作为"投资长钱"的"课代表"，险资动向向来是市场关注的风向标。当前A股上市公司陆续披露 2025年中报，险资二季度的重仓股和调仓换股情况陆续出炉。 根据同花顺数据显示，截至8月27日， 共有368只个股被险资重仓持有， 主要聚焦于非银金 融、银行、通信、电力设备、有色金属、公用事业等板块。 当前，险资提升高股息标的配置 既可获取稳定分红，又能缓冲债券收益率下行带来的影响。从权益投资上限看，险资未来仍有 较大增仓空间。同花顺数据显示，2025年二季度保险资金新进79股、增持124股、减持95股。 合计持股554.1亿股， 合计持股市值达1.18万亿元。 运营商成二季度布局重点 截至8月27日，共有368只个股的前十大流通股东中出现险资的身影，其中中国人寿保险集团对 中国人寿 的持仓最大，合计市值为7959.3亿元；排在第二的是中国平安对 平安银行 的持仓， 合计市值达到1357.3亿元。 除此之外，电信运营商在今年二季度成为险资布局的重点，包括 中国联通、中国电信、中国 移动 在内的三大运营商，全部成为险资的"座上宾"，其中中国人寿二季度持有中国联通31.9亿 股，持仓市值高达170.4亿元，位居险资持仓金额第 ...

Core Viewpoint - The news highlights the cultural, historical, and technological significance of Mount Tai, emphasizing its appeal as a tourist destination and the integration of modern technology to enhance visitor experiences. Group 1: Cultural and Historical Significance - Mount Tai, located in Shandong Province, is renowned for its majestic natural beauty and rich cultural heritage, attracting numerous visitors [1][2] - The mountain has been a site for imperial ceremonies since ancient times, with 12 emperors having visited, leaving behind numerous inscriptions and relics [1] - The mountain has inspired countless poets throughout history, embedding its beauty and spirit into Chinese culture [2][3] Group 2: Local Community and Daily Life - The local community engages with Mount Tai through daily activities, such as residents collecting water from the Dichen Spring, showcasing the connection between the mountain and the lives of the people [5] Group 3: Technological Integration - Shandong Unicom is enhancing the visitor experience at Mount Tai through 5G technology, addressing challenges posed by the mountain's terrain and high visitor numbers [7] - The company has successfully established 5G coverage at key scenic spots, allowing for seamless services like HD live streaming and quick payments [7] - Collaborative efforts between Shandong Unicom and the Mount Tai scenic area have led to the creation of innovative applications, improving management and service efficiency [7][9]

Core Insights - Insurance capital is increasingly focusing on high-dividend stocks to secure stable returns and mitigate the impact of declining bond yields [1][4] - As of August 27, 368 stocks are heavily held by insurance funds, with significant investments in non-bank financials, banks, telecommunications, and utilities [1][3] - The total market value of insurance holdings reached 1.18 trillion yuan, with 554.1 billion shares held [1] Investment Trends - Major insurance companies like China Life and Ping An have substantial holdings in their respective companies, with China Life holding 92.8% of China Life's circulating shares [3] - Telecommunications operators, including China Unicom, China Telecom, and China Mobile, have become key targets for insurance investments in Q2 [2][3] - The most popular stock among insurance funds is Shenhuo Co., with four insurance institutions holding a combined 104 million shares [2] Sector Allocation - The top three sectors for insurance capital investments are non-bank financials (796.21 billion yuan), banks (224.57 billion yuan), and telecommunications (33.64 billion yuan) [3] - Insurance funds have shown a preference for stable, high-dividend blue-chip stocks, particularly in financial and utility sectors [7][8] Regulatory and Market Influences - Recent policies encourage insurance funds to invest more in the stock market, with a target of 30% of new premiums allocated to A-shares starting in 2025 [4][5] - The insurance sector's asset allocation is shifting towards equities, with a significant increase in stock investments noted in the first half of the year [6] Future Outlook - Insurance capital is expected to continue increasing its equity allocation, driven by rising premium income and a favorable market environment [8] - The potential for substantial and sustained inflows from insurance funds into the capital market is anticipated, enhancing market stability [8]

| Main Holdings | 3 | | --- | --- | | Gross Asset Value | 4 | | First Pacific Financial Results First Half 2025 | 5 | | Borrowings, Dividend Income, Ratings | 6 | | Indofood | 7-10 | | Financials & Margins | 7 | | ICBP Earnings & Geography | 8 | | Sales Data & Geography | 9 | | Sales, Debt, Cash Flow | 10 | | MPIC | 11-20 | | Investments & Stakes | 11 | | Privatization & Ownership | 12 | | 2024 Contribution & Profit | 13 | | Borrowings & Balance Sheet | 14 | | Meralco Earnings | 15 | | Meralco Projects | 16 ...

复审：高 晋 转自：连云港传媒网 连云港灌南县新安镇"激情八月 魅力新安"文艺汇演在县市民文体中心广场举行。中国移动江苏公司连云港分公司（下称"连云港移动"）积极参与协办，凭借"通信保障+便民服务+科技互动"全 据了解，活动现场，连云港移动设立了服务专区为观众驻足首选地。网格人员以热情专业的态度，为观众提供全方位的业务咨询与办理服务，涵盖新用户入网、套餐升级、宽带业务预约等，耐心 除了贴心的业务服务，现场展示的移动科技感十足的机器狗成为了一大亮点。这只机器狗动作灵活、反应敏捷，能够完成前进、后退、转弯、跳跃等多种复杂动作，还能与观众进行简单的互动。 为保障活动网络通信畅通无阻，连云港移动提前启动应急保障预案，对广场及周边区域进行网络扩容优化，并安排专人实时监控网络指标。活动期间，现场峰值用户数超1000人，5G网络覆盖率 通讯员：窦春 初审：陈 思 终审：童大瀛 来源：连云港移动郁洲北路营业厅 ...

电信ETF基金紧密跟踪中证电信主题指数，中证电信主题指数选取50只业务涉及电信运营服务、电信增 值服务、通信设备、通信技术服务与数据中心等领域的上市公司证券作为指数样本，反映电信主题上市 公司证券的整体表现。 数据显示，截至2025年7月31日，中证电信主题指数(931235)前十大权重股分别为中国联通(600050)、中 国移动(600941)、中国电信(601728)、中际旭创(300308)、新易盛(300502)、银之杰(300085)、中国卫通 (601698)、中兴通讯(000063)、紫光股份(000938)、天孚通信(300394)，前十大权重股合计占比78.18%。 截至2025年8月28日 09:34，中证电信主题指数(931235)强势上涨1.75%，成分股长飞光纤(601869)上涨 10.00%，天孚通信(300394)上涨9.65%，信科移动(688387)上涨9.52%，中国卫通(601698)，北斗星通 (002151)等个股跟涨。电信ETF基金(560690)上涨1.73%，最新价报1.76元。 消息面上，《IT时报》消息，相关部门近期将向中国移动、中国电信、中国联通三大基础 ...

中国移动8月27日大宗交易平台出现一笔成交，成交量22.50万股，成交金额2448.00万元，大宗交易成交 价为108.80元。该笔交易的买方营业部为国泰海通证券股份有限公司上海长宁区江苏路证券营业部，卖 方营业部为东方证券股份有限公司芜湖北京中路证券营业部。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为2695.02万元。 证券时报·数据宝统计显示，中国移动8月27日收盘价为108.80元，下跌0.75%，日换手率为1.65%，成交 额为16.34亿元，全天主力资金净流出7104.91万元，近5日该股累计上涨1.03%，近5日资金合计净流入 9827.36万元。 两融数据显示，该股最新融资余额为20.79亿元，近5日减少790.64万元，降幅为0.38%。 8月27日中国移动大宗交易一览 成交量(万股) 成交金额(万元) 成交价格(元) 相对当日收盘折溢价 (%) 买方营业部卖方营业部 22.50 2448.00 108.80 0.00 国泰海通证券股份有限公司上海长宁区江苏路证券营业部 东方证券股份有限 公司芜湖北京中路证券营业部 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨 ...

TPG Telecom (TPG) H1 2025 Earnings Call August 27, 2025 08:30 PM ET Company ParticipantsPaul Hutton - Investor RelationsIñaki Berroeta - CEO, MD & DirectorJohn Boniciolli - Group CFOEric Choi - Founding PartnerEntcho Raykovski - Executive Director, Media & TelcoBob Chen - Executive DirectorKane Hannan - Deputy Head - ANZ Equity ResearchRoger Samuel - SVP & Head - TMT Equity ResearchAndrew Gillies - Design LeadConference Call ParticipantsLiam Robertson - Equity Research AnalystNick Basile - Equity Research A ...

Core Viewpoint - The three major telecom operators in China are actively entering the satellite internet sector, supported by recent government guidelines aimed at optimizing the satellite communication industry by 2030 [1][2]. Group 1: Government Guidelines - The Ministry of Industry and Information Technology issued guidelines to enhance the satellite communication management system and promote the integration of satellite communication into the new development framework, aiming for over 10 million satellite communication users by 2030 [1]. - The guidelines encourage telecom operators to collaborate with satellite companies to explore the potential of high-orbit satellites like Tiantong and Beidou, promoting direct satellite connections for mobile devices [1]. Group 2: Major Telecom Operators' Initiatives - China Mobile has launched two low-orbit experimental satellites in 2023, including the world's first satellite capable of verifying 5G integrated technology [2]. - China Telecom plans to offer direct satellite connection services for mobile phones and cars, having overcome key technical challenges in satellite communication [2][3]. - China Unicom has successfully launched four low-orbit satellites and aims to integrate satellite communication with the Internet of Vehicles through strategic partnerships [3]. Group 3: Challenges in Satellite Internet Development - The development of satellite internet faces challenges such as differences in satellite-ground network architecture, high network construction costs, and performance gaps compared to terrestrial networks [4]. - China Mobile is working on a technology system to reduce the number of satellites needed for integrated networks and lower costs by 10% per satellite [5]. Group 4: Strategic Importance of Satellite Internet - The shift towards satellite internet is seen as a strategic necessity for telecom operators, marking a fundamental change from previous focuses on terrestrial mobile communication [6]. - The collaboration between telecom operators and satellite companies is expected to accelerate the commercialization of low-orbit satellite constellations, leveraging the operators' extensive user base and established sales channels [6].

备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；持股额变动=变动持股数*昨日收盘价。 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 103.09亿股 | 74.28% | | 绿色动力环保(01330) | 2.83亿股 | 70.04% | | 中国神华(01088) | 22.97亿股 | 67.99% | | 凯盛新能(01108) | 1.69亿股 | 67.72% | | 天津创业环保股份(01065) | 2.19亿股 | 64.39% | | 弘业期货(03678) | 1.60亿股 | 63.97% | | 新天绿色能源(00956) | 11.69亿股 | 63.56% | | 中州证券(01375) | 7.47亿股 | 62.47% | | 復星医药(02196) | 3.44亿股 | 62.23% | | 白云山(00874) | 1.32亿股 | 60.23% | | 南方恆生科技(03033) | 65.87亿股 | ...