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]

数据来源：天眼查APP 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 采购方：榆林市医疗保障局 供应商：中国电信股份有限公司榆林分公司 中标金额：640900.0 地区：陕西省 发布日期：2025-08-17 证券之星消息，根据天眼查APP-财产线索数据整理，根据榆林市医疗保障局月8日17发布的《榆林市医 疗保障局镇村医保机构接入市级医保内部数字电路网络服务中标（成交）结果公告》内容显示，中国电 信股份有限公司中标，详情如下： 标题：榆林市医疗保障局镇村医保机构接入市级医保内部数字电路网络服务中标（成交）结果公告 通过天眼查大数据分析，中国电信股份有限公司共对外投资了88家企业，参与招投标项目119523次；财 产线索方面有商标信息285条，专利信息17239条，著作权信息7396条；此外企业还拥有行政许可72个。 ...

Core Viewpoint - The company experienced accelerated revenue and profit growth in Q2 2025, with rapid expansion in international business. It continues to enhance integrated development for individual and household customers, driving upgrades in connectivity, terminals, applications, and rights, while advancing mobile networks to 5G-A and home broadband to gigabit and FTTR. Both mobile communication services and fixed-line smart home businesses achieved good growth. New strategic business segments saw significant growth, with intelligent revenue reaching 6.3 billion, up 89.4% year-on-year; security revenue at 9.1 billion, up 18.2%; video internet revenue up 46.2%; satellite revenue up 20.5%; and quantum revenue up 171.1% [1][8]. Financial Performance - In the first half of 2025, the company reported operating revenue of 269.422 billion, a year-on-year increase of 1.3%, with service revenue at 249.112 billion, up 1.2%. The net profit attributable to the parent company was 23.017 billion, up 5.5%, and the net profit excluding non-recurring items was 21.721 billion, up 0.18% [2][3]. - For Q2 2025, the company achieved operating revenue of 134.913 billion, a year-on-year increase of 2.6%, with service revenue at 124.412 billion, up 2.1%. The net profit attributable to the parent company was 14.153 billion, up 7.1%, and the net profit excluding non-recurring items was 12.923 billion, up 3.21% [3]. Business Segments - The company actively develops high-value integrated users, maintaining growth in mobile communication service revenue, which reached 106.6 billion in the first half of 2025, up 1.3%. Fixed-line and smart home service revenue was 64.1 billion, up 0.2%. The mobile user base reached 433 million, and broadband users reached 199 million, with mobile ARPU at 46.0, down 0.3 from the previous year, and broadband ARPU at 48.3, unchanged year-on-year [5]. - The company’s industrial digitalization revenue grew at a slower pace, reaching 74.9 billion in the first half of 2025, up 1.5%. AIDC revenue was 18.4 billion, up 7.4%; Tianyi Cloud revenue was 57.3 billion, up 3.8%; intelligent revenue at 6.3 billion, up 89.4%; security revenue at 9.1 billion, up 18.2%; video internet revenue up 46.2%; satellite revenue up 20.5%; and quantum revenue up 171.1% [6]. Investment and Capital Expenditure - The company’s capital expenditure in the first half of 2025 was 34.2 billion, with a full-year plan of less than 83.6 billion, indicating a continuous decline in the ratio of capital expenditure to revenue. Depreciation and amortization amounted to 52.039 billion, up 5.1%, primarily due to proactive investments in computing infrastructure and upgrades to digital information infrastructure [7]. Future Outlook - The company maintains a positive outlook for revenue, EBITDA, and net profit growth for the full year. Projections for net profit attributable to the parent company for 2025-2027 are 35.093 billion, 37.453 billion, and 40.013 billion, representing year-on-year growth of 6.3%, 6.73%, and 6.83%, respectively, with corresponding PE ratios of 19X, 18X, and 17X, and PB ratios of 1.45X, 1.42X, and 1.39X [8].

电信ETF基金紧密跟踪中证电信主题指数，中证电信主题指数选取50只业务涉及电信运营服务、电信增 值服务、通信设备、通信技术服务与数据中心等领域的上市公司证券作为指数样本，反映电信主题上市 公司证券的整体表现。 数据显示，截至2025年7月31日，中证电信主题指数(931235)前十大权重股分别为中国联通(600050)、中 国移动(600941)、中国电信(601728)、中际旭创(300308)、新易盛(300502)、银之杰(300085)、中国卫通 (601698)、中兴通讯(000063)、紫光股份(000938)、天孚通信(300394)，前十大权重股合计占比78.18%。 消息面上，CPO板块爆发，天孚通信续创历史新高，联特科技涨幅居前。8月19日，天孚通信在投资者 关系平台上回应称，目前关税政策对公司销售业务影响可控且有限，公司 CPO 相关新产品目前进展顺 利。 中国银河证券指出，当前通信行业的主要推动因素主要以运营商资本开支结构优化为基础，人工智能快 速发展共振的新范式，AI+算力是关注重点。建议关注：运营商、光模块、光器件/光芯片及光引擎、铜 连接、卫星互联网、量子科技等板块相关标的。 截 ...

Core Viewpoint - The collaboration between Hunan Unicom and law enforcement effectively intercepted a fraud case within one hour, showcasing the efficiency of police-enterprise cooperation [1][4]. Group 1: Efficient Mechanism - On August 14 at 10:15 AM, Hunan Unicom received real-time alerts about a "potential victim" who was being scammed through remote screen sharing, leading to immediate coordination with the local anti-fraud center [2]. - The local police quickly responded and located the victim by noon, who had been deceived into downloading a fraudulent app and transferring 11,000 yuan [2]. - The police advised the victim to disable the password-free payment features on three banking apps, successfully preventing a potential loss of 120,000 yuan [2]. Group 2: Corporate Responsibility - The successful intervention highlights Hunan Unicom's commitment to corporate responsibility and its advanced warning capabilities in fraud prevention [4]. - The company utilized its technical advantages to accurately identify and report potential fraud cases, enhancing the effectiveness of the warning system [4]. - Hunan Unicom's efforts in fraud prevention demonstrate a blend of technological support and social responsibility, emphasizing the importance of collaboration in safeguarding public finances [4].

智通财经APP获悉，根据2025年8月18日披露数据，中国电信（00728）、绿色动力环保（01330）、中 国神华（01088）位居港股通持股比例前3位，分别为74.69%、69.88%、68.38%。此外，中国人寿 （02628）、南方恆生科技（03033）、信达生物（01801）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+24.16亿元、+12.98亿元、+9.84亿元;快手-W（01024）、盈富基金（02800）、安踏体 育（02020）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-27.47亿元、-25.56亿 元、-16.11亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） 3、港股通最近5个交易日减持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 快手-W(01024) | -27.47亿元 | -3727.86万股 | | 盈富基金(02800) | -25.56亿元 | -9961.30万股 | | 安踏体育(02020) | -16.11亿元 | -1728. ...

2025 年上半年公司经营业绩稳健增长。2025 年上半年，公司实现营收2694亿元（同比+1.3%），通信 服务收入达2491 亿元（同比+1.2%）。归母净利润230 亿元（同比+5.5%）。净资产收益率（ROE）同 比稳定提升0.2pct 至5.0%，EBITDA 率同比提升3.03pct 至30.3%。 风险提示：5G 发展不及预期；产业互联网业务发展不及预期；算力网络部署不及预期，行业竞争加 剧。 基础业务稳健增长，战略新兴业务快速发展。（1）公司移动通信服务收入达1066 亿元，同比增长 1.3%；固网及智慧家庭服务收入达641 亿元，同比增长0.2%；移动用户达4.33 亿户，宽带用户达1.99 亿 户，移动用户ARPU达46.0 元，宽带综合ARPU 达48.3 元。产业数字化收入达749 亿元，AIDC收入同比 增长7.4%。（2）战新重点产品收入保持较快增长，天翼云收入达573 亿元；智能收入达63 亿元，同比 增长89.4%；安全收入达91 亿元，同比增长18.2%；视联网收入同比增长46.2%，卫星收入同比增长 20.5%，量子收入同比增长171.1%。 投资建议：维持盈利预测。预计公 ...

近日，中国移动、中国联通和中国电信相继发布了其2025半年报，三家运营商在半年报中均大篇幅提到 AI相关领域的布局、成效和展望，可以看出AI作为通信运营商未来新的抓手已成为共识。 当然，作为运营商相对"传统"的业务，物联网也依然被多次提及，而且成为运营商的一个重要基座，体 现运营商基本的连接能力和对更广泛政企、家庭、个人客户服务的重要触点，通过物联网规模增长这个 重要入口，撬动所有信息服务向各类用户落地。 三大运营商的物联网业务进展 三家运营商的半年报从多个角度披露了物联网领域的进展，既包括作为基础的连接规模，也包括网络和 AIoT平台等数字化能力底座建设，还有一些场景赋能成果。 从连接规模来看，物联网是运营商总连接增长核心主力 中国移动披露其总连接数达到38.15亿，净增1.45亿，总连接数包括移动电话、有线宽带、物联网卡、家 庭设备、行业设备连接，其中物联网卡、家庭设备和行业设备都属于物联网连接范畴。中国移动虽没有 直接公布物联网具体连接规模，但可以从现有和以往数据中推断出该数据。2025年6月底，移动电话用 户数为10.05亿，有线宽带用户数为3.23亿；而2024年年底，中国移动总连接数为36.7亿， ...

Core Viewpoint - The Beijing Communication Museum showcases the evolution of telecommunications in China over the past 140 years, highlighting significant technological advancements from telegraphy to 5G [2]. Group 1: Museum Overview - The museum is located at 9 Xuanma Market Street, Xicheng District, Beijing, and offers an immersive experience of communication history [2]. - It was established in 1994 and officially opened to the public on July 22, 2008, with an exhibition area of 3,300 square meters [2]. - The museum operates on a reservation basis for group visits, open from 9:00 AM to 5:00 PM on weekdays and closed on holidays [2]. Group 2: Institutional Significance - The museum is affiliated with China Unicom's Beijing branch and serves as a base for science popularization education in Beijing [2]. - It is recognized as a national science popularization education base and a patriotic education base for central enterprises [2].