证券代码：600050 证券简称：中国联通 公告编号：2026-012 中国联合网络通信股份有限公司 关于公司高级副总裁辞任的公告 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： 王利民先生担任高级副总裁期间，恪尽职守，勤勉履职。 1 姓名 离任 职务 离任 时间 原定任期 到期日 离任 原因 是否继续 在上市公 司及其控 股子公司 任职 具体 职务 是否存 在未履 行完毕 的公开 承诺 王利民 高级 副总裁 2026 年 2 月 12 日 2027 年 7 月 4 日 工作 调动 否 不适用 否 一、提前离任的基本情况 董事会对王利民先生为公司作出的贡献给予高度评价，并表示 衷心感谢！ 特此公告。 中国联合网络通信股份有限公司 董事会 王利民先生因工作调动，向中国联合网络通信股份有限公 司（简称"本公司"或"公司"）董事会提交书面辞呈，辞去 公司高级副总裁职务。该辞任自 2026 年 2 月 12 日起生效。 二、离任对公司的影响 王利民先生确认与公司董事会无任何意见分歧，亦无任何 其他因辞任须提呈公司股东注 ...

何飚在运营商行业的地位及知名度就不必说了，担任过中国联通、中国移动两大运营商集团高管，各方 面的能力都是首屈一指，业界的人对他赞誉一片，贡献巨大。 早年他操盘中国联通收入最大规模省公司广东联通，业绩非常好，一手带领公司发展迈上了新台阶。 运营商财经网 朱欣雨/文 知情人士向运营商财经网透露，中国移动核心领导班子再次出现变动，集团总经理何飚不再任职，被调 走另有重用了，出任国家广电总局副局长！ 后来，他分管市场口，将中国联通市场条线业务打理得有声有色。在他的管理下，中国联通那几年业务 发展得很好，尤其是南方各省公司得宽带业务迅速崛起。 在中国移动任职期间，正值移动加速从"通信运营商"向"科技服务企业"转型的重要阶段，对集团数字化 转型和创新发展贡献颇多。 现如今，他被调走到广电总局担任副局长，这样的领导无论到哪里任职都能干得出色！ （责任编辑：朱欣雨） 出任中国联通集团副总经理的四年间，他先分管技术口，负责中国联通数字化、信息化等核心工作，大 力优化算力基础设施布局，提出"顶层规划解决方案""8+1"方案，在工业互联网、智慧城市等重点领域 发力，还高度重视6G发展，可以说是中国联通数字化转型的关键推动者。 ...

Core Viewpoint - China Unicom announced that Wang Limin has submitted his resignation as Senior Vice President due to job relocation, effective from February 12, 2026, despite his original term ending on July 4, 2027 [1] Group 1 - Wang Limin confirmed that there are no disagreements with the board of directors [1] - His resignation will not affect the normal operations of the company [1] - There are no outstanding public commitments that he has not fulfilled [1] Group 2 - After his resignation, Wang Limin will not hold any positions in the company or its subsidiaries [1]

格隆汇2月12日丨中国联通(00762.HK)宣布，因工作调动，王利民已辞任公司高级副总裁职务，自2026 年2月12日起生效。 ...

Group 1 - China Unicom (600050)(00762) announced that Mr. Wang Limin has resigned from his position as Senior Vice President due to job relocation, effective from February 12, 2026 [1]

Core Viewpoint - China Unicom (00762) announced the resignation of Mr. Wang Limin from his position as Senior Vice President due to job relocation, effective from February 12, 2026 [1] Group 1 - Mr. Wang Limin has resigned from his role as Senior Vice President at China Unicom [1] - The resignation is attributed to a job relocation [1] - The effective date of the resignation is set for February 12, 2026 [1]

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 UNICOM (HONG KONG) LIMITED 中國聯合網絡通信(香港)股份有限公司 董事長兼首席執行官 香港，2026年2月12日 於本公告日期，本公司之董事會由以下人士組成： 執行董事： 董昕、簡勤、唐永博及李玉焯 獨立非執行董事： 張永霖、鍾瑞明、羅范椒芬及范駿華 （在香港註冊成立之有限公司） （股份代號： 762） 高級副總裁辭任 中國聯合網絡通信（香港）股份有限公司（「本公司」）董事會（「董事會」）宣佈， 因工作調動，王利民先生已辭任本公司高級副總裁職務，自2026年2月12日起生效。王利 民先生在本公司任職期間，恪盡職守，勤勉履職。董事會對王利民先生為公司作出的貢 獻給予高度評價，並表示衷心感謝！ 承董事會命 中國聯合網絡通信(香港)股份有限公司 董昕 ...

Investment Rating - The report maintains a "Positive" investment rating for the communication equipment sector [10]. Core Insights - The communication sector experienced a decline of 6.91% in the fifth week of 2026, ranking 31st among major industries in the Yangtze River region. Year-to-date, the sector is down 1.86%, ranking 29th [2][5]. - Major cloud players, Google Cloud and AWS, reported significant growth in capital expenditures (Capex) for 2026, with Google Cloud's profit margin reaching a historic high of 30% and AWS revenue growth at 23.6%, the highest in nearly three years. This indicates strong investment in AI computing infrastructure [2][8]. - Lumentum and Coherent, leading companies in optical communication, reported impressive earnings growth, driven by strong demand for InP optical chips, which are currently in short supply, leading to long-term agreements (LTA) to secure supply [2][8]. Summary by Sections Market Performance - In the fifth week of 2026, the communication sector fell by 6.91%, with a year-to-date decline of 1.86%. The top three gainers among companies with a market cap over 8 billion yuan were Tongding Interconnection (+18.6%), Changfei Fiber (+17.2%), and Jiangsu Communication (+11.3%). The largest decliners were Zhongji Xuchuang (-16.8%), Lian Te Technology (-14.7%), and Shijia Photon (-14.4%) [2][5]. Cloud Computing Insights - Google reported Q4 2025 revenue of $113.83 billion, a year-on-year increase of 18.0%, with cloud revenue at $17.66 billion, up 47.8%. The operating profit margin for the cloud business reached 30.1%, a 12.6 percentage point increase year-on-year. For 2026, Google has guided Capex between $175 billion and $185 billion, nearly doubling from the previous year [6]. - Amazon's Q4 2025 revenue was $211.49 billion, a 12.6% year-on-year increase, with AWS revenue at $35.58 billion, growing 23.6%, the highest growth rate in 13 quarters. Amazon's Capex for 2026 is projected to be around $200 billion, a 52% increase year-on-year, primarily directed towards AWS [6]. Optical Communication Developments - Lumentum reported FY26Q2 revenue of $670 million, a 65.5% year-on-year increase, with a net profit of $80 million, marking a return to profitability. The company is experiencing a supply-demand gap of 25%-30% for InP chips and has initiated long-term agreements to secure supply [7]. - Coherent's FY26Q2 revenue was $1.69 billion, up 17.5% year-on-year, with a net profit of $150 million, a 41.9% increase. The company is ramping up production capacity for its unique 6-inch InP wafer line, expecting to double capacity by FY26Q4 [7]. Investment Recommendations - The report recommends several companies across different segments: - Telecom operators: China Mobile, China Telecom, China Unicom - Optical modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication - Liquid cooling: Yingweike - Air-core fiber: Fenghuo Communication, Hengtong Optic-Electric - Domestic computing: Runze Technology, Guanghuan New Network - AI applications: Boshi Jie, Heertai - Satellite applications: Huace Navigation, Haige Communication [8].

Core Viewpoint - The Hong Kong Stock Connect Dividend ETF Guangfa (520900) has seen a significant increase of 0.73% with a trading volume of 117 million yuan, marking five consecutive days of gains. The dividend strategy remains a crucial tool for investors to build portfolios and reduce volatility [1] Group 1: Investment Strategy - The dividend strategy is viewed as a stabilizing element for many investors, providing a means to lower portfolio volatility [1] - Dividend assets have the lowest valuation levels and relatively low volatility compared to other equity assets [1] - The dividend yield of dividend assets still offers a high cost-performance ratio when compared to rental returns from major cities' second-hand residential properties and the yield of 10-year government bonds [1] Group 2: Market Recommendations - Dongwu Securities recommends maintaining a barbell strategy for overall allocation in the Hong Kong stock market, with value dividends as the core holding [1] - In the event of market corrections or opportunities, the strategy should focus on value dividends as a defensive core while dynamically monitoring other offensive directions [1] Group 3: ETF Characteristics - The Hong Kong Stock Connect Dividend ETF Guangfa (520900) and its offshore links (022719/022720) closely track the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index (931722.CSI) [1] - The ETF has a significant focus on leading central enterprises such as the three major oil companies and the three major telecommunications operators, showcasing notable value style and defensive characteristics [1] - This ETF provides investors with a convenient entry point to allocate to Hong Kong dividend assets, allowing for stable returns and long-term value [1]

Core Insights - Guangdong Unicom has successfully achieved full 5G network coverage for high-speed rail and intercity lines in Guangdong, providing a robust digital guarantee for the Spring Festival travel season [1][9] - The company has developed a unique "Guangdong Smart" 5G coverage system to address challenges posed by high-speed movement, complex terrain, and high passenger density [4][9] Group 1: Challenges in High-Speed Rail Communication - By December 2025, the operational mileage of Guangdong's high-speed rail and urban rail transit is expected to exceed 3,411 kilometers and 1,653 kilometers, respectively, ranking first in the country [2] - High-speed trains traveling at 350 km/h can cause signal interruptions, while the high bridge and tunnel ratio and diverse terrain in Guangdong create signal blind spots [2] - High passenger volumes, with Guangzhou South Station averaging 480,000 passengers and Shenzhen averaging 350,000 passengers daily, place extreme demands on network capacity [2] Group 2: Innovative Technical Solutions - Guangdong Unicom has adopted a scientific and practical approach to create a 5G coverage system, utilizing big data and AI for network modeling and analysis [4] - The company has established a four-dimensional technical system that includes "5G private network enhancement, multi-carrier aggregation, large-scale antenna arrays, and smart sentinel energy-saving" to significantly improve network capacity at major transportation hubs [4] - Innovative solutions such as new leakage cables, green antennas, and digital room distribution have been implemented to ensure comprehensive network coverage in tunnels, bridges, and high-capacity stations [4] Group 3: Achievements and Future Plans - The 5G public network coverage for the 401 kilometers of the Guangzhan high-speed rail was completed in just 100 days, despite a 77% bridge-tunnel ratio and complex terrain [7] - As of December 22, 2025, the 5G full coverage project for high-speed rail and intercity lines was completed, with an average download speed exceeding 127 Mbps and a comprehensive coverage rate of over 91.82% [9] - Future plans include further integration of 5G with smart rail systems and enhancing communication infrastructure in the Guangdong-Hong Kong-Macao Greater Bay Area to support high-quality economic and social development [9]