与此同时，公募基金加速布局港股市场，上报的港股主题基金数量明显增加。据国泰海通证券测算，从 整体来看，在公募、险资等机构的推动下，南向资金仍有增配空间，全年净流入额有望超1万亿元。 展望港股后市表现，赵宪成的看法十分积极。在他看来，恒生科技指数2025年的EPS（每股收益）增速 预计为35%，ROE（净资产收益率）预计为14%。从估值来看，反弹后恒生指数的估值回到偏高的位 置，但仍能找到许多优质的投资标的，对下半年港股表现持乐观态度。从更长时间维度来看，基本面对 股价上涨的驱动力会更加明显，那些真正具备业绩支撑的企业有望脱颖而出。谈及后续看好的投资方 向，赵宪成表示，主要看好三条主线。 资金的持续流入，为上半年港股的走强提供了坚实支撑。Choice数据显示，截至7月17日，今年以来南 向资金持续净流入超7200亿元，接近去年同期的两倍。"内资外资轮番成为做多的主力。"赵宪成说。 ◎记者 赵明超 一是科技板块。港股科技板块拥有许多成熟、稳定且盈利能力强的互联网巨头。这些企业不仅在用户规 模、技术研发等方面具备深厚积淀，而且经过多年的发展，商业模式已趋于成熟，盈利能力稳定。在经 历了前期的估值调整后，其估值性价比 ...

Core Viewpoint - Bank of America has resumed coverage of the three major U.S. telecom operators—AT&T, Verizon, and T-Mobile US—highlighting their unique business strategies and potential advantages in the market, particularly in relation to the AI boom [1] Group 1: Company Ratings and Target Prices - AT&T has been rated as "Buy" with a target price of $32, reflecting its balanced strategy and strong operational momentum [2] - Verizon has been rated as "Neutral" with a target price of $45, indicating a solid user base but facing short-term competitive pressures [3] - T-Mobile US has also been rated as "Neutral" with a target price of $255, showcasing strong execution in user growth but potential risks from increased competition [4] Group 2: Business Strategies - AT&T focuses on a "wireless + fiber dual engine" strategy, leveraging fiber and 5G to enhance bandwidth capabilities in the AI data surge era [2] - Verizon emphasizes "Premium Network" and private 5G, with aggressive C-band and millimeter-wave deployments to ensure network quality [2] - T-Mobile US targets "user growth + network efficiency," utilizing a combination of 600MHz and 2.5GHz to gain spectrum advantages [2] Group 3: Competitive Landscape - AT&T's fiber business is seen as a key long-term growth driver, positioning the company favorably in a competitive environment [3] - Verizon's strategy includes maintaining network quality and cautious promotional spending, which may resonate with investors in the long term despite short-term challenges [3] - T-Mobile's growth model heavily relies on user acquisition, making it vulnerable to intensified competition from cable operators entering the wireless market [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Views - The global AI sector remains highly prosperous, with continuous application development. Domestic telecom operators are experiencing a recovery in growth rates, and satellite internet is beginning to contribute to performance elasticity [4] - Telecom operators benefit from the ongoing promotion of the Digital China strategy, leading to stable overall business growth. Innovative businesses are growing faster and increasing their share, while new growth drivers continue to strengthen. Additionally, the reduction in capital expenditure as a percentage of revenue is favorable for profit release [4] Summary by Relevant Sections Telecom Operators - China Mobile's Q2 revenue is projected to be between 285.85 billion and 288.70 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is expected to be between 52.20 billion and 52.55 billion yuan, growing by 3.2%-3.9% [2] - China Telecom's Q2 revenue is expected to be between 132.80 billion and 134.10 billion yuan, with a year-on-year growth of 1%-2%. The net profit attributable to shareholders is projected to be between 13.57 billion and 13.66 billion yuan, growing by 2.7%-3.4% [2] - China Unicom's Q2 revenue is expected to be between 101.30 billion and 102.00 billion yuan, with a year-on-year growth of 3.5%-4.2%. The net profit attributable to shareholders is projected to be between 3.795 billion and 3.855 billion yuan, growing by 5.6%-7.3% [2] - China Tower's Q2 revenue is projected to be between 24.88 billion and 25.03 billion yuan, with a year-on-year growth of 2.5%-3.1%. The net profit attributable to shareholders is expected to be between 2.72 billion and 2.76 billion yuan, growing by 6.8%-8.4% [3] AI and Network Connection - The AI optical module sector is experiencing significant growth, with 800G optical modules continuing to ramp up production and 1.6T products entering mass production. Domestic companies are leading the industry and deeply participating in the global supply chain [3] - Zhongji Xuchuang's Q2 revenue is expected to be between 7 billion and 8 billion yuan, with a year-on-year growth of 18%-34%. The net profit attributable to shareholders is projected to be between 1.75 billion and 2 billion yuan, growing by 30%-48% [3] AI Liquid Cooling - The trend towards liquid cooling in data centers is becoming more pronounced due to the increasing power consumption of AI servers. Yingwei's Q2 revenue is expected to be between 12 billion and 14 billion yuan, with a year-on-year growth of 24%-45% [6] - Oulu Tong's Q2 revenue is projected to be between 11 billion and 12 billion yuan, with a year-on-year growth of 22%-33% [7] AI Applications - The demand for AI servers is expected to grow steadily, benefiting from the development of the digital economy and AI computing power. Huqin Technology's Q2 revenue is projected to be between 350 billion and 365 billion yuan, with a year-on-year growth of 51%-58% [8] Military Communication & Satellite Internet - Increased regional tensions are likely to lead to sustained investment in national defense construction, with communication and information technology being key investment areas. The domestic low-orbit satellite network is expected to continue advancing [11] - Changjiang Communication's Q2 revenue is expected to be between 2.3 billion and 3.4 billion yuan, with a year-on-year growth of 10%-63% [12]

凤凰网财经讯 7月8日，三大指数开盘涨跌不一，沪指高开0.04%，深成指低开0.04%，创业板指低开 0.03%。铁矿石、存储器、玻纤等板块指数涨幅居前，中船系、AI语料、快手概念等板块指数跌幅居 前。 | | | | | | 沪深京重要指数 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | *● | 最新 | 涨幅% | | 涨跌 涨跌家数 | | 出手 | 现手 | 金额 | | 上证指数 | | 3474.63 | 0.04 | 1.50 | 845/889 | 0.00 | 391万 | 391万 | 39.83 7 | | 深证成指 | | 10431.78 | -0.04 | -3.73 | 1073/1203 | 0.05 | 549万 | 549万 | 59.68 7. | | 北证50 | | 1403.84 | 0.14 | 1.92 | 133/100 | 0.01 | 5.96万 | 5.96万 | 1.20 7. | | 创业板指 | | 2129.49 | -0.03 | - ...

运营商财经网 吴碧慧/文 据中国移动集团内部下发文件，任命陈洪涛担任中国移动九天公司董事长，这一变化其实反映了中国移 动的一项举动，即成立了一个叫中移九天人工智能公司的下属企业。 据了解，陈洪涛毕业于北京大学，也是三大运营商行业少见的北大毕业的中高层干部。 运营商财经网近日独家发现，一家中移九天人工智能科技（北京）有限公司的企业成立于2025年6月30 日，法定代表人是陈洪涛，因此，可看出，陈洪涛已经任这家中国移动子公司董事长。 陈洪涛很早就供职于中国移动，一开始任职的部门便是网络部，担任过网络部处室经理，也就是正处级 干部。 2014年，陈洪涛受到提拔，升任甘肃移动副总经理，分管网络口。 几年后，陈洪涛又从甘肃移动副总经理平调浙江移动副总经理，同样分管网络口，但是所在的省公司体 量变大。 在人才济济的浙江移动担任副总经理的陈洪涛最终也在2022年左右受到提拔，升任集团信创部总经理。 当时这一部门刚刚成立，主要负责集团数据安全、网络安全等领域。 不过2023年后，陈洪涛便又一次改任集团技术部总经理，也就是如今的科技创新部，其实是一个部门， 只是部门名称变了 如今，陈洪涛再一次受调整，改任中国移动九天公司董事长 ...

Group 1 - The core point of the article is the announcement of a 0.2% dividend for the Hong Kong Dividend ETF (159331), with the record date on July 3 and payment date on July 8 [1] - Huachuang Securities highlights that high-dividend sectors in the Hong Kong stock market can maintain dividend capabilities and shareholder returns due to stable free cash flow generation, especially in a context where inflation has not yet returned [1] - Companies with abundant free cash flow can sustain dividend performance and convert capital expenditures into elevated ROE, showcasing both defensive and growth characteristics [1] Group 2 - Traditional industries such as banking, ports, and highways are emphasized for their stable earnings and dividends, making them attractive in a low-interest-rate environment [1] - Industrial metals benefit from destocking and demand recovery, while telecom operators are experiencing accelerated free cash flow release due to maturing projects and increasing industry penetration, positioning them as scarce "growth-type cash flow" assets [1] - The Hong Kong stock market is noted for its lower valuations compared to the A-share market and a higher proportion of foreign investment, making it more appealing for international capital allocation, especially in a context of a weakening dollar [1] Group 3 - The Hong Kong Dividend ETF (159331) has distributed dividends for 11 consecutive months since its listing, indicating its potential as a monthly dividend fund [1] - Investors without stock accounts are encouraged to consider the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [1]

Group 1 - Kanghong Pharmaceutical received a drug registration certificate for Lifisig Eye Drops, approved for treating dry eye symptoms [1] - Kanghong Biotech, a wholly-owned subsidiary, received clinical trial approval for KH813 injection for metastatic non-squamous non-small cell lung cancer [1] - Kanghong Pharmaceutical was established in October 1996, focusing on drug and medical device research, production, and sales [1] Group 2 - Guoyuyuan's subsidiary received a government subsidy of 7.5521 million yuan, accounting for 10.14% of the company's audited net profit for 2024 [2] - Guoyuyuan was founded in November 1996, specializing in drug research, production, and sales [3] Group 3 - Haicheng Bonda's subsidiary signed a lease termination agreement, incurring a termination fee of 3.35 million USD [4] - Haicheng Bonda was established in December 2009, providing comprehensive modern logistics services [4] Group 4 - Hongxin Electronics' subsidiary signed contracts totaling 373 million yuan for computing power business [5] - Hongxin Electronics was founded in September 2003, focusing on FPC research, design, manufacturing, and sales [6] Group 5 - Tianbang Food reached a settlement agreement regarding a 1.214 billion yuan lawsuit, agreeing to repay 410 million yuan over 36 months [8] - Tianbang Food was established in September 1996, specializing in pig farming and pork processing [9] Group 6 - Daoshi Technology's controlling shareholder plans to reduce holdings by up to 1.97% of the company's shares [10] - Daoshi Technology was founded in September 2007, focusing on ceramic color glazes and related products [10] Group 7 - Jinpu Titanium is planning a major asset restructuring, leading to a stock suspension [10] - Jinpu Titanium was established in November 1989, specializing in titanium dioxide production and sales [11] Group 8 - Shenzhen Energy plans to invest 6.332 billion yuan in upgrading the Mawan Power Plant [12] - Shenzhen Energy was founded in August 1993, focusing on conventional and renewable energy development [13] Group 9 - Lihua Co. plans to reduce holdings by up to 3% of the company's shares [14] - Lihua Co. was established in June 1997, specializing in the breeding and sales of poultry [15] Group 10 - China Communications Construction Company plans to repurchase shares worth 500 million to 1 billion yuan [16] - China Communications Construction Company was founded in October 2006, focusing on infrastructure design and construction [17] Group 11 - Huatiankeji's subsidiary received a government subsidy of 80.6569 million yuan, accounting for 13.09% of the company's latest audited net profit [20] - Huatiankeji was established in December 2003, specializing in integrated circuit packaging and testing [21] Group 12 - Luxin Chuangtou plans to acquire shares in Hongke Electronics for a total of 9 million yuan [23] - Luxin Chuangtou was founded in November 1993, focusing on venture capital and industrial development [24] Group 13 - Feilong Co.'s controlling shareholder plans to reduce holdings by up to 563,250 shares [25] - Feilong Co. was established in January 2001, specializing in thermal management components for automotive and civil applications [26] Group 14 - Linglong Tire submitted an application for H-share listing on the Hong Kong Stock Exchange [27] - Linglong Tire was founded in June 1994, focusing on tire design, development, manufacturing, and sales [27] Group 15 - Saiwei Electronics plans to acquire 9.5% of its subsidiary's shares for up to 324 million yuan [28] - Saiwei Electronics was established in May 2008, focusing on MEMS chip development and semiconductor equipment [28] Group 16 - Suzhou Bank's major shareholder plans to increase holdings by no less than 400 million yuan [29] - Suzhou Bank was founded in December 2004, focusing on various banking services [29]

Core Viewpoint - President Trump expressed dissatisfaction with AT&T's service, indicating a potential need to switch to another operator for future communications [1] Company Summary - AT&T is criticized for its operational inefficiency, as highlighted by President Trump's comments regarding their lack of awareness in handling communications [1]

Group 1 - The core viewpoint is that the high dividend sector of the Hong Kong stock market is gaining attention for its defensive attributes amid ongoing inflation concerns, with the Hong Kong Dividend ETF (159331) rising over 1% [1] - Huachuang Securities highlights that companies in the high dividend sector possess strong free cash flow generation capabilities, ensuring dividend sustainability and shareholder returns, even in a low-interest-rate environment [1] - Traditional industries such as banking, ports, and highways are emphasized for their stable earnings and dividends, making them attractive for investment in the current market conditions [1] Group 2 - The Hong Kong Dividend ETF (code: 159331) tracks the Hong Kong Stock Connect High Dividend Index (code: 930914), which includes 30 highly liquid, consistently dividend-paying stocks with high dividend yields [2] - The index focuses on high dividend investment strategies and aims to reflect the overall performance of high dividend securities in the Hong Kong market [2] - Investors without stock accounts are advised to consider related funds such as the Cathay CSI Hong Kong Stock Connect High Dividend Investment ETF Initiated Link A (022274) and Link C (022275) [2]

Core Viewpoint - SoftBank is seeking to sell its stake in T-Mobile for $4.9 billion, indicating a strategic move to divest from telecommunications investments [1] Group 1: Company Actions - SoftBank plans to sell its shares in T-Mobile, which reflects a shift in its investment strategy [1] - The sale is part of SoftBank's broader efforts to raise capital and reduce debt [1] Group 2: Financial Implications - The proposed sale of T-Mobile shares is valued at $4.9 billion, which could significantly impact SoftBank's financial position [1] - This divestment may lead to changes in SoftBank's portfolio allocation and investment focus [1]