每经AI快讯，10月22日，中国联通前三季度营业收入人民币2,930亿元，同比提升1.0%；公司权益持有 者应占盈利人民币200亿元，同比提升5.1%。 （文章来源：每日经济新闻） ...

网络投资提质增效。坚持高标準建设、高效率运营，全面深化共建共享、共维共优，实现网络能力显著 提升。推进移动网络从5G到5G-A、宽带网络从千兆到万兆的向新升级，实现用户体验显著提升。加大 算力网络创新供给，智算总规模超过35EFLOPS。 科创实力不断增强。聚焦下一代互联网、大数据、人工智能、网络安全等关键技术，加强6G、低空智 联网、卫星互联网、具身智能、量子科技等前沿布局，获得工业和信息化部颁发的卫星移动通信业务经 营许可。加大投入力度，研发费用同比增长5.9%，形成更多标志性成果。 联网通信稳中有进。联接规模持续拓展，移动用户达到3.56亿户，净增1248万户，固网宽带用户达到 1.29亿户，净增679万户，宽移用户净增规模创近年同期新高;物联网连接数突破7亿个。持续深化融合 发展，填充新业务元素，拓展用户规模价值，融合套餐用户ARPU保持人民币百元以上。 算网数智提能升级。算力业务实现规模突破，联通云收入529亿元。数据中心适智化改造成效明显，数 据中心收入214亿元，同比提升8.9%。持续深化数智融合、数实融合，推动5G、AI与工业互联网深度结 合，赋能千行百业全面升级，5G虚拟专网累计服务客户超过 ...

Core Insights - China Unicom (600050)(00762) projects that by September 2025, the total number of ubiquitous intelligent connection users will reach approximately 1.234 billion [1] - The number of 5G network users is expected to reach approximately 225 million by September 2025 [1] - The cumulative number of Internet of Things (IoT) terminal connections is projected to reach approximately 703 million [1] - The number of customers for 5G industry virtual private network services is reported to be 21,688 [1] - By September 2025, the problem resolution rate for smart customer service is expected to reach 98.9% [1]

中国联通：前三季度营业收入人民币2,930亿元，同比提升1.0%；公司权益持有者应占盈利人民币200亿 元，同比提升5.1%。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Viewpoint - Despite increased operating expenses due to AI cloud product development and talent recruitment, China Mobile (600941) (00941) reported a year-on-year profit growth of 1.4% in Q3 [1] Group 1: Financial Performance - China Mobile's Q3 profit increased by 1.4% year-on-year [1] - The rise in operating expenses is attributed to AI cloud product development and talent recruitment, which has impacted EBITDA and profit margins [1] Group 2: Future Outlook - There is a strong anticipated demand for AI computing power driven by fully autonomous IP and hardware/software cloud services, which is expected to boost telecom operators' profitability in the remainder of 2025 and beyond [1] - China International Capital Corporation maintains a "Buy" rating for China Mobile with a target price of HKD 103.2 [1] Group 3: Industry Preferences - The preferred ranking for telecom operators remains unchanged, with China Telecom (601728) (00728) at the top, followed by China Mobile, and lastly China Unicom (00762) [1]

Core Viewpoint - Despite increased operating expenses due to AI cloud product development and talent recruitment, China Mobile (00941) reported a year-on-year profit growth of 1.4% in Q3 [1] Group 1: Financial Performance - China Mobile's Q3 profit increased by 1.4% year-on-year [1] Group 2: Future Outlook - The demand for AI computing power driven by fully autonomous IP and hardware/software cloud services is expected to boost telecom operators' profitability in the remainder of 2025 and beyond [1] Group 3: Analyst Recommendations - CICC maintains a "Buy" rating for China Mobile with a target price of HKD 103.2 [1] - The preferred ranking for telecom operators remains unchanged: China Telecom (00728), China Mobile, and lastly China Unicom (00762) [1]

Core Viewpoint - Zhongyin International reiterates a "Buy" rating for China Telecom with a target price unchanged at HKD 9.84, maintaining it as the preferred choice among Chinese telecom operators [1] Financial Performance - China Telecom's Q3 2025 profit increased by 3.6% year-on-year, slightly below expectations, with service revenue growing only 0.5% year-on-year [1] - The group's Q3 EBITDA margin improved by 0.6 percentage points to 29.9%, while operating expenses decreased [1] - Depreciation and amortization expenses rose by 3% year-on-year, indicating excess capacity in its AI cloud infrastructure, which is crucial for meeting the robust domestic demand for all-IP/hardware AI cloud services [1]

Core Viewpoint - China Telecom's Q3 2025 profit increased by 3.6% year-on-year, slightly below expectations, with service revenue growth at only 0.5% [1] Financial Performance - EBITDA margin improved by 0.6 percentage points year-on-year to 29.9%, indicating operational efficiency [1] - Operating expenses decreased, while depreciation and amortization expenses rose by 3%, suggesting excess capacity in AI cloud infrastructure [1] Investment Rating - CICC maintains a "Buy" rating on China Telecom, with a target price unchanged at HKD 9.84, reaffirming it as the top pick among Chinese telecom operators [1]

Core Viewpoint - Morgan Stanley reported that China Telecom (00728) achieved a service revenue growth of 0.5% year-on-year in Q3, reaching 117 billion RMB, which is in line with the bank's expectations [1] Financial Performance - EBITDA increased by 2.4% year-on-year, amounting to 35 billion RMB, also aligning with Morgan Stanley's expectations [1] - The service revenue profit margin improved by 0.6 percentage points to 29.9% [1] - Net profit rose by 3.6% year-on-year, reaching 7.8 billion RMB, exceeding the bank's forecast by 1.3% [1] - Operating cash flow grew by 4% year-on-year [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating for China Telecom [1]

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating for China Mobile (600941) with a target price of HKD 110 for H-shares and CNY 130 for A-shares, despite lower-than-expected growth in service revenue and net profit for Q3 [1] Financial Performance - In Q3, China Mobile's service revenue increased by 0.8% year-on-year, while net profit rose by 1.9%, both below market expectations by 3% [1] - The growth rate has slowed from 6% in the previous quarter, attributed to rising hardware sales costs [1] - Mobile users grew by 0.5% to 1.01 billion, but average revenue per user (ARPU) declined by 3.2% to CNY 45.5 [1] Revenue Breakdown - Mobile revenue decreased by 3%, while fixed broadband revenue increased by 8%, supported by a 5% rise in broadband users [1] - The DICT business maintained a good growth rate in the first three quarters of the year, with AI-related revenue experiencing rapid growth [1] Capital Expenditure - Capital expenditure for the first three quarters was CNY 117 billion, remaining flat year-on-year [1] - The company previously guided for a full-year capital expenditure decrease of 8% to CNY 151 billion [1] Dividend and Profit Outlook - Despite potential short-term pressure on traditional telecom service revenue and a slow recovery in cloud revenue, the H-shares' annual dividend yield of approximately 6.2% remains attractive [1] - The company is expected to achieve positive growth in annual profits [1]