高盛发布研报称，中国电信（601728）(00728)第二季EBITDA及净利润均超出预期，分别同比增长5.2% 及7.1%，受资本开支下降推动，自由现金流增长14%。高盛指，在行业竞争及宏观挑战下，中电信的 EBITDA、自由现金流及利润增长均领先于同业，相信是有效的成本控制推动EBITDA利润率扩张。高 盛将中电信2025至2027年EBITDA预测上调1%、1.5%及1.7%，目标价由6.7港元上调至7.2港元，维 持"买入"评级。 ...

（文章来源：每日经济新闻） 民生证券8月18日发布研报称，给予中国电信（601728.SH）推荐评级。评级理由主要包括：1）基础业 务稳健增长，移动用户数增长较快，ARPU保持平稳；2）战略新兴业务持续拓展；3）精细管理提升经 营效率，资本开支持续下降。风险提示：新兴业务不及预期，AI技术落地不及预期，基础业务ARPU值 改善不及预期。 ...

Investment Rating - The report maintains a "Recommended" rating for China Telecom [4] Core Views - The company achieved steady revenue growth with a total revenue of 269.42 billion yuan in the first half of 2025, representing a year-on-year increase of 1.3%. The net profit attributable to shareholders reached 23.017 billion yuan, up 5.5% year-on-year [1] - The company is focusing on deepening its "AI+" strategy, which is expected to enhance operational efficiency and profitability [4] - The mobile communication service revenue reached 106.6 billion yuan, with a mobile user base of 433 million, showing a growth of 8.19 million users compared to the end of 2024 [2] - Strategic emerging businesses are expanding, with digital industrialization revenue reaching 74.9 billion yuan, accounting for 30.1% of service revenue, and significant growth in cloud and AI-related services [3] Summary by Sections Financial Performance - In the first half of 2025, the company reported a revenue of 269.42 billion yuan, a net profit of 23.017 billion yuan, and a cash dividend of 0.1812 yuan per share, reflecting an 8.4% increase year-on-year [1] - The company expects a full-year capital expenditure of less than 83.6 billion yuan for 2025, with a capital expenditure to revenue ratio of 12.7% in the first half [4] Business Segments - Mobile communication service revenue grew by 1.3% to 106.6 billion yuan, with a mobile user base of 433 million and a 5G user penetration rate of 65.2%, up 6.1 percentage points year-on-year [2] - The digital industrialization revenue reached 74.9 billion yuan, with a year-on-year growth of 1.6%, and the AI-driven services showed a robust increase [3] Strategic Initiatives - The company is enhancing its strategic emerging businesses, with significant growth in cloud services, intelligent services, and security services, indicating a strong focus on digital transformation [3] - The company has strengthened its management efficiency through digital empowerment and AI, leading to an increase in return on equity (ROE) to 5.0% and a net profit margin of 9.2% [4]

智通财经APP获悉，高盛发布研报称，中国电信(00728)第二季EBITDA及净利润均超出预期，分别同比 增长5.2%及7.1%，受资本开支下降推动，自由现金流增长14%。高盛指，在行业竞争及宏观挑战下，中 电信的EBITDA、自由现金流及利润增长均领先于同业，相信是有效的成本控制推动EBITDA利润率扩 张。高盛将中电信2025至2027年EBITDA预测上调1%、1.5%及1.7%，目标价由6.7港元上调至7.2港元， 维持"买入"评级。 ...

8月17日，成都第12届世界运动会落下帷幕。这是一场创新与传统交融的国际性体育盛会。来自116个国家和地区的近4000名运动员，在34个竞技项目中 挥洒激情汗水、绽放拼搏风采，共同点燃体育荣耀之光。 更具前瞻性的是，全球首个专为国际重大赛事设计的指挥调度智能体应运而生。该智能体基于中国电信第一科技息壤平台，构建覆盖"算力+平台+数据 +模型+应用"的AI基础设施及应用体系，实现赛事指挥模式从传统依赖人工经验判断到 "AI智能体辅助决策+人机高效协同" 的根本性转变，确保赛事信息流 转畅通无阻。 另一方面，中国电信充分发挥综合智能信息服务优势，构建了1朵赛事云和"3大类+9小类+89个子系统"的赛事信息系统，涵盖从竞赛视频到赛事管理的 全流程。同时，建设"4+1"赛事专网体系，为世运会提供全流程、全过程、全方位的数字化运行保障。 赛事保障：5G-A全球综合性赛事首秀 5G-A（5G-Advanced）首次在全球性综合体育赛事的规模化应用，成为本次赛事技术保障的最大亮点。 据悉，中国电信在世运会27个竞赛场馆及核心区域完成5G-A的全面深度覆盖，网络容量较传统5G提升10倍，峰值速率最高可达10Gbps。这些技术 ...

Core Viewpoint - The concert "Ten勤天" concluded successfully in Changsha, showcasing a collaborative effort from Hubei, Hunan, and Guangxi Mobile, emphasizing innovative emotional experiences through celebrity calls, which energized the event and engaged fans [1][12]. Group 1: Event Highlights - The concert at Changsha's Helong Stadium featured a dazzling stage performance that captivated the audience, while the celebrity call support from the three provinces became a focal point outside the venue [3]. - The core highlight of the collaboration was the celebrity call service, allowing fans to customize video calls with members of "Ten勤天," creating an immersive interaction that enhanced the idol's appeal [5]. - Additional features like birthday greetings and daily messages further strengthened the emotional connection between fans and idols [6]. Group 2: Fan Engagement - The joint support from Hubei, Hunan, and Guangxi Mobile allowed fans to deeply experience the innovative charm of celebrity calls [8]. - Attendees received exclusive merchandise, from practical mouse pads to exquisite acrylic desktop stands, which served as memorable keepsakes after experiencing the celebrity calls [10]. - Fans expressed their appreciation for the cross-regional support, highlighting the personalized video calls and exclusive merchandise as valuable experiences [12]. Group 3: Future Prospects - Moving forward, the three provinces' mobile services will continue to explore cross-regional collaboration models, aiming to bring more surprises to users through celebrity calls in various scenarios [14].

钛媒体App 8月18日消息，天眼查工商信息显示，近日，河南省联通通信有限公司发生工商变更，注册 资本由约12.3亿人民币增至约26.8亿人民币，增幅约119%。该公司成立于1998年3月，法定代表人为华 豫民，经营范围包括设计、制作、代理、发布国内广告业务等。股东信息显示，该公司由中国联合网络 通信集团有限公司全资持股。（天眼查） ...

格隆汇8月18日｜民生证券研报指出，中国联通上半年实现归母净利润63.49亿元，同比增长5.1%。公司 经营业绩稳健增长，业务结构持续优化。公司构建多源融合的高质量数据集，打造多模共生的元景大模 型，人工智能规模化商业化应用成效初现，打造上百个智能体。此外，国际业务收入达68亿元，同比增 长11%；战略性新兴产业收入占比提升到86%，推进公司高质量发展。公司决定2025年中期派息每股 0.11元，同比增长16%。考虑公司股息保持较快增长，传统业务经营效率提升，盈利能力持续提升，且 AI产业发展背景下算力业务有较好发展前景。预计公司2025/2026/2027年归母净利润分别为101/113/126 亿元，对应PE分别为17x/15x/13x。维持"推荐"评级。 ...

民生证券研报指出，中国联通上半年实现归母净利润63.49亿元，同比增长5.1%。公司经营业绩稳健增 长，业务结构持续优化。公司构建多源融合的高质量数据集，打造多模共生的元景大模型，人工智能规 模化商业化应用成效初现，打造上百个智能体。此外，国际业务收入达68亿元，同比增长11%；战略性 新兴产业收入占比提升到86%，推进公司高质量发展。公司决定2025年中期派息每股0.11元，同比增长 16%。考虑公司股息保持较快增长，传统业务经营效率提升，盈利能力持续提升，且AI产业发展背景下 算力业务有较好发展前景。预计公司2025/2026/2027年归母净利润分别为101/113/126亿元，对应PE分别 为17x/15x/13x。维持"推荐"评级。 ...

天眼查工商信息显示，近日，河南省联通通信有限公司发生工商变更，注册资本由约12.3亿人民币增至 约26.8亿人民币，增幅约119%。该公司成立于1998年3月，法定代表人为华豫民，经营范围包括设计、 制作、代理、发布国内广告业务等。股东信息显示，该公司由中国联合网络通信集团有限公司全资持 股。 ...