从市场环境看，袁闯认为，海外经济保持韧性且流动性边际宽松，叠加美联储降息预期升温，外部 环境持续改善；国内层面，"双宽松"政策基调有望延续，经济大概率呈现弱复苏态势，而"反内卷"政策 推动行业供需格局优化，将有效改善上市公司业绩，预计2025年-2026年A股上市公司业绩拐点如期出 现，为上涨行情延续提供基本面支撑。 12月10日至11日，中央经济工作会议在北京举行。财信证券首席经济学家、研究发展中心总经理袁 闯表示，中央经济工作会议明确延续积极有为的宏观政策取向，继续实施更加积极的财政政策和适度宽 松的货币政策，为宏观经济回升向好、上市公司基本面修复及资本市场平稳上行筑牢坚实支撑。作 为"十五五"开局之年，2026年经济工作聚焦提质增效，经济结构调整、产业结构优化与科技自立自强成 为核心方向，A股"科技成长"风格的中长期逻辑进一步夯实。 投资主线方面，袁闯表示，科技成长仍是中长期核心，其中AI产业链有望从硬件端向应用端切 换，传媒、计算机、恒生互联网等领域因商业闭环加速落地值得重点关注。同时，四条细分主线具备明 确配置价值：一是高股息资产获险资等机构持续加仓，白电、银行、通信运营商等板块红利策略可期； 二是 ...

中证报中证网讯（记者 谭丁豪）12月10日至11日，中央经济工作会议在北京举行。财信证券首席 经济学家、研究发展中心总经理袁闯表示，中央经济工作会议明确延续积极有为的宏观政策取向，继续 实施更加积极的财政政策和适度宽松的货币政策，为宏观经济回升向好、上市公司基本面修复及资本市 场平稳上行筑牢坚实支撑。作为"十五五"开局之年，2026年经济工作聚焦提质增效，经济结构调整、产 业结构优化与科技自立自强成为核心方向，A股"科技成长"风格的中长期逻辑进一步夯实。 从市场环境看，袁闯认为，海外经济保持韧性且流动性边际宽松，叠加美联储降息预期升温，外部 环境持续改善；国内层面，"双宽松"政策基调有望延续，经济大概率呈现弱复苏态势，而"反内卷"政策 推动行业供需格局优化，将有效改善上市公司业绩，预计2025年-2026年A股上市公司业绩拐点如期出 现，为上涨行情延续提供基本面支撑。 投资主线方面，袁闯表示，科技成长仍是中长期核心，其中AI产业链有望从硬件端向应用端切 换，传媒、计算机、恒生互联网等领域因商业闭环加速落地值得重点关注。同时，四条细分主线具备明 确配置价值：一是高股息资产获险资等机构持续加仓，白电、银行、通信运 ...

Core Points - China Mobile's stock price increased by 1.26% to 107.93 yuan as of October 17, 2025, with a market capitalization of 23,341.63 billion yuan, ranking 1st in the telecommunications services sector and 4th in the A-share market [1] Company Announcements - On October 13, 2025, Guangdong Mobile exercised its conversion rights, converting 5,631,454,000 yuan of SPDB A-share convertible bonds into 450,156,195 shares at a conversion price of 12.51 yuan per share, increasing its total holdings in SPDB A-shares to 5,785,049,019 shares, representing 18.18% of the enlarged share capital [1] - On October 17, 2025, Guangdong Mobile further converted 1,874,071,000 yuan of SPDB A-share convertible bonds into approximately 149,805,835 shares, raising its total holdings to about 5,934,854,847 shares, which is approximately 18.15% of the enlarged share capital [2] - The newly converted shares are subject to a five-year transfer restriction, and the conversions are in compliance with Hong Kong listing rules [2][3]

Core Viewpoint - Shandong Unicom has appointed basketball legend Gong Xiaobin as the ambassador for its "Buy Phones at Unicom" campaign, aiming to enhance the user experience with reliable and affordable mobile products and services [2][4]. Group 1: Appointment and Role - Gong Xiaobin, a well-respected figure in Shandong and a basketball hall of fame member, will promote Shandong Unicom's offerings, aligning with the company's values of service and customer-first approach [2][4]. - The partnership reflects a shared commitment to serving the local community and emphasizes the importance of quality and affordability in consumer choices [4]. Group 2: Product and Service Offering - Shandong Unicom emphasizes a wide range of mobile products, competitive pricing, and flexible contract plans that combine device purchases with communication packages, providing significant discounts and reliable after-sales service [4]. - The company aims to establish a strong consumer perception of "Buy Phones at Unicom" as a trustworthy choice for mobile purchases, focusing on official products, complete models, and worry-free after-sales support [4][5]. Group 3: Future Strategy - Shandong Unicom plans to enhance the overall service experience through a dual approach of "premium terminals" and "discount contracts," facilitating a new value-driven communication consumption experience for users in Shandong [5].

Core Insights - The 2025 Beijing Internet Conference, themed "AI Empowering New Quality Beijing," focuses on the dynamics of the digital economy era and aims to contribute to high-quality development in the capital [1][3] Group 1: AI and Digital Economy Integration - Beijing Unicom's enterprise-level smart office platform addresses traditional manufacturing's digital transformation challenges by developing 215 AI application scenarios across eight domains [3] - The platform has completed the development of over 10 intelligent agents and expects to launch more than 30 scenario-based applications by the end of the year [3] Group 2: Forum Contributions and Recognitions - Beijing Unicom hosted the "Technology Innovation and New Momentum for Digital Economy" sub-forum, discussing trends and challenges in digital economy development [5] - The company aims to build a "光网之都" (Light Network Capital) and "万兆之城" (Ten Thousand Gigabit City) through new infrastructure and digital technology empowerment [5][7] Group 3: Data and AI Applications - The "Population + Smart Technology" presentation highlighted data as a core engine for the digital economy, with Beijing Unicom leveraging vast mobile signaling data for economic governance and industrial digital transformation [9][10] - The company is constructing integrated intelligent computing infrastructure to innovate supply in the smart era and has shared practical achievements in various industry applications [12] Group 4: Future Outlook - Beijing Unicom is committed to enhancing its role in the digital transformation of the capital, focusing on data value release and security [14] - The company aims to lead in the global digital competition landscape, contributing to the high-quality development of a smart capital [14]

Core Viewpoint - The three major telecom operators in China have unified their outbound marketing numbers to combat the long-standing issue of telemarketing fraud and protect consumer rights [1][2][3] Group 1: Unified Outbound Marketing Numbers - The unified outbound marketing numbers for the three operators are: China Telecom 10001, China Unicom 10016, and China Mobile 10085, allowing users to easily identify official marketing calls [1][2] - This initiative aims to provide users with a "fraud prevention guide" and compel operators to enhance internal controls, ensuring transparency and compliance in telemarketing practices [2][3] Group 2: Addressing Telemarketing Issues - The unification of outbound numbers is just the starting point in addressing telemarketing chaos, as it does not restrict third-party companies that access telecom lines, which are the main source of nuisance calls [2] - The Ministry of Industry and Information Technology has proposed that all commercial outbound calls use the 700 number segment to ensure clear identification across the industry [2] Group 3: Impact on Services - The discontinuation of services like Alibaba's virtual number, which was misused for marketing, signifies a crucial step in rectifying the outbound marketing ecosystem [3] - The telecom industry is urged to prioritize genuine service over manipulative marketing tactics, fostering trust through transparent agreements and accountable practices [3]

Core Viewpoint - The AI Fund Jia Shi Hong Li Selected Mixed Initiation A (022495) reported a profit of 8.4585 million yuan in Q2 2025, with a net asset value growth rate of 7.49% and a fund size of 56.7366 million yuan as of the end of Q2 2025 [4] Fund Performance - The fund's profit per weighted average share for the reporting period was 0.0883 yuan [4] - As of July 21, the unit net value was 1.112 yuan [4] Investment Strategy - The fund management maintains the view of a "dividend+" era, emphasizing that dividends remain a long-term effective fundamental factor, although performance among different dividend assets may vary [4] - Focus areas include traditional long-duration assets such as banks, public utilities, telecom operators, oil, and home appliances, while also incorporating some dividend growth assets like Hong Kong internet stocks and export chains [4] Market Outlook - The fund expects stable economic performance in the second half of the year, with a more balanced market style anticipated due to the strong performance of consumption and growth sectors in the first half [4] - The fund will closely monitor the fundamental changes in various dividend assets to identify higher-quality opportunities in specific sectors and will also optimize the portfolio performance through a contrarian approach [4] Top Holdings - As of the end of Q2 2025, the top ten holdings of the fund include Jiangsu Bank, China Merchants Bank, China Construction Bank, China Mobile, Chengdu Bank, Hangzhou Bank, China National Offshore Oil Corporation, New Energy Group, Guotou Power, and Chuan Investment Energy [5]

Core Viewpoint - The upcoming earnings reports from major companies in technology, energy, industrial, and consumer sectors will provide significant insights into corporate health and macroeconomic conditions [1]. Group 1: Technology Sector - Tesla (NASDAQ: TSLA) and Google (NASDAQ: GOOGL) are the focal points among the "Seven Giants" in the technology sector, with other notable companies including Intel (NASDAQ: INTC), ServiceNow (NYSE: NOW), IBM (NYSE: IBM), and NXP Semiconductors (NASDAQ: NXPI) [1]. - Tesla is expected to report a 22% decline in profit and a 12% drop in revenue, with a 14% decrease in vehicle deliveries to 384,122 units [11][13]. - Google is anticipated to show strong double-digit growth in both revenue and profit, with a consensus revenue expectation of $22.36 billion and earnings per share forecasted at $0.40 [14][19]. Group 2: Telecommunications Sector - Verizon (NYSE: VZ) is set to report a 3% year-over-year increase in revenue and profit, with a consensus revenue expectation of $33.71 billion and earnings per share forecasted at $1.19 [4][5]. - Analysts maintain a cautious outlook on Verizon, with some suggesting a "hold" rating due to growth concerns, while others highlight its attractive valuation and stable dividend yield of 6.5% [4]. Group 3: Consumer Sector - Coca-Cola (NYSE: KO) is expected to report earnings with a consensus revenue of $12.56 billion and earnings per share of $0.84, having exceeded earnings expectations in the past eight quarters [7][9]. - Analysts are divided on Coca-Cola's outlook, with some expressing concerns over its reliance on price increases rather than sustainable volume growth, while others emphasize its strong fundamentals and dividend stability [7]. Group 4: Energy Sector - Phillips 66 (NYSE: PSX) is projected to see a 27% decline in profit and a 17% drop in revenue, with earnings per share expected at $0.01 and revenue forecasted at $11.88 billion [23][25]. - Analysts maintain a "buy" rating for Phillips 66, citing its diversified business strength and shareholder returns through dividends and buybacks, despite concerns over high valuations relative to peers [23].

Investment Rating - The report maintains an "Overweight" rating for the telecommunications industry, indicating an expectation that the industry index will outperform the market index by more than 10% in the next six months [1]. Core Insights - The telecommunications operators are experiencing steady growth in their user base, with mobile phone users reaching 1.8 billion as of March 2025, an increase of 9.945 million from the previous year [5][12]. - The net profit for major operators such as China Mobile, China Telecom, and China Unicom grew by 3.45%, 3.11%, and 6.50% respectively in Q1 2025, despite a slowdown in traditional telecom business revenue growth [23]. - The operators are focusing on enhancing shareholder returns, with dividend payout ratios for 2024 set at 73% for China Mobile, 72% for China Telecom, and 60% for China Unicom, reflecting a commitment to increasing cash distributions to shareholders [30][33]. Summary by Sections 1. Performance and Dividend Growth - The user base continues to grow, with mobile phone users reaching 1.8 billion and 5G users at 1.068 billion as of March 2025, marking a net increase of 5.445 million [12][5]. - The operators' revenue and profit are showing steady growth, with China Mobile's revenue for 2024 projected at 1,040.759 billion yuan, a 3.1% increase [18]. - The dividend payout ratios are increasing, with China Mobile planning a total dividend of 5.09 HKD per share for 2024, a 5.4% increase from 2023 [33]. 2. Capital Expenditure and Cloud Business Growth - Capital expenditures are focusing on computing power, with China Mobile, China Telecom, and China Unicom planning capital expenditures of 151.2 billion, 83.6 billion, and 55 billion yuan respectively for 2025, reflecting a decrease from previous years [37][38]. - The cloud business is rapidly expanding, with China Mobile's cloud revenue expected to reach 100.4 billion yuan in 2024, a 20.4% increase [48]. - The operators are enhancing their cloud services, with China Telecom's cloud revenue projected to reach 113.9 billion yuan in 2025, a 17.1% increase [48]. 3. Vertical Applications and International Business Growth - The deployment of 5G applications is accelerating, with China Mobile's 5G private network revenue reaching 8.7 billion yuan in 2024, a 61% increase [61]. - All three major operators reported double-digit growth in international business revenue, with China Telecom, China Mobile, and China Unicom achieving growth rates of 15.4%, 10.2%, and 15.2% respectively in 2024 [66][67]. - The operators are actively participating in international collaborations to promote 5G-A commercial deployment, showcasing their technological advancements at global events [66].

Investment Rating - The report maintains a "Recommended" rating for the communication industry [2] Core Viewpoints - The global artificial intelligence market continues to grow, with China's intelligent computing development rate exceeding expectations. IDC forecasts that by 2025, China's intelligent computing scale will reach 1,037.3 EFLOPS, with a compound annual growth rate of 46.2% from 2023 to 2028 [31][36] - The report emphasizes the importance of the upcoming Two Sessions meetings in March 2025, which may influence policy directions and market sentiment [11] - The communication sector is expected to benefit from the digital economy's new infrastructure, with a focus on AI applications and the recovery of the optical network industry chain [4][24] Summary by Sections 1. Weekly Market Performance - The communication sector index fell by 9.64% in the past week, while the switch manufacturing sub-sector performed well with a gain of 10.04% [8][19] - Among individual stocks, 10.69% increased, 1.53% remained stable, and 87.78% declined [22] 2. Industry Development and Key Events - The report highlights the rapid growth of the industrial internet, 5G applications, and the integration of AI in various sectors, indicating a promising outlook for the communication industry [11][24] - China Mobile has successfully completed the full-stack domestic deployment of DeepSeek V3/R1 for China Petroleum, enhancing AI technology applications in the energy sector [9] 3. Major Equipment Manufacturers' Dynamics - ZTE Corporation reported a revenue of 121.3 billion yuan and a net profit of 8.42 billion yuan for 2024, maintaining stable performance despite a decline in telecom capital expenditure [10][49] - Huawei announced the launch of the Star River communication system, marking a significant breakthrough in satellite communication technology [10][49] 4. Investment Recommendations - The report suggests focusing on high-quality stocks in sub-sectors with improving market conditions, particularly in digital infrastructure and AI applications [4][24]