AT&T (T) reported $30.63 billion in revenue for the quarter ended March 2025, representing a year-over-year increase of 2%. EPS of $0.51 for the same period compares to $0.55 a year ago.The reported revenue represents a surprise of +0.61% over the Zacks Consensus Estimate of $30.44 billion. With the consensus EPS estimate being $0.52, the EPS surprise was -1.92%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next m ...

智通财经4月22日电，Verizon2025年Q1营收335亿美元，市场预期332.3亿美元，去年同期330亿美元； 维持2025年业绩指引，指引中没有提到关税的影响。 ...

Core Viewpoint - The China Securities TMT Index has shown a recent decline of 17.71% over the past month, but has increased by 12.13% over the last three months and 10.56% year-to-date [1]. Group 1: Index Performance - The China Securities TMT Index is composed of 50 listed companies in the TMT sector selected from the Hong Kong Stock Connect, reflecting the overall performance of related industry companies [1]. - The index was established on November 14, 2014, with a base value of 3000.0 points [1]. Group 2: Top Holdings - The top ten holdings of the China Securities TMT Index are as follows: Xiaomi Group-W (18.11%), China Mobile (15.07%), Tencent Holdings (14.6%), SMIC (8.64%), Kuaishou-W (5.93%), CK Hutchison (4.43%), China Telecom (3.21%), Lenovo Group (2.69%), China Unicom (2.08%), and China Tower (2.0%) [1]. Group 3: Sector Allocation - The sector allocation of the index holdings is as follows: Electronics (26.47%), Telecommunications Services (25.86%), Media (25.27%), Semiconductors (10.76%), Computers (8.45%), and Communication Equipment and Technology Services (3.18%) [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after 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 when a new TMT company meets the criteria for inclusion [2].

Analysts on Wall Street project that Verizon Communications (VZ) will announce quarterly earnings of $1.15 per share in its forthcoming report, representing no change year over year. Revenues are projected to reach $33.32 billion, increasing 1% from the same quarter last year.The consensus EPS estimate for the quarter has undergone an upward revision of 0.1% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates d ...

4月11日，中国移动云智算大会·云智算技术创新与应用实践论坛在苏州金鸡湖国际会议中心召开。 本次 论坛依托中央企业算力网络创新联合体，汇聚产业力量，聚焦AI新生态下云智算发展趋势，深度解读中 国移动云智算体系技术架构及云智算产品行业应用实践，并重磅发布云智算系列产品与智算一体机等多 项战略性创新成果。中国移动副总经理陈怀达出席会议并致辞，来自各界的行业专家、合作伙伴代表参 加会议。 陈怀达在论坛致辞中表示，中国移动锚定"世界一流信息服务科技创新公司"定位，大力实施"AI+"行动计 划，充分释放AI在技术能力上的规模效应。 一是当好供给者，筑牢"AI+"发展根基。 在算力、模型、数 据等多环节，加强基础设施建设。 二是当好汇聚者，促进"AI+"产业融通。 组织央企和产学研各界开展 协同攻关，共同推动基础设施共通、核心能力共用、应用服务共创。 三是当好运营者，深化"AI+"注智 赋能， 携手行业龙头、合作伙伴，共建"五类业务范式"，助力各行各业"智改数转网联"。 智算一体机以"硬件为基，软件为核"，以算促智，推动算力从"稀缺资源"变为"普惠服务"，为客户提供 私密安全、稳定高效、简单易用的智能引擎服务， 满足政务 ...

Core Points - The China Securities TMT Index (港股通 TMT) opened high at 3779.79 points, showing a decline of 15.91% over the past month, an increase of 17.12% over the past three months, and a year-to-date rise of 10.96% [1][2] - The index consists of 50 listed companies in the TMT sector selected from the Hong Kong Stock Connect, reflecting the overall performance of related industry companies [1][2] - The index's top ten holdings include Xiaomi Group-W (18.42%), China Mobile (14.55%), Tencent Holdings (14.29%), SMIC (8.82%), Kuaishou-W (5.89%), Cheung Kong (4.27%), China Telecom (3.14%), Lenovo Group (2.72%), China Unicom (2.06%), and China Tower (1.97%) [1][2] Industry Composition - The industry composition of the index shows that electronics account for 27.07%, telecommunications services for 25.06%, media for 24.99%, semiconductors for 10.93%, computers for 8.78%, and communication equipment and technology services for 3.16% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after 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 when a new TMT company ranks in the top ten by market capitalization in the Hong Kong market [2]

Core Viewpoint - Verizon has shown resilience in a challenging market, achieving over 6% positive returns year-to-date, contrasting with a 14% decline in the broader market [1] Financial Performance - Verizon has consistently met or exceeded earnings expectations for the past 10 quarters, averaging a 1.4% beat per quarter, but has only exceeded revenue expectations 50% of the time, with an average revenue miss of 0.2% per quarter [2] - Key metrics to watch for the upcoming first quarter include expected revenue of $33.3 billion and a standardized EPS of $1.15, with anticipated year-over-year revenue growth of less than 1% [4] - The company is facing increased competitive pressure from AT&T and T-Mobile, which may lead to higher customer churn rates and stagnant postpaid net additions despite a strong fourth quarter [4][6] Strategic Initiatives - Verizon's management is focusing on enhancing customer experience through initiatives like the myPlan and personalized services, which may help mitigate potential user growth challenges [6] - Price increases are expected to generate approximately $1 billion in incremental revenue, with wireless service revenue projected to grow 2-2.8% year-over-year [6] Debt and Cash Flow - Verizon has a significant debt burden of $144 billion, with 82% being unsecured, leading to scrutiny over its ability to generate free cash flow [7] - Expected free cash flow for FY25 is projected to decline by about 9% to $18 billion, with cash dividend outflows potentially reaching $11.5 billion [8][9] Valuation and Market Position - Verizon's current dividend yield of over 6% is attractive but not significantly better than the industry average of 6.2% [9][10] - The stock's forward valuation is not considered cheap, trading at a premium compared to its five-year average rolling P/E ratio of 8.4 times [12] - Expected EPS growth for the year is less than 2%, resulting in a high PEG ratio of over 5, indicating that the current premium may not be justified [14]

Verizon Communications Inc. (NYSE: VZ ) has seen its share price climb as we've been going into 2025, up over 6%. That was over 10% at one point before the latest market panic selling kicked off onInterested in more income ideas? Check out Cash Builder Opportunities, where we provide ideas about high-quality and reliable dividend growth ideas. These investments are designed to build growing income for investors. A special focus on investments that are leaders within their industry to provide stability and l ...

戴康 CFA 广发证券发展研究中心 董事总经理（MD）、首席资产研究官 邮箱：daikang@gf.com.cn 报告摘要 ● 引言： 开年以来，"Deepseek"触发中美科技此消彼长叙事，恒生科技为代表的中国科技资产领涨全球，而美股&美元表 现不佳。战略层面："Deepseek"带来中国科技资产的价值重估，但并未逆转（逆全球化加剧、债务周期错位、AI产业趋 势）三大底层逻辑，因此，全球资产配置仍然是反脆弱的"全球杠铃策略"。而战术层面："全球杠铃策略"应该如何调整，来 应对"东升西落"的新叙事？ ● 美股：低波动—>高波动，下调↓权重。 过去两年，标普500维持偏低的波动率，一定程度上源自内部成分股之间偏低的相 关性，偏低的相关性则源自AI产业叙事下（7姐妹为代表的）美股科技龙头与非科技龙头间的分化，增加美股的分散性。当 前，标普500内部成分股间的相关性仍处于历史低点。我们判断，2025年，均值回归的牵引力、美国经济衰退压力（美股或 面临系统风险）、美国AI产业趋势一枝独秀的格局被打破（科技股独立行情门槛变高）等因素都将带来美股个股间相关性提 升（美股科技龙头与非科技龙头之间的分化将收敛）—>美股波动率 ...

戴康 CFA 广发证券发展研究中心 董事总经理（MD）、首席资产研究官 邮箱：daikang@gf.com.cn ● 美股：低波动—>高波动，下调↓权重。 过去两年，标普500维持偏低的波动率，一定程度上源自内部成分股之间偏低的相 关性，偏低的相关性则源自AI产业叙事下（7姐妹为代表的）美股科技龙头与非科技龙头间的分化，增加美股的分散性。当 前，标普500内部成分股间的相关性仍处于历史低点。我们判断，2025年，均值回归的牵引力、美国经济衰退压力（美股或 面临系统风险）、美国AI产业趋势一枝独秀的格局被打破（科技股独立行情门槛变高）等因素都将带来美股个股间相关性提 升（美股科技龙头与非科技龙头之间的分化将收敛）—>美股波动率加大—>资产配置组合中下调↓美股权重。 ● 中资股： 短期事缓则圆，中长期行情驱动力有望更健康。 短期视角，我们在 25.2.28《牛市二阶段，事缓则圆》 提示： 周线6连阳后，港股短期行情有所透支，事缓则圆，等待政策落地和科技产业叙事验证。从历史经验看6连阳后不建议追涨领 先板块，反而应关注本轮落后的低波、股息、价值、质量因子，如：银行、公用事业、石油石化、电信服务等。更长期视 角，本轮 ...