Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In H1 2025, the company's operating performance steadily improved, with a notable recovery in service revenue growth in Q2. The company maintains its guidance for good growth in revenue, EBITDA, and net profit for the full year. The core business showed steady growth, while emerging businesses rapidly developed, fully upgrading the strategy from "cloud transformation" to "cloud transformation and intelligent benefits" [2][12]. - The company achieved operating revenue of 269.4 billion yuan in H1 2025, a year-on-year increase of 1.3%, and a net profit attributable to shareholders of 23 billion yuan, up 5.5% year-on-year [6][12]. Summary by Sections Operating Performance - In H1 2025, the company reported revenue of 269.4 billion yuan, a 1.3% increase year-on-year, with service revenue at 249.1 billion yuan, up 1.2%. In Q2 alone, revenue reached 134.9 billion yuan, growing 2.6% year-on-year, and net profit was 14.2 billion yuan, a 7.1% increase [12]. - The company maintains its guidance for good growth in revenue, EBITDA, and net profit for the full year [12]. Core Business and Emerging Strategies - The mobile communication service revenue reached 106.6 billion yuan in H1 2025, up 1.3%, while fixed-line and smart home service revenue was 64.1 billion yuan, a 0.2% increase. The mobile ARPU was 46.0 yuan, down 0.6%, and broadband ARPU was 48.3 yuan, unchanged [12]. - The company is actively promoting the upgrade of its enterprise strategy from "cloud transformation" to "cloud transformation and intelligent benefits," enhancing the integration of innovative-driven core and digital businesses [12]. Financial Management - The company reduced its full-year capital expenditure guidance to less than 83.6 billion yuan, with H1 capital expenditure at 34.2 billion yuan, down 27.5% year-on-year. The operating cash flow net amount was 47 billion yuan, a 19.4% decrease year-on-year, while free cash flow increased by 13.9% to 13.1 billion yuan [12]. - The interim dividend per share was 0.1812 yuan, an 8.4% increase, with a payout ratio of 72%. The company clarified that the full-year payout ratio for 2025 will be further increased compared to 2024 [12].

智通财经APP获悉，香港联交所最新资料显示，8月4日，China Mobile Limited增持香港宽频 (01310)2.13570097亿股，每股作价5.075港元，总金额约为10.84亿港元。增持后最新持股数目约为4.42 亿股，最新持股比例为29.9%。 ...

（记者 安子修）据人民网报道，立秋时节，"秋天第一杯奶茶"已成为颇具仪式感的消费符号，承载着人们对季节更替的情感寄托，也往往带动现制饮品 消费迎来阶段性高峰；此外，外卖平台的各类促销政策，既进一步放大了市场消费情绪，也对品牌供应链韧性提出了更高要求。 实际上，在经济日益发达的当下，运营商的数智能力也为多元化的消费生态提供着无形的支持。 （图片来源：摄图网） "科技+"带动消费体验新升级 如今，通过"线上线下联动、多场景融合"，各品牌的战略效力也被有效放大，让整个生态形成更良性的消费循环。而依托厂商打造的数字化黑科技，产品 体验也完成质变。 据新华网报道，知名饮品企业沪上阿姨宣布与蚂蚁集团子公司数字蚂力达成合作，率先应用"AI督导员"产品。据了解，该产品基于多模态大模型，可精准 识别工作人员、行为、物品与环境状态，识别准确率超90%，将支持沪上阿姨门店进行设备卫生、原料有效期、物料摆放、茶饮制作流程等规范化经营过 程的数字化升级并提供科学决策。 其实，人工智能应用在奶茶等饮品领域并非孤例。从奈雪、喜茶等品牌应用的自动奶茶机，到"雪王"家的人工智能公司，越来越多饮品企业正在竞逐"数 字奶茶"新蓝海。而在管理层面， ...

中期净利处于10亿元-20亿元区间的公司有25家。从净利同比增速来看，达仁堂净利同比增长193.08%居首，北新建材、神火股份、华 润三九、铜陵有色、龙佰集团、海油工程、盛屯矿业7家公司净利出现同比负增长。 新华财经注意到，从中期净利超过10亿元的48家公司来看，中期净利负增长的企业分布于建材、电力、中药、有色、化工和基建等行 业。 | 代码 | 名称 | 净利(万元) | 同比增长率(%) | | --- | --- | --- | --- | | 600941.SH | 中国移动 | 8,423,500.00 | 5.03 | | 600519.SH | 贵州茅台 | 4,540,296.23 | 8.89 | | 300750.SZ | 宇德时代 | 3,048,513.90 | 33.33 | | 601728.SH | 中国电信 | 2,301,704.42 | 5.53 | | 601138.SH | 工业富联 | 1,211,335.70 | 38.61 | | 600011.SH | 华能国际 | 926,188.50 | 24.26 | | 603259.SH | 药明康德 | 856,08 ...

从2019年5G建设元年至今，5G技术已发展升级到5G-A阶段。记者还了解到，借助暑假窗口期，济南分 公司针对高校部分超高话务区域，进行了2.6G二载波扩容、新增4.9G容量覆盖，同时引入3CC(三载波 聚合)等技术，打造了以2.6G频段广覆盖为基础、700M频段增强穿透、4.9G频段承载超大带宽的"多频 多级"立体网络结构。5G-A技术在校园的覆盖与应用，为学校教育教学模式的创新带来了新机遇，助力 学校在数字化转型浪潮中抢占先机。此外，该公司在长清大学城联合中兴通讯部署智算单板，为用户提 供内容保障与差异化网络体验，引入AI算法让网络更节能高效，着力建设绿色节能的智慧网络。 采访中，山东移动济南分公司相关人员表示，未来将持续推进高校5G网络深度覆盖建设，不断提升网 络服务质量，为驻济高校提供优质智能的5G网络。通过引入5G-A和AI智算等先进技术，助力高校信息 化建设，探索5G-A技术在学校教育领域的创新应用，为推动智慧校园建设和教育行业变革贡献更多力 量。 齐鲁晚报.齐鲁壹点记者张洁清 为让莘莘学子开学季享受到高品质5G网络，山东移动济南分公司紧抓暑期施工窗口，针对长清大学城 等全市高校场景掀起新一轮5G ...

凤凰网科技讯 8月19日，在8月17日江苏省城市足球联赛南京主场赛事期间，南京移动于奥体中心实现6 万观众高密度网络保障。通过5G-A基站扩容及波束赋形技术，现场提供下行2Gbps/上行150Mbps的峰值 速率，支持球迷实时传输高清赛事视频及扫码支付，全程无卡顿。 交通枢纽同步部署5G-A网络：南京南站实现全域覆盖，地铁5号线应用分布式Massive MIMO技术保障 行驶中低时延观赛。夫子庙、老门东等景区通过5G-A网络承载AR导览及8K赛事直播同步回传。针对未 入场球迷，运营商在商圈、校园等场所设立第二观赛点，依托5G-A网络实现高清转播。 ...

Core Viewpoint - China Telecom achieved a net profit attributable to shareholders of 23.017 billion yuan in the first half of the year, representing a year-on-year growth of 5.5%, with stable growth in core business and rapid increase in mobile user numbers, while maintaining stable ARPU [1] Group 1: Financial Performance - The net profit attributable to shareholders for the first half of the year was 23.017 billion yuan, reflecting a 5.5% year-on-year increase [1] - Capital expenditure for the first half of the year was 34.2 billion yuan, accounting for 12.7% of revenue [1] - Full-year capital expenditure for 2025 is expected to be less than 83.6 billion yuan [1] Group 2: Business Development - The company is strengthening its strategic emerging business expansion, including enhancing computing power supply with self-owned intelligent computing reaching 43 EFLOPS and over 580,000 data center racks [1] - The company has deployed quantum security facilities in 16 cities to build a national integrated quantum security infrastructure [1] - The Internet of Things (IoT) user connections have reached nearly 700 million [1] - In satellite business, over 20 million mobile satellite terminal connections have been established, with partnerships with six automotive companies for direct satellite connections [1] Group 3: Market Position and Outlook - The company holds the largest market share in the aviation internet connectivity fleet [1] - The combination of precise management and investment is expected to further enhance profitability [1] - The outlook remains positive for steady growth in core business and accelerated expansion in strategic emerging businesses [1]

Core Insights - Jiangsu Telecom has completed the deployment of 5G-A networks in key tourist attractions in Nanjing during the peak travel season, significantly enhancing connectivity and service capabilities [1] - The 5G-A network achieved a downlink speed of 3 Gbps at the Zhonghua Gate scenic area, nearly tripling the performance of traditional 5G, thus supporting high-bandwidth applications like 4K live streaming and VR tours [1] - The "Su Chao" event has led to a 305% year-on-year increase in tourist bookings in Jiangsu, indicating a strong correlation between major events and tourism activity [1] Company Developments - Jiangsu Telecom has opened over 6,500 5G-A stations across the province, with approximately 1,500 stations deployed in Nanjing, covering airports, high-speed train stations, and key commercial areas [1] - The operator has introduced dedicated network service packages tailored for event scenarios, ensuring that fans can share event content in real-time [1] - The 5G-A network has established a robust communication support capability for cultural tourism experiences and large-scale events [1]

新华社柏林8月18日电 新闻分析｜德国5G之路为何难走 新华社记者褚怡 当许多国家已经着手部署更先进的5G标准、甚至测试6G应用时，德国却在"下一代通信"的赛道上步履 沉重：速度提升有限，延迟依旧偏高，覆盖存在空白，投资更显乏力。从"欧洲经济火车头"到"5G落后 生"，德国的数字化雄心正遭遇意想不到的阻碍。 "网络建设未达预期" 2019年6月，移动运营商德国电信、沃达丰、O2以及1&1在德国联邦网络局的拍卖中，以约66亿欧元竞 得5G关键频段。当时的目标十分明确：将网络端到端延迟降至10毫秒以内，为自动驾驶、远程手术、 智慧工厂等延迟敏感型场景的发展奠定基础。 然而6年后，行业测评机构"开放信号网络测试公司"最新分析显示，德国电信的平均延迟为23毫秒，沃 达丰和O2约为29毫秒，均远高于国际标准组织"第三代合作伙伴计划组织"（3GPP）为"超可靠低延迟通 信"设定的10毫秒目标。 德国《商报》称，德国电信虽然在速度上领先，其5G下载速率平均达到180兆比特每秒，是4G的3倍， 但由于延迟仍难以支撑真正的实时业务。 这就好比道路虽然明显拓宽，但红绿灯未做优化。德累斯顿工业大学通信网络教授弗兰克·菲策克指 出： ...

中新网8月19日电 据中央纪委国家监委驻中国移动纪检监察组、吉林省纪委监委消息：中国移动通信集 团内蒙古有限公司党委委员、副总经理韩伟涉嫌严重违纪违法，目前正接受中央纪委国家监委驻中国移 动纪检监察组纪律审查和吉林省松原市监察委员会监察调查。 ...