departments are prioritized, with significant increases in R&D budgets for AI and cloud computing [12][28]. - Conversely, traditional communication roles are under pressure, with bonuses likely to decrease as these services decline [12][28]. Year-End Bonus as a Management Tool - Year-end bonuses serve as a management tool rather than just a reward, with a portion of the total salary budget allocated to performance-based bonuses linked to company performance metrics [29][34]. - This system allows for differentiated bonuses to incentivize and manage employee performance effectively [29][34]. Future Trends in Year-End Bonuses - The trend of bonus disparities is expected to continue, with traditional communication roles facing further reductions while positions in AI and computing may see increases [15][31]. - The success of the operators' transformation into digital service providers will directly influence the potential for year-end bonuses to become genuine incentives rather than mere compensatory payments [33].

Group 1 - The Hong Kong stock market saw a net inflow of 9.178 billion HKD from northbound trading on January 7, with the Shanghai-Hong Kong Stock Connect contributing 3.49 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 5.688 billion HKD [1] - The most bought stocks included Tencent (00700), Xiaomi Group-W (01810), and the Tracker Fund of Hong Kong (02800), while the most sold stocks were China Mobile (00941), SMIC (00981), and CNOOC (00883) [1][2] - Alibaba-W (09988) recorded a net inflow of 9.74 billion HKD, while SMIC (00981) experienced a net outflow of 10.38 billion HKD [2] Group 2 - Tencent (00700) received a net inflow of 8.86 billion HKD, while Xiaomi Group-W (01810) saw a net inflow of 8.13 billion HKD [2] - The report from Citigroup highlighted three key themes for the mainland internet industry by 2026: growth in recurring revenue from cloud infrastructure, competition among major internet companies for AI chatbot user traffic, and deployment of proprietary AI agents by vertical companies [4] - Xiaomi Group-W (01810) was notably bought with a net inflow of 16.32 billion HKD, as the CEO announced plans for the new generation of the Xiaomi SU7 to be launched in April [5] Group 3 - The Tracker Fund of Hong Kong (02800) and Hang Seng China Enterprises (02828) received net inflows of 14.65 billion HKD and 9.12 billion HKD, respectively [5] - Goldman Sachs maintained an "overweight" rating on Chinese A-shares and H-shares, citing attractive risk-reward ratios amid low investor positioning [5] - Goldwind Technology (02208) received a net inflow of 2.1 billion HKD, with potential positive catalysts linked to its stake in Blue Arrow Aerospace [6] Group 4 - China Life (02628) saw a net inflow of 4.16 billion HKD, while China Mobile (00941) and SMIC (00981) faced net outflows of 11.26 billion HKD and 10.7 billion HKD, respectively [7]

Group 1 - The core point of the article is that southbound funds recorded a net purchase of approximately 91.78 billion Hong Kong dollars on January 7, with Tencent Holdings and Xiaomi Group being the top beneficiaries [1] - Tencent Holdings received a net purchase of about 19.55 billion Hong Kong dollars, indicating strong investor interest [1] - Xiaomi Group-W also saw significant net buying, amounting to approximately 16.33 billion Hong Kong dollars [1] Group 2 - China Mobile experienced a net sell-off of 11.26 billion Hong Kong dollars, suggesting a negative sentiment towards the stock [1]

Group 1 - Southbound funds recorded a net purchase of 9.178 billion HKD today [1] - Tencent Holdings, Xiaomi Group-W, and the Tracker Fund of Hong Kong were the top three net purchases, with net buys of 1.955 billion HKD, 1.633 billion HKD, and 1.465 billion HKD respectively [1] - On the sell side, China Mobile, SMIC, and Kuaishou-W experienced net sales of 1.126 billion HKD, 1.070 billion HKD, and 0.157 billion HKD respectively [1]

Market Overview - The average stock price in A-shares is 14.44 yuan, with 203 stocks priced over 100 yuan as of January 7 [1] - The Shanghai Composite Index closed at 4085.77 points, up 0.05%, while stocks over 100 yuan had an average increase of 1.88%, outperforming the index by 1.83 percentage points [1] High-Value Stocks - The highest closing price among stocks over 100 yuan is Kweichow Moutai at 1423.36 yuan, down 0.33%, followed by Cambrian and Yuanjie Technology at 1394.88 yuan and 700.70 yuan respectively [1] - In the past month, stocks priced over 100 yuan have seen an average increase of 19.43%, compared to a 4.69% increase in the Shanghai Composite Index [1] Sector Distribution - Among the high-priced stocks, the electronics sector is the most represented with 76 stocks, accounting for 37.44% of the total [2] - The mechanical equipment and computer sectors each have 21 stocks, making up 10.34% of the high-priced stocks [2] Stock Performance - Kema Technology's stock price has recently crossed the 100 yuan mark, closing at 109.34 yuan with a 9.55% increase and a turnover rate of 21.61% [2] - The total trading volume for Kema Technology reached 3.452 billion yuan, with a net inflow of 255 million yuan from main funds [2] Notable High-Value Stocks - A list of notable high-value stocks includes: - Kweichow Moutai: 1423.36 yuan, -0.33% - Cambrian: 1394.88 yuan, +0.85% - Yuanjie Technology: 700.70 yuan, +8.47% [2][3] - Other significant stocks include: - Zhongji Xuchuang: 619.60 yuan, +2.37% - Moer Thread: 617.54 yuan, +0.58% [2][3] Recent Trends - The recent trend shows that stocks like Andar Intelligent, Feiwo Technology, and Chaojie Co. have experienced significant increases of 131.72%, 131.36%, and 130.17% respectively over the past month [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國移動有限公司 | | | 呈交日期: | 2026年1月7日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00941 | | 說明 | | 於香港聯交所上市的股份（「香港股份」） | | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | ...

中国地震台网正式测定：1月7日03时17分在新疆喀什地区塔什库尔干县（北纬37.58度，东经74.93度） 发生5.2级地震，震源深度10千米。地震发生后，中国移动通信集团新疆有限公司（以下简称"新疆移 动"）立即响应，第一时间启动地震应急通信保障预案，集结抢险队伍，实时监测网管及设备运行，全 力开展通信保障。 地震发生后，新疆移动迅速组织抢险力量，遵循"早发现、早报告、早处置"原则，实时监控网络运行状 态，确保通信畅通。截至发稿时，已累计出动应急保障车辆4辆、抢修人员8名，调动油机3台、卫星电 话1部，对震区干线线路和通信设施进行巡检。已完成1个干线机房、2个传输机房、4个基站机房的检 查，并排查光缆线路100公里。 本次地震震中预警范围内共有基站343个。地震导致7个站点机房停电，及时启动后备应急电源，其中2 个4G基站、1个5G基站退服，2G基站运行正常。经紧急抢修，退服基站已全部恢复运行。目前尚有4个 站点机房供电未恢复。 目前，各项通信保障与监测工作正有序推进。新疆移动将持续关注震区情况，对震区网络状态进行实时 跟踪，确保通信网络稳定运行。（白婷 汪欢） ...