Investment Rating - Maintain Outperform rating with a target price of 83.59 RMB, representing a potential upside of 67% [4][10][11] Core Insights - The company experienced revenue pressure in Q3 due to industry factors affecting mid-to-low power laser and sensor businesses, but the data communication optical modules showed strong demand and significant gross margin improvement [4][10][11] - Projected net profit attributable to shareholders for 2025-2027 is 1.88 billion, 2.25 billion, and 2.78 billion RMB respectively, with corresponding EPS of 1.87, 2.24, and 2.77 RMB [4][10][11] Financial Summary - Total revenue for the first three quarters of 2025 was 11.04 billion RMB, up 22.62% YoY, with net profit attributable to shareholders at 1.32 billion RMB, up 40.92% YoY [4][11] - Q3 revenue was 3.41 billion RMB, down 10.33% YoY and 20.23% QoQ, with net profit at 410 million RMB, up 31.15% YoY but down 18.17% QoQ [4][11] - By business segment, sensing revenue was 3.17 billion RMB (up 13% YoY), connectivity revenue was 5.09 billion RMB (up 52% YoY), and laser + intelligent manufacturing revenue was 2.65 billion RMB [4][11] Business Performance - The data communication optical modules business maintained good demand and delivery, contributing to improved gross margins [4][10] - The company has sufficient inventory to meet strong industry demand, with inventory at 3.41 billion RMB, up 30.26% from the start of the year [4][12]

Core Insights - China Telecom has successfully completed the world's first transmission experiment using hollow-core optical fibers over a distance exceeding 100 kilometers, marking a significant breakthrough in quantum-classical co-fiber transmission technology [1] Group 1: Technological Breakthrough - The experiment represents a milestone in the field of quantum-classical co-fiber transmission, addressing a critical bottleneck for the large-scale deployment of quantum communication [1] - The research team introduced innovative mechanisms such as spectrum collaborative allocation and multi-source crosstalk suppression strategies, enabling efficient and stable co-fiber transmission of quantum and classical signals [1] Group 2: Industry Implications - The successful transmission resolves the industry challenge of interference between quantum and classical signals in traditional solid-core fibers, which complicates the balance between security and capacity [1] - The new system offers comprehensive advantages including low noise, high security, large capacity, and low complexity, paving the way for the practical application of this technology [1]

Core Viewpoint - The article discusses various consumer complaint channels available in modern business society, emphasizing the importance of choosing the right platform based on the nature of the complaint and industry characteristics [1][3][4]. Official Complaint Channels and Their Characteristics - The National 12315 Platform is a key official complaint channel with administrative enforcement power, handling issues like product quality and price fraud, but may have longer processing times due to high complaint volumes [1]. - The Ministry of Industry and Information Technology's Telecommunication User Complaint Center specializes in communication service complaints, providing effective resolutions typically within 15 working days [2]. Third-Party Complaint Platforms - Third-party platforms like Black Cat Complaints play a significant role in resolving consumer disputes through public oversight and collaboration with businesses, despite lacking administrative enforcement power [3]. - Black Cat Complaints offers a user-friendly interface for submitting complaints across multiple platforms, streamlining the process to generally take less than five minutes [3]. Industry-Specific Complaint Channel Selection - Different industries have unique complaint characteristics, and selecting the appropriate channel can enhance resolution efficiency: - In e-commerce, consumers can also approach industry associations for better mediation success [4]. - In the automotive sector, consumers can report product defects to the National Market Supervision Administration, with Black Cat Complaints contributing valuable data to regulatory bodies [4]. - In the education sector, local education authorities and third-party platforms can be utilized for collective complaints, particularly effective in cases of mass disputes [4]. Improving Complaint Processing Efficiency - To enhance complaint processing efficiency, consumers should: - Prepare comprehensive evidence, including contracts and payment receipts, to facilitate quicker resolutions [6]. - Clearly articulate reasonable demands based on relevant laws to avoid unrealistic requests [6]. - Maintain open communication with complaint handlers to ensure timely responses [6]. - Utilize platform features for tracking complaint progress, such as Black Cat Complaints' intelligent work order system [6]. Advantages of New Complaint Platforms - New complaint platforms demonstrate clear advantages over traditional channels, including higher processing efficiency, greater transparency, and user-friendly operations [8]. - These platforms can quickly respond to issues due to their intelligent distribution systems and partnerships with businesses, often leading to prompt resolutions [8]. - The transparency of complaint content and public exposure of high-complaint businesses through monthly reports enhances public accountability [8].

会上，联通（辽宁）产业互联网有限公司被中国中小企业发展促进中心正式授予"中小企业服务通用能 力成熟度四星优秀级单位"牌匾。这份荣誉是对辽宁联通服务能力与标准化实践的权威肯定。 期间，联通（辽宁）产业互联网有限公司与省中小企业发展促进中心签署战略合作框架协议，标志着政 企协同推进中小企业服务标准化、专业化进入新阶段。辽宁联通将整合自身网络、技术与生态优势，深 化标准落地、能力培育与平台共建，共同构建更加繁荣的服务新生态。 辽宁联通持续发挥"一个联通，一体化能力聚合"的独特优势，以领先的数字技术能力，与全省合作伙伴 携手，共同提升服务质量，护航中小企业稳健前行。 原标题：辽宁联通被评为全国首批、省内首家中小企业服务通用能力成熟度四星优秀级单位 近日，由辽宁省工业和信息化厅主办、中国中小企业发展促进中心指导、辽宁联通承办的辽宁省2025 年"一起益企"中小企业服务行动暨中小企业服务能力提升贯标工作会议在沈阳落幕，会上辽宁联通被评 为"中小企业服务通用能力成熟度四星优秀级单位"。 会上，辽宁省工业和信息化厅党组成员、副厅长彭义，工业和信息化部中小企业发展促进中心综合规划 处处长郭创，辽宁联通副总经理许宏印先后为大会致 ...

【#联通App将取消积分全额抵话费#】11月17日消息，中国联通App今日发布公告："为进一步提升积分 服务体验，让您的积分发挥更大价值，中国联通将对App内缴费场景的积分抵扣规则进行升级调 整。"自2025年11月26日0点起，中国联通App"交话费"页面积分抵扣规则将由原"积分全额抵扣"调整 为"固定面额抵扣"，每月最多可使用1000通信积分抵扣话费（对应最高抵扣10元）。 联通App将取消积分全额抵话费 联通App将取消积分全额抵话费 特别声明：以上文章内容仅代表作者本人观点，不代表新浪网观点或立场。如有关于作品内容、版权或其它问 题请于作品发表后的30日内与新浪网联系。 ...

Core Viewpoint - The incident highlights the effectiveness of the upgraded security system in a residential community, showcasing the capabilities of the AI Vision Network platform developed by China Telecom in enhancing safety and security measures [1][3]. Group 1: Incident Overview - A theft occurred in the underground parking garage of a residential community in Meishan, Sichuan Province, where an intruder broke into a vehicle and stole cash and valuables [1]. - The incident was recorded by the AI Vision Network, which played a crucial role in identifying and apprehending the suspect [1]. Group 2: Security System Upgrade - The residential community recently upgraded its security system, integrating it with the AI Vision Network platform, which allowed for clear capture of the suspect's features and movements [3]. - The AI Vision Network platform includes advanced features such as area intrusion detection and facial behavior analysis, enabling intelligent monitoring of designated areas [3]. Group 3: Broader Application of AI Vision Network - The AI Vision Network platform is not limited to smart communities; it has expanded its application across various industries, integrating functions like AI protection, intelligent broadcasting, behavior analysis, vehicle recognition, and fire warning systems [3]. - This platform aims to meet diverse needs in production, living, and governance, demonstrating its versatility and adaptability [3].

Core Insights - Guizhou Mobile launched the "Mobile Love Home Day" event across nine cities in the province, focusing on integrating AI technology into family life [1] - The event featured innovative experiences such as the "AI Creation Workshop" and a "National AI Video Competition," promoting the theme of "AI for a Better Home" [1] Group 1: Event Overview - The "Mobile Love Home Day" is a brand service initiative introduced by Guizhou Mobile in May 2025, aimed at enhancing smart home services through monthly themed activities [1] - The event successfully combined technology and warmth, creating a unique experience for families [1] Group 2: AI Education and Engagement - An "AI Fun Classroom" was held in Zunyi City, where staff demonstrated AI functionalities and provided hands-on training for users on AI video production [3] - Participants expressed excitement and engagement, showcasing the practical benefits of AI technology in everyday life [3] Group 3: Community Participation - The "National AI Video Competition" attracted over 200,000 participants, allowing users to create works that reflect the beauty of Guizhou's landscapes and cultural heritage [5] - A winner from Qianxinan shared how the event made AI accessible to ordinary people, enhancing their quality of life [5] Group 4: Emotional Connection - The "AI Portrait Custom Frame" interactive area allowed participants to create cherished digital portraits, highlighting the emotional impact of technology on family memories [7] - A touching moment was shared by a participant who valued the AI-generated portrait as a special keepsake [7] Group 5: Customer Loyalty Program - Guizhou Mobile introduced the "Net Age Plan" during the event to reward long-term users with tiered benefits based on their service duration and consumption [9] - Users can receive monthly AI beans, data packages, and exclusive rewards, enhancing customer service experience [9] Group 6: Future Plans - Guizhou Mobile aims to continue expanding smart home service scenarios through various community activities, reinforcing the concept of a "smart and loving home" [11] - The company emphasizes that technology should be accessible and meaningful, enhancing the warmth and quality of life for ordinary families [11]

Morning session notice 早盘提示 更多精彩内容请关注格林大华期货官方微信 本报告中的信息均源于公开资料，格林大华期货研究院对信息的准确性及完备性不作任何保 证，也不保证所包含的信息和建议不会发生任何变更。我们力求报告内容的客观、公正，但 文中的观点、结论和建议仅供参考，报告中的信息和意见并不构成所述期货合约的买卖出价 和征价，投资者据此作出的任何投资决策与本公司和作者无关，格林大华期货有限公司不承 担因根据本报告操作而导致的损失，敬请投资者注意可能存在的交易风险。本报告版权仅为 格林大华期货研究院所有 任何机构和个人不得以任何形式翻版 如引用、转载、刊发，须注明出处为格林大华期货有限公司。 格林大华期货研究院 证监许可【2011】1288 号 2025 年 11 月 17 日 星期一 研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 | 勋称：中国将赢得人工智能竞赛，他将中国的潜在胜利归功于更有利的监管环境和 | | --- | | 更低的能源成本。华为公布"十大发明"成果，Scale-up 超节点算力平台、新一代超 | | 高容量 SSD 存储、短距光互联 ...

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of China Telecom, indicating a slight decline in stock price and notable trading activity on November 14 [1] - On November 14, China Telecom's stock price fell by 0.29%, with a trading volume of 453 million yuan, and a net financing buy of -6.43 million yuan [1] - As of November 14, the total margin balance for China Telecom was 881 million yuan, with a financing balance of 879 million yuan, representing 0.17% of the circulating market value, which is above the 80th percentile of the past year [1] Group 2 - China Telecom, established on September 10, 2002, primarily engages in telecommunications and related services, with a revenue composition of 39.56% from mobile communication services, 27.78% from industrial digital services, and 23.80% from fixed-line and smart home services [2] - For the period from January to September 2025, China Telecom reported a revenue of 394.27 billion yuan, reflecting a year-on-year growth of 0.59%, and a net profit attributable to shareholders of 30.77 billion yuan, up 5.03% year-on-year [2] - As of September 30, 2025, the number of shareholders for China Telecom increased to 273,700, marking a 22.83% rise compared to the previous period [2] Group 3 - Since its A-share listing, China Telecom has distributed a total of 95.19 billion yuan in dividends, with 68.65 billion yuan distributed over the past three years [3] - As of September 30, 2025, Hong Kong Central Clearing Limited has exited the list of the top ten circulating shareholders of China Telecom [3]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 72.08%, Green Power Environmental (01330) at 69.17%, and COSCO Shipping Energy (01138) at 68.32% [1][2] - Xiaomi Group-W (01810), CNOOC (00883), and Pop Mart (09992) saw the largest increases in holding amounts over the last five trading days, with increases of +2.869 billion, +2.096 billion, and +1.690 billion respectively [1][2] - Alibaba-W (09988), Hua Hong Semiconductor (01347), and Xpeng Motors-W (09868) experienced the largest decreases in holding amounts, with decreases of -5.993 billion, -1.618 billion, and -1.248 billion respectively [1][3] Hong Kong Stock Connect Holding Ratios - The latest holding ratios for the top 20 companies show that China Telecom leads with 100.04 million shares and a holding ratio of 72.08% [2] - Other notable companies include China Shenhua (01088) with 23.05 billion shares at 68.23% and Da Zhong Gong Yong (01635) with 3.64 billion shares at 68.19% [2] Recent Increases in Holdings - The top three companies with the largest increases in holdings over the last five trading days are: - Xiaomi Group-W (01810): +2.869 billion with an increase of 67.73 million shares - CNOOC (00883): +2.096 billion with an increase of 93.55 million shares - Pop Mart (09992): +1.690 billion with an increase of 7.81 million shares [2] Recent Decreases in Holdings - The top three companies with the largest decreases in holdings over the last five trading days are: - Alibaba-W (09988): -5.993 billion with a decrease of 38.68 million shares - Hua Hong Semiconductor (01347): -1.618 billion with a decrease of 20.94 million shares - Xpeng Motors-W (09868): -1.248 billion with a decrease of 12.64 million shares [3]