中国联合网络通信股份有限公司 2026 年第一次临时股东会会议资料 2026 年 1 月 30 日 北 京 | 会议须知 | 1 | | --- | --- | | 会议议程 | 2 | | 议案 | 1.00 关于选举董事的议案 4 | | 议案 | 1.01 关于增补董昕先生为公司董事的议案 4 | | 议案 | 1.02 关于增补杨宁先生为公司董事的议案 5 | | 附件：股东会投票表决统计办法 | 6 | 中国联合网络通信股份有限公司 2026 年第一次临时股东会会议须知 为确保中国联合网络通信股份有限公司（以下简称"公司"或"本 公司"）股东在公司股东会（以下简称"本次会议"）期间依法行使权 利，保证本次会议的会议秩序和议事效率，公司特将本次会议相关事项 通知如下： 一、公司根据《公司法》《证券法》《公司章程》及《公司股东会 议事规则》的规定，认真做好召开本次会议的各项工作。 二、公司董事会在本次会议的召开过程中，应当认真履行法定职责， 维护股东合法权益。 三、公司股东参加本次会议，依法享有《公司章程》规定的各项权 利，并应认真履行法定义务，不得侵犯其他股东的合法权益，不得扰乱 本次会议的正常秩序。 ...

中国联通公告称，2026年第一次临时股东会将于1月30日14:30召开，采用现场投票与网络投票结合方 式。会议将审议两项议案，一是联通集团提名联通集团董事长董昕担任公司董事；二是因唐国良辞任董 事，联通集团提名中国国新控股副总经理杨宁担任公司董事。两议案均已通过公司第八届董事会第二十 次会议审议，现提请股东会审议。 ...

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a slight decline of 0.30% in its closing price on January 14, with a trading volume of 28.31 million yuan [1]. Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return (adjusted for valuation exchange rates) [1]. Group 2: Fund Size and Performance - As of January 13, 2025, the fund had a total of 351 million shares and a total size of 354 million yuan, showing a 0.85% decrease in shares and a 0.91% increase in size since December 31, 2025 [1]. - Over the last 20 trading days, the fund's cumulative trading amount reached 577 million yuan, with an average daily trading amount of 28.83 million yuan [1]. Group 3: Fund Management and Holdings - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 0.12% during the management period [2]. - Major holdings in the fund include China COSCO Shipping, Orient Overseas International, China Foreign Transport, China National Petroleum, CITIC Bank, China National Offshore Oil, China Shenhua Energy, China People's Insurance Group, China Unicom, and Agricultural Bank of China, with respective holding percentages [2].

Investment Rating - The industry investment rating is "Positive" and is maintained [10] Core Insights - The communication sector rose by 1.50% in the first week of 2026, ranking 28th among primary industries in the Yangtze River region. Year-to-date, the sector has also increased by 1.50% [2][5] - NVIDIA launched the Rubin platform at CES 2026, which integrates computing, storage, and networking, enhancing the demand for high-speed optical interconnects. This is expected to increase optical connection density and bandwidth requirements [6][8] - Chinese enterprises and institutions have applied to the ITU for over 200,000 low-orbit satellites by the end of 2025, accelerating the layout of low-orbit satellite internet and securing scarce frequency resources [7][8] Summary by Sections Market Performance - In the first week of 2026, the communication sector's stock performance included significant gains for companies with market capitalizations over 8 billion yuan, with Nanjing Panda (+49.1%), Tongyu Communication (+42.3%), and Dawi Technology (+35.3%) leading the gains. Conversely, Hengbao Co. (-8.1%), Cambridge Technology (-8.0%), and Dingtong Technology (-7.6%) experienced the largest declines [5] NVIDIA Rubin Platform - The Rubin platform features a modular Superchip and full liquid cooling, significantly increasing computing density. The NVL72 unit integrates 72 Rubin GPUs, providing approximately 200 PFLOPS NVFP4 computing power, with internal bandwidth of 14.4TB/s and external bandwidth of 1.6Tb/s [6] - The platform introduces a POD-level context memory system that alleviates inference KV cache bottlenecks, allowing for low-latency sharing across GPUs and nodes, with a single GPU card capable of approximately 16TB of context storage [6] - The integrated architecture of the Rubin 576 Superpod enhances optical interconnect density, with a total bandwidth of approximately 260TB/s [6] Satellite Projects in China - The report highlights that the large-scale application for low-orbit satellite constellations by Chinese entities is aimed at securing limited space resources, thus accelerating the development of low-orbit satellite internet [7] Investment Recommendations - The report recommends several companies across various segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid cooling: Yingweike - Hollow-core optical fibers: Fenghuo Communication, Hengtong Optic-Electric - Domestic computing: Runze Technology, Guanghuan New Network - AI applications: Bosijie, Heertai, Tuobang Co. - Satellite applications: Huace Navigation, Haige Communication [8]

自由现金流ETF紧密跟踪国证自由现金流指数，国证自由现金流指数反映沪深北交易所自由现金流水平较高且稳定性较好的上市公司证券价格变化情况。数 据显示，截至2025年12月31日，国证自由现金流指数前十大权重股分别为中国海油、上汽集团、格力电器、中远海控、中国铝业、宝钢股份、长城汽车、正 泰电器、中国联通、潍柴动力，前十大权重股合计占比51.95%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600938 | 甲国海海 | -0.20% | 9.87% | | 600104 | 上汽集团 | -2.65% | 8.71% | | 000858 | 五粮液 | -0.89% | 7.32% | | 000651 | 格力电器 | -0.32% | 6.54% | | 603993 | 洛阳钼业 | 2.19% | 5.12% | | 601600 | 中国铝业 | -2.43% | 4.26% | | 601225 | 陕西煤业 | -0.53% | 4.25% | | 601727 | 上海电气 | 1.31% | 3.08% | | 60187 ...

Core Viewpoint - China's recent application to the International Telecommunication Union (ITU) for over 200,000 satellite frequency resources marks a record-breaking action in both the number of applications and the total scale of satellites, indicating a strategic move to secure orbital and frequency resources for future development [1][3][10]. Group 1: Record-Breaking Application - The application includes over 190,000 satellites from a newly registered entity called the "Radio Spectrum Development and Technology Innovation Research Institute," which significantly exceeds previous applications and is several times larger than the current largest constellation, SpaceX's Starlink with 72,000 satellites [1][4]. - In 2025, China submitted 73 frequency coordination applications to the ITU, with a peak of 34 applications in December alone, showcasing unprecedented activity in satellite frequency coordination [4][10]. Group 2: Strategic Intent - The large-scale application is viewed as a "resource positioning" action, aimed at ensuring China has a sufficient "resource pool" of orbital and frequency resources for the next decade or longer [3][10]. - The initiative reflects China's strategic determination to secure more orbital positions and frequencies, which are critical for the development of commercial space and the goal of integrated "space-ground" communication systems, particularly for 6G [3][6][13]. Group 3: Role of Key Institutions - The Radio Spectrum Innovation Institute, established by several key organizations, is positioned as a core research and technical support entity for satellite communication standards and resource management, indicating a strong national strategic intent [6][11]. - The collaboration between the Radio Spectrum Innovation Institute and China SatNet highlights a dual approach where one focuses on demand integration and the other on technological innovation and resource reserve [6][10]. Group 4: Involvement of Telecom Operators - Major telecom operators, including China Telecom and China Mobile, are also involved in the satellite application process, marking a significant step in their satellite internet business and indicating a shift towards integrated communication services [11][12]. - China Telecom aims to complement its existing geostationary satellite capabilities with low Earth orbit satellites to enhance its service offerings, while China Mobile seeks to establish its own satellite constellation to maintain competitive advantages in future communication technologies [11][12][13].

Group 1: Top Net Buy/Sell Companies - The top net buy company is 盈富基金 (2800.HK) with a net buy amount of 6.465 billion CNY, representing a holding change of 244,904,500 shares[8] - The second highest net buy is 小米集团-W (1810.HK) with a net buy amount of 3.704 billion CNY, with a holding change of 97,941,310 shares[8] - The top net sell company is 中国移动 (0941.HK) with a net sell amount of -3.517 billion CNY, reflecting a holding change of -43,443,065 shares[9] Group 2: Industry Distribution of Net Buy/Sell - The financial sector shows a significant net buy, while the telecommunications sector has a notable net sell, indicating a shift in investor sentiment[11] - Information technology companies like 小米集团-W and 腾讯控股 are actively traded, with mixed net buy/sell results, suggesting volatility in this sector[11] - The healthcare sector, represented by companies like 石药集团, has seen a net buy, indicating potential growth interest from investors[11] Group 3: Active Stocks - 阿里巴巴-W (9988.HK) is the most active stock in the Shanghai-Hong Kong Stock Connect with a total trading volume of 6.569 billion CNY and a net sell of -2.114 billion CNY[18] - The second most active stock is 金风科技 (2208.HK) with a trading volume of 3.307 billion CNY and a net sell of -0.130 billion CNY[18] - The trading activity of 中芯国际 (0981.HK) shows a total volume of 2.174 billion CNY with a net sell of -0.174 billion CNY, indicating investor caution[18]

Core Viewpoint - The National Index of Free Cash Flow has shown positive performance, with significant increases in both the index and its constituent stocks, indicating strong investor interest and liquidity in the market [1][2]. Group 1: Index Performance - As of January 14, 2026, the National Index of Free Cash Flow rose by 0.39%, with notable increases in constituent stocks such as Huaren Health (+5.40%) and Baijin Nonferrous (+5.34%) [1]. - The Free Cash Flow ETF (159201) has also increased by 0.40%, marking its fourth consecutive rise, with the latest price at 1.26 yuan [1]. - Over the past six months, the net value of the Free Cash Flow ETF has increased by 21.88%, showcasing strong performance [1]. Group 2: Fund Flows and Liquidity - The Free Cash Flow ETF has attracted a total of 1.94 billion yuan in inflows over the last five trading days, indicating robust investor interest [1]. - The latest scale of the Free Cash Flow ETF reached 95.15 billion yuan, a record high since its inception [1]. - The net financing amount for the Free Cash Flow ETF was 4.2543 million yuan, with a total financing balance of 10.2 million yuan [1]. Group 3: Historical Performance Metrics - The Free Cash Flow ETF has recorded a maximum monthly return of 7% since its inception, with the longest consecutive monthly gains reaching six months and a maximum cumulative increase of 22.69% [1]. - The ETF has an 80% monthly profit percentage and a 79.70% probability of monthly profitability, with a 100% historical probability of profitability over a six-month holding period [1]. Group 4: Top Constituent Stocks - As of December 31, 2025, the top ten weighted stocks in the National Index of Free Cash Flow include China National Offshore Oil Corporation, SAIC Motor, and Gree Electric Appliances, collectively accounting for 51.95% of the index [2].

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion, with net inflows of 484 million from the Stock Connect [1] - The technology sector and AI applications are expected to be key themes for future performance in the Hong Kong stock market, with leading companies in these sectors likely to benefit from long-term growth opportunities [3] Company Performance - WuXi AppTec's stock rose by 8.3%, with an expected net profit of approximately 19.151 billion yuan for 2025, representing a year-on-year increase of 102.65% [1] - WuXi Biologics saw a stock increase of 5.9%, while Alibaba's stock rose by 3.6% [1] - The newly listed company, Zhaoyi Innovation, saw its stock price increase by over 37% on its first trading day [1] Investment Recommendations - The report suggests focusing on sectors supported by government policies, such as artificial intelligence, semiconductors, and industrial software, which are expected to drive new productivity [3] - It also highlights the potential in consumer sectors, particularly in sports apparel and non-essential services, driven by domestic demand expansion policies [3] - Companies with low valuations and high dividends in various sub-sectors, particularly state-owned enterprises, are recommended for investment [3] Stock Performance Highlights - The Hang Seng Index has shown a 36% increase over the past year, while the Hang Seng Technology Index has increased by 34% [16] - Notable stock performances include Alibaba with a 98% increase over the past year and WuXi Biologics with a 140% increase [16]

"未满24岁是低龄用户？我都上班两年了！" 宁夏联通的一则办卡提示在网友中引发讨论，该提示要求未满24周岁的用户必须持有低龄用户办卡申请 单并由相关部门盖章，才能办理手机卡套餐。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文| 《BUG》栏目 张俊 宁夏联通客服向《BUG》栏目表示，未满24周岁的用户以学生为主，社会经验、法律意识不足，容易 被兼职高薪、刷单返利的幌子诱导，出租、出借自己的电话卡给这些团伙，采取该措施是为了从源头上 斩断这种诈骗。 未满24岁被定义为低龄用户，办卡要盖章 近日有网友发帖称，在宁夏联通官网办理5G畅爽冰激凌299元套餐时，被官方提示"若您未满24周岁， 须本人持有加盖公章的《低龄用户办理号码申请单》方可进行办理。" 他认为，宁夏联通将未满24周岁定义为低龄用户，让人不舒服。 网友们也纷纷表示，此举或许涉嫌年龄歧视。"低龄用户没毛病，就是设置为24岁……大学毕业工作2年 的低龄用户？""14岁吧？24岁都大学毕业了，很多人都工作了啊！" 《BUG》栏目在宁夏联通官网发现，不只是5G畅爽冰激凌299元套餐，5G畅爽冰激凌199元套餐、5G畅 爽冰激凌1 ...