瑞银发表报告指，中国移动股价上行潜力有限，缺乏重新估值催化剂，将其目标价从100港元下调至81 港元，评级从"买入"下调至"中性"。报告指，虽然中国电信营运商对股息派发的承诺以及持续的成本控 制，但由于互联网巨头在AI能力上领先并持续抢占云市场份额，同时传统电信业务在宏观环境下受 压，认为股价上行空间有限。以2026年预期股息率7-8%、盈利年均复合增长率处于低单位数计，预计 中国移动难以产生超额回报。 ...

Core Insights - Rogers Communication reported revenue of $4.43 billion for the quarter ended December 2025, reflecting a 13% increase year-over-year and a surprise of +1.31% over the Zacks Consensus Estimate of $4.37 billion [1] - The earnings per share (EPS) for the quarter was $1.08, up from $1.04 in the same quarter last year, with an EPS surprise of +10.77% compared to the consensus estimate of $0.98 [1] Financial Performance Metrics - The company experienced a -3.8% return over the past month, while the Zacks S&P 500 composite saw a +0.8% change, indicating underperformance relative to the broader market [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the market in the near term [3] Subscriber Metrics - Postpaid mobile phone gross additions were 507 thousand, exceeding the average estimate of 499 thousand [4] - Total postpaid mobile phone subscribers reached 11 million, slightly below the average estimate of 11.01 million [4] - Prepaid mobile phone gross additions were 93 thousand, lower than the average estimate of 100.91 thousand, while net additions were 2 thousand, compared to an expected loss of 5.49 thousand [4] - Total prepaid mobile phone subscribers remained at 1.2 million, matching the average estimate [4] - The churn rate for postpaid subscribers was 1.4%, aligning with the average estimate, while prepaid churn was 2.6%, better than the expected 3% [4] - Cable subscriber metrics showed homes passed at 10.51 million, slightly above the estimate of 10.49 million, with net additions of 11 thousand, close to the average estimate of 11.06 thousand [4] - Total customer relationships for cable subscribers were 4.86 million, consistent with the average estimate [4] - Retail internet net additions were 22 thousand, surpassing the average estimate of 20.07 thousand [4]

Core Insights - The Ministry of Industry and Information Technology released the "2025 Communication Industry Statistical Bulletin," indicating stable growth in China's communication industry, with ongoing optimization of industrial structure and a significant increase in user scale, particularly in 5G and gigabit infrastructure deployment [1] User Growth - By the end of 2025, the number of 5G mobile phone users is projected to reach 1.204 billion, accounting for 65.9% of total mobile phone users, an increase of 9.2 percentage points from the end of 2024 [1] - Fixed broadband access users are expected to total 691 million, with a net increase of 20.99 million in 2025. Among these, users with access speeds of 1000 Mbps or higher will reach 238 million, representing 34.5% of total users, up 3.6 percentage points from 2024 [1] Network Infrastructure Development - The number of 5G base stations is anticipated to reach 4.838 million by the end of 2025, with a net increase of 588,000 from 2024, making up 37.6% of total mobile base stations, an increase of 4 percentage points [2] - The total length of newly built optical cable lines in 2025 is projected to be 2.113 million kilometers, bringing the national total to 74.99 million kilometers. The number of 10G PON ports capable of gigabit network services is expected to reach 31.62 million, with a net increase of 3.419 million [2] Computing Power Integration - The three major telecom operators are transitioning their computing power layout from "broad coverage" to "deep integration," with the number of service data center racks reaching 938,000 by the end of 2025, an increase of 108,000 from 2024 [2] - The integration of computing and networking is expected to enhance the precision of computing power distribution across various industries and scenarios, leading to a unified national computing power network [3] Industry Digitalization - The ongoing integration of computing and networking is driving deeper digitalization across industries, characterized by active mobile data traffic consumption and extensive industry application integration [3] - The industrial internet has achieved coverage across 41 industrial categories, becoming a key driver for digital transformation and intelligent upgrades across various sectors [3] Technological Advancements - The integration of computing and networking is breaking down barriers between cloud computing and communication networks, embedding computing capabilities into the network layer for more efficient and customized services [4] - Continuous optimization of network infrastructure is expected to embed computing-network integration into new application scenarios and service models, providing users with diverse and innovative value [4]

中新网玉林1月29日电(张广权 钟庆玲)近日，强冷空气南下，广西多地迎来大风降温天气。在广西玉林 市陆川县洞心村，千亩火龙果田和蔬菜地上早已覆盖好保温膜，土壤温湿度得到保持，寒害影响被有效 减轻。这一切，得益于中国电信智慧农业平台的精准赋能。 "以前寒潮来了，要么自己摸黑下田，要么等村干部通知。现在手机上看数据、收提醒，还有人教技 术，踏实多了！"一位李姓村民说道。 图为工程 师向农户介绍智慧农业系统。中国电信广西公司 供图 据统计，此次寒潮期间，该村依托智慧农业系统实现精准防控，火龙果、蔬菜等经济作物受冻面积较去 年同期减少60%以上，预计每亩减损近千元。(完) 图为工程 师向农户介绍智慧农业系统。中国电信广西公司 供图 火龙果种植是陆川县乡村振兴的支柱产业。以往面对突发寒潮，农户只能凭经验连夜抢盖薄膜，一旦错 过时机便可能造成整季收成损失，甚至绝收。2025年，陆川县洞心村引入中国电信智慧农业平台，通过 物联网设备实时监测气温、土壤湿度等数据，配合AI分析，可提前48小时向农户发送精准预警。 ...

盛典期间，运营商财经网宣布，珠海联通项目格力黑灯工厂千兆光网引领新质升级荣获"2025年度运营 商匠心网络优秀解决方案"！ 运营商财经网讯 1月29日下午，2026中国财经TMT"领秀榜"盛典正式拉开帷幕，此次盛典通过线上直播的方式进行，旨 在表彰过去一年内在各个领域表现出色的企业及产品，吸引了众多观众驻足观看。 （责任编辑：李广艳） 据悉，运营商财经网已经连续十年举办TMT"领秀榜"评选活动，得到了运营商集团公司、省公司、专业 公司、研究院、地市公司广泛关注和积极参与，在业内拥有极高的影响力。 ...

Core Viewpoint - The 2026 China Finance TMT "Leading List" ceremony was successfully held online, showcasing outstanding enterprises and products from various industries [1] Group 1: Event Overview - The ceremony was organized by the Operator Finance Network and took place on January 29 [1] - The event featured a competitive voting process involving major domestic telecom operators and numerous well-known companies [1] Group 2: Award Recognition - China Unicom's Guangzhou branch won the "2025 Annual Operator Technology Innovation Achievement Transformation Excellent Project" award for its "GAC Honda AI Platform and After-sales AI Intelligent System Project" [1] - The recognition highlights the project's success in the field of technology innovation within the telecom sector [1]

值得声明的是，中国财经TMT"领秀榜"评选活动公平公正公开，不收取任何费用，竞争也十分激烈。 运营商财经网讯 1月29日，由运营商财经网倾力打造的2026中国财经TMT"领秀榜"盛典隆重召开，此次盛典通过线上直 播的方式进行，得到了包括运营商集团公司、省公司、专业公司、研究院、地市公司在内的业界广泛关 注和积极参与。 盛典期间，运营商财经网正式宣布了数十个奖项的获奖名单。其中，中国电信股份有限公司陕西分公司 入选"2025年度优秀运营商省公司"。 （责任编辑：赵鑫雨） ...

据悉，作为主办方的运营商财经网，已成功举办了十届中国财经TMT"领秀榜"评选活动。这一评选活动 得到了包括运营商集团公司、省公司、专业公司、研究院、地市公司在内的广泛关注和积极参与。 运营商财经网讯 1月29日下午，2026中国财经TMT"领秀榜"盛典如期举行，本次盛典通过线上直播的方式进行，备受瞩 目的各行各业年度评选获奖名单也随之出炉。其中，中国联通青岛分公司的5G赋能助力海信家电智能 跃飞荣获"2025年度优秀政企业务创新项目"奖项！ （责任编辑：付桢） ...

据悉，作为主办方的运营商财经网，已成功举办了十届中国财经TMT"领秀榜"评选活动。这一评选活动 得到了包括运营商集团公司、省公司、专业公司、研究院、地市公司在内的广泛关注和积极参与。 1月29日，2026中国财经TMT"领秀榜"盛典如期举行，揭晓了备受关注的各奖项获奖企业名单。 运营商财经网讯 经过激烈的追逐，中国移动上海公司的宝钢5G全连接及智造应用项目凭借出色的表现，斩获"2025年度 优秀政企业务创新项目"奖项。 （责任编辑：付桢） ...

中国联通：5%以上股东减持至5%公告要点 减持方式：集中竞价减持27,194.39万股，大宗交易减持2,389.87万股 减持时间：2025年11月13日至2026年1月29日 二、关键说明 本次减持系履行2025年10月11日披露的减持计划（计划减持不超过1.20%），减持计划尚未实施完毕 结构调整基金非公司控股股东，本次减持不触发要约收购，不改变公司控制权 减持目的为优化国有资本结构，结构调整基金表示继续看好公司发展前景并深化战略合作 一、权益变动情况 股东：中国国有企业结构调整基金股份有限公司 变动前持股：185,906.39万股，占比5.95% 变动后持股：156,322.13万股，占比5.00% 减持数量：29,584.26万股，占总股本0.95% ...