来源：新浪证券-红岸工作室 10月13日，中国联通涨0.00%，成交额23.59亿元，换手率1.40%，总市值1728.92亿元。 异动分析 区块链+数据要素+数据安全+5G+智能家居 1、据Bitcoins Channel报道，中国电商巨头阿里巴巴集团、跨国电信公司中兴、中国联通以及中国工业 和信息化部即将联合起来共同打造一个物联网区块链框架。公司认为，区块链与物联网的结合可以提升 信任、安全加密、成本降低，以及提升操作速度。 2、2023年年报，数据服务方面，公司抢抓"数字中国"建设、"数据要素X"三年行动计划等政策机遇，着 力强化数据产品和能力供给，赋能经济社会全方位数字化转型。依托一点集中和技术领先的大数据能 力，数据服务连续5年行业份额超过50%，领先同业；坚持数智技术融合创新为核心驱动力，12项数据 治理能力入选《2023数据治理产业图谱2.0》，入选数量排名第一；数据处理能力持续提升，日采集数 据增量同比翻倍达1.2PB，以历史最高分通过DCMM5最高等级认证。 3、2022年11月11公告：联通云加速发展，实现收入人民币 268.7亿元，同比提升 142%；IDC 实现收入 人民币 186.1 ...

办卡关注公众号：找卡星球 不过话说回来，运营商套路虽多，但也不是完全无迹可循。我们团队用2025年最新数据实测了三大运营商128款套 餐，发现三个隐藏规律： 第一，限速阈值和基站密度直接相关 移动在北上广深的基站数量是偏远地区的3倍，所以同样20GB限速套餐，北京用户刷抖音还能保持30fps，而云南 山区用户可能连文字消息都加载不出来。测试时我们甚至发现，同一城市不同街道的网速差异能达到5倍以上。 第二，定向流量存在APP版本陷阱 某运营商宣传"抖音全量免流"，但实际测试发现，只有抖音8.0以下版本免流。升级到最新版后，连直播间都会单 独计费。更坑的是，这种改动不会在APP商店标注，用户完全无法提前知晓。 这里将是您揭秘流量卡真相、探索优质正规流量卡办理的一站式平台。让我们一起，明智选择，畅享无忧网络体 验！ 温馨提示：选卡前请认真看好套餐详情，以免开卡失败。（如年龄、地区等限制） 最近收到一条私信让我特别头疼："老师，我查了10家运营商，每家都说自己流量卡最划算，可实际用起来不是限 速就是虚标流量，这玩意儿到底该信谁？"说实话，这种问题我每天要回答几十遍。但仔细想想，用户真正在意的 不是"谁划算"，而是"怎 ...

异动分析 区块链+数据要素+数据安全+5G+智能家居 1、据Bitcoins Channel报道，中国电商巨头阿里巴巴集团、跨国电信公司中兴、中国联通以及中国工业 和信息化部即将联合起来共同打造一个物联网区块链框架。公司认为，区块链与物联网的结合可以提升 信任、安全加密、成本降低，以及提升操作速度。 2、2023年年报，数据服务方面，公司抢抓"数字中国"建设、"数据要素X"三年行动计划等政策机遇，着 力强化数据产品和能力供给，赋能经济社会全方位数字化转型。依托一点集中和技术领先的大数据能 力，数据服务连续5年行业份额超过50%，领先同业；坚持数智技术融合创新为核心驱动力，12项数据 治理能力入选《2023数据治理产业图谱2.0》，入选数量排名第一；数据处理能力持续提升，日采集数 据增量同比翻倍达1.2PB，以历史最高分通过DCMM5最高等级认证。 来源：新浪证券-红岸工作室 3、2022年11月11公告：联通云加速发展，实现收入人民币 268.7亿元，同比提升 142%；IDC 实现收入 人民币 186.1 亿元，同比提升 12.9%。发挥数据治理和数据安全长板优势，建设产品体系，深耕数字政 府、数字金融等重 ...

Group 1 - T-Mobile US, Inc. is a leading telecom provider in the United States, recognized for its robust network and customer-centric services, competing effectively against major players like Verizon and AT&T [1][6] - UBS maintains an "Overweight" rating for T-Mobile with a "hold" action, while Morgan Stanley names T-Mobile as the "Top Pick in Telecom," indicating strong confidence in the company's market position [2][6] - T-Mobile has reported five consecutive quarters of exceeding revenue and earnings expectations, resulting in a 5.8% increase in its stock price in Q2 2025, reflecting operational efficiency and market strength [3][6] Group 2 - Despite a recent decrease of approximately 2.31% in its stock price, T-Mobile remains a high-quality investment with a stable demand and a dividend yield of 1.71%, making it a defensive choice for investors [4] - T-Mobile's market capitalization is approximately $253.17 billion, showcasing its significant size and influence in the telecom sector, with a trading volume of 5,999,652 shares [5] - Over the past year, T-Mobile's stock has seen a high of $276.49 and a low of $208.39, indicating its resilience in a competitive market [5]

Core Insights - The decline in 10-year government bond yields to 1.6% and the breaking of 2% in 3-year fixed deposit rates by state-owned banks indicate a low-interest-rate environment, prompting a shift in investment strategies towards higher-yielding assets [1][3] - The influx of 1.8 trillion yuan in new household deposits suggests a trend of individuals moving their money to banks, while northbound capital saw a net inflow of 23 billion yuan, indicating institutional interest in high-dividend stocks and long-duration growth assets [1][3] High Dividend Assets - High dividend assets are becoming attractive alternatives to traditional savings, with the CSI Dividend Index offering a yield of 5.16%, significantly higher than the 3-year fixed deposit rate [3] - Stable earnings from leading sectors such as banking, utilities, and telecommunications provide a reliable income stream, supported by government policies encouraging dividends [3] - Public REITs, particularly those focused on affordable housing, offer yields of 3%-4%, providing a flexible and higher return compared to traditional savings [3] Long-Duration Growth Sectors - Long-duration growth assets are expected to benefit significantly from declining interest rates, with 10-year bonds rising 2% and 30-year bonds potentially increasing by 6% with a 0.2% drop in yields [5] - The AI industry is highlighted as a key growth area, with expected annual growth of 30%, making it a prime target for investment as interest rates decline [5] - The current economic environment, characterized by monetary easing, suggests that long-term growth sectors will attract capital as traditional sectors struggle to absorb liquidity [5] Investment Strategy Recommendations - Investors are advised to prioritize high dividend stocks with yields above 5% and a history of consistent dividends over the past five years, or to invest in the CSI Dividend ETF for easier access [7] - For growth assets, it is recommended to limit exposure to 30% of total household assets due to their volatility, with a preference for mutual funds managed by professionals [7] - A balanced approach is suggested, allocating 70% to high dividend assets and 30% to long-duration growth sectors to mitigate risks while capitalizing on potential returns [7]

威瑞森董事会对此次变动寄予厚望，公司董事会主席马克・贝尔托利尼表示，希望舒尔曼能够为公司开 辟新的增长路径，并巩固其行业领先地位。舒尔曼的过往业绩显示，他在变革型领导和极致运营方面拥 有显著的能力，这为他在新角色中的表现增添了信心。 尽管威瑞森在宣布高管更替后，股价在盘前交易中略有反弹，但市场整体上仍对公司的前景持观望态 度。投资者可能会密切关注公司在舒尔曼领导下的首批举措，以判断其能否有效应对当下复杂的市场环 境和挑战。 对于投资者而言，当前形势下，威瑞森需要展现出强有力的变革和创新能力，来应对行业趋势以及全球 经济环境变化带来的不确定性。投资者或许可以通过密切关注公司如何在新管理层下提升用户体验、实 现财务增长以及应对市场竞争来决定其投资策略。 10月6日，威瑞森通信股价下跌5.11%，盘中触及自2025年7月以来的最低点，这一表现无疑让投资者心 生忧虑。虽然市场波动经常出现，但如此明显的下跌引发了人们对其未来发展的深思。 日前，威瑞森公司宣布了一则重要人事变动，任命独立首席董事丹・舒尔曼为新任首席执行官，接替自 2018年起担任该职位的汉斯・韦斯特伯格。舒尔曼曾在贝宝任职，具备丰富的管理经验和领导能力， ...

综上，我觉得在中国电信营销的话就好好凑够每个月的绩效工资，剩下的提成赚钱还是别想太多了，那不是普通人做得到的话，大家觉得有道理吗？ 有同学看了我拆解中国电信营销逻辑后有点不满，问我难道在中国电信就不能靠营销赚钱发财吗？这个当然可以，但是难度太大了，下面我就为大家分析一 下为什么靠提成赚钱不现实，仅供参考哦！ 倒扣机制。需要注意的是中国电信这种营销逻辑是存在一个倒扣的弊端，如果你经手办理过的业务在一段时间内被拆机取消了，那你的提成是要被追回的， 换句话说钱只是在你手上停留一下，这也是为什么需要伺候好那些大客户，不然人家想转移动联通你是拦不住的。 狼多肉少。一个很客观的现实就是，运营商市场已经饱和了，普通的开手机卡办宽带几乎到了瓶颈，要不然三大运营商也不用竞争那么激烈，大家找谁办不 是办？所以指望新增这些业务难度还是比较高的，除非是那种新入驻的大型企业，或者企业单位大规模招聘，那么就会有新的需求，但还是那句话，太少 了。 个人尊严。就算以上问题你都克服了，还有自己心里一关，你知道你每次走客户其实就跟要饭没什么区别，人家不是非你不可，而你需要这个客户，没得 选，那你是否能够放下身段来和人家谈呢？心理素质要求还是太高 ...

Core Viewpoint - China Mobile's flow wallet function will officially go offline on September 30, 2025, with the closure of the wallet entry and the clearing of virtual data traffic every quarter [1][2]. Group 1: Flow Wallet Functionality - The flow wallet was launched by China Mobile based on a virtual data traffic account system, allowing users to purchase virtual data, transfer it, and extract it for direct internet use [2]. - Users can recharge their flow wallet with cash and share data with friends who have China Mobile numbers [2]. Group 2: Industry Trends - The overall internet traffic has reached 1.267 billion by August 2025, with WeChat mini-programs accounting for 950 million, indicating a shift in traffic distribution towards mobile games and video apps [3]. - The growth rate of mobile users in China has been declining, with net increases in mobile billing users dropping from approximately 21 million in 2021 to 17 million in 2024 for China Telecom, and from 18 million to 13 million for China Mobile during the same period [3]. - Revenue growth from mobile data traffic services is also declining, with negative growth observed in the last two years [4].

Core Viewpoint - China Mobile's app feature, the flow wallet, will be officially discontinued on September 30, 2025, with the current functionality already unavailable in China Telecom and China Unicom's services [1][2]. Group 1: Flow Wallet Functionality - The flow wallet allows users to purchase virtual data and transfer it among friends, but it will cease operations, with the last chance to use any remaining virtual data by the end of September 2025 [1][2]. - The flow wallet was initially launched in collaboration with Alibaba in 2014, targeting online shoppers and allowing them to earn data through purchases [1]. Group 2: Industry Trends - The mobile user base in China is nearing saturation, with net increases in mobile subscribers declining from 0.21 million in 2021 to 0.17 million in 2024 for China Telecom, and from 0.18 million to 0.13 million for China Mobile during the same period [3]. - Revenue growth from mobile data services is also declining, with overall telecom business revenue growth and total revenue growth decreasing year-on-year from 2021 to 2024, including negative growth in the last two years [3]. Group 3: Market Dynamics - The overall internet traffic in China reached 1.267 billion by August 2025, with WeChat mini-programs accounting for 0.95 billion, indicating a shift in user engagement towards apps like games and videos [2]. - The three major telecom operators are adjusting their data package offerings to include general data, targeted data, and data rights packages, focusing on specific applications like video and gaming [2].

Summary of Rogers Communications FY Conference Call Company Overview - **Company**: Rogers Communications (NYSE: RCI) - **Date of Conference**: September 25, 2025 Key Points Industry Insights - The Canadian wireless pricing environment is stabilizing, with flanker and fighter brand pricing increasing by double digits [2] - The market is competitive but more stable compared to previous years, with less heavy discounting observed [2] - Subscriber growth in the sector is projected to be around 3%, translating to nearly 1 million new customers [3] Customer Retention and Churn Management - Rogers is focusing on reducing churn, reporting improvements in churn rates compared to previous years [3] - Initiatives such as add-a-line promotions and bundling services (wireless and broadband) are being employed to enhance customer relationships and reduce churn [7][9] - The Rogers Bank credit card program is contributing to customer loyalty through discounts that exceed competitors' offerings [8] Wireline and Wireless Integration - The acquisition of Shaw has expanded Rogers' wireline market presence, allowing for coast-to-coast bundling of services [4] - Fixed wireless capabilities are being utilized effectively in regions where Rogers lacks a wireline footprint, particularly in Quebec and parts of Ontario [10] Financial Performance and Margins - Cable margins are currently at 58%, with expectations to reach 59% again, while wireless margins are around 64% to 66% [12] - The company is focused on driving growth in subscribers, revenues, and free cash flow while maintaining capital efficiency [12] MLSE Acquisition and Future Plans - Rogers has acquired a 75% stake in MLSE and is in discussions to buy out the remaining 25% stake held by a minority partner [15][17] - The integration of MLSE is expected to create significant cost and revenue synergies, particularly in live entertainment and sponsorship opportunities [20] - The combined value of MLSE and Rogers Sports & Media is estimated to be around CAD 20 billion, with potential for substantial growth [25] Leverage and Debt Management - Current leverage is approximately four times, with efforts to reduce it through capital deployment and asset sales [26] - The company aims to maintain a leverage ratio of around 3.9 to 4 times by year-end [28] Market Conditions and Asset Sales - The real estate market remains soft, and Rogers is not aggressively pursuing asset sales but is open to trimming surplus real estate holdings [30] - The focus remains on the MLSE transaction as the largest opportunity for capital monetization [30] Conclusion - Rogers Communications is strategically positioning itself in a stabilizing Canadian wireless market while focusing on customer retention, financial efficiency, and leveraging its recent acquisitions to drive future growth and profitability [2][3][12][25]