Core Conclusion - Northbound capital and margin trading have become the main buying forces in the market, while ETF withdrawals continue. Future attention should be on the recovery of margin trading and the sustainability of individual investor consensus [1] Trading Activity & Volatility - Market trading activity has rebounded, and volatility has decreased. Sectors such as textiles, light industry, retail, machinery, and military are all above the 90th percentile in trading activity, while the communication sector remains above the 80th percentile in volatility [2] - The volatility of sectors like military, electric new energy, transportation, home appliances, communication, and banking has increased significantly [5] Northbound Capital Activity - Northbound capital activity has increased, with net buying primarily in sectors like communication, electronics, electric utilities, machinery, and electric new energy, while net selling occurred in pharmaceuticals, computers, and media [15] Margin Trading Activity - Margin trading activity has risen to its highest point since late March 2025, with net buying mainly in TMT, machinery, military, pharmaceuticals, and automotive sectors, while net selling was observed in banking, transportation, food and beverage, electric new energy, and textiles [17] ETF Activity - ETFs continue to experience net redemptions, with significant inflows into the STAR 50, CSI 1000, and CSI 2000 ETFs, while outflows were noted in the CSI 300, ChiNext, dividend, and CSI A500 ETFs. The net buying was concentrated in electronics, computers, and machinery, with net selling in electric new energy, financial real estate, pharmaceuticals, food and beverage, communication, and transportation [33][41]

主要数据 2025 年 4 月 9 日 收盘价(元) 8.30 总市值（亿元） 7595.09 总股本(亿股) 915.07 流通股本(亿股) 776.30 ROE（TTM） 7.30% 12 月最高价(元) 8.61 12 月最低价(元) 5.63 证 券 研 究 报 告 买入（维持） 中国电信（601728）2024 年年报点评 公 司 点 分析师：陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 评 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn S0340524070002 电话：0769-22119302 邮箱： 全年业绩稳步增长，高度重视股东回报 2025 年 4 月 9 日 投资要点： 本报告的风险等级为中风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 通信行业 资料来源：东莞证券研究所，iFind 分析师：罗炜斌 SAC 执业证书编号： 全年业绩持续增长。公司2024年 ...