Core Points - Jiangsu Province signed a strategic cooperation agreement with China Telecom Group on November 17, aiming to enhance collaboration in digital economy development and infrastructure construction [1] Group 1: Strategic Cooperation - The agreement is seen as a catalyst for deepening cooperation in new infrastructure, emerging industries, and social governance [1] - Jiangsu's leadership expressed gratitude for China Telecom's support in the province's development [1] Group 2: Digital Economy Development - Jiangsu is focusing on the integration of the real economy and digital economy, leveraging opportunities in digitalization, networking, and intelligence [1] - China Telecom plans to implement the "Smart Cloud Jiangsu" initiative, collaborating closely with research institutions and enterprises across the industry chain [1] Group 3: Future Prospects - Both parties aim to contribute significantly to the construction of a digital China through their partnership [1] - The collaboration is expected to expand in breadth and depth, promoting mutual benefits [1]

Core Points - Jiangsu Province signed a strategic cooperation agreement with China Telecom on November 17, emphasizing the importance of digital economy development and collaboration in new infrastructure and emerging industries [1] Group 1: Strategic Cooperation - The agreement aims to deepen cooperation in new infrastructure construction, emerging industries, and social governance [1] - Jiangsu's leadership expressed gratitude for China Telecom's support in the province's development [1] Group 2: Digital Economy Development - Jiangsu is focusing on digitalization, networking, and intelligence to enhance its economic growth [1] - China Telecom plans to leverage its strengths to implement the "Smart Cloud Jiangsu" initiative, collaborating closely with research institutions and industry partners [1]

Core Viewpoint - China Telecom has successfully completed a transmission experiment of over 100 kilometers using hollow-core optical fibers, setting a new record in the field [1] Group 1: Technological Breakthrough - The joint transmission of quantum and classical signals is a key bottleneck for the large-scale deployment of quantum communication [1] - The research team proposed an innovative spectrum collaborative allocation mechanism, achieving efficient and stable joint transmission of quantum and classical signals, addressing the interference issue in traditional solid-core fibers [1] Group 2: Industrial Implications - The industrialization prospects of this technological breakthrough are widely regarded as promising, injecting innovative momentum into multiple fields [1] - In network construction, this technology can significantly reduce the integration deployment costs of quantum communication with existing classical communication networks, accelerating the large-scale implementation of quantum communication and promoting the rapid development of related industries [1] Group 3: Recent Achievements - China Telecom has been continuously focusing on quantum-related innovative technologies, recently achieving new results in quantum computing [1] - The superconducting quantum computer "Tianyan-287," equipped with the same chip as "Zuchongzhi No. 3," has officially started operation, demonstrating "quantum superiority" by processing specific problems 450 million times faster than the fastest supercomputer currently available [1]

格隆汇11月18日｜长江证券研报指出，中国联通2025前三季度经营发展保持良好势头，收入、利润稳健 增长。联网通信稳中有进，宽移用户净增规模创近年同期新高，融合套餐用户ARPU也保持百元以上； 算网数智提能升级，智算规模进一步扩大。此外，公司应收账款规模和信用减值损失同比增幅明显收 窄，现金流较中报也有所改善，报表质量持续优化。展望2025年，公司有望实现营业收入、利润及净资 产收益率的有力增长。预计公司2025-2027年归母净利润为95.8亿元、100.8亿元、105.7亿元，对应同比 增速6.1%、5.3%、4.9%，对应PE 18倍、17倍、16倍，重点推荐，维持"买入"评级。 ...

Core Viewpoint - China Mobile's Mudanjiang branch has achieved significant recognition in the 8th "Bloom Cup" 5G Application Competition, winning three national-level awards, showcasing its innovation in 5G applications and commitment to social responsibility [1] Group 1: 5G Applications in Agriculture and Tourism - The "Xiangshui Rice Park Quality Safety Traceability System Service Project" focuses on smart agriculture, integrating 5G technology throughout the agricultural product lifecycle, enhancing food safety and production efficiency [2] - The project combines "smart agriculture + cultural tourism experience," allowing visitors to appreciate the beauty of rural landscapes while experiencing the technological empowerment of agriculture [2] Group 2: Healthcare Innovations - The upgrade of the electronic medical record system at Mudanjiang Cardiovascular Hospital utilizes 5G networks to ensure secure data transmission and storage, improving healthcare efficiency and patient experience [3] - The company has won multiple awards in the healthcare category, indicating its leadership in the digital transformation of regional medical services [3] Group 3: Digital Government Initiatives - Mudanjiang Mobile is actively involved in building a digital government model, significantly reducing processing times for business applications, exemplified by the reduction of retail store licensing from three months to nine days [4] - The company has implemented emergency response mechanisms during natural disasters, ensuring communication remains uninterrupted [4] Group 4: Community Services and Innovations - The company has developed various community service initiatives, including providing network support and travel guidance during peak seasons, and launching an "AI Smart Q&A" feature for 24/7 social security and medical insurance inquiries [5] - Future plans include leveraging 5G technology to explore new application scenarios, enhancing cultural tourism, rural revitalization, and healthcare sectors [5]

Investment Rating - Maintain Outperform rating with a target price of 26.57 RMB, reflecting a 9% upside from the current price [5][9]. Core Insights - The company reported Q3 2025 results with revenue of 49.60 billion RMB, a year-on-year increase of 17.03%, and a net profit attributable to shareholders of 2.38 billion RMB, up 2.64% year-on-year [10]. - The company has a robust order backlog exceeding 290 billion RMB, including over 20 billion RMB in energy interconnection orders and over 7 billion RMB in marine communication orders, which supports growth for Q4 and 2026 [5][10]. - Recent achievements include winning a bid for a 1GW offshore wind project, marking a significant entry into the 500KV sector, and successful bids for hollow-core fiber projects, indicating advancements in technology and market position [5][10]. Financial Summary - Projected net profit attributable to shareholders for 2025-2027 is 3.00 billion RMB, 3.73 billion RMB, and 4.28 billion RMB, respectively, with corresponding EPS of 1.22 RMB, 1.51 RMB, and 1.74 RMB [5][9]. - Revenue forecasts show a growth trajectory from 47.62 billion RMB in 2023 to 94.73 billion RMB in 2027, with a compound annual growth rate (CAGR) of approximately 16.6% [4][5]. - The company’s net profit margin is expected to improve, with net profit margins projected at 4.7% for 2023 and stabilizing around 4.8% by 2027 [4][5].

Group 1: North American Computing Power - North American cloud vendors are expected to increase capital expenditure to over $600 billion by 2026, indicating a strong growth trajectory for computing power investments and infrastructure development [1] - The demand for AI commercial realization is being driven by open interconnectivity and power cost reduction, validating the rationale for computing power investments [1] - The rise in power consumption per card/cabinet in North America highlights the importance of power supply assurance for cloud computing capacity [1] Group 2: Domestic Computing Power - Domestic AI infrastructure is anticipated to grow rapidly by 2026, driven by continuous upgrades in models and increased capital expenditure from leading cloud vendors and telecom operators [2] - The IDC industry is expected to enter a cyclical turning point due to high demand and improved supply quality, presenting long-term investment value [2] - Structural alpha opportunities are emerging in the industry chain due to the upgrade of network architecture and computing power chips, benefiting segments like optical modules, liquid cooling, switches, and power supplies [2] Group 3: Edge AI - The edge AI market is on the verge of large-scale deployment, supported by policy initiatives and collaboration within the industry chain [3] - The introduction of innovative products, such as MetaAI glasses, is expected to accelerate market growth for edge AI [3] - The combination of policy guidance, ecosystem improvement, and demand growth is likely to create a solid foundation for edge AI, transitioning the industry from thematic catalysts to performance realization [3] Group 4: Telecom Operators - Telecom operators are experiencing a phase of capital expenditure reduction, business structure transformation, and increasing dividend ratios, which enhances their investment appeal [4] - The mature basic telecom business continues to serve as a revenue stabilizer, while cost management and AI integration support profit growth [4] - The rising dividend ratio in a low-interest-rate environment further highlights the value of telecom operators, with potential for continued valuation improvement [4]

Core Viewpoint - The global AI computing power investment is expected to drive high growth in the optical communication sector's net profit attributable to the parent company in Q4 2025 and 2026 [1] Group 1: Optical Communication Sector - The optical communication sector is anticipated to continue high growth in net profit due to increased investment in AI computing power [1] - Demand for hollow-core optical fibers, submarine cables, and DCI (Data Center Interconnect) is noteworthy [1] Group 2: Telecommunications Operators - The telecommunications operator sector is expected to maintain steady growth [1] - The development of AI applications is bringing new growth momentum to cloud computing and data center businesses for telecom operators [1] Group 3: ICT Equipment and IDC - The ICT equipment and IDC sectors are likely to benefit from the capital expenditure growth of internet giants [1] Group 4: Copper Connection Sector - The copper connection sector is set to realize growth as production capacity is released [1] Group 5: Market Trends - The optical module market is expected to maintain high prosperity due to ongoing investments in domestic and international computing infrastructure [1] - As of October 28, the communication ETF (515880) has a 52% allocation to optical modules and a 22% allocation to servers, with optical fibers and copper connections combined exceeding 81% [1]

文 | ICT解读者—老解 根据路透社的报道，在发布2025年三季报之后，美国通信运营商Verizon最新任命的CEO丹·舒尔曼制定 了裁员15,000人的重组计划，以进一步消减成本。 规模将减少到不足85,000人。 从三季报结果来看，Verizon营收为338亿美元，同比增长了1.5%；运营利润81亿美元，同比大增37%； 24%的运营利润率也使得Verizon成为全球最赚钱的运营商之一。 但Verizon的董事会似乎对此并不满意，10月初他们宣布任命PayPal的前高管丹·舒尔曼为公司CEO，替 换掉了在这个位子上已经坐了7年之久的瑞典人卫翰斯。 卫翰斯担任CEO期间，美国5G开始商用，竞争对手T-Mobile采取了比Verizon更为激进的5G策略，从而 抢到了更多的市场份额，并推动其股价从2022年106美元的低点增长到2025年272美元的高点；而同期 Verizon的股价则从2021年61美元的高点一路下跌到40美元左右。 在三季报发布会上，新任CEO丹·舒尔曼并不讳言Verizon面临的最大挑战是"尽管我们投资于网络卓越， 但近年来市场份额持续下降"。Verizon后付费电话用户数连续三个季度 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has shown strong operational momentum in the first three quarters of 2025, with revenue and profit demonstrating steady growth. The total revenue reached 293 billion yuan, a year-on-year increase of 1.0%, while the net profit attributable to shareholders was 8.8 billion yuan, reflecting a year-on-year growth of 5.2% [4][10]. - The company has achieved significant user growth in both mobile and broadband sectors, with mobile users reaching 356 million and net additions of 12.48 million in the first three quarters. The average revenue per user (ARPU) for bundled packages remains above 100 yuan [2][10]. - The company has improved its cash flow and reduced the growth rate of accounts receivable and credit impairment losses, indicating a continuous enhancement in financial statement quality [2][10]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 92.8 billion yuan, flat year-on-year, with service revenue at 83.3 billion yuan, a slight increase of 0.2%. The net profit for the quarter was 2.42 billion yuan, up 5.4% year-on-year [4][10]. - The company anticipates robust growth in operating revenue, profit, and return on equity for 2025, with projected net profits of 9.58 billion yuan, 10.08 billion yuan, and 10.57 billion yuan for 2025-2027, corresponding to year-on-year growth rates of 6.1%, 5.3%, and 4.9% respectively [10]. User Growth and Business Development - The company has seen a significant increase in user numbers, with mobile users reaching 356 million and broadband users at 129 million, marking the highest net additions in recent years. The company’s cloud revenue reached 52.9 billion yuan, and data center revenue increased by 8.9% year-on-year [2][10]. Cash Flow and Financial Health - As of Q3 2025, accounts receivable stood at approximately 70.93 billion yuan, a year-on-year increase of 13.3%, with a slight decrease from the previous quarter. The company’s operating cash flow for the first three quarters was 58.36 billion yuan, a year-on-year increase of 0.2%, with estimated free cash flow rising significantly by 61.0% to 15 billion yuan [10].