Core Insights - The report released by CCID Consulting highlights the competitive landscape of computing power parks in China, emphasizing the significant advantages of hub regions and the superior capabilities of western computing power parks [1][2] Group 1: Current Landscape and Rankings - The top 20 computing power parks show a clear dominance of hub regions, with 15 parks located in these areas, accounting for 75% of the total, and 80% of the top 10 parks [1] - National-level parks are more likely to unleash the empowering effects of computing power due to stronger industrial strength and better policy support, with three-quarters of the top 20 parks classified as national high-tech zones, new areas, or industrial parks [1] - The Gansu Qingyang "East Data West Calculation" industrial park ranks first, achieving a computing power scale exceeding 50,000 P and demonstrating significant empowerment capabilities [1][4] Group 2: Future Trends - The report identifies four key development trends for computing power parks: 1. A parallel trend of hub concentration and multi-point explosion in development 2. The potential for computing power parks to become critical carriers for the integration of computing networks and electricity 3. The role of refined services in enabling high-quality development of computing power parks 4. An increasing focus on the greening of computing power parks [2]

海南日报讯（海南日报全媒体记者 邵长春 通讯员 李明 王燕 吴蔓菁）近日，中国联通海南海口国 际信息港项目主体结构实现全面封顶。 中国联通海南海口国际信息港项目主体结构封顶 将建成新型绿色低碳高等级智算园区 该项目位于海口市龙华区金盘路，是中国联通在海南深化战略布局的重要举措，也是助力海南加快 打造新质生产力的具体实践。 据海南联通该项目负责人介绍，自项目开工以来，在海口市委市政府、龙华区委区政府的支持下， 各部门与参建单位紧密配合、通力合作，历时135天顺利完成了主体结构工程建设。 为保证项目按时完成建设，海南联通组建了工作专班和项目组，建立"专班对接"通道，并成立了技 术攻坚组，攻克了建筑高抗震结构设计、装配式膜壳柱实施等多项技术问题。 此外，该项目主体还采用了装配工艺叠加绿色施工，装配率超50%，建筑垃圾回收利用率达70%， 实现了施工效率提升、污染控制和资源循环利用等。 后续，该项目将进行室内外装修、机电设备安装等工作，计划今年6月完成土建工程施工，2025年 底前完成海口国际通信业务出入口局企业侧建设工作。 该项目建成后将成为集国际通信业务出入口局、国际智算（数据）中心及国际海陆缆"三位一体"的 新 ...

Summary of Conference Call for China Unicom Company Overview - **Company**: China Unicom - **Key Executives Present**: - Chairman and CEO: Chen Zhongyue - Executive Director and President: Jian Qin - Executive Director: Wang Junzhi - Senior Vice President: Tang Yongbo - Executive Director and CFO: Li Yuzhuo - Senior Vice President: Hao Liqian [1] Core Financial Performance - **Revenue**: 389.6 billion RMB, a year-on-year increase of 4.6% [2] - **Net Profit**: 20.6 billion RMB, a year-on-year increase of 10.1% [2] - **Return on Equity**: Increased to 5.8% [2] - **Voice Revenue**: 68.6 billion RMB, a year-on-year increase of 17.1% [2] - **Data Center Revenue**: 25.9 billion RMB, a year-on-year increase of 7.4% [3] User Growth and Market Position - **Mobile and Broadband Users**: Reached 470 million, an increase of 19.52 million [2] - **IoT Connections**: Exceeded 620 million, an increase of 13 million [2] - **Industry Leadership**: Maintained the top position in the number of IoT connections and industrial internet platform management [2] Capital Expenditure and Investment Strategy - **Total Capital Expenditure**: 61.37 billion RMB, a year-on-year decrease of 17% [3] - **Investment in Computing Power**: Increased by 19% [3] - **Network Coverage**: Mobile network population coverage reached 99%, an increase of 1% [3] Technological Advancements - **5G Deployment**: Expanded to 300 cities with ultra-high-speed capabilities [4] - **Data Center Development**: Over 300 large-scale computing centers established, with a computing capacity exceeding 1.7 billion FLOPS [4] - **AI Integration**: Launched AI products and services, enhancing market space and value creation [8] International Expansion and ESG Initiatives - **Global Presence**: New branches in UAE and Uzbekistan to better serve global customers [10] - **ESG Commitment**: Launched a green action plan and established 22 national-level green data centers [10] Shareholder Returns - **Dividend Increase**: 2024 dividend rate increased by 5 percentage points, with a total dividend of 0.4043 RMB per share, a year-on-year increase of 20% [11] Future Outlook - **Revenue and Profit Growth**: Expected strong growth in revenue, profit, and return on equity by 2025 [11] - **Investment in AI Infrastructure**: Special budget arrangements for AI-focused infrastructure and major projects [11]

Investment Rating - The report maintains a positive outlook on the telecommunications industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [3][4]. Core Insights - The report analyzes the annual performance of telecom operators from four perspectives: C-end business, government-enterprise business, computing power layout, and dividend allocation [4][5]. - The overall growth trend in communication consumption demand remains resilient, driven by the continuous strengthening of user base and scale effects [7][8]. - The telecom operators are positioned at the intersection of "big security," "central enterprise valuation system," and "digital economy," with significant growth potential in AI domestic computing power and industry customer digital transformation [16][26]. Summary by Sections C-end Business - China Mobile reported a personal market revenue of 483.7 billion yuan in 2024, a year-on-year decrease of 1.3%, while value-added services contributed positively [6][8]. - China Telecom's mobile communication service revenue reached 202.5 billion yuan, growing by 3.5% year-on-year, with a mobile user base of 425 million [6][8]. - China Unicom's internet communication business revenue was 261.3 billion yuan, with a year-on-year growth of 1.5% and a 5G penetration rate of 83% [6][8]. Government-Enterprise Business - China Mobile's government-enterprise market revenue reached 209.1 billion yuan, growing by 8.8% year-on-year, with cloud business revenue exceeding 100 billion yuan [9][10]. - China Telecom's digital industry revenue was 146.6 billion yuan, a year-on-year increase of 5.5%, with its cloud service revenue maintaining industry leadership [10][16]. - China Unicom's smart computing business achieved revenue of 82.5 billion yuan, growing by 9.6% year-on-year, with significant growth in cloud revenue [12][16]. Computing Power Layout - China Mobile plans to invest 37.3 billion yuan in computing power by 2025, accounting for 25% of its capital expenditure [17][19]. - China Telecom's self-developed computing platform has connected with 50 partners, with a total computing power of 62 EFLOPS [19][23]. - China Unicom's computing power layout is expected to grow by 28% in 2025, focusing on AI infrastructure and major projects [23][26]. Dividend Allocation - China Mobile proposed a dividend payout ratio of 73% for 2024, with a total dividend of 5.09 HKD per share, reflecting a year-on-year increase of 5.4% [27][28]. - China Telecom plans to distribute a dividend of 0.2598 yuan per share for 2024, with a payout ratio of 72% [27][28]. - China Unicom's total dividend for 2024 is expected to be 0.4043 yuan per share, with a payout ratio of 60% [27][28].