（文章来源：每日经济新闻） 创业板指数由创业板中市值大、流动性好的100只股票组成，战略性新兴产业占比超九成，是中国创新 创业企业的代表性指数，权重股包括宁德时代、东方财富、中际旭创、新易盛等。创业板ETF （159915）在跟踪该指数的产品中规模居首，且管理费率仅为0.15%/年，可助力投资者低成本把握新兴 产业发展机遇。 今日午后，CPO、通信设备、5G、创新药等板块持续走强，截至14:05，创业板指数上涨3.4%，成分股 中，菲利华涨超17%，新易盛涨超14%，三环集团涨超13%，创业板ETF（159915）盘中成交额突破35 亿元。 东方证券表示，市场信心还处在向上趋势中，会逐级上升，未来指数会越走越强，应该坚定全年要看新 高的预期；科技是确定性主线，后续科技板块的相对优势会进一步加强。 ...

杨帆认为，不确定性或贯穿2025年经济运行。回顾历史上不确定性陡升时期，全球经济呈现阶段性收缩 与结构性分化并存的特征。 对于外部环境，杨帆表示，将特朗普再次执政期和疫情期比较，相同之处可能在于全球多数经济体会面 临私人部门投资活动在不确定性环境下放缓的现象，各国财政部门或保持相对宽松的财政政策予以对 冲；不同之处在于本轮通胀可能呈现成本推动型特征，关税带来的价格上涨将侵蚀美国居民的购买力， 难以延续疫情期间的"消费—利润—收入—消费"循环。美国消费的走弱或将导致中国外需走弱，拖累中 国经济的增长动能。 对于内部环境，杨帆表示，不确定性也为我国改革带来契机，2025年迎来"十五五"经济社会发展规划的 制定，将涉及经济走势、科技革命、财政关系等重大宏观问题，引领我国产业迈向更高质量的发展。预 计财政扩张将更加聚焦促进消费回暖与价格修复，短期纾困与长期培育并举，以化解隐债与转型升级推 动基建投资回暖，地产调控仍着眼于供需再平衡。 证券时报记者 孙翔峰 5月28日，中信证券2025年资本市场论坛在上海举行。中信证券宏观与政策首席分析师杨帆、中信证券 首席A股策略分析师裘翔分别发表了宏观、策略方面的最新观点。 "为解 ...

Core Viewpoint - China Unicom's mid-year performance for 2025 shows a modest growth in revenue and profit, indicating a stable financial position and ongoing business optimization [1] Financial Performance - Revenue exceeded RMB 200 billion, marking a year-on-year increase of 1.5% [1] - Pre-tax profit reached RMB 17.8 billion, reflecting a growth of 5.1% year-on-year [1] - Profit attributable to equity holders was RMB 14.484 billion, up by 5.01% year-on-year [1] - Earnings per share stood at RMB 0.47, with a proposed interim dividend of RMB 0.2841 per share, representing a 14.5% increase [1] Business Structure Optimization - Internet communication revenue amounted to RMB 131.9 billion [1] - Smart network revenue reached RMB 45.4 billion, accounting for 26% of total revenue [1] - International business revenue grew to RMB 6.8 billion, an increase of 11% year-on-year [1] - Revenue from strategic emerging industries increased, contributing to 86% of total revenue, highlighting a shift towards high-quality development [1]

Core Insights - China Unicom's stock rose over 3%, reaching HKD 10.5 with a trading volume of HKD 568 million [1] Financial Performance - The company reported a revenue exceeding RMB 200 billion for the first half of 2025, marking a year-on-year growth of 1.5% [1] - Pre-tax profit reached RMB 17.8 billion, reflecting a year-on-year increase of 5.1% [1] - Profit attributable to equity holders was RMB 14.484 billion, up 5.01% year-on-year [1] - Earnings per share stood at RMB 0.47, with a proposed interim dividend of RMB 0.2841 per share, representing a 14.5% increase [1] Business Structure Optimization - Revenue from connected communication reached RMB 131.9 billion [1] - Smart computing revenue amounted to RMB 45.4 billion, accounting for 26% of total revenue [1] - International business revenue grew by 11% to RMB 6.8 billion [1] - Revenue from strategic emerging industries increased its share to 86%, becoming a new driver for high-quality development [1]

Financial Performance - The company's revenue for the first half of the year reached RMB 200.2 billion, showing a steady increase compared to RMB 197.3 billion in the same period last year [1] - Total profit amounted to RMB 17.7 billion, reflecting a year-on-year growth of 5.2% [1] - Net profit attributable to shareholders was RMB 6.35 billion, up from RMB 6.04 billion year-on-year [1] - The net cash flow from operating activities was RMB 29.3 billion, slightly down from RMB 30.1 billion in the previous year [1] User and Service Growth - The company surpassed 1.2 billion connected users, with net additions of over 11 million mobile and broadband users, reaching a total of 480 million [2] - The number of IoT connections increased by over 60 million, totaling 690 million, with 86 million in the automotive sector [2] - 50% of users opted for "dual-gigabit" services, and the penetration rate of integrated services exceeded 77% [2] Business Segments and Innovations - The smart network business achieved significant growth, with cloud revenue reaching RMB 376 billion [2] - The data center revenue was RMB 144 billion, marking a 9.4% increase year-on-year, with a 60% growth in AIDC contract value [2] - The company has established over 30 trusted data spaces and developed more than 100 AI intelligent agents [2] International Expansion - The company rebranded its international operations as UniCom, collaborating with over 600 global operators and 1,000 industry partners [3] - New international smart computing centers were established, enhancing the global innovation network [3] - The company is involved in several benchmark projects across ASEAN, the Middle East, Africa, and Europe [3] Network Investment and Infrastructure - Capital expenditure was RMB 20.2 billion, a 15% decrease year-on-year, with significant savings in operational expenses [3] - The company upgraded its mobile and broadband networks, achieving a data center capacity of 2,650 MW and a total computing power of 30 EFLOPS [3] - The backbone optical cable network expanded to 200,000 kilometers, with a 23% increase in international submarine cable capacity [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.60 CNY [4] Core Views - The company reported a revenue of 2.229 billion CNY for H1 2025, a decrease of 13.97% year-on-year, and a net profit attributable to shareholders of 0.03 billion CNY, down 98.72% [1] - The wireless communication business experienced a revenue decline of 5.73% in H1 2025, but new product launches are expected to drive future growth [8] - The company is actively seeking growth opportunities by increasing investments in strategic emerging industries, including military applications of AI technology and satellite internet [8] Financial Performance Summary - Revenue projections for 2025E are adjusted to 6.280 billion CNY, with a forecasted growth of 27.7% in 2026E and 8.9% in 2027E [3] - The net profit attributable to shareholders is expected to recover significantly to 0.333 billion CNY in 2025E, with a projected growth of 526.4% in 2026E [3] - The company's earnings per share (EPS) is forecasted to be 0.13 CNY in 2025E, increasing to 0.30 CNY by 2027E [2][3]

Group 1 - The company plans to establish a partnership with Shanghai Guoke Longhui Private Fund Management Co., Ltd. to set up Hangzhou Guoke Venture Capital Partnership (Limited Partnership) with a total fund size not exceeding RMB 400 million [1] - The company intends to invest up to RMB 200 million of its own funds, representing no more than 50% of the partnership's subscribed capital [1] - The fund will primarily invest in strategic emerging industries, focusing on sectors such as integrated circuits and artificial intelligence, which are considered hard technology tracks [1]

Group 1 - The company plans to establish a partnership with Shanghai Guoke Longhui Private Fund Management Co., Ltd. to set up Hangzhou Guoke Venture Capital Partnership (Limited Partnership) with a total fund size not exceeding RMB 400 million [1] - The company intends to contribute no more than RMB 200 million, representing up to 50% of the partnership's subscribed capital [1] - The fund will primarily invest in strategic emerging industries, focusing on sectors such as integrated circuits and artificial intelligence [1]

上半年，联网通信收入达到人民币1,319亿元;算网数智收入达到人民币454亿元，占比提升到26%;国际 业务收入达到人民币68亿元，同比增长11%;战略性新兴产业收入占比提升到86%，成为公司高质量发展 的新动能。 上半年，联接用户规模突破12亿，其中移动和宽带用户净增超过1,100万，创近年同期新高，总量达到 4.8亿;物联网连接数净增超过6,000万，总量达到6.9亿，其中车联网8,600万，主导优势继续巩固。 智通财经APP讯，中国联通(600050.SH)披露2025年半年度报告，报告期公司实现营收2002.02亿元，同 比增长1.5%;归属于上市公司股东的净利润63.49亿元，同比增长5.1%;扣非净利润55.8亿元，同比增长 10.3%;基本每股收益0.203元。拟每10股拟派发现金股利人民币1.112元(含税)。 ...

Investment Rating - The report maintains a rating of "Increase" for the company [4] Core Views - The company is strategically positioning itself in emerging industries, aiming to create new growth drivers through investments in high-end manufacturing and new technologies [1] - The acquisition of a 55% stake in Beijing Jinyuan Power fills a critical gap in network security qualifications, enhancing the company's capabilities in software evaluation and data management [2] - The company has implemented a market value management system to enhance its value and investor communication, focusing on strategic optimization and operational measures [3] - The company is expected to achieve significant profit growth, with projected net profits of 409 million, 478 million, and 563 million yuan for 2025, 2026, and 2027 respectively [8] Financial Summary - Revenue is projected to grow from 2,889 million yuan in 2023 to 4,517 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 11.9% [1] - The net profit is expected to increase from 199 million yuan in 2023 to 563 million yuan in 2027, reflecting a strong growth trajectory [1] - The company's return on equity (ROE) is anticipated to rise from 5.6% in 2023 to 12.5% in 2027, indicating improved profitability [1] - The price-to-earnings (P/E) ratio is projected to decrease from 50.5 in 2023 to 17.9 in 2027, suggesting a more attractive valuation over time [1]