Core Viewpoint - The capital expenditure guidance for the three major telecom operators in 2025 is expected to decrease by 9.1% year-on-year to 289.8 billion yuan, indicating a continued contraction in overall investment spending with a focus shifting towards computing power [1] Group 1: Investment Trends - The overall investment expenditure of the three major telecom operators is continuing to shrink [1] - The focus of investment is increasingly directed towards computing power [1] Group 2: Industry Growth Metrics - In the first half of 2025, the cumulative mobile internet traffic reached 186.7 billion GB, representing a year-on-year growth of 16.4%, with the growth rate increasing month by month since the beginning of 2025 [1] Group 3: Future Developments - There is an acceleration in the large-scale deployment of 5G-A and a faster advancement in 6G technology research and development [1] - AI-driven demand for new types of optical fibers in data centers is increasing, with multi-mode optical fibers being adopted more rapidly [1] - The deployment of fiber access is entering a mature phase, with steady progress in the construction of gigabit optical networks and a transition towards "ten-gigabit" upgrades [1]

Core Viewpoint - CITIC Construction Investment indicates that the capital expenditure guidance for the three major telecom operators in 2025 is expected to decrease by 9.1% year-on-year to 289.8 billion yuan, reflecting a continued contraction in overall investment spending and a shift in investment focus towards computing power [1] Group 1: Industry Trends - In the first half of 2025, the cumulative mobile internet traffic reached 186.7 billion GB, representing a year-on-year growth of 16.4%, with the growth rate increasing month by month since the beginning of 2025 [1] - The acceleration of 5G-A large-scale deployment and the expedited research and development of 6G technology are recommended areas of focus [1] - The demand for new types of optical fibers driven by AI in data centers is expected to grow, with multi-mode optical fibers seeing accelerated application [1] Group 2: Infrastructure Development - The deployment of fiber optic access is entering a mature phase, with the construction of gigabit optical networks progressing steadily and beginning to upgrade towards "ten-gigabit" [1]

纪律严明是马克思主义政党的内在要求和鲜明特征。无产阶级要进行人类历史上最广泛、最彻底、最深刻的社会变革，必须依靠严明纪律将强大的精神力量 和战斗力量凝聚起来。早在马克思、恩格斯创建共产主义者同盟时，就将纪律视为"一个有生命力的党的首要条件"，强调"必须绝对保持党的纪律，否则将 一事无成"。列宁在领导俄国革命中深刻认识到，"布尔什维克党若没有极严格的真正铁的纪律，就连短期执政都不可能"。这些论述深刻揭示出纪律是马克 思主义政党的"生命线"，是其组织性、革命性的根本保障。 近日，驻中国移动纪检监察组紧盯网络强国战略落地加强政治监督，跟进监督珠海桂山海上风电场5G专网等重点项目建设情况，推动精品网络全面覆盖。 驻中国移动纪检监察组供图 习近平总书记在二十届中央纪委四次全会上强调"把从严管理监督和鼓励担当作为统一起来，使干部在遵规守纪中改革创新、干事创业"，彰显了我们党以严 明纪律管全党治全党的坚定决心，也为纪检监察机关更好履职尽责、服务保障大局提供了坚强的思想保证和科学的理论指引。 国有企业是中国特色社会主义的重要物质基础和政治基础，是党执政兴国的重要支柱和依靠力量。国有企业纪检监察机构在监督执纪执法实践中，要注重 ...

Core Viewpoint - China Unicom reported a slight increase in total revenue and net profit for the first half of 2025, indicating improved profitability despite a decline in quarterly revenue [1][3]. Financial Performance - Total revenue for the first half of 2025 reached 200.2 billion yuan, a year-on-year increase of 1.45% [1]. - Net profit attributable to shareholders was 6.349 billion yuan, up 5.12% year-on-year [1]. - In Q2 2025, total revenue was 96.849 billion yuan, down 1.02% year-on-year, while net profit was 3.743 billion yuan, an increase of 4.18% [1]. - Gross margin improved to 27.06%, up 4.01% year-on-year, and net margin increased to 7.21%, up 3.47% year-on-year [1]. Cost and Expense Management - Total sales, management, and financial expenses amounted to 28.586 billion yuan, accounting for 14.28% of revenue, a decrease of 2.15% year-on-year [1]. - Sales expenses increased by 2.46% due to enhanced market investment [3]. - Management expenses decreased by 3.46% due to improved cost management [3]. - Financial expenses saw a significant decrease of 1425.67% due to lower interest expenses on lease liabilities [3]. Cash Flow and Investment - Operating cash flow per share was 0.94 yuan, down 1.12% year-on-year [1]. - Net cash flow from operating activities decreased by 2.78% due to slower payment collection in the new business segment [4]. - Net cash flow from investing activities decreased by 22.94% due to reduced investment recoveries [4]. - Net cash flow from financing activities decreased by 5.13% due to dividend distributions [4]. Research and Development - R&D expenses increased by 15.65% as the company focused on technological innovation and product upgrades [4]. Market Position and Future Outlook - The company’s return on invested capital (ROIC) was 4.98%, indicating a historically weak capital return [4]. - Analysts expect the company's performance in 2025 to reach 9.606 billion yuan, with an average earnings per share of 0.31 yuan [6]. Shareholder Information - The largest fund holding China Unicom shares is the China Merchants Ruiwen Mixed A Fund, with 19.815 million shares held [7].

格隆汇8月12日丨中国联通(00762.HK)公布2025年中期业绩，上半年公司经营业绩稳健增长，收入规模 稳中有升，营业收入突破人民币2,000亿元，同比增长1.5%；盈利能力持续增强，税前利润达到人民币 178亿元，同比增长5.1%。 公司业务结构持续优化。联网通信收入达到人民币1,319亿元；算网数智收入达到人民币454亿元，占比 提升到26%；国际业务收入达到人民币68亿元，同比增长11%；战略性新兴产业收入占比提升到86%， 成为公司高质量发展的新动能。此外，公司始终高度重视股东回报，在实现经营业绩稳健增长的同时， 致力于和股东共享发展红利，今年将继续派发中期股息，董事会决定派发中期股息每股人民币0.2841元 （含税），同比提升14.5%。 ...

Investment Rating - The report maintains a "Buy" rating for China Unicom (0762.HK) [4] Core Views - The company demonstrates continuous profit growth and a high dividend payout, reflecting confidence in long-term development [2] - The revenue for the first half of 2025 reached RMB 200.2 billion, a year-on-year increase of 1.5%, with total profit amounting to RMB 17.8 billion, up 5.1% year-on-year [2] - The board proposed an interim dividend of RMB 0.2841 per share, a 14.5% increase compared to the previous year, significantly higher than the growth rate of net profit attributable to shareholders [2] Summary by Sections Revenue and Profit Growth - The revenue from the Internet of Things (IoT) communication business was RMB 131.9 billion, growing by 0.4% year-on-year, with a total user base exceeding 1.2 billion [2] - The net increase in mobile and broadband users exceeded 11 million, reaching a total of 480 million users, marking the highest net increase in recent years [2] Intelligent Network Business Expansion - The revenue from the intelligent network business was RMB 45.4 billion, a year-on-year increase of 4.3%, accounting for 26% of total revenue [3] - Cloud revenue reached RMB 37.6 billion, growing by 18.6% year-on-year, while data center revenue increased by 9.4% to RMB 14.4 billion [3] - The company has signed contracts worth 60% more in AIDC compared to the previous year, and has launched over 5,000 5G application projects [3] Capital Expenditure and Cash Flow - Capital expenditure decreased by 15% year-on-year, indicating effective cost control [4] - The net cash flow from operating activities was RMB 29 billion, with free cash flow after capital expenditure reaching RMB 8.78 billion, a 63.1% increase year-on-year [4] - The comprehensive gross margin improved by 0.5 percentage points, enhancing profitability [4] Profit Forecast and Valuation - The report forecasts net profit attributable to shareholders for 2025 to be RMB 21.748 billion, with a corresponding P/E ratio of 13X [4] - The company is expected to maintain a stable dividend yield, averaging over 6% in the past five years, indicating strong stability [4]

在当前电信网络诈骗犯罪手段不断升级的背景下，诈骗分子通过招募"卡农"办理实名电话卡，再利用 GOIP设备远程操控实施诈骗的案件频发。江苏联通依托中国联通集团技术优势，持续强化反诈技术能 力建设，近日配合常州市反诈中心成功打掉一个组织严密、分工明确的GOIP诈骗犯罪团伙。 8月初，江苏联通通过自主研发的反诈大数据平台监测发现，常州市武进区存在大量新入网号码异常集 中现象，且这些号码呈现高频呼叫特征。经深度数据分析研判和反诈中心的现场摸查确认该区域存在 GOIP诈骗窝点。 在持续高温天气下，江苏联通信安专员与公安民警协同作战，经过缜密侦查，最终锁定该犯罪团伙在常 州市武进区的藏匿地点。收网行动中，警方现场查扣作案手机50余部、初步串并全国案件20余起，涉案 金额达100余万元。经查，该团伙组织架构严密，设有"办卡组""设备组""话务组"等专业分工，通过远程 操控实施诈骗犯罪。 此次行动中，江苏联通依托智能反诈平台的技术监测能力，为案件侦破提供了关键线索和信息。江苏联 通将持续深化与公安机关的协同配合，不断创新反诈技术手段，通过科技赋能提升打击治理效能。同 时，将进一步强化源头治理，完善风险防控体系，为维护通信网络 ...

瑞银发布研报称，中国联通（600050）(00762)第二季服务收入同比增1%，EBITDA跌0.8%，净利润增 4.6%，大致符合预期。管理层重申，对下半年增长及全年EBITDA增长指引感到乐观，全年资本开支指 引维持550亿元人民币，即同比降10%。在中国联通公布业绩后，该行将其2025至28年的盈测上调1至 2%，将目标价上调7%，由10.8港元升至11.6港元，维持"买入"评级。 ...

证券日报网讯 8月12日晚间，中国联通发布公告称，2025年半年度公司实现营业收入200，202，431， 028元，同比增长1.5%；归属于上市公司股东的净利润为6，348，627，384元，同比增长5.1%。 （编辑 何成浩） ...

该行指，联通管理层预期盈利将维持稳定增长，而资本支出将同比减少10%至2025年的550亿人民币， 同时宣派中期股息每股0.28元人民币，同比上升14.5%，派息率为60%，同比上升5基点。 智通财经APP获悉，里昂发布研报称，中国联通(00762)上半年业绩未达预期。总服务收入和净利同比分 别增长1.5%和5%各至1,784亿和1,455亿人民币，较该行预测低0.9%和3.5%。里昂维持对联通"跑赢大 市"评级，目标价由9.5上调至11港元，反映将10年资本支出预测调低20%，以配合管理层对稳定资本支 出计划的指引，并假设资本支出相对持平。 ...