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]

Core Points - The difficulty consumers face when downgrading mobile plans compared to the ease of upgrading highlights a significant issue in the telecom industry [1] - A report from the China Consumers Association indicates a 99.1% year-on-year increase in complaints related to telecom services, with downgrading plans being a major concern [1] - Telecom operators prioritize high-revenue upgrade services over downgrades, which undermines consumer rights and fair trading [1] Industry Practices - The telecom industry should ensure that the process for downgrading plans is as straightforward as upgrading, including making necessary information easily accessible on official platforms [1] - Customer service representatives should be empowered with more authority to facilitate the downgrading process, ensuring a seamless experience both online and offline [1] - Regulatory bodies need to enhance service assessment standards to improve overall service quality in the telecom sector [1] Consumer Rights - Respecting consumer autonomy and fair trading practices is essential when offering multiple plan options in the market [1] - The industry must focus on service quality and consumer satisfaction to foster sustainable business growth [2] - Avoiding complex procedures and prioritizing consumer needs will enhance overall satisfaction and trust in telecom services [2]

本报讯(记者马薇)11月14日，全省首个12345热线创新实验室在无锡揭牌启动。首批合作单位签约成为 实验室创新合作伙伴，为后续的技术突破与成果规模化应用提供助力支撑。 该热线创新实验室由无锡市数据局、无锡市城市运行管理中心与中国电信（601728）联合建设。实验室 将立足"技术创新+场景应用"双轮驱动战略，以市民需求为导向，通过智能交互引擎优化、诉求处置流 程重塑、服务效能数字孪生等技术手段，全面提升诉求响应的精准度与温度感。同时，聚焦AI交互、 数据治理、智能调度等前沿领域，探索政务热线智能化转型路径，为全国政务热线智能化转型提供可复 制、可推广的"无锡范式"。 ...

Core Insights - Central state-owned enterprises (SOEs) are crucial to national strategy and play a key role in maintaining the stability of the capital market, accounting for approximately 30% of the total market capitalization of A-shares [1] - The "value management" strategy has become a core focus for SOEs, transitioning from a marginal topic to a central strategy, with the National New SOE Composite Index rising over 20% in 2024 [1][2] - Experts emphasize that SOE value management is a systematic project aimed at aligning intrinsic value with market value, rather than merely short-term stock price management [1][2] Value Creation and Performance - The fundamental aspect of value management is enhancing intrinsic value, with over 220 SOEs reporting year-on-year growth in net profit in the first three quarters of 2025, and 19 companies doubling their net profits [2] - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for SOEs to focus on improving the quality of development through mergers, share buybacks, and cash dividends [2] Case Study: China Mobile - China Mobile serves as a leading example of effective value management among SOEs, achieving an A-grade in SASAC's annual assessment and focusing on strategic emerging industries like artificial intelligence for growth [3] - SOEs are increasingly using market-oriented methods such as mergers and acquisitions to concentrate resources in core and strategic emerging sectors, enhancing asset securitization and capital operation efficiency [3] Value Transmission - Effective communication of created value to the market is critical for successful value management, with cash dividends being a direct method for SOEs to convey value to investors [4] - Over 310 SOEs distributed dividends totaling over 408 billion yuan in 2024, with several companies making their first-ever dividend payments [4][5] - Stock buybacks and increases in shareholding are also important tools for maintaining investor confidence, with over 60 SOEs announcing buyback or increase plans in 2024 [5] Long-term Strategy and Institutionalization - The SASAC has incorporated value management into the performance assessment of SOE leaders, enhancing its importance and prompting SOEs to develop specific value management systems [6] - More than 120 SOEs have disclosed dedicated value management systems, with over 45 companies creating targeted valuation enhancement plans [6] - The shift towards institutionalized value management aims to transform it from a short-term action into a long-term strategy, focusing on sustainable value creation [7]

据悉，威瑞森在最近三年裁减了近2万名员工，截至2024年底，该公司在美国拥有约10万名员工。威瑞 森的这一裁员计划是今年10月刚刚上任的新任首席执行官舒尔曼提出的，目的是削减企业运营成本、提 升效率。除了裁员外，威瑞森还计划将其约180家公司直营的零售店转型成为特许经营店。对于上述消 息，威瑞森发言人当天拒绝置评。 按用户数量计算，威瑞森是美国最大的电信运营商。但近年来，随着美国电信市场日趋饱和以及竞争加 剧，该公司的业务增长已经陷入瓶颈。近期其发展势头落后于竞争对手美国电话电报公司和T-Mobile。 威瑞森今年第三季度营运收入338亿美元，低于市场预期的342亿美元。 来源：中国经济网 据多家媒体13日报道，美国电信巨头威瑞森正计划进行一次大规模裁员，涉及员工人数约1.5万人。消 息传出后，13日威瑞森的股价一度上涨约1.4%，截至收盘，涨幅为0.75%。 报道称，威瑞森公司的这次裁员行动将在下周开始，预计总共将裁减约1.5万名员工，占其员工总数的 15%，这将是威瑞森有史以来规模最大的一次裁员。 ...

数据显示，前三季度，电信业务收入稳步增长，累计完成13270亿元，同比增长0.9%。千兆用户规 模持续扩大，5G用户快速发展，截至9月末，三家基础电信企业的固定互联网宽带接入用户总数达6.95 亿户，比上年末净增2486万户；三家基础电信企业及中国广电的移动电话用户总数达18.28亿户，其 中，5G移动电话用户达11.67亿户。 通信能力方面，光缆线路总长度稳步增加，千兆光纤宽带网络建设持续推进。截至9月末，全国光 缆线路总长度达到7444万公里，同比增长3.6%；全国互联网宽带接入端口数量达12.41亿个，比上年末 净增3888万个。 记者10月27日从工业和信息化部获悉，今年前三季度，我国通信业整体运行平稳。其中，5G网络 服务能力持续升级，截至9月末，5G基站总数达470.5万个，比上年末净增45.5万个。 ...

Core Viewpoint - The importance of operating systems in the digital economy is emphasized, with China Telecom's CTyunOS becoming a core foundation for Tianyi Cloud architecture and widely applied across various industries [1] Group 1: Collaboration and Contributions - China Telecom has transitioned from a user to a contributor in the open-source community, contributing hundreds of key technologies such as high-performance networking and virtualization scheduling over the past five years [1] - The collaboration with the Euler community is seen as a means to achieve industrial innovation and a multiplier effect, similar to the roles of Linux and Android in global innovation and smart terminal development [1] Group 2: Future Directions - China Telecom plans to embrace open-source more openly and deepen cooperation with the Euler community in three areas: creating a new cloud-network intelligence computing foundation for AI development, building a natively secure and compliant operating system, and promoting open-source culture and community building [2] - The company aims to cultivate composite talents that integrate systems and scenarios, and to promote the standardization and internationalization of domestic systems [2]

Core Points - On November 13, users in multiple areas of Qinghai reported sudden signal interruptions from China Unicom, affecting their ability to make payments and use public transport [1][4] - Users expressed frustration on social media, with many initially believing the issue was with their devices rather than the network [4] - China Unicom issued an apology on the evening of November 13, confirming that the signal disruption was due to a network fault, which has since been resolved [4] User Reactions - Users reported significant inconvenience, with one individual stating they had to walk home in cold weather due to the lack of signal [4] - Many users attempted to troubleshoot their devices, including restarting their phones and toggling airplane mode, before realizing the issue was with the network [4] - A specific incident was highlighted where a user was unable to pay for food at a barbecue restaurant due to the signal loss, illustrating the practical impact of the outage [4] Company Response - China Unicom acknowledged the issue and expressed gratitude for users' patience and understanding during the outage [4] - The company confirmed that the network fault has been repaired, restoring service to affected users [4]

Core Viewpoint - Germany is pushing for "digital sovereignty" by excluding Chinese suppliers like Huawei from its 6G network development while seeking to reduce dependence on both the US and China in technology [1][5]. Group 1: Germany's Policy on Chinese Suppliers - German Chancellor Merz announced a complete exclusion of Chinese suppliers from the country's 6G network, emphasizing a shift towards domestically produced components [1]. - The German government plans to phase out Chinese technology from its 5G network by 2026 and remove all Chinese equipment by the end of 2029 [1]. - Despite these plans, nearly 60% of Germany's telecom equipment still comes from China, with Huawei being a preferred partner due to its cost-effectiveness [1]. Group 2: EU Pressure and Legal Framework - The European Commission is considering making its recommendations on stopping the use of "high-risk suppliers" in mobile networks legally binding, which could lead to lawsuits and financial penalties for non-compliance [2]. Group 3: Financial Implications and Domestic Concerns - Germany is contemplating using public funds to compensate telecom operators for replacing Huawei equipment, with costs exceeding €2 billion (approximately ¥165 billion) [4]. - The establishment of a €500 billion infrastructure fund, referred to as a "fiscal rocket launcher," raises concerns about the efficiency of public fund usage amid additional spending [5]. Group 4: International Relations and Trade - While Germany aims to reduce reliance on China, it acknowledges that China is its second-largest trading partner, making complete decoupling impractical [6]. - The German Vice Chancellor is scheduled to visit China for high-level financial dialogues, indicating ongoing economic engagement despite the push for technological independence [6].

#青海联通网络故障已完成修复#【青海联通：因通信网络故障手机信号出现中断，目前已完成修复】@ 青海联通 11月13日发布公告： ...