证券日报网讯 8月14日晚间，中国电信发布公告称，公司第八届监事会第十六次会议审议通过了《关于 公司2025年半年度报告的议案》。 （文章来源：证券日报） ...

（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，公司第八届董事会第二十一次会议审议通过了《关 于修订董事会专门委员会议事规则的议案》等多项议案。 ...

Core Insights - The current "anti-involution" market trend represents a phase of reversal from difficulties, characterized by a clear four-stage evolution, alternating between systematic market opportunities (β) and individual stock excess returns (α) [3][5] - Investors are encouraged to focus on high-barrier assets that are naturally immune to "involution," identifying three core long-term investment themes: monopolistic barrier assets, globally competitive assets, and AI-enabled efficiency revolution assets [3][4][19] Group 1: Four Stages of "Anti-Involution" Market - The first stage (Anti-Involution 1.0) is driven by supply-side contraction expectations, benefiting upstream resource sectors like steel and coal, leading to a typical β opportunity [5][6] - The second stage (Anti-Involution 2.0) sees a shift in focus from industry-wide gains to individual stock differentiation, where leading firms gain market share through strict production discipline, creating α opportunities [6][7] - The third stage (Anti-Involution 3.0) involves a fundamental improvement in supply-demand relationships, leading to a recovery in overall corporate profits and product prices, marking a new round of market upturn [7][8] - The fourth stage (Anti-Involution 4.0) features the emergence of new core assets in a stabilized competitive landscape, driven by technological innovations and global expansion [8][9] Group 2: Current Market Positioning - The market is transitioning from Anti-Involution 1.0 to 2.0, necessitating a dual focus on both β opportunities in specific sectors and the identification of high-quality stocks with strong α characteristics [8][13] - The current "anti-involution" differs fundamentally from the 2015 policy-driven "three reductions" approach, relying more on market-driven self-discipline rather than administrative mandates [8][13] Group 3: Long-Term Investment Themes - The report emphasizes the importance of investing in industries with natural high barriers to entry, such as public utilities and strategic rare resources, which provide stable cash flows and are less affected by economic cycles [19][27] - The three core elements supporting high-barrier industries include licensing barriers, resource barriers, and network effect barriers, which create exclusive pricing power and stable cash flows [27][28] - Companies that successfully "go global" and break overseas monopolies are identified as key players in the "anti-involution" narrative, particularly in high-tech sectors [29][30] Group 4: AI Empowerment - The rise of AI technology is seen as a transformative force accelerating the "anti-involution" process by enhancing productivity and driving market clearing [33][35] - Industries that can effectively leverage AI to reduce costs and reshape competitive dynamics are positioned to thrive in the evolving market landscape [35][36]

Group 1 - The core viewpoint of the news is that China Telecom reported a revenue increase of 1.3% year-on-year for the first half of 2025, reaching 269.42 billion yuan, and a net profit increase of 5.5%, amounting to 23.017 billion yuan [1] - The company plans to distribute a cash dividend of 0.1812 yuan per share, totaling 16.581 billion yuan, which represents 72% of the net profit attributable to shareholders during the reporting period [1] - Mobile communication service revenue was 106.6 billion yuan, showing a year-on-year growth of 1.3%, while broadband and smart home service revenue reached 64.1 billion yuan, growing by 0.2% [1] Group 2 - The number of mobile users reached 433 million, and broadband users totaled 199 million, with an ARPU of 46.0 yuan for mobile users and 48.3 yuan for broadband [1] - The company achieved industrial digitalization revenue of 74.9 billion yuan, with AIDC revenue growing by 7.4% [1] - Key product revenues showed significant growth, with Tianyi Cloud revenue at 57.3 billion yuan, smart revenue at 6.3 billion yuan (up 89.4%), security revenue at 9.1 billion yuan (up 18.2%), and satellite revenue increasing by 20.5% [1] Group 3 - China Telecom is focusing on the implementation of a cloud transformation strategy, enhancing innovation-driven development, and promoting the integration of basic and digital business [3] - The company is advancing its "AI+" initiative, which includes the development of over 160 AI applications across various sectors to improve efficiency and reduce costs [2] - Capital expenditures for the first half of the year totaled 34.2 billion yuan, with investments in mobile networks and industrial digitalization at 12.1 billion yuan and 11.6 billion yuan, respectively [2]

转自：证券时报 人民财讯8月14日电，8月14日，中国电信执行董事、总裁兼首席运营官刘桂清在2025年中期业绩说明会 上表示，公司加快构建全国一体化的量子安全基础设施，在政务、政法、教育、工业等领域推出40多个 量子+产品场景解决方案，打造出一批量子技术与行业融合创新的应用示范。上半年，公司安全产品保 持快速增长，云堤收入同比增长52.7%，云脉收入同比翻番，安全大脑超53万线，量子业务收入同比增 幅达到171%。 ...

今日聚焦 1、中国重工：已于8月14日提交A股股票主动终止上市申请 中国重工(601989.SH)公告称，中国船舶拟换股吸收合并中国重工，此次交易将导致公司不再具有独立 主体资格并被注销，公司已于8月14日向上交所提交A股股票主动终止上市的申请。 2、中国电信：上半年净利润230.2亿元 拟派发中期股息165.8亿元 中国电信(601728.SH)公告称，2025年上半年实现营业收入2694.22亿元，同比增长1.3%；实现归属于上 市公司股东的净利润230.2亿元，同比增长5.5%。公司拟按照2025年中期归属于公司股东的净利润人民 币230.2亿元的72%向全体股东分配股息，合计人民币165.8亿元。以实施权益分派股权登记日当日登记 的总股本为基数，向全体股东派发每股人民币0.1812元股息（含税）。 3、恒瑞医药：子公司收到SHR-7782注射液药物临床试验批准通知书 大元泵业(603757.SH)公告称，公司股票自2025年8月11日以来连续4个交易日内收盘价格涨停；股票自 2025年7月31日以来11个交易日日均换手率为6.06%，显著高于日常换手率，存在市场情绪过热的情 形，但公司基本面未发生重大 ...

Financial Performance - In the first half of 2025, the company's operating revenue reached 269.4 billion yuan, a year-on-year increase of 1.3% [2] - The net profit attributable to shareholders was 23 billion yuan, reflecting a year-on-year growth of 5.5% [2] - The company declared an interim dividend of 0.1812 yuan per share (including tax), which is 72% of the profit attributable to shareholders, marking an 8.4% increase year-on-year, totaling 16.58 billion yuan [2] Revenue Growth in AI and Digital Services - The revenue from intelligent services, including AI and computing services, surged by 89.4% year-on-year, amounting to 6.3 billion yuan in the first half of 2025 [4] - The company's digitalization revenue reached 74.9 billion yuan, with AIDC revenue growing by 7.4% [4] - Key product revenues showed significant growth: Tianyi Cloud revenue reached 57.3 billion yuan, security revenue increased by 18.2% to 9.1 billion yuan, and satellite revenue grew by 20.5% [4] AI Infrastructure and Services - The company has established a smart cloud system centered around its technology "Xirang," providing integrated services of computing power, platforms, data, models, and applications [6] - Total computing power, including self-owned and accessed resources, reached 77 EFLOPS, offering heterogeneous computing services across various computing types [6] - The company is advancing AI technology across 21 key areas, developing over 160 AI applications to enhance operational efficiency and reduce costs [7] Strategic Initiatives - The company is actively promoting the "AI+" initiative, collaborating with over 30 central enterprises to create AI application benchmarks and establishing a demonstration base for AI applications [5][6] - It has built over 80 industry-specific large models and served more than 20,000 industry clients, facilitating digital transformation [6] - The company has initiated 29 high-value scenarios to enhance cloud network operations, resulting in significant reductions in fault handling times and operational efficiency [7]

Group 1: Company Performance - China Telecom reported a revenue of 269.42 billion yuan for the first half of the year, a year-on-year increase of 1.3% [2] - The net profit attributable to shareholders was 23.02 billion yuan, up 5.53% year-on-year, with basic earnings per share of 0.25 yuan [2] - The company plans to distribute an interim cash dividend of 0.1812 yuan per share (including tax) [2] Group 2: Industry Trends - The National Development and Reform Commission is preparing the "14th Five-Year" marine economy development plan, emphasizing innovation-driven growth and the development of emerging industries such as offshore wind power and marine biomedicine [5][6] - The marine economy is projected to exceed 10 trillion yuan in production value by 2024, doubling since 2012 [6] - The marine communication sector is identified as a crucial infrastructure for the marine economy, supporting the future 6G integrated network [6] Group 3: Stock Market Activity - Several deep-sea technology concept stocks saw significant inflows, with Jili Rigging's stock price hitting the daily limit, attracting a net inflow of 484 million yuan, the highest in over eight years [7] - Weichai Heavy Industry's stock has increased by 185.25% year-to-date, leading among concept stocks [7] - China Shipbuilding's net profit is projected to be between 2.8 billion and 3.1 billion yuan for the first half of the year, reflecting a year-on-year increase of 98.25% to 119.49% [9]

构建完成智能云体系，云改数转智惠战略全面升级 持续提升企业治理能力，高质量发展迈出坚实步伐 | (人民币百万元) | 2025年 | 2024年 | 変化率 | | --- | --- | --- | --- | | | 下 未 生 | ト未生 | | | 经营收入 | 271.469 | 268.011 | 1.3% | | 服务收入2 | 249,112 | 246,235 | 1.2% | | 其中：移动通信服务收入 | 106.572 | 105.217 | 1.3% | | 固网及智慧家庭服务收入 | 64.133 | 63.993 | 0.2% | | 产业数字化服务收入 | 74.853 | 73.750 | 1.5% | | EBITDA3 | 80.588 | 76.792 | 4.9% | | 净利润4 | 23.017 | 21.812 | 5.5% | | 每股盈利(人民币元) | 0.25 | 0.24 | 5.5% | | ROE | 5.0% | 4.8% | 0.2p.p. | | 每股中期股息(人民币元) | 0.1812 | 0.1671 | 8.4% | | 百万户 ) ...

Group 1 - The Chengdu Universiade has achieved a record high in market development revenue for the event [1][3] - The market development and sponsorship recruitment for the Chengdu Universiade officially started in December 2023, with 26 sponsoring companies and 33 donating companies involved [3][4] - The event emphasizes collaboration between sponsors and the city to ensure smooth operations, with examples including China Telecom's AI command system and Sichuan Airlines' special baggage policies for athletes [3] Group 2 - The Universiade's licensed merchandise is market-oriented, featuring popular trends such as limited editions and blind box models, with 48 quality enterprises involved and over 500 licensed products launched [4] - Popular licensed products include medal fridge magnets and mascot figurines, which have sold out quickly, prompting a third round of restocking [4] - The event has also collaborated with top domestic and local cultural enterprises to develop and sell cultural products, including two themed lottery tickets and co-branded items with various IPs [4]