证券研究报告 | 行业专题 | 通信 全年业绩低点已过，AI 算力增长加速 ——电信运营商行业点评报告 投资要点 ❑ 25Q1 行业增速较缓，或为年内低点，全年节奏有望前低后高 25Q1 行业增速放缓，或受基数高、主动精细化项目管理等因素影响。2025 年一 季度，电信业务收入累计完成 4469 亿元，同比增速约 0.7%。我们认为，行业增 速较缓主要系多因素综合影响：一是，2024 年同期基数相对较高，2024Q1 的行 业整体收入无论从绝对值角度还是同比增速角度，均处于相对高位。二是，今年 以来宏观环境依旧复杂多变，随着国内一系列政策陆续部署出台，内需修复的持 续性仍需巩固。三是，运营商进行精细化项目管理，对部分高风险项目主动进行 管控。 2024 年经营数据季度分布呈现 U 形走势，Q2、Q3 基数相对较低。具体来看， 2024 年 1-3 月、1-6 月、1-9 月、1-12 月，行业整体电信业务收入累计增速分别 为 4.5%、3.0%、2.6%、3.2%。拆分单季度数据来看，2024Q1、Q2、Q3、Q4， 行业整体电信业务收入单季度同比增速分别为 4.5%、1.6%、1.8%、5.1%。参照 我们 ...

➢ 基本盘业务稳健，积极发展 AI、卫星通信、量子业务。 中国电信（601728.SH）2025 年一季报点评 经营稳健，战新业务驱动长期价值增长 2025 年 04 月 28 日 ➢ 事件：2025 年 4 月 25 日，中国电信发布 2025 年一季度财报：营业收入 1,345 亿元，同比增长 0.01%；归母净利润 89 亿元，同比增长 3.1%。 25Q1 服务收入 1,247 亿元，同比增长 0.3%，环比增长 4.6%。1）移动、固网 业务稳健发展。移动通信业务：移动用户数达 4.29 亿户，净增 495 万户，5G 用 户数达 2.7 亿户，渗透率提升至 62.0%，手机上网总流量同比增长 14.2%，DOU （户均流量）达 20.4GB，同比增长 9.1%。固网及智慧家庭业务：宽带用户数达 1.98 亿户，净增 67 万户。千兆宽带用户渗透率约 30%，智慧家庭收入同比增长 11.5%，持续受益于数字化升级需求。2）第二曲线业务高速增长。IDC 收入 95 亿元，同比增长 10.4%，24 年全年增速为 7.3%；智能收入同比增长 151.6%、 视联网同比增长 58.4%、卫星通信同比增长 ...

据中央广播电视总台旗下新媒体账号"玉渊谭天"公众号文章称，"这些"，包括既定政策，也包括根据外 部形势变化而推出的新政策。"这些政策"中的大部分政策，都将在二季度，也就是接下来的两个月推 出。 ▲图片来源：截图自"玉渊谭天"公众号 我们回到市场。 在国新办今天举行的新闻发布会上，国家发改委副主任赵辰介绍，稳就业稳经济推动高质量发展的若干 举措包括五方面内容。 这五方面内容，包括支持就业、稳定外贸发展、促进消费、积极扩大有效投资、营造稳定发展的良好环 境等。 具体来看，有扩大服务消费、推动汽车消费扩容、完善消费基础设施、设立新型政策性金融工具、持续 稳定和活跃资本市场、加大对实体经济的金融支持等。 这些政策都注重突出针对性和可操作性，注重增强企业和群众的获得感，将成熟一项、出台一项。 昨天，达哥在文章中提到，在货币政策上，结构性工具的核心在于针对特定目标，讲究的是精准滴灌， 效果好、灵活性强。而今天这场新闻发布会，也提到了政策的针对性。 值得注意的是，从这场发布会了解到，这些政策大头将在二季度落地。 今天，A股三大指数集体回调。截至收盘，上证指数下跌0.20%，深证成指、创业板指数分别下跌 0.62%、0.65 ...

智通财经4月28日电，韩国SK电讯宣布自28日上午10点起，面向所有用户提供免费的SIM卡更换服务。 为减少门店排队等候时间，SK电讯还开通了线上预约通道，用户可提前选择营业厅，并按预约顺序办 理SIM卡更换。目前，SK电讯已准备了100万张SIM卡，并计划在5月追加供应约500万张。 遭遇黑客恶意攻击后 SK电讯为所有用户免费更换SIM卡 ...

近日，东莞市民倪小姐对南都记者表示，自己被运营商"套路"，电话销售人员告知她，收到短信回复 1，续费原20元/月的花卡套餐，最终在短信办理的套餐竟变成了59元/月。她质疑称，该运营商诱导消 费。4月27日，涉事运营商方面回应南都记者称，经核查，渠道合作网点的推广行为严重违规，公司已 严肃查处，并为客户退订相关业务。 接到电话称要续办原业务，结果短信确认后竟变成"加价升级"套餐？ 该运营商还介绍，为保障客户的知情权，公司建立了业务办理确认机制。当网点业务员为客户办理业务 时，公司会通过官方服务端口向客户发送一条短信，告知将要办理的业务内容。如客户同意办理，回复 对应的数字确认，或将验证码告知业务员，业务办理才能完成。 同时，涉事运营商提醒称，对于在业务推广中告知不充分甚至诱导客户确认的行为，公司坚决反对，一 经发现、严肃查处。后续公司将进一步加强渠道合作管理，维护客户权益。 采写：南都记者唐国轩 东莞 倪小姐介绍，4月18日下午，她接到自称手机运营商营业厅的电话0796—8694****，工作人员对她表 示，原套餐快要过期了，可以帮忙续费原来的20元/月的花卡套餐，随后她收到运营商官方发来的短 信，工作人员称， ...

金十数据整理：每日港股市场要闻速递（4月28日 周一） 10. 中国海外发展 (00688.HK)：一季度营收367.3亿元人民币，同比增长0.6%；营业利润56.7亿元人民 币，同比减少15%。 11. 中国建材 (03323.HK)：一季度营业总收入366.37亿元，同比减少1.04%；净利润约1.02亿元，同比扭 亏为盈。 7. 长城汽车 (02333.HK)：一季度营业总收入约400.19亿元，同比减少6.63%；净利润约17.51亿元，同比 减少45.6%。 8. 中煤能源 (01898.HK)：一季度营业收入383.92亿元，同比减少15.4%；净利润39.78亿元，同比减少 20%。 9. 比亚迪电子 (00285.HK) ：一季度营业额约368.8亿元，同比增长1.1%；净利润约6.22亿元，同比增长 1.92%。 3. 比亚迪股份 (01211.HK)：一季度营业收入1703.6亿元，同比增加36.35%；净利润91.55亿元，同比增 加100.38%。 4. 中国电信 (00728.HK)：一季度营业收入为1345亿元，同比增长0.01%；净利润为88.64亿元，同比增长 3.1%。 5. ...

Overall Performance - The telecommunications industry showed stable overall performance in Q1, with telecom business revenue reaching 446.9 billion yuan, a year-on-year increase of 0.7% [2] - The total telecom business volume, calculated at constant prices from the previous year, grew by 7.7% year-on-year [2] User Development - The number of fixed broadband access users steadily increased, reaching a total of 678 million by the end of March, with a net increase of 8.218 million users compared to the end of the previous year [3] - Among fixed broadband users, those with access speeds of 100 Mbps and above reached 644 million, accounting for 95% of total users, while users with speeds of 1000 Mbps and above reached 218 million, representing 32.1% of total users, an increase of 1.2 percentage points from the previous year [3] - The mobile phone user base grew to 1.8 billion, with 5G users accounting for nearly 60%, totaling 1.068 billion, a net increase of 54.45 million users [3] - The number of cellular IoT users increased to 2.728 billion, with a net increase of 7.218 million users [3] Internet Usage - Mobile internet traffic reached 87.65 billion GB in Q1, a year-on-year increase of 14.8%, with the average mobile internet usage per user (DOU) reaching 20.56 GB per month, up 13.7% year-on-year [5] - The total duration of mobile phone outgoing calls decreased by 5.9% year-on-year, while mobile SMS volume grew by 21.2% [5] Communication Infrastructure - The total length of optical cable lines reached 74.54 million kilometers, a year-on-year increase of 13.7% [6] - The number of internet broadband access ports reached 1.224 billion, with fiber access ports accounting for 96.5% of the total [6] - By the end of March, the number of 5G base stations reached 4.395 million, a net increase of 145,000, accounting for 34.4% of total mobile base stations [7] Regional Development - The penetration rates of 1000 Mbps and 5G mobile users increased across various regions, with the eastern region reaching 32.5% for fixed broadband and 59.2% for mobile users [8] - Mobile internet access traffic growth remained in double digits across all regions, with the eastern region reaching 36.69 billion GB, a year-on-year increase of 13.7% [9]

Core Viewpoint - The article discusses the impending cessation of telegram services in Hangzhou, marking the end of an era for this once vital communication method, as the last telegram operator experiences a surge in demand from nostalgic and curious customers [1][16][38]. Group 1: Current Situation of Telegram Services - Hangzhou will officially stop telegram services starting May 1, with only Beijing and Hangzhou remaining as the last cities offering this service [1]. - Following the announcement, there has been a significant increase in telegram requests, leading to long queues at the local telecom office [7][11]. - The telegram service has seen a revival of interest, particularly among younger generations who are curious about this traditional form of communication [8][16]. Group 2: Historical Context and Evolution - Telegrams were once a crucial means of communication in China, especially during the 1980s when telephone penetration was low, with telegrams being the fastest way to send urgent messages [27]. - The peak of telegram usage in Hangzhou occurred in 1988, with a record of 1.9485 million telegrams sent, but the service began to decline with the rise of long-distance telephone services in the 1990s [27][37]. - The last telegram operator, Ren Hong, has witnessed the transition of telegrams from a primary communication tool to a nostalgic and emotional medium [16][27]. Group 3: Emotional and Cultural Significance - The current surge in telegram requests is attributed to a mix of curiosity and nostalgia, with many customers wanting to preserve a piece of history [16][38]. - Telegrams are now seen as a special way to convey emotions and sentiments, contrasting with the immediacy of modern communication methods like WeChat [5][15][44]. - The emotional weight of telegrams is highlighted by personal stories shared by customers, emphasizing their role in connecting families and preserving memories [46].

Core Viewpoint - China Unicom is actively integrating digital economy with real economy by enhancing customer service and launching various themed activities, notably the "Unicom Customer Day" which has received positive feedback [1][8]. Group 1: Customer Engagement Initiatives - China Unicom's Shandong branch launched over 40 themed activities focusing on public education, smart experiences, and interactive fun, embodying the mission of "People's Postal and Telecommunications for the People" [1]. - In Zibo, Unicom staff transformed into "safety instructors" for the elderly, educating them on new fraud tactics through relatable examples, which was well-received by participants [2]. - The "Customer Day" initiative serves as a bridge between the company and the community, aiming to enhance service quality and reach more households [8]. Group 2: Smart Home and Technology Experience - In Jinan, Unicom showcased smart home technology, allowing visitors to control devices via voice commands, which impressed attendees, especially children [4]. - The event featured various technology experience zones, including cloud services, where business customers noted significant efficiency improvements [4]. Group 3: Online and Offline Service Integration - Unicom's staff provided hands-on training for elderly customers on using smart devices, resulting in increased customer satisfaction and engagement [6]. - The company expanded its "Customer Day" activities to online platforms, achieving over 5,000 views in a single session and a 60% increase in offline inquiries [6]. - Feedback collection through surveys in various branches yielded over 120 actionable suggestions, reflecting customer trust and service expectations [6].

本报讯 为贯彻落实《关于进一步加强危险废物环境治理严密防控环境风险的指导意见》，严密防 控危险废物环境风险，强化对电信、移动、联通、铁塔公司四大电信运营单位危险废物废铅蓄电池的环 境管理，甘肃省生态环境厅近日组织甘肃电信、移动、联通、铁塔四大电信运营单位召开危险废物废铅 蓄电池环境管理工作座谈会。 会议听取了四大电信运营单位危险废物废铅蓄电池环境管理情况汇报，组织学习了《中华人民共和 国固体废物污染环境防治法》相关条款，现场交流了危险废物管理过程中存在的问题，并针对危险废物 规范化环境管理评估过程中发现的问题提出了整改方案和具体要求。 会议指出，四大电信运营单位为甘肃省提供移动通信、宽带接入和相关增值业务，在甘肃省电信市 场具有非常重要的地位。在电信运营过程中产生的废铅蓄电池属于危险废物，量大面广点多，如不依法 依规加强管理，会对生态环境造成污染，给人民群众身心健康带来严重影响。为此，应严格执行危险废 物各项管理制度，力求满足危险废物全过程、规范化和信息化管理要求。 会议要求，一要高度重视危险废物环境管理，严格落实产废单位主体责任。认真学习危险废物相关 法律法规，加强对废铅蓄电池从产生、收集、运输、贮存、转移 ...