总体来看，构成情绪指数的13个指标中，仅有2个指标改善动能较强(权重：15.4%)，即港股回购金额加 大、恒指期权认沽/认购比率下行。有9个指标有所转弱(权重：69.2%)，分别是主板成交额下降、IPO募 资金额下降、RSI指数下行、港股通成交总额下降、AH折价/溢价水平小幅扩大、香港市场风险溢价上 行、外资净流入收窄、卖空比率上行以及1个月合约恒指期货与恒指价差的正差距收窄。有2个指标基本 维持不变，为恒指波幅指数、股债收益差(权重：15.4%)。接下来，若有更多的因子转为改善，有望驱 动市场情绪指数上行。 短期投资交易策略：杠铃策略，攻守兼备 短期来看，预计市场将维持震荡态势，风格和投资主线或将出现轮动。短期缺乏新的催化剂，加上明年 美联储降息的不确定性将影响外部流动性，增量资金配置或更集中于稀缺性资产，而估值扩张空间有 限，这些因素都会加剧市场波动，因此盈利端的表现将更可能决定市场的走势。短期投资交易策略上建 议攻守兼备，"科技+红利"的杠铃策略依然有效。 红利端：除了防御性较强的银行、保险、电信运营商、公用事业、能源等传统红利板块外，消费板块亦 值得关注。 智通财经APP获悉，浦银国际发布研报称，11 ...

省委社会工作部相关负责人表示，此次入选的品牌阵地分布广泛、类型多样，其中西安15个，宝 鸡、咸阳各7个，渭南、延安、榆林、汉中、商洛各6个，铜川、安康各5个，杨凌示范区1个，中国联 通、中国建设银行各1个。 陕西积极整合各方资源，依托党群服务中心、乡镇（街道）社工站、工会驿站、青年之家、妇女之 家、司机之家等打造广覆盖、多层次、实用化的暖"新"驿站5700余个。这些阵地聚焦新就业群体急难愁 盼问题，提供多样化便利服务，助力新就业群体增强获得感、幸福感和归属感，推动三秦暖"新"行动走 深走实。（记者：王帅） 记者12月12日从省委社会工作部获悉：陕西持续深化三秦暖"新"行动，在全域推进新就业群体友好 场景建设中遴选出72个品牌阵地，进一步为新就业群体办好暖心实事。西安市新就业群体服务中心（东 区）、宝鸡市金台区365暖"新"驿站、咸阳市秦都区古渡街道骑士驿站等72个入选阵地将获得专项经费 支持。 据介绍，省委社会工作部聚焦新就业群体"关键小事"，明确暖"新"驿站建设标准、发布统一标识， 推行"驿站上图"等举措，让友好服务实现一触即达，切实提升新就业群体的可感可及度。 ...

प्रेमास : 0 . 0 视频客服 es 板服务 让爱道棋 围绕"透明消费、安全防护、线上线下融合、特殊群体关爱"等多个维度，四川移动构建起一个让客 户"明白办、放心用、暖心头"的全场景服务新生态，用实际行动诠释"民有所呼，我必有应"的郑重 承诺。 守护财产安全 用技术筑牢防护屏障 ● □唐堂 （图片由四川移动提供） 从智慧助老守护"夕阳红"，到科技护童点亮"朝阳暖"；从"线上+线下"融合服务，到"透明+安全"双 重保障…… 数智化浪潮之下，中国移动通信集团四川有限公司（以下简称四川移动）始终坚持以人民为中心， 积极响应并深化"中国移动10项服务承诺"，推动服务模式从"被动响应"向"主动守护"深刻转型。 "我每个月都会收到话费账单短信，流量用超了会及时提醒，不用担心话费超了。"成都的李女士对 四川移动的透明消费服务很满意。李女士一次在家追剧时，手机突然弹窗提示套餐流量用尽，并附 上一键订购"流量加油包"的便捷入口，让她在惊讶之余倍感安心。 这正是四川移动着力打造的"服务一本账"——通过资费明细主动推送、业务办理二次确认、中国移 动App实时查询等功能，客户对套餐余额、消费明细一目了然。即使错过短信，还有 ...

摩根士丹利将T-Mobile US的目标价从280美元下调至260美元，将AT&T的目标价从32美元下调至30美 元，仍维持"增持"评级；将Verizon的目标价从48美元下调至47美元，维持"持有"评级。(格隆汇) ...

2025年被视为智能体元年。在经历此前百模大战的喧嚣后，产业界正逐步达成共识——大模型若无法嵌 入具体场景解决复杂任务，将难以产生商业闭环。而智能体，成为大模型落地的"最后一公里"，必要性 日益凸显。 "在当前阶段，虽然重量级AI产品不断发布，但用户仍然面临终端孤岛、应用孤岛的痛点。"在近日广州 举行的2025数智科技生态大会上，中电信人工智能科技有限公司副总经理杨戈更为直接地点出了当前 AI发展的这一痛点。 针对近期引发热议的AI手机，杨戈指出，AI虽然改变了交互模式，但尚未彻底改变"用户找服务"的路 径。用户为了完成一个跨场景任务（如规划旅行），仍需在多个APP间跳转。 正是在此背景下，中国电信于此次大会上正式发布了星辰智能体服务平台1.0。据杨戈介绍，该平台打 造的跨终端统一智能体入口——"星小辰"，通过该入口，用户无须跳转多个APP，即可通过对话完成复 杂任务，实现"开口即办、智能应需而来"。 四大能力支撑"中控大脑" 下，运营商凭借海量数据、广泛连接和全场景覆盖优势，正成为智能体产业的核心玩家。 而支撑该平台"对话即服务"体验的则是四大核心能力体系。其中，模型能力是智能体的大脑。据杨戈介 绍，星辰平 ...

Core Insights - The report highlights a shift in capital expenditure by telecom operators towards computing infrastructure, driven by a reduction in traditional telecom network spending and an increasing demand for AI capabilities [3][4]. Capital Expenditure Trends - In 2024 and the first half of 2025, capital expenditure by Chinese telecom operators is expected to decline, primarily due to reduced spending on traditional telecom networks like 5G. However, there is a notable increase in investments in AI and computing infrastructure to meet growing market demands [4][8]. - Goldman Sachs projects that despite a further decrease in telecom network spending in 2025, the growth in capital expenditure related to intelligent computing capabilities will partially offset this decline, leading to an overall decrease in annual capital expenditure [8]. Specific Operator Projections - China Telecom is expected to have a capital expenditure of 84 billion RMB in 2025, down from 94 billion RMB in 2024, with an increase in investments related to computing platforms [8]. - China Unicom's capital expenditure is projected to be 55 billion RMB in 2025, down from 61 billion RMB in 2024, primarily due to reduced 5G-related capital expenditure, but with a simultaneous increase in AI infrastructure investments [8]. Competitive Advantage - Telecom operators possess their own Internet Data Center (IDC) resources, which reduces reliance on external IDC suppliers and helps lower overall operational costs [7].

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call discusses various sectors including AI computing, telecommunications, quantum computing, and optical modules, with a focus on companies like Google and domestic firms in China. Core Insights and Arguments 1. **AI Computing Sector**: - The introduction of Google's multimodal understanding model is expected to enhance performance in optical modules and OCS optical switching, benefiting related companies in the supply chain [1][3][4] - Optimistic revenue forecasts from companies like Opai, projecting $125 billion by 2029 and $200 billion by 2030, indicate a strong investment outlook in AI computing despite short-term trading pressures [1][3][4][5] 2. **Telecommunications Operators**: - High dividend yields make telecom operators attractive as dividend assets, with resilient profit margins expected to sustain steady growth and substantial dividend returns despite macroeconomic pressures [1][6] 3. **Quantum Computing Developments**: - The superconducting route in quantum computing is slightly ahead, with companies like Benyuan Quantum initiating IPOs. The value of a single quantum computer can reach tens of millions of dollars, highlighting the importance of dilution refrigerants and superconducting coaxial cables [1][7] 4. **Optical Module Industry**: - The optical module sector is optimistic about 2026, with rising demand for 800G and 1.6T modules. Supply constraints in lasers and optical chips are expected to support performance growth for core companies [1][8][9] 5. **Storage Market Dynamics**: - Strong demand for storage driven by AI is reshaping the market, with traditional PC, server, and mobile markets being impacted. The emergence of "warm data" between hot and cold data is significantly boosting storage needs [1][16] 6. **Investment Strategies for 2026**: - Investment strategies will focus on AI, divided into model end, hardware end, and terminal end, emphasizing large model manufacturers, core chips like GPUs, and new terminal devices such as smart glasses and robots [1][11] 7. **Hardware Market Trends**: - The PCB market is projected to exceed 90 billion yuan by 2026, driven by AI demand, although high-end capacity remains limited [1][14] 8. **Media and Internet Sector Outlook**: - The media and internet industry is expected to see accelerated AI application development and a rebound in content consumption, with significant competition among major players for new traffic entry points [1][20][27][33] Other Important but Possibly Overlooked Content - The gaming industry is anticipated to maintain high growth in 2026, driven by successful titles and community engagement, indicating a strong potential for AI integration [1][30] - Domestic companies are increasingly leveraging AI for business development, with notable success in overseas markets [1][25][29] - The commercialization of AI applications is expected to be driven by user growth, increased payment penetration, and price hikes through premium offerings [1][22][23]

Telefonica has proposed laying off 5,040 people in Spain as part of cost-cutting efforts envisaged in its new strategy, trade union UGT said on Monday. ...

11月20日，中国联通盘中上涨2.03%，截至13:09，报5.52元/股，成交11.61亿元，换手率0.69%，总市值 1725.80亿元。 机构持仓方面，截止2025年9月30日，中国联通十大流通股东中，香港中央结算有限公司位居第六大流 通股东，持股5.65亿股，相比上期减少7.50亿股。华夏上证50ETF（510050）位居第八大流通股东，持 股2.99亿股，相比上期减少808.15万股。华泰柏瑞沪深300ETF（510300）位居第九大流通股东，持股 2.66亿股，相比上期减少1229.58万股。易方达沪深300ETF（510310）位居第十大流通股东，持股1.92 亿股，相比上期减少614.26万股。 责任编辑：小浪快报 中国联通所属申万行业为：通信-通信服务-电信运营商。所属概念板块包括：陆股通活跃、国资云、 IPV6、6G概念、WIFI概念等。 截至9月30日，中国联通股东户数59.64万，较上期增加7.09%；人均流通股51591股，较上期减少 6.62%。2025年1月-9月，中国联通实现营业收入2929.85亿元，同比增长0.99%；归母净利润87.72亿元， 同比增长5.20%。 分红方 ...

Group 1 - Energy metals lead the market, with traditional dividend assets like oil, chemicals, and banks showing strength, particularly the "three oil giants" which have boosted the Hong Kong stock market's dividend ETF, Guangfa (520900), by 1.39% [1] - Since the fourth quarter, technology stocks have entered a valuation adjustment phase, while market funds have shifted towards dividend assets, indicating a style switch [3] - The "technology" and "dividend" sectors have alternated in performance, highlighting the importance for investors to understand and adapt to these style changes rather than betting on a single style [4] Group 2 - A stable asset allocation strategy is crucial for investment safety, with successful investors often choosing robust leaders as a ballast in their portfolios [5] - In China, key sectors such as energy, utilities, communications, and finance have benefited significantly from the country's rapid economic growth since 2000, with state-owned enterprises playing a vital role [6] - China Petroleum and Chemical Corporation (Sinopec) has seen its revenue grow from 360 billion yuan in 2000 to over 3 trillion yuan in 2024, a 7.5-fold increase, while maintaining stable net profits [6] Group 3 - Sinopec has distributed over 650 billion yuan in cash dividends since its listing in 2001, with a dividend yield consistently above 5% for the past decade [7] - China National Petroleum Corporation (CNPC) has also performed well, distributing 320 billion yuan in dividends from 2020 to 2024 while maintaining over 50% of domestic crude oil supply [7] - China Shenhua Energy, a leading coal enterprise, has seen its revenue grow nearly tenfold since its listing in 2007, with cumulative dividends exceeding 700 billion yuan and a dividend yield reaching 6.8% in 2024 [8] Group 4 - The trend of style switching in the A-share market is becoming more evident, with both "technology" and "dividend" sectors coexisting as viable investment options [9] - The performance of high-dividend indices has shown resilience during market downturns, with the Smart High Dividend Index demonstrating significant cumulative gains since 2017 [12] - The National Hong Kong Stock Connect Central Enterprise Dividend Index has also shown strong performance, with a cumulative increase of 119% since its inception [19] Group 5 - The high dividend ETF (159207) has consistently achieved positive returns from 2020 to 2024, with a cumulative increase of 111.54% over the past five years [15][17] - Hong Kong stocks often exhibit higher dividend yields compared to their A-share counterparts, making them attractive for investors seeking high-yield assets [17] - The top sectors in the National Hong Kong Stock Connect Central Enterprise Dividend Index include oil and petrochemicals, telecommunications, and transportation, with significant weight in leading state-owned enterprises [18] Group 6 - The cyclical nature of technology and high-dividend assets is a consistent pattern, with both sectors expected to grow in the context of China's stable economic growth and technological advancements [21] - Finding a balance in investment strategies across different market environments is essential for achieving long-term stable returns [21]