Market Performance - The Shanghai Composite Index experienced a slight increase of 0.37%, closing at 3857.93 points, while the Shenzhen Component Index rose by 0.99% to 12696.15 points. The ChiNext Index saw a significant gain of 2.23%, closing at 2890.13 points. In contrast, the STAR Market 50 Index declined by 1.71%, ending at 1341.31 points. The total trading volume across the Shanghai and Shenzhen markets reached 28,306 billion yuan [1]. Sector Performance - Strong sectors included liquor, insurance, tourism services, small metals, gold, daily chemicals, copper, telecommunications, biopharmaceuticals, and food. Conversely, sectors such as semiconductors, IT equipment, dyes and coatings, software services, automotive services, oil trading, and home appliances showed weakness. Notably, concept stocks related to sodium batteries, solid-state batteries, and lithium mining experienced significant gains [1]. Earnings Outlook - According to Zhongyuan Securities, the overall profit growth forecast for A-share listed companies is expected to turn positive by 2025, ending a four-year decline. The technology innovation sector is anticipated to exhibit the most significant profit elasticity [1]. Global Economic Factors - The Federal Reserve has signaled a potential interest rate cut, leading to expectations of increased global liquidity and a weaker dollar, which may facilitate foreign capital inflow into A-shares. The medium to long-term outlook remains supported by three key drivers: the shift of household savings, the release of policy dividends, and the recovery of the profit cycle [1]. Investment Strategy - The market is expected to maintain a steady upward trend in the short term, with a focus on monitoring policy, capital flow, and external market changes. Short-term investment opportunities are suggested in sectors such as software development, semiconductors, communication equipment, and electronic components [1].

运营商财经网 吴碧慧/文 前不久，中国电信公布了今年上半年天翼云收入及增速情况，但至于旗下各省公司的表现如何并不知晓。据知情人士向运营商财经网独家透露，在今年前5个月中，这十家省公司的云业务收入增 据悉，这10家增速最快的省公司分别是广东电信、江苏电信、四川电信、河南电信、河北电信、浙江电信、安徽电信、湖南电信、上海电信和福建电信。 | 中国电信誉公司前5月 | | | --- | --- | | 天翼云增速前10名 | | | 集团天翼云前5月 增速排名 | 省公司 | | 1 | 广东电信 | | 2 | 江苏电信 | | 3 | 四川电信 | | 4 | 河南电信 | | 5 | 河北电信 | | 6 | 浙江电信 | | 7 | 安徽电信 | | 8 | 湖南电信 | | 9 | 上海电信 | | 10 注:运营商财经网编辑整理,不完全统计、不分排名,以实际为准 | 福建电信 | 其次，这一排名与运营商财经网此前整理的"中国电信前5月天翼云收入规模排前十"的名单差距不大。 此前，运营商财经网已根据内部经营数据整理了的十家省公司，分别是广东电信、上海电信、江苏电信、浙江电信、四川电信、安徽电信、湖南电信 ...

Core Viewpoint - Recent reports indicate that users of China Mobile have begun to see advertisements in their signal bars, which has raised questions about compliance and user experience [3][8][21]. Group 1: User Experience - Many users have expressed mixed feelings about the new advertisement feature, with some finding it innovative while others feel disturbed by the unsolicited information [8][21]. - The advertisements displayed vary by region, showcasing local promotions and messages [4][5]. Group 2: Technical Background - The display of the operator's name in the status bar is governed by PLMN (Public Land Mobile Network) coding, which includes a unique combination of Mobile Country Code (MCC) and Mobile Network Code (MNC) [9][12]. - The PLMN Name can be derived from three sources: stored data in the mobile device, NITZ protocol broadcasts from the operator's base station, and information stored on the USIM card [13][14]. Group 3: Regulatory Changes - China Mobile and China Broadcasting have updated their requirements for mobile manufacturers, mandating the display of customized logos and NITZ messages in the operator's name position [15][19]. - The implementation timeline requires that all new devices from July 1, 2023, must support these features, with a full rollout expected by 2025 [17][18]. Group 4: User Concerns - Users are concerned that the ability of operators to modify NITZ messages could lead to an increase in advertising content in the status bar [21]. - While Android users can customize their operator names, iPhone users face significant barriers, as changing the status bar requires jailbreaking the device [21].

（原标题：赞比亚将在全国范围内升级600个通讯基站） 《赞比亚时报》8月26日报道，赞比亚电信有限公司（Zamtel）将在全国 范围内升级600个通讯信号基站至4G和5G网络。迄今为止，已有160个基站安 装完毕并投入使用。预计到今年12月，将全部完成600个基站的安装。截至目 前，赞国内共有4G/5G基站4809个，2G/3G基站9710个。 ...

人民日报海外版北京8月28日电（记者王俊岭）工业和信息化部运行监测协调局日前发布的最新数 据显示，今年前7个月，电信业务收入累计完成10431亿元，按照上年不变价计算的电信业务总量同比增 长8.9%。在5G网络建设方面，截至7月末，5G基站总数达459.8万个，比上年末净增34.8万个，占移动 基站总数的36%。 截至7月末，东、中、西部和东北地区1000Mbps及以上固定宽带接入用户渗透率分别为33.5%、 33.5%、34.3%和26.8%，较上年末分别提升2.3个、2.4个、2.6个和3.2个百分点；5G移动电话用户分别达 4.92亿、2.7亿、2.97亿、0.78亿户，占本地区移动电话用户总数的比重分别为62.3%、63.2%、62.6%、 63%，较上年末分别提升5.6个、6个、6.2个和6.8个百分点。 各地区移动互联网接入流量保持较快增长。前7个月，东、中、西部和东北地区移动互联网接入流 量分别达到921.4亿GB、518.5亿GB、630亿GB和130.2亿GB，同比增长16%、16.3%、15.1%和25.3%。 ...

Core Points - A customer made an urgent call to Shandong Unicom's 114 inquiry service for help after a serious hand injury, needing to reach a hospital quickly [1][3] - The customer service representatives acted swiftly, recording essential information and contacting the local traffic police to facilitate the emergency response [3][4] - The customer expressed gratitude after receiving timely assistance from the police, highlighting the effectiveness of the service provided by Shandong Unicom [4] Group 1 - The 114 inquiry service has expanded beyond traditional number lookup to include various services such as broadband consultation and travel ticket booking, establishing itself as a vital communication link between Unicom and the public [5] - Shandong Unicom is committed to enhancing its services, aiming to extend care and support to the community, reinforcing its mission of serving the people [5]

本报银川8月28日电（记者张文、焦思雨）28日，以"创新、绿色、繁荣"为主题的第七届中国—阿拉伯 国家博览会在宁夏银川开幕。来自75个国家和地区及全国各地的7600余位嘉宾、2200多家商协会和企业 代表参会，参展参会嘉宾约1.78万名。 从2013年首届开始，中阿博览会每两年举办一届，已经成为中阿双方深化务实合作、推动共建"一带一 路"高质量发展的重要平台。 首次将中国—阿拉伯国家银行联合体理事会会议作为博览会机制性活动，首次引入中国对外承包工程商 会举办境外园区和基础设施投资推介活动，首次举办"丝路电商"合作创新发展大会……本届博览会多 个"首次"引人注目。 高度关注新技术、新应用成为本届博览会新亮点。博览会新增数字经济、人工智能展区，中国电信、联 通、华为等头部企业全方位展示人工智能发展成果；设立"绿电应用专区"，国家能源集团、国家电网等 世界500强企业，展示风、光、水、氢等能源最新发展成果及应用。 ...

Altice France Holding S.A (SFR) Q2 2025 Earnings Call August 28, 2025 10:00 AM ET Company ParticipantsNone - ExecutiveJoshua Mills - Executive Director - Sector Head & Telecoms ResearchConference Call ParticipantsNone - AnalystMollie Witcombe - Equity Research AnalystVivek Khanna - Research AnalystNoneConcrete transaction to be discussed on the call today. And I think that your other one question on the politics, we don't believe that the current political situation in France has impact on our current busin ...

Turk Telekom Conference Call Summary Company Overview - **Company**: Turk Telekom - **Industry**: Telecommunications Key Points Fixed Line Concession Agreement - Turk Telekom announced the successful amendment and extension of its fixed line services concession until February 2050, marking a significant milestone for the company and Turkey's digital future [3][4] - The new agreement allows Turk Telekom to reshape its fixed line services strategy, focusing on digital transformation and infrastructure development [5] Financial Commitments - Turk Telekom will pay a concession fee of **USD 2,500,000,000** plus VAT over a ten-year period starting from 2026 [6] - The company commits to an investment plan of **USD 17,000,000,000** through 2050, aimed at enhancing its fixed line services and digital offerings [7][8] Market Position and Growth - Turkey's broadband subscriptions have increased from less than 9 per 100 inhabitants in 2009 to nearly 23 recently, with a growth rate of 7%, outpacing the OECD average of 3% [9] - Turk Telekom leads the fixed broadband market, holding significant shares in both wholesale and retail segments, with fixed line investments averaging around **USD 700,000,000** over the past five years [10] Infrastructure Development - Turk Telekom has built nearly 80% of Turkey's fiber network, covering **500,000 kilometers** and passing over **33,500,000 homes** [10] - The company aims to expand fiber coverage to **38,000,000 homes** by the end of the decade, with a target of **18,000,000 subscribers** and **76%** on FTTH B packages by 2030 [16][17] Digital Ecosystem and Future Plans - The company plans to leverage its extensive fiber backbone to support the rollout of 5G technologies, ensuring ultra-low latency and high capacity [13] - Turk Telekom aims to expand into new verticals such as data centers, cloud services, AI, IoT, and cybersecurity, maximizing ROI [15][18] Financial Health and Leverage - Turk Telekom maintains a conservative net debt to EBITDA ratio of **0.68**, with expectations to remain aligned with global standards despite upcoming investments [25][29] - The company plans to finance its obligations through a mix of operational cash flow and market borrowing, including potential sukuk and green bonds [39][42] Regulatory Environment - The new wholesale pricing mechanism introduced by the regulator aims to increase predictability and transparency in the sector, allowing Turk Telekom to manage its business more effectively [14][49] - The company emphasizes the need for legal regulations to prevent duplicate infrastructure investments, which it views as wasteful [52] EBITDA and CapEx Expectations - Turk Telekom expects EBITDA margins to reach **41%** by 2025, with a CapEx to sales ratio of **29%** [73][78] - The company does not anticipate significant changes to its CapEx expectations due to the concession update, aiming to maintain current investment levels [78] Conclusion - Turk Telekom is positioned to lead Turkey's digital transformation through strategic investments in fixed line services and infrastructure, while maintaining financial discipline and exploring new growth opportunities in the digital ecosystem [20][103]

Financial Data and Key Metrics Changes - For Q2 2025, total revenue was €2.29 billion, a decline of 9.1% year over year on a reported basis [3] - Q2 EBITDA was €801 million, and operating free cash flow was €423 million [3] - EBITDA decreased by 10.8% in the second quarter, primarily due to a decline in residential revenue [14] - CapEx expenditure for the quarter totaled €378 million, reflecting a notable reduction compared to Q2 2024 [14] - Free cash flow for Q2 2025 amounted to an outflow of €137 million [16] Business Line Data and Key Metrics Changes - Residential service revenue declined by 9.1% year over year, with fixed residential service revenue down 6.2% [12] - Mobile residential service revenue declined by 11.3%, impacted by customer base erosion and competitive pricing pressure [13] - Business Services, excluding construction, declined by 2%, with the majority of the decline driven by construction [13] - Total net losses in fixed services were minimal in 2025 compared to 2024, indicating improved commercial trends [9] Market Data and Key Metrics Changes - The competitive environment in France remains intense, particularly in the budget mobile segment, with aggressive pricing from competitors [35] - The volume of net adds in the French market was low compared to previous years, with a total of approximately 80,000 net adds across all players [48] Company Strategy and Development Direction - The company aims to reduce leverage to four times and has entered into agreements with creditors to extend debt maturities and reduce interest expenses [20] - The focus remains on CapEx discipline, particularly in areas like FTTH and 5G, where prior investment levels will not need to be sustained [14] - The company is actively reviewing its portfolio for potential transactions that make strategic sense [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to improve trends in the coming quarters despite current revenue declines [9] - The restructuring plan aims to reduce the absolute debt of Altice France without impacting operations or employees [28] - Management believes the current political situation in France does not impact business operations or transaction capabilities [30] Other Important Information - The company has started implementing a safeguard plan and expects to close the process by early October 2025 [4] - A technical incident in June affected mobile network service, but the issue was resolved quickly, and impacted customers were compensated with additional mobile data [10][11] Q&A Session Summary Question: Guidance for full year operating cash flow - Management confirmed guidance for growth in EBITDA minus CapEx for 2025, primarily driven by CapEx reduction [25][26] Question: Update on safeguard process and appeals - One appeal has been made by employee representatives, but management remains confident in the October timeline for restructuring [27][28] Question: Competitive environment in mobile and B2B business - The competitive environment remains intense, with pricing pressures affecting both mobile and B2B segments [35][36] Question: Fixed service revenue decline and connection revenue base - Fixed service revenue declined by 6.2% year over year, with connection fees contributing to the decline [42] Question: Net proceeds from the tower transaction - Expected net proceeds from the tower transaction are around €460 million [45] Question: Trends in net adds and churn issues - Management noted that net adds in Q2 were comparable to last year, with improvements in customer retention [48] Question: Sustainability of CapEx reduction - Management indicated that the reduction in CapEx is sustainable due to lower network investment needs and changing data consumption patterns [50][51]