（文章来源：证券日报） 证券日报网讯 8月14日晚间，中国电信发布公告称，2025年上半年公司实现营业收入269，421，736， 705.26元，同比增长1.3%；归属于上市公司股东的净利润为23，017，044，187.33元，同比增长5.5%。 ...

Group 1 - The core viewpoint of the article highlights the performance of China Telecom, which saw a stock price increase of 2.09% to 6.35 CNY per share, with a trading volume of 406 million CNY as of August 15 [1] - China Telecom is identified as a leading global integrated intelligent information service operator, providing fixed, mobile, and satellite communication services, internet access services, and both basic and value-added telecom services [1] - The company is publicly listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange [1] Group 2 - As of the mid-year report in 2025, China Telecom reported total operating revenue of 271.469 billion CNY and a net profit of 23.017 billion CNY [2] - The company announced an interim dividend of 0.1812 CNY per share (equivalent to 0.199264 HKD), with the ex-dividend date set for August 27, 2025, and the payment date on September 30, 2025, as per the board's proposal [2]

★世界人形机器人运动会吸引五百余名"健将" 美股三大指数涨跌不一，大型科技股多数上涨，热门中概股多数下跌。操作上建议低吸参与为主。 昨日指数冲高回落，最终集体收跌，两市成交量继续放量。整体来看指数早盘向上试探21年的三重顶，受 压力回踩属于正常走势，毕竟是持续了4年的弱势行情之后的第一次尝试。技术上来看只要日k线还在五日 均线之上，20日均线的支撑还在那么中期的沪指就依然还处在强势区间，短期的沪指就还有再度上涨的希 望。后面可多关注题材板块的补涨表现，操作上建议低吸参与为主。 ★152家储能企业发声反内卷 储能企业迎来盈利改善机会 中国化学与物理电源行业协会8月13日发布《关于维护公平竞争秩序促进储能行业健康发展的倡议》（征 求意见稿）。截至8月14日，已有152家企业参与此次倡议，参与企业集中涵盖锂离子电池、液流电池、钠 离子电池、压缩空气储能、飞轮储能、超级电容器、储热、PCS、BMS、储能系统集成商、智能装备、温 控系统、消防系统、设计规划、施工安装等产业链和供应链单位。 ★消费贷贴息"定向"经办 更多金融机构期盼入围 消费贷贴息新政落地，23家金融机构"定向"承接消费贷贴息政策。对于入围的经办机构而言 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Telecom [4][6]. Core Insights - The company achieved a revenue of 269.4 billion RMB in the first half of 2025, representing a year-on-year growth of 1.3%. Service revenue was 249.1 billion RMB, up 1.2% year-on-year. EBITDA reached 80.6 billion RMB, growing by 4.9%, and the net profit attributable to shareholders was 23 billion RMB, an increase of 5.5% year-on-year. A mid-term dividend of 0.1812 RMB per share (before tax) was proposed, reflecting an 8.4% increase year-on-year [1][4]. Summary by Sections Financial Performance - In the first half of 2025, mobile communication service revenue was 106.6 billion RMB, up 1.3% year-on-year, with a net increase of approximately 8 million mobile users, bringing the total to 433 million. The mobile ARPU decreased by 0.3 RMB to 46.0 RMB. Fixed-line and smart home service revenue was 64.1 billion RMB, a 0.2% increase year-on-year, with a net increase of about 2 million broadband users, totaling 199 million. The broadband ARPU was 48.3 RMB [2]. Strategic Developments - The company is focusing on upgrading its strategy to "cloud transformation and intelligent benefits," centering around the "Xiangrang" intelligent cloud system. This includes an integrated intelligent cloud service offering "computing power + platform + data + model + application," with a total computing power of 77 EFLOPS. The company has established a data intelligence platform supporting over 20,000 enterprises [3]. Capital Expenditure and Shareholder Returns - Capital expenditure in the first half of 2025 was 34.2 billion RMB, accounting for 12.7% of revenue, a decrease of 5 percentage points year-on-year. The proposed mid-term dividend of 16.58 billion RMB represents 72% of the net profit attributable to shareholders [3]. Profit Forecast and Valuation - The report forecasts net profits for 2025, 2026, and 2027 to be 35.9 billion RMB, 37.6 billion RMB, and 40.2 billion RMB, respectively. The corresponding P/E ratios for A-shares are projected to be 19X, 18X, and 17X, while for H-shares, they are 14X for all three years [4][5].

摩根大通认为，中国三大电信运营商已不再仅仅是传统的高收益收息股，而是蕴含AI巨大潜力的成长股。 据追风交易台，摩根大通报告首次覆盖三大运营商（中国移动、中国电信、中国联通）并均给予"增持"评级，认为其具备双重吸引力。一方面， H股提供5-6%的稳定股息收益率，在当前低利率环境下极具吸引力。另一方面，其快速增长的云和数据中心业务，正受益于中国AI产业的崛起， 有望迎来新一轮的收入加速增长和估值重估。 报告的分类加总估值法（SOTP）显示，若将云业务单独估值，三大运营商H股当前股价存在11%至95%的潜在上行空间。报告尤其看好H股，因 其对A股存在29-35%的大幅折价。 中国电信为首选，H股优于A股 摩根大通对三大运营商均给予"增持"评级，但给出了明确的选股顺序：中国电信-H > 中国联通-H > 中国移动-H。 中国电信-H（首选股）：被视为三大运营商中的"云标的股"。其云业务收入规模（1,140亿元）和收入占比（占2024年服务收入的24%）均为行业 第一。报告认为，随着中国AI产业发展，中国电信将成为最大受益者，其估值倍数上调和业务增量增长的潜力最大。 中国联通-H（阿尔法股）：被定义为"阿尔法股"，因其 ...

企查查APP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12.28亿元增至26.82亿 元，增幅约118.5%。企查查信息显示，该公司成立于1998年，由中国联合网络通信集团有限公司全资 持股。 （原标题：中国联通旗下河南公司增资至26.82亿，增幅约118.5%） ...

Core Viewpoint - Morgan Stanley reports that Chinese telecom operators are expected to outperform the Hang Seng Index from 2019 to 2024, with a double-digit gap, and have shown better performance than the market this year [1] Industry Summary - The top three telecom operators not only offer attractive dividend yields but are also growth companies with AI potential [1] - Healthy competition, improved investment returns, and optimized capital expenditures are expected to drive a compound annual growth rate (CAGR) of 5% in industry profits from 2026 to 2027 [1] - Chinese telecom operators have significant exposure to enterprise digitalization, which is growing much faster than traditional telecom services [1] Company Summary - The rise of AI and DeepSeek is anticipated to accelerate revenue growth in cloud computing and AI data centers, further enhancing valuations [1] - Chinese Mobile (00941), China Unicom (00762), and China Telecom (00728) are projected to have potential price increases of 11% to 95% [1] - Among the three telecom operators, China Telecom is preferred due to having the largest cloud platform, expected to benefit the most from the AI theme in China, leading to valuation reassessment and growth in cloud computing business [1] - China Unicom and China Mobile follow in preference order [1] - Although all three operators are rated "overweight" in A-shares, H-shares are favored due to a trading discount of 29% to 35% compared to A-shares [1]

Core Viewpoint - UBS report indicates that China Telecom's service revenue for Q2 reached 124.4 billion yuan, representing a year-on-year increase of 2.1% [1] Financial Performance - EBITDA margin for Q2 increased by 1 percentage point year-on-year due to effective cost control [1] - Net profit for the quarter was 14.2 billion yuan, up 7.1% compared to the same period last year, exceeding both UBS and market forecasts by 2% [1] - The growth rate of net profit outperformed that of China Mobile and China Unicom [1] Business Outlook - The most notable aspect of China Telecom's performance is the stable outlook for traditional telecom services [1] - The mobile ARPU (Average Revenue Per User) for the first half of the year was 46 yuan, remaining roughly flat compared to the same period last year despite macroeconomic challenges [1] - Management expects traditional telecom revenue to maintain stable growth, with ARPU supported by value-added services and AI upgrades [1] Forecast Adjustments - UBS has revised its net profit forecasts for 2025 to 2028 upwards by 0% to 2.5% due to improved cost control assumptions [1] - The target price has been raised from 6.8 HKD to 7.4 HKD, maintaining a "Buy" rating [1]

报告指，中国电信业绩中最值得注意的地方是传统电信业务前景稳定。上半年移动ARPU为46元，尽管 面临宏观不利因素，但与去年同期比较大致持平。管理层预期传统电信收入将维持稳定增长，ARPU值 将在增值服务及人工智能升级的支持下保持稳定。假设成本控制改善，该行上调2025至2028年净利预测 0%至2.5%，目标价由6.8港元上调至7.4港元，评级"买入"。 瑞银发表报告指，中国电信第二季服务收入1244亿元，较去年同期增加2.1%。得益于有效的成本控 制，次季EBITDA利润率按年增长1个百分点。净利润为142亿元，较去年同期增加7.1%，高于该行和市 场预测2%，增幅亦高于中国移动和联通。 ...

截至2025年8月15日 13:08，中证沪港深游戏及文化传媒指数(931580)上涨0.17%，成分股健康之路 (02587)上涨4.61%，网易云音乐(09899)上涨3.18%，阅文集团(00772)上涨3.02%，东方明珠(600637)上涨 2.05%，华数传媒(000156)上涨1.97%。游戏传媒ETF(517770)上涨0.17%，最新价报1.15元。 太平洋证券指出，GPT-5幻觉率显著下降，模型实用性将大幅提升，同时模型定价极具吸引力，对于真 实场景中AI应用落地意义重大，极大拓展了AI在不同行业中应用的空间。北美云厂商及应用厂商在AI 驱动下实现业绩持续高速增长，显示AI应用商业化进展提速。 游戏传媒ETF紧密跟踪中证沪港深游戏及文化传媒指数，中证沪港深游戏及文化传媒指数从内地与香港 市场中选取50只业务涉及游戏、影视、广播电视、营销、出版、教育以及文化演出等领域的上市公司证 券作为指数样本，以反映内地与香港市场游戏及文化传媒主题的整体表现。 消息面上，三大运营商上半年加码布局AI应用。中国移动董事长杨杰在2025年度中期业绩说明会上表 示，目前中国移动从AI获得的直接收入及相关收入已达 ...