Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a revenue of 263.8 billion yuan for Q1 2025, a slight increase of 0.02% year-on-year, with a net profit of 30.6 billion yuan, up 3.5% year-on-year [1]. - The company aims to achieve steady revenue growth and good profit growth in 2025, with specific targets for various business segments [4]. - The company is focusing on enhancing shareholder returns with a dividend payout ratio of 73% for 2024 and plans to increase this to over 75% in the next three years [4]. Business Segment Summaries Personal Market - The company is building an operational system based on segmented markets and customer needs, with a total mobile customer base of 1.003 billion, including 578 million 5G users as of Q1 2025 [2]. - Mobile internet traffic increased by 7.7% year-on-year, with a mobile ARPU of 46.9 yuan, a decrease of 1 yuan compared to the previous quarter [2]. Family Market - The company is developing a family-centered integrated operation system, achieving a total of 320 million wired broadband customers, with a net increase of 5.48 million in the quarter [2]. - The comprehensive ARPU for family customers reached 40.8 yuan, an increase of 2.3% year-on-year [2]. Government and Enterprise Market - The company is leveraging new opportunities in information services and technology development, with an increasing revenue share from the government and enterprise market [3]. Emerging Markets - The company is accelerating the export of quality products and deepening its presence in the digital content sector, with an increasing revenue share from emerging markets [3]. Financial Forecasts and Investment Recommendations - The company is expected to achieve a net profit of 145.3 billion yuan in 2025, with a steady growth forecast for the following years [5]. - The company maintains a focus on customer-centric strategies and product innovation, which is expected to solidify its competitive advantages [5].

近日，江苏移动、中国移动集团网络事业部、中国移动研究院联合亨通光电、华为在苏州完成了广域精简5G LAN组网的商用落地，这是该技术首次实现 与广域工业应用的结合。 亨通光电是国内工业智能制造企业，专注于光纤通讯、超高压/特高压电力传输等产品的研发与制造。公司总部位于江苏，并在广东、四川等地设有多家 分厂。随着业务的拓展，总部与各分厂之间的ERP、MES等关键业务系统存在广泛的跨地域互联需求。特别是在工业智能制造场景中，企业总部与多厂区 的高效协同依赖关键业务流的无缝支撑——全域生产联动，各厂区MES系统实时汇聚生产数据（如工单进度、设备状态）至总部ERP，支撑动态排产与资 源全局调度；远程精准运维，运维人员需通过广域互联直连厂区设备（如PLC、工业交换机），实现日志抓取、故障远程修复；设备统一管控，总部基于 唯一标识（如MAC地址）对海量设备批量推送固件升级，保障版本精准追溯。 广域精简5G LAN不仅为工业"柔性制造"注入了新的发展动能，还能够满足车联、低空、SOHO办公、金融、能源、零售连锁等行业广泛的跨域互联需 求。 传统跨域方案依赖IP三层组网，面临多重掣肘。一是需通过VXLAN/GRE等隧道或DNA ...

金十图示：2025年04月22日（周二）富时中国A50指数成分股今日收盘行情一览：银行股全天走势分化，保险行业午后转涨 长江电力 中国核电 东方财富 8 1939.56亿市值 3243.93亿市值 7176.53亿市值 22.70亿成交额 8.57亿成交额 34.61亿成交额 29.33 9.43 20.55 +0.02(+0.07%) +0.05(+0.53%) -0.08(-0.39%) 证券 食品饮料 中信证券 国泰海通 海天味业 胸更 3716.99亿市值 3007.63亿市值 2346.02亿市值 11.58亿成交额 6.80亿成交额 2.80亿成交额 17.06 42.19 25.08 -0.15(-0.59%) +0.07(+0.41%) +0.03(+0.07%) 消费电子 化学制药 恒瑞医药 工业富联 立讯精密 3251.38亿市值 3530.91亿市值 2195.96亿市值 31.40亿成交额 8.19亿成交额 31.17亿成交额 17.78 30.30 50.97 -0.03(-0.17%) -0.57(-1.85%) +1.80(+3.66%) 家电行业 农牧饲渔 牧原股份 格力电器 ...

Core Points - The China-Hong Kong-US Technology Index has shown a decline of 14.62% over the past month, 3.85% over the past three months, and 3.32% year-to-date [1] - The index is composed of high liquidity and high market capitalization technology companies listed in Hong Kong and the US, calculated using an equal-weighted method [1] - The index's top ten holdings include companies such as SMIC (3.61%), BYD (3.23%), and Alibaba (2.55%) [1] Market Composition - The Nasdaq Global Select Market accounts for 40.10% of the index, followed by the Hong Kong Stock Exchange at 36.04% and the New York Stock Exchange at 22.41% [2] - The industry breakdown of the index shows that Information Technology comprises 38.88%, Consumer Discretionary 20.37%, and Healthcare 14.75% [2] Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day after the second Friday of June and December [2] - New technology companies that rank in the top five by market capitalization in their respective regions will be quickly included in the index after their eleventh trading day [2]

Core Insights - The 2025 Fourth China (International) Eyelash Industry Expo was inaugurated in Pingdu, attracting beauty industry elites and international merchants to discuss new development strategies for the industry [1] - A strategic cooperation agreement was signed between Qingdao Unicom Pingdu Branch and Qingdao Shangzhen Industrial Park Management Co., enhancing services and supporting cross-border e-commerce for enterprises in the park [3] Industry Development - The eyelash industry in Pingdu has achieved mechanization, clustering, and branding through innovation, association leadership, park empowerment, and exhibition promotion, transitioning from a "kang head economy" to an industrial cluster [5] - Pingdu has cultivated over 5,000 eyelash market entities, producing more than 3,000 different styles of eyelash products, creating over 60,000 jobs, and generating an annual output value of over 10 billion yuan, with a global market share of 70% [5] Technological Integration - The strategic cooperation aims to create a "technology + scenario" smart service ecosystem for enterprises, providing seamless 5G coverage and dedicated live streaming networks to enhance e-commerce marketing [8] - Digital services such as one-click utility payments and AI perimeter monitoring will reduce administrative costs and enhance security for enterprises, facilitating their focus on product innovation [8] International Expansion - The collaboration will help Pingdu's eyelash industry expand internationally, allowing more foreign consumers to experience the charm of Chinese manufacturing [10] - Qingdao Unicom will provide a comprehensive communication solution for enterprises in the industrial park, integrating smart park construction, international business, and cloud data services to support cross-border e-commerce [10] Strategic Partnerships - The Qingdao Beauty Online New Economy Industrial Park was selected as a platform economic industrial cluster in Shandong for 2024, marking it as the only selected cluster in Qingdao [12] - A cooperation agreement was signed with the Shandong Digital Industry Development Research Institute to inject strong digital capabilities into the eyelash industry's transformation [12] Economic Impact - The integration of resources and advantages through strategic partnerships will enhance the quality and efficiency of the characteristic industrial cluster, accelerating the development of Shandong's digital economy [13]

中贝通信（603220）公告，公司与北京万界数据科技有限责任公司签订了算力服务合同，合同金额为 4.41亿元，服务期限为4年。公司将根据合同履约义务及收入确认原则在相应会计期间确认收入，具体 会计处理及对公司经营业绩的影响需以年度审计确认后结果为准。合同履行期限自交付成功之日起算， 对公司当期和未来年度财务状况和经营成果的影响具有不确定性。 ...

Core Viewpoint - The new delisting regulations in A-shares are intensifying, leading to an accelerated "survival of the fittest" process in the market, with a recent surge in delisting risk warnings from multiple companies [1] Group 1: Companies at Risk - ST Xintong is facing delisting risk due to 368 million yuan in non-operating fund occupation, with a two-month deadline for rectification [2] - ST Ningke is projected to incur a loss of 580 to 650 million yuan in 2024, with non-deductible revenue below 300 million yuan, risking delisting if the annual report receives an "unable to express opinion" audit [5][6] - ST Dayao has seen its market value drop below 500 million yuan, making it the first trading delisting stock of 2025, with a stock price plummeting to 1.18 yuan [7][8] - ST Modern has not completed regulatory rectification on time and risks delisting if it fails to submit an audit proof within two months [9][10] Group 2: Regulatory Background - The 2025 delisting regulations have tightened financial indicators, including continuous losses, revenue below 300 million yuan with negative net assets, and excessively low market value [11] - Regulatory scrutiny on information disclosure violations and financial fraud has intensified, exemplified by the case of Dongfang Group, which inflated revenue by 16.1 billion yuan over four years [11] Group 3: Investor Guidance - Investors are advised to avoid high-risk stocks, particularly ST and *ST stocks, companies with continuous losses, and those with abnormal stock price fluctuations [12] - Caution is advised against "doomsday speculation," as some ST stocks may experience short-term surges followed by sharp declines due to major shareholders offloading [13] - Investors should focus on the quality of financial reports, particularly looking for non-standard audit opinions and issues related to major shareholder fund occupation [14] - A rational perspective on "shell protection" expectations is necessary, as the accelerated delisting process under new regulations poses high risks for speculative bottom-fishing [15]

Group 1 - The core index of the China Securities Hong Kong Technology Index reflects the overall performance of leading technology companies listed in Hong Kong, selected based on market capitalization, R&D investment, and revenue growth [1][2] - The China Securities Hong Kong Technology Index has seen a decline of 15.90% over the past month, an increase of 13.74% over the past three months, and a year-to-date increase of 13.70% [1] - The top ten holdings of the index include Xiaomi Group-W (12.3%), Alibaba-W (11.35%), Tencent Holdings (9.92%), BYD Company (8.16%), Meituan-W (7.21%), JD Group-SW (6.39%), NetEase-S (5.66%), Baidu Group-SW (4.24%), SMIC (4.0%), and BeiGene (3.22%) [1] Group 2 - The industry composition of the index shows that consumer discretionary accounts for 41.51%, communication services for 23.64%, information technology for 22.87%, healthcare for 11.57%, and industrials for 0.41% [2] - The sample of the China Securities Hong Kong Technology Index is adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the Hong Kong technology sector include the Southern China Securities Hong Kong Technology ETF and the China Merchants China Securities Hong Kong Technology ETF [3]

Core Points - The A-share market's three major indices closed mixed, with the CSI Hong Kong-Shenzhen Brand Consumption 50 Index down by 0.77% to 2806.58 points, with a trading volume of 28.875 billion yuan [1] - Over the past month, the CSI Hong Kong-Shenzhen Brand Consumption 50 Index has decreased by 5.34%, increased by 3.82% over the past three months, and has risen by 2.24% year-to-date [1] - The index comprises 50 leading consumer companies from the mainland and Hong Kong markets, selected based on profitability and growth characteristics, reflecting the overall performance of leading consumer companies in the three regions [1] Index Composition - The top ten holdings of the CSI Hong Kong-Shenzhen Brand Consumption 50 Index are: Gree Electric Appliances (10.7%), Kweichow Moutai (10.27%), Midea Group (9.01%), Wuliangye (8.93%), Yili Group (6.18%), Kuaishou-W (6.13%), Anta Sports (5.48%), Master Kong (4.04%), Shanxi Fenjiu (3.37%), and Nongfu Spring (3.36%) [1] - The market share of the index's holdings is distributed as follows: Hong Kong Stock Exchange 35.42%, Shanghai Stock Exchange 32.76%, and Shenzhen Stock Exchange 31.82% [1] Industry Breakdown - The industry composition of the index's sample includes: primary consumption 47.76%, discretionary consumption 41.57%, telecommunications services 8.54%, and information technology 2.13% [2] - The index samples are adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2] Fund Tracking - Public funds tracking the SHS Brand Consumption 50 include the Huatai-PineBridge CSI Hong Kong-Shenzhen Brand Consumption 50 ETF [3]

Financial Performance - The company reported a basic earnings per share of -0.0378 yuan for 2024, an improvement of 71.75% compared to -0.1338 yuan in 2023 [1] - The net profit for 2024 was -0.35 billion yuan, showing a significant reduction of 72% from -1.25 billion yuan in 2023 [1] - The return on equity (ROE) improved to -30.02% in 2024 from -63.15% in 2023, indicating a positive trend [1] - Operating revenue increased to 14.63 billion yuan in 2024, a growth of 2.38% from 14.29 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 30,480.87 million shares, accounting for 35.04% of the circulating shares, with an increase of 409.73 million shares compared to the previous period [2] - The largest shareholder, Xiaochang Yingxi Valley Investment Center, holds 21,172.11 million shares, representing 24.34% of the total share capital, with no change in holdings [3] - New shareholders include Wang Xunmeng, Chen Xiru, and Huang Haibin, each holding 748.00 million, 740.00 million, and 693.00 million shares respectively [3] Dividend Policy - The company has announced no distribution or capital increase for the current period [4]