中国青年报客户端讯（温蕤铭 中青报·中青网记者 林洁）8月28日，第十五届全国运动会和全国第十二 届残疾人运动会暨第九届特殊奥林匹克运动会（以下简称"十五运会和残特奥会"）体育比赛首批门票面 向公众开售。作为粤港澳三地首次联合承办的大型体育赛事，比赛门票首次实现"一个平台、三地购 票"模式，可售门票预计超过500万张。 8月28日10时开始，境内外公众可通过官方票务网站、官方票务小程序、线下官方门票销售服务网点购 票；8月31日10时开始，线上官方代售渠道售票；场馆售票亭将于各项目开赛前2日进行现场售票。同 时，旅行社类官方门票代理机构将提供丰富的观赛旅游产品，以更好地满足公众观赛需求。 中国工商银行作为十五运会银行类合作伙伴和广东地区官方门票代售服务商，在广东省内规划设置30个 线下代售点。中国工商银行营业网点同步代售全国第十二届残疾人运动会暨第九届特殊奥林匹克运动会 门票。 来源：中国青年报客户端 十五运会的竞技比赛售票项目共有32个大项，包括乒乓球、篮球、羽毛球、跳水等热门项目。除冲浪、 帆船两个大项和个别小项目因为场地限制不对外售票以外，其他竞技项目都安排售票。开闭幕式期间举 行的十五运会群众赛事活动 ...

Investment Rating - The investment rating for the company is "Buy" [5][4] Core Insights - The company is transitioning its Tianyi Cloud business from a phase of rapid revenue growth to a focus on high-quality development, with strong demand for intelligent computing services [2][1] - The mobile and broadband businesses are expected to maintain a steady growth trajectory [2] - The capital expenditure guidance for 2025 remains unchanged at RMB 83.6 billion, with a gradual decline in the capital expenditure to revenue ratio [3][1] - The company plans to leverage AI large models to enhance operational efficiency and further improve profitability [3][1] Summary by Sections Tianyi Cloud Business - The Tianyi Cloud business is moving towards a high-quality development phase, with a strong demand for intelligent computing services. The overall intelligent computing resource utilization rate has reached nearly 70%, with a diversified customer base expanding from government and state-owned enterprises to finance, transportation, and education sectors. In the first half of 2025, the total computing power reached 77 EFLOPS, with an increase of 15 EFLOPS [2][1] Basic Business Operations - In the first half of 2025, the mobile ARPU and broadband comprehensive ARPU remained stable. The company has been promoting bundled packages to enhance user stickiness and add extra user value. The industry competition has been effectively managed by the Ministry of Industry and Information Technology since 2019, leading to a healthier market environment [2][1] Capital Expenditure - The company's capital expenditure in the first half of the year accounted for approximately 41% of the annual budget, which is typical for the telecom industry, as investments are usually higher in the second half. The capital expenditure guidance for 2025 remains at RMB 83.6 billion, with a declining trend in the capital expenditure to revenue ratio expected as the peak investment period for 5G network construction has passed [3][1] Cost and Expense Management - The company aims to keep the growth rate of costs and expenses below that of revenue, which is expected to enhance profitability. The development of an AI model specifically for cloud network operations is expected to save labor costs and reduce base station electricity expenses through optimized algorithms [3][1] Profitability Forecast - The company is expected to see continued profit growth, with net profits projected at RMB 34.8 billion, RMB 36.7 billion, and RMB 38.4 billion for 2025, 2026, and 2027 respectively. The target price is set at RMB 9.11 per share, based on a 1.8x PB valuation for 2025 [4][8]

Core Insights - Insurance capital is increasingly focusing on high-dividend stocks to secure stable returns and mitigate the impact of declining bond yields [2][6][10] - As of August 27, 368 stocks are heavily held by insurance capital, with significant investments in non-bank financials, banks, telecommunications, and utilities [2][5] - Insurance funds have shown a notable increase in equity investments, with 79 new stock positions and 124 increased holdings in Q2 2025 [2][5] Investment Trends - The top holdings include China Life Insurance's stake in China Life, valued at 795.93 billion yuan, and Ping An's stake in Ping An Bank, valued at 135.73 billion yuan [4][5] - Telecommunications companies, particularly China Unicom, China Telecom, and China Mobile, have become key targets for insurance capital in Q2 2025 [4][5] - The most popular stock among insurance funds is Shenhuo Co., with four insurance institutions holding a combined 104 million shares [4] Sector Allocation - The insurance sector's top three holdings by market value are in non-bank financials (796.21 billion yuan), banks (224.57 billion yuan), and telecommunications (33.64 billion yuan) [5] - Insurance capital has increased its holdings in stocks significantly, with a net increase of 640.6 billion yuan in equity investments in the first half of 2025 [9] Policy Influence - Recent policy initiatives have encouraged insurance capital to invest more in the stock market, with a target for large state-owned insurance companies to allocate 30% of new premiums to A-shares starting in 2025 [6][10] - The insurance industry is adjusting its investment strategies to enhance long-term returns, driven by the need for better asset-liability matching [6][7] Future Outlook - Insurance capital is expected to continue increasing its equity investments, with a focus on stable, high-dividend stocks and sectors aligned with national strategic directions, such as green energy and high-end manufacturing [10][11] - The potential for significant incremental capital from insurance funds is anticipated, contributing to the stability of the capital market [11][12]

Core Viewpoint - The communication network in Sanya has been severely damaged due to Typhoon "Jianyu," but recovery efforts have led to a significant restoration of services, with expectations for full recovery soon [1] Group 1: Impact of Typhoon - Typhoon "Jianyu" caused a total of 3,383 communication base stations to go offline in Sanya [1] - The peak outage rate reached 28%, which has now been reduced to 6.4% following recovery efforts [1] Group 2: Recovery Efforts - As of August 27, 2,670 base stations have been repaired, resulting in a recovery rate of 78.92% [1] - Major traffic arteries such as Yingbin Road, Phoenix Road, and Jiefang Road have seen most of their offline base stations restored [1] Group 3: Future Outlook - The Sanya Municipal Bureau of Science, Technology, and Industry Information plans to continue enhancing repair efforts, with an expectation that the entire communication network will be fully restored by August 28 [1]

Group 1: Market Overview - The Hang Seng Index (HSI) has experienced a decline, with a significant number of bull certificates being liquidated, leading to a cautious market sentiment [1] - The index closed at 25,201 points, remaining above the 25,200 mark, with short-term support levels identified at 24,855 and 24,507 points [1] - Investors are advised to consider bull certificates with a redemption price below 24,500 for relative safety [1] Group 2: NIO Inc. (09866.HK) - NIO's closing price was HKD 51.65, showing a favorable increase, but the trading signal is currently a "sell," indicating a need for caution [3] - The first resistance level is identified at HKD 57.2, while support levels are at HKD 44.5 and HKD 39.3 [3] Group 3: Kingdee International Software Group (00268.HK) - Kingdee's stock has shown some upward movement, closing at HKD 16.57, but remains below the middle line of the Bollinger Bands [5] - The trading signal is a "sell," with resistance at HKD 18.3, and investors are advised to be cautious due to high volatility in the past three days [5] Group 4: Tencent Holdings (00700.HK) - Tencent's trading signal is currently "neutral," with investors considering entry points at lower levels [8] - Support levels are identified at HKD 574 and HKD 557 [8] Group 5: China Mobile (00941.HK) - China Mobile closed at HKD 89.15, reflecting a significant decline, but the trading signal is a "buy" [11] - Resistance is at HKD 92.3, with support levels at HKD 86 and HKD 82.7 [11] Group 6: Semiconductor Manufacturing International Corporation (00981.HK) - SMIC's trading signal is a "sell," with a technical outlook leaning bearish [14] - The first resistance level is at HKD 62.6, while the exercise price for call options is set at HKD 64.05, indicating a gap to be covered [14]

国信证券首席策略分析师王开表示，一批行业龙头正在用真金白银稳定投资者预期，这不仅是企业自身 经营稳健、现金流充沛的实力展现，更是A股市场生态走向成熟、更加注重股东回报的标志性信号。头 部公司的引领示范清晰地向市场传递了一个积极信号——国内核心资产具备为投资者提供持续、稳定现 金回报的能力，价值投资的压舱石作用愈发凸显。 中期分红乃至一年多次分红正逐渐成为新常态。 随着半年报高峰期来临，中期分红的队伍逐步扩大。近期，泰禾股份、中钢天源和炬芯科技在披露2025 年半年报的同时，首次公布了中期分红方案。此前，中国中车、恒力石化、长安汽车等多家龙头上市公 司也公开了首次中期分红计划。 中期分红是上市公司向资本市场传递经营质量的重要信号。南开大学金融学教授田利辉表示，一批上市 公司尤其行业龙头正在用真金白银对全年经营情况进行注脚，也反映出对行业发展前景的积极预期。中 期分红乃至一年多次分红正逐渐成为新常态，回馈投资者正在从"选择题"变为"必答题"。 中期分红队伍扩围 超20家上市公司在近期公布了首次中期分红计划。8月24日，泰禾股份、中钢天源和炬芯科技披露的上 半年利润分配方案显示，拟合计现金分红1.53亿元。其中，泰 ...

数智产品迭代，惠民生活有AI 今年，东莞移动重磅推出"中移磐石""全球通""动感地带"系列AI手机，为个人提供一套数智化服务整体 解决方案，配备AI速记、AI伴聊、灵犀智能体等全天候生活助手，实现"开口即得、越用越懂你"的体 验。升级配置了多样化的资费套餐和流量扩容方案，总体流量单价同比下降11%，满足广大市民多元化 场景需求。 同时，东莞移动真诚回馈客户，推出"网龄成长计划"，客户可以在中国移动App领取网龄成长、网龄生 日和网龄惊喜"三重好礼"，网龄越长回馈越多。结合国补政策，联合市商务局在1000多家销售门店开 展"手机进莞购"活动，补贴优惠力度达30%-50%，推动购机补贴惠及超200万人。 数智服务升级，便民举措暖人心 东莞移动构建"全触点、全场景、全时在线"数智化服务体系，以服务升级为市民带来更加便捷、高效的 数智生活体验。 随着数智化服务时代的加速到来，通信运营商如何聚焦当下民生需求，升级用户服务体验，成为社会各 界广泛关注的焦点。 近日，东莞移动走进"阳光热线"直播间，与听众和网友展开探讨，倾听市民呼声，回应社会关切，郑重 承诺"民有所呼，我必有应"，希望通过产品创新升级、服务体系升级、能力要 ...

Core Viewpoint - The successful communication support provided by Heze Unicom during the National Rural E-commerce High-Quality Development Symposium highlights the importance of stable network infrastructure for large-scale events and the company's commitment to enhancing digital empowerment in rural revitalization [1][6]. Group 1: Communication Support Preparation - Heze Unicom established a communication support working group led by a company executive to ensure seamless network connectivity during the event [3]. - The working group communicated with government departments to gather essential information regarding the event's schedule, participant numbers, and live streaming requirements, which informed their communication strategy [3]. - Two main venues were identified for the event, and the working group conducted on-site assessments to evaluate network coverage and capacity needs [3]. Group 2: Strengthening Communication Assurance - The team tested fiber broadband networks and inspected surrounding base stations, adjusting antenna angles and transmission power to optimize signal coverage and quality [5]. - Maintenance personnel conducted thorough checks on critical equipment such as optical cables and optical distribution frames to ensure operational reliability [5]. - Emergency power supply vehicles were on standby to provide backup power to base stations in case of outages, further ensuring communication stability [5]. Group 3: Ensuring Network Stability - The event faced significant challenges with approximately 500 attendees using mobile networks, including 150 live streaming simultaneously, creating high network demand [6]. - Heze Unicom's communication support team effectively managed network resources and conducted signal interference checks to maintain stable operations [6]. - The successful execution of live streaming without delays or interruptions demonstrated the company's dedication to customer service and its role in supporting rural economic development through digital means [6].

Core Insights - The report highlights strong revenue growth and profitability across various companies, indicating a positive market outlook for the sectors involved [6][7][13][17][20][34]. Company Summaries 应流股份 (603308.SH) - In the first half of 2025, the company achieved revenue of 1.38 billion yuan, up 9.1% year-on-year, and a net profit of 190 million yuan, up 23.9% year-on-year [6]. - The core business remains robust with a significant order backlog exceeding 2 billion yuan, driven by strategic partnerships with major global clients [6]. - The company plans to issue convertible bonds to raise up to 1.5 billion yuan for technological upgrades [6]. 天融信 (002212.SZ) - The company reported a revenue increase in Q2 2025, driven by growth in integrated machine sales [7]. - The cybersecurity market showed resilience, with significant growth in sectors such as finance and energy [9][10]. 深信服 (300454.SZ) - The company recorded a revenue of 3.009 billion yuan in H1 2025, a year-on-year increase of 11.16%, with a notable recovery in Q2 [13]. - The growth was primarily fueled by the cloud computing and IT infrastructure segments, which saw a 26.15% increase in revenue [14]. 新雷能 (300593.SZ) - The company achieved a revenue of 552 million yuan in H1 2025, reflecting a 12.93% year-on-year growth, despite a net loss [17]. - Continuous investment in R&D has maintained its competitive edge in the market [17]. 中航高科 (600862.SH) - The company reported a revenue of 2.747 billion yuan in H1 2025, up 7.87% year-on-year, with a stable profit margin [20]. - The growth in aerospace materials is attributed to the increasing demand in both military and civilian sectors [20]. 赢家时尚 - The company reported a revenue of 3.104 billion yuan in H1 2025, a decrease of 6.12% year-on-year, but managed to increase net profit by 3.19% through cost control [24]. - The online sales channel showed resilience, growing by 8.88% year-on-year [25]. 李宁 - The company achieved a revenue of 14.817 billion yuan in H1 2025, a 3.3% increase year-on-year, with a focus on maintaining healthy inventory levels [27]. - The footwear segment showed strong performance, with sales of running shoes exceeding 5.26 million pairs [27]. 凯立新材 - The company reported a revenue of 1.014 billion yuan in H1 2025, a 24.86% increase year-on-year, driven by strong sales in the pharmaceutical and basic chemical sectors [29]. - The company is focusing on expanding its market presence in the new energy sector [29]. 金山办公 (688111.SH) - The company achieved a revenue of 2.657 billion yuan in H1 2025, a 10.12% increase year-on-year, with significant growth in AI user engagement [34]. - The introduction of new AI features is expected to enhance user experience and drive further growth [34].

(本文来自第一财经) MACD金叉信号形成，这些股涨势不错！ 截至8月26日，A股已累计有2357家上市公司披露2025年半年报，其中1880家盈利，477家亏损。从净利 润来看，120家公司净利润超10亿元，中国移动、贵州茅台、宁德时代排名居前，上半年净利润分别为 842.35亿元、454.03亿元、304.85亿元。从净利润增幅来看，510家公司净利润增幅超50%，新特电气、 富士莱、台基股份排名居前，上半年净利润增幅分别为49775.01%、12430.96%、3789.41%。 8月26日，A股共671家上市公司披露2025年半年报，其中522家盈利，149家亏损。截至8月26日，A股已 累计有2357家上市公司披露2025年半年报，其中1880家盈利，477家亏损，合计营收为11.74万亿元，同 比增0.27%，合计净利润为7154.71亿元，同比增3.38%。从净利润变动幅度来看，1327家公司净利润同 比增加，1029家净利润同比下降。 从营收来看，当日披露半年报公司中，73家营收超50亿元，物产中大、立讯精密、保利发展排名居前， 上半年营收分别为2885.37亿元、1245.03亿元、1168 ...