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。 ...

Core Insights - Germany is struggling with its 5G deployment, facing issues such as limited speed improvements, high latency, and coverage gaps, which hinder its digital ambitions [1][3][4] Network Construction - Major telecom operators in Germany, including Deutsche Telekom, Vodafone, O2, and 1&1, spent approximately €6.6 billion to acquire 5G frequency bands in 2019, aiming to reduce network latency to below 10 milliseconds [1] - Six years later, average latency remains high, with Deutsche Telekom at 23 milliseconds and Vodafone and O2 at around 29 milliseconds, far exceeding the 10 milliseconds target set by the 3GPP [1][2] Latency and Real-Time Applications - High latency is a significant barrier for industries relying on real-time communication, such as autonomous driving, which requires low-latency networks for effective operation [2] - Scenarios like truck platooning and remote parking are highly sensitive to latency, making them difficult to implement under current network conditions [2] Coverage Issues - Approximately 2.1% of Germany's territory lacks any 4G or 5G signal, with an additional 14% classified as "gray areas" with partial coverage, primarily in rural and mountainous regions [3] - Coverage problems persist even in major cities like Berlin and Munich, indicating a widespread issue [3] Investment and Regulatory Challenges - The lack of investment and commitment is identified as a core issue, as reducing latency below 10 milliseconds requires significant infrastructure upgrades and increased base station density [3] - The slow approval process for new mobile base stations in Germany is a major obstacle, with complaints from telecom executives about the lengthy procedures compared to other countries [3][4] Conclusion - The consensus among analysts is that Germany's 5G challenges stem not from a lack of technology but from insufficient investment and a need for a more proactive approach to network development [4]

Core Viewpoint - Goldman Sachs reports that China Unicom (600050)(00762) shows revenue growth, but cash flow and profitability are under pressure, while dividend growth remains robust, with a 14.5% year-on-year increase in interim dividends per share and a 5 percentage point rise in the payout ratio [1] Group 1: Financial Performance - China Unicom's interim results indicate revenue growth, but cash flow and profitability face challenges [1] - The company has increased its interim dividend per share by 14.5% year-on-year, reflecting a strong commitment to shareholder returns [1] - The payout ratio has improved by 5 percentage points year-on-year, indicating a willingness to return more capital to shareholders [1] Group 2: Market Outlook - Goldman Sachs maintains a "Buy" rating on China Unicom, raising the target price from HKD 10.4 to HKD 11.2, suggesting positive market sentiment [1] - The firm anticipates that the increase in accounts receivable leading to higher bad debt provisions will improve in the second half of the year, alleviating profitability pressure [1] Group 3: Future Projections - Goldman Sachs slightly lowers future revenue forecasts to reflect a slowdown in cloud business revenue growth, with revenue projections for 2025 to 2027 reduced by 1.1% to 3.6% [1] - EBITDA forecasts are also adjusted downward by 0.9% to 2.8% for the same period, indicating a cautious outlook on profitability [1]

该行预期联通上半年应收账款增加导致坏账拨备上升的情况会在下半年改善，从而缓解盈利压力。高盛 轻微下调未来几年预测，以反映云业务收入增长放缓，2025至2027年收入预测下调1.1%至3.6%， EBITDA预测下调0.9%至2.8%。 智通财经APP获悉，高盛发布研报称，中国联通(00762)中期业绩显示收入增长、现金流及盈利受阻，但 股息增长仍然稳健，上半年每股派息同比增加14.5%，派息比率同比提升5个百分点，认为中资电讯股 已成为本地投资者主要的高息回报选择，中资电讯股的稳定派息能力及增加派息的意愿将成为推动股价 的关键因素。高盛维持联通"买入"评级，目标价从10.4港元升至11.2港元。 ...

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。 ...

高盛维持联通"买入"评级，目标价从10.4港元上调至11.2港元。该行预期联通上半年应收账款增加导致 坏账拨备上升的情况会在下半年改善，从而缓解盈利压力。高盛轻微下调未来几年预测，以反映云业务 收入增长放缓，2025至2027年收入预测下调1.1%至3.6%，EBITDA预测下调0.9%至2.8%。 高盛发表研究报告指，中国联通中期业绩显示收入增长、现金流及盈利受阻，但股息增长仍然稳健，上 半年每股派息按年增加14.5%，派息比率按年提升5个百分点，认为中资电讯股已成为本地投资者主要 的高息回报选择，中资电讯股的稳定派息能力及增加派息的意愿将成为推动股价的关键因素。 ...

Core Insights - China Mobile reported a mid-year revenue of 543.8 billion yuan for 2025, with communication service revenue at 467 billion yuan, reflecting a year-on-year growth of 0.7% [1] - The total number of connections reached 3.815 billion, with a net increase of 145 million [1] - The company's EBITDA was approximately 186 billion yuan, showing a 2.0% increase year-on-year, while net profit reached 84.2 billion yuan, up 5.0% [1] Personal Market - Revenue from the personal market was 244.7 billion yuan, with mobile customers totaling 1.005 billion, a net increase of 560,000 [2] - The number of 5G network customers reached 599 million, with a net increase of 46.91 million, achieving a penetration rate of 59.6% [2] - The mobile ARPU stood at 49.5 yuan, maintaining industry leadership [2] Family Market - Revenue from the family market was 75 billion yuan, growing by 7.4% [2] - Family broadband customers reached 284 million, with a net increase of 6.23 million, and gigabit broadband customers totaled 109 million, up 19.4% [2] - The comprehensive ARPU for family customers was 44.4 yuan, an increase of 2.3% [2] Government and Enterprise Market - Revenue from the government and enterprise market was 118.2 billion yuan, reflecting a 5.6% increase [2] - The number of government and enterprise customers reached 34.84 million, with a net increase of 2.25 million [2] - Mobile cloud revenue was 56.1 billion yuan, up 11.3%, while 5G vertical industry applications saw rapid growth, with dedicated network revenue reaching 6.1 billion yuan, a 57.8% increase [2] Emerging Markets - Revenue from emerging markets was 29.1 billion yuan, growing by 9.3% [3] - International business revenue reached 14 billion yuan, up 18.4% [3] - Financial technology business scale reached 47.1 billion yuan, with a year-on-year growth of 24.5% [3] New Initiatives - China Mobile's "Three Major Plans" achieved positive results, including significant upgrades in new-type information infrastructure with capital expenditure of 58.4 billion yuan [4] - Over 2.59 million 5G base stations were opened, and gigabit broadband covered 500 million households [4] - The company launched the "AI+" action plan, enhancing its AI capabilities and creating a national-level AI open innovation platform [4] Leadership Statement - The Chairman of China Mobile, Yang Jie, emphasized the company's commitment to high-level construction of a world-class information service technology innovation company, aiming to create greater value for shareholders and customers [5]