Group 1 - The report introduces a "two-step" framework to analyze the funding landscape of the Hong Kong stock market, categorizing funds into long-term and short-term foreign capital, domestic capital, and Hong Kong capital [1][8][9] - Despite a marginal decline in the proportion of foreign capital, it continues to dominate the Hong Kong stock market, accounting for over 60% of the total funding, with stable foreign capital holding approximately 11.6 trillion HKD and flexible foreign capital around 5.2 trillion HKD as of May 13, 2025 [19][22][24] - The report highlights a significant increase in the proportion of southbound funds, which have gained marginal pricing power in the Hong Kong market, with their market value share rising from 8% in September 2020 to 20% by May 2025 [24][25][38] Group 2 - The trading behaviors of different funding types in the Hong Kong stock market exhibit clear differences, with stable foreign capital favoring long-term holdings, while flexible foreign capital tends to engage in short-term speculation [30][31] - Southbound funds show a lower turnover rate and a tendency to buy on dips, indicating a contrarian investment strategy, with a negative correlation between their net buying and the Hang Seng Index's performance [31][37] - Recent trends indicate that since March 2025, while foreign capital has been flowing out, southbound funds have been consistently flowing in, with a record net purchase of 356 billion HKD on April 9, 2025 [37][38]

Zealand Pharma A/S涨3.7%，领跑一众成分股。 明晟公司MSCI北欧国家指数微幅上涨，报357.39点，北欧电信服务板块领跑，本周累计上涨超过 2.65%。 ...

Financial Data and Key Metrics Changes - The company reported a total shareholder return of 44% in the previous year, outperforming the S&P and other major wireless and cable providers [14] - Net debt has been reduced by more than $30 billion since 2020, and the company is now operating within its leverage target of net debt to adjusted EBITDA in the 2.5 times range [13][15] Business Line Data and Key Metrics Changes - The mobility business is growing by attracting high-quality, profitable subscribers, with four out of every ten AT&T fiber households now choosing AT&T wireless [12][24] - The fiber network is now passing 29.5 million locations, showcasing the company's leadership in fiber connectivity [13] Market Data and Key Metrics Changes - The company has invested more capital than any other in U.S. telecommunications infrastructure over the past five years while managing to improve its balance sheet [13][29] Company Strategy and Development Direction - The company is focused on being the best connectivity provider through 5G and fiber, with a strategy that emphasizes growing durable customer relationships, efficiency, and deliberate capital allocation [11][12] - Plans include exiting the majority of copper-based infrastructure by the end of 2029 and modernizing the wireless network to be more open and interoperable [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to drive sustainable growth through economic cycles, emphasizing the critical nature of connectivity services [25] - The company is committed to balancing increased shareholder returns with continued investments in network expansion and modernization [15][30] Other Important Information - The company plans to return over $40 billion to shareholders through stock repurchases and dividends between 2025 and 2027 [15] - The board has combined the roles of chairman and CEO to provide greater agility in governance and execution of the long-term capital allocation plan [32] Q&A Session Summary Question: Why does AT&T have conviction in the strategy presented at the Analyst and Investor Day? - The company believes in the increasing demand for always-on connectivity, the need for dense fiber networks, customer demand for simplicity, and the importance of scale in the industry [20][21] Question: How does AT&T feel about its position compared to peers in the competitive wireless industry? - Management feels well-positioned, noting the ability to attract high-value subscribers and the unique offering of both 5G and fiber services [22][23] Question: What is AT&T's view on the health of the consumer amid potential recession? - The company does not see itself as a leading indicator of discretionary spending but believes it is well-positioned to drive sustainable growth through economic cycles [25] Question: How is AT&T balancing the need to invest for the future while ensuring financial flexibility? - The company has invested heavily in telecommunications infrastructure while managing costs and maintaining a healthy balance sheet [29][30] Question: Why did the board decide to combine the chairman and CEO role? - The combination is seen as beneficial for governance and agility in executing the long-term capital allocation plan [32] Question: How does AT&T plan to serve customers who still rely on the legacy copper network? - The company is committed to modernizing infrastructure while ensuring that no customers are left behind, providing robust access to the internet and essential services [35][36]

国泰海通发布研报表示，随着"新国九条"等政策的逐渐落实，A股乃至港股上市公司的分红积极性、持 续性有望提高。同时，低利率环境下，资金对红利资产有较高的配置需求。当前红利资产的股息率相较 于国债利率的配置性价比持续凸显，春节以来南下资金主要增配了银行、电信服务等行业的高股息资 产。另外，近年来险资保费收入持续增长，更追求绝对收益的险资对于高股息类资产的配置需求也有望 提升。 | 港股红利低波ETF(SH:520550) T+0交易 | | | | | --- | --- | --- | --- | | ¥1.093 +0.013 +1.20% | | | 5967 球员元 交易中 05-14 18:07:18 北京时间 | | 最高:1.093 | 今年:1.084 | 张停:1.188 | 成交量:18.83万手 | | 景低:1.080 | 昨收:1.080 | 跌停:0.972 | 成交额:2047.54万 | | 换手:一 | 市价:1.093 | 单位争值:1.080 | 草全份额: 3.50亿 | | 振幅: 1.20% 溢价率:0.10% | | 景计净值: 1.080 | 石产净值: 3.82亿 ...

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Viewpoints - The overall market performance for the week (May 5-9, 2025) saw the Shanghai Composite Index rise by 1.92%, the Shenzhen Component Index by 2.29%, and the ChiNext Index by 3.27%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 4.96% during the same period [2][10]. - Among the sub-sectors, the telecommunications network equipment and devices had the highest increase at 8.91%, while telecommunications application value-added services had the lowest at 0.46% [2][13]. - Notable individual stock performances included Fang Technology with a rise of 23.40%, Xin Yisheng at 21.63%, and Wuhan Fangu at 20.99% [2][15]. Summary by Relevant Sections Market Overview - The telecommunications sector is experiencing a high level of prosperity, with significant contributions from AI, 5.5G, and satellite communications [2]. - The report highlights a positive trend in the telecommunications market, with various sub-sectors showing growth [2][10]. Sub-sector Performance - The telecommunications network equipment and devices sub-sector led the growth with an 8.91% increase, while telecommunications application value-added services lagged behind with only a 0.46% increase [2][13]. Stock Performance - The report identifies Fang Technology, Xin Yisheng, and Wuhan Fangu as the top-performing stocks in the telecommunications sector for the week, with respective increases of 23.40%, 21.63%, and 20.99% [2][15]. Suggested Focus Areas - The report suggests focusing on the computing power industry chain and satellite internet, particularly highlighting the potential benefits from changes in AI chip export regulations and the new guidelines for satellite service management [3][20].

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 5 月 11 日 [Table_Title] AI 芯片或转许可制度，关注国产链及低估值标的 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.5.5-2025.5.9）上证综指上涨 1.92%，深证成 指上涨2.29%，创业板指上涨 3.27%。本周申万通信上涨4.96%。考 虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业发 展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.5.5-2025.5.9）通信板块三级子行业中，通 信网络设备及器件上涨幅度最高，涨幅为 8.91%，通信应用增值服务 上涨幅度最低，涨幅为 0.46%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2025.5.5-2025.5.9）通信板块涨幅板块分析方 面 ， 有方科技 （ 23.40% ） 、 新 易 盛 （ 21.63% ） 、 武 汉 凡 谷 （20.99%）涨幅分列前三。 建议关注方向：算力产业链、卫星互联网 1）算力产业链：美国 ...

中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了52家企业，参与招投标项目5000次，财产线索方面有商标信息2184条，专利信息5000条， 此外企业还拥有行政许可50个。 来源：金融界 中移智行网络科技有限公司，成立于2015年，位于上海市，是一家以从事软件和信息技术服务业为主的 企业。企业注册资本100000万人民币。通过天眼查大数据分析，中移智行网络科技有限公司参与招投标 项目675次，财产线索方面有商标信息106条，专利信息740条，此外企业还拥有行政许可8个。 金融界2025年5月9日消息，国家知识产权局信息显示，中移（上海）信息通信科技有限公司、中移智行 网络科技有限公司、中国移动通信集团有限公司取得一项名为"手写数字识别方法、装置、电子设备及 计算机存储介质"的专利，授权公告号CN114444554B，申请日期为2020年10月。 天眼查资料显示，中移（上海）信息通信科技有限公司，成立于2018年，位于上海市，是一家以从事科 技推广和应用 ...

Market Performance - The Shanghai Composite Index rose by 0.28%, with 3,839 stocks in the market increasing in value [1] - The ChiNext Index showed the strongest performance, increasing by 1.65% [2] - The CSI 1000 Index increased by 0.76%, with significant trading activity in its options [1][2] Trading Volume and Options Activity - A-shares had a total trading volume of 1.32 trillion yuan, a decrease of 190 billion yuan from the previous day [1] - The trading volume for the CSI 300 Index options was 89,600 contracts, with an open interest of 183,400 contracts, indicating a high level of activity [2] - The ChiNext ETF options had a trading volume of 1,196,500 contracts and an open interest of 1,317,200 contracts, reflecting increased investor interest [2] Options Market Insights - The PCR (Put-Call Ratio) for the CSI 300 Index options was 68.67% for trading volume and 70.26% for open interest, indicating a growing trend of selling put options [2] - The current valuation of IO options is relatively low, suggesting potential opportunities for investors [2] - The market is expected to remain in a volatile range, with strong support and resistance levels identified for the ChiNext Index [2]

Core Insights - Altice USA, Inc. reported a revenue of $2.15 billion for Q1 2025, reflecting a year-over-year decline of 4.4% and an EPS of -$0.16, compared to -$0.05 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $2.16 billion by 0.48%, while the EPS was significantly below the consensus estimate of -$0.09, resulting in a surprise of -77.78% [1] Financial Performance Metrics - The stock of Altice USA has returned +8.2% over the past month, underperforming the Zacks S&P 500 composite's +11.3% change, and currently holds a Zacks Rank 5 (Strong Sell) [3] - Unique Residential Customer Relationships stood at 4.13 million, slightly below the average estimate of 4.16 million [4] - Unique SMB Customer Relationships were reported at 375.3 thousand, compared to the average estimate of 376.09 thousand [4] - Pay TV/Video Subscribers totaled 1.79 million, below the average estimate of 1.82 million [4] - Broadband Subscribers reached 3.96 million, slightly below the estimated 3.98 million [4] Revenue Breakdown - Residential revenue from Video was $665.57 million, significantly lower than the average estimate of $704.84 million, marking an 11.9% year-over-year decline [4] - Residential revenue from Broadband was $899.56 million, slightly above the estimate of $889.88 million, with a year-over-year change of -1.9% [4] - Telephony revenue was reported at $66.41 million, exceeding the estimate of $61.41 million, representing a -6.4% change year-over-year [4] - Total Residential revenue was $1.67 billion, below the average estimate of $1.69 billion, reflecting a -5.7% year-over-year change [4] - News and Advertising revenue was $102.41 million, surpassing the estimate of $99.04 million, with a -3.1% change year-over-year [4] - Other revenue increased to $18.09 million, exceeding the estimate of $16.91 million, representing a +52% year-over-year change [4] - Mobile revenue was $36.70 million, above the estimate of $33.46 million, with a year-over-year change of +47.4% [4] - Business services and wholesale revenue was $363.55 million, slightly above the estimate of $359.47 million, with a year-over-year change of -0.4% [4]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported revenue of $1.1 billion, a 2% decrease on a rebased basis compared to the previous year [22] - Adjusted OIBDA increased by 8% year over year to $407 million, with three of the five operating segments posting year-over-year rebased growth [23] - Adjusted OIBDA less P and E additions rose to $286 million, representing 26% of revenue compared to 22% in the previous year [23] Business Line Data and Key Metrics Changes - The Cable and Wireless Caribbean segment generated $364 million in revenue with flat rebased growth, driven by a 5% increase in mobile revenue [26] - Cable and Wireless Panama reported $177 million in revenue, reflecting a 5% rebased growth, with mobile revenue increasing by 16% [28] - Liberty Networks generated $110 million in revenue, with a 3% rebased growth, while adjusted OIBDA declined by 2% due to higher network maintenance expenses [28] Market Data and Key Metrics Changes - In Puerto Rico, Q1 revenue was $298 million, reflecting an 11% rebased decline year over year, primarily due to lower mobile and B2B revenues [30] - Liberty Costa Rica delivered Q1 revenue of $158 million, with a 2% rebased growth, while adjusted OIBDA declined by 1% [31] - The company added 44,000 broadband and postpaid mobile subscribers in total during the quarter, with significant growth in Costa Rica and the Caribbean [6][7] Company Strategy and Development Direction - The company is focusing on fixed-mobile convergence (FMC) strategies to drive subscriber growth and reduce churn, with FMC penetration exceeding 30% in successful markets [7] - A joint venture with TIGO in Costa Rica is expected to consolidate the fixed market and create growth opportunities [18] - The company aims to maintain a capital expenditure (CapEx) of 14% of sales in 2025 and 2026, with a focus on network upgrades and efficiency [44] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Puerto Rico but expressed optimism about improving operational performance and EBITDA in the second half of 2025 [38][39] - The company has withdrawn its three-year guidance due to slower recovery in Puerto Rico but remains positive about growth in other segments [38] - Management emphasized the importance of cost management and operational efficiency to support future growth [39] Other Important Information - The company reported total debt of $8.2 billion with a net leverage of 4.6 times, and a weighted average borrowing cost of 6.5% [32] - The company has approximately $600 million in cash and $800 million available under its revolving credit line [33] - The stock buyback program has been inactive for the last three quarters, with $240 million available under authorization [36] Q&A Session Summary Question: Competitive environment in Puerto Rico - Management noted that T-Mobile is the most aggressive competitor in terms of handset subsidies, but overall competition remains rational [44][46] Question: CapEx guidance for Puerto Rico - Management confirmed that CapEx is expected to trend towards 14% of sales, with a focus on mobile network improvements [44][51] Question: Funding for Puerto Rico business - Management stated that Puerto Rico operates as a separate credit silo, and funding decisions will be based on capital allocation methodologies [60][61] Question: Macroeconomic outlook for Puerto Rico - Management expressed confidence in the competitive environment and the potential for growth, despite challenges faced in the past [66][70] Question: Service compensation and cash interest expenses - Management indicated that service compensation is expected to trend in line with Q1, and cash interest expenses are anticipated to be higher due to recent refinancing activities [84][88]