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 ...

点击↑上方蓝字，速戳底部菜单栏【 微信办事 】【 景区预约 】【 五一|特惠 】 获取你想看的内容 小伙伴们大家好呀 清华大学等高校成立新学院 近日，清华大学宣布 成立 教育学院 。 背景及目标： 今天小编和大家分享两则 有关北京高校的新消息： ✅清华大学等高校成立新学院 ✅两所在京高校上线"游戏"本科专业 一起来看看吧 在外部环境深刻变化、科学技术突飞猛进的当下，清华大学成立教育学院，是要 应教育强国建设之需 ，为国培养具有家国情怀、全球视野、专业能力 和创新精神的一流教育学者与卓越教育领导者，努力打造全球顶尖的教育研究重镇和教育思想中心，为教育事业高质量发展贡献更多清华力量。 图源摄图网（501083728） 此外还有多所高校 成立了新学院： （一）北京邮电大学 4月10日， 共建北邮未来通信研究院（成都） 合作协议签署仪式举行。北京邮电大学、成都市、中国电信 将在成都市锦江区共建北邮未来通信研究院 （成都），在新一代互联网、人工智能等方向开展联合人才培养和核心技术攻关，建成产教融合、概 念验证、科研演示等创新平台，共同促进更多创新 成果在蓉落地转化，为加快形成新质生产力，推动人才链、教育链、产业链、创新 ...

以梦为舟，扬帆星海 第十个中国航天日到啦 今年航天日主题为 "海上生明月，九天揽星河" 一起向中国航天， 致敬！ 今天17时17分 随着倒计时指令下达 火箭在轰鸣声中腾空而起 神舟二十号载人飞船 承载着3名航天员顺利升空 续写太空探索传奇 （来源：央视新闻直播） 作为酒泉卫星发射中心 通信保障的关键力量 中国电信酒泉电信分公司 秉持 "红色电信"精神 勇担央企责任 圆满完成"神二十"发射 通信保障任务 通信铁军，严谨部署 在此次发射任务中，中国电信提前部署，为"神二十"发射提供了坚实的通信保障力量。 在出征仪式的问天阁和发射场等重点场所，中国电信提前开通专线，安装固话、宽带、电视，为新闻一线提供通信服务； 为缓解高峰期网 络压力，中国电信扩容场区出口带宽、调用 3 辆应急车辆、新开6个5G基站，保障高峰时段网速和通话；在多个重要接待场所，派遣专人 在酒泉卫星发射中心，接到保障任务后，中国电信及时开通3条临时专线，专业技术人员对6条重保电路实时监控，除了对专线经过省份进 行重保外，在酒泉至航天城段还指定专人巡回。 在团站和生活区，电信人奔走于单位和住宅区，在为场区军民提供基础通信服务的同时，提前对场区 48 个 ...

今日早参 2025 年 4 月 24 日 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 夏路路 互联网行业首席研究员 座机：85221214164 今日热点 免责声明和披露以及分析师声明是报告的一部分，请务必一起阅读。 1 固定收益：弱美元的逻辑与资产配置启示 近期在不确定性上升的环境下美元指数持续下跌，避险属性明显弱化，美元 微笑曲线"左侧失效"的风险明显上升，背后可能包含了长期与短期的多重 因素：关税政策弱化美元循环并解构全球秩序，特朗普新政是市场"混乱" 的源头，削弱了美债的避险属性。而美国"例外论"动摇，经济衰退担忧升 温，进一步推动美元走弱。黄金是弱美元下最明显的受益资产，但短期超 买，对利空敏感度提升。欧元区资产可能替代美元资产形成新的"避风 港"，并关注日元、日股的潜在机会。本周配置建议：贝森特与特朗普先后 对关税和美联储主席人选表态，短期风险偏好略有回暖。关税等变数仍大， 不易对信息简单线性外推，资产波动仍维持高位，仍需要重视赔率、左侧交 易。 风险提示：关税冲击延续，全球经济放缓，国内政策对冲力度。 研报发布日期：2025 ...

1.经营数据：收入基本持平，利润稳步提升 。 中国移动2025年第一季度总营收为2638亿元，同比基本持平。 公司本季度通讯业务的增长，与产品销售等业务的下 滑基本相抵消。 中国移动2025年第一季度净利润为306亿元，同比增长3.4%。 在收入不增的情况下，利润端的增长来自于毛利率的提升和费用端的回落； 中国移动（600941.SH/00941.HK）于北京时间 2025年4月22日晚的港股盘后发布了2025年第一季度财报（截止2025年3月），要点如下： 2.核心业务表现：个人通讯业务有所回落 。本季度通讯业务的增长，主要是受家庭和政企通讯业务的带动。而公司最大的个人通讯业务，本季度是略有下滑的。 具体来看， 移动用户数同比增长0.8%；而移动用户的单月资费为46.9元，同比下滑2.1% ； 3.资本开支：虽有增加，但全年目标是收缩的。 中国移动2025年第一季度的资本开支大约为364亿元，同比增长5.5%。 但结合公司全年目标看，公司预期2025年资 本开支为1512亿元，同比下滑7.8%，公司后面三个季度将对资本开支继续缩减。 | | | | | | China Mobile (600941.SH/0 ...

Core Viewpoint - The number of companies facing delisting due to stock prices falling below par value has significantly increased in the A-share market, with *ST Jiyao being a notable example [1][5]. Group 1: Company Specifics - *ST Jiyao (300108.SZ) has seen its stock price drop to 0.30 yuan, marking the 18th consecutive trading day below 1 yuan, which may lead to early delisting [2][4]. - The company is primarily engaged in the pharmaceutical industry, including production, wholesale, retail, and healthcare services [4]. - Financially, *ST Jiyao has reported continuous losses, projecting a net loss of 500 million to 850 million yuan for 2024, with an expected negative net asset value of -1.18 billion to -830 million yuan [4]. Group 2: Market Trends - Recent statistics indicate a rise in A-share companies that have received notices for potential delisting due to stock prices consistently falling below 1 yuan, including *ST Xulan, *ST Jiayu, *ST Dongfang, and *ST Furun [5]. - *ST Dongfang received a notice on April 14, 2025, regarding the termination of its stock listing after 20 consecutive trading days below 1 yuan [5]. - *ST Furun has faced both par value and market value delisting risks, having received a notice on April 10, 2025, for similar reasons [5]. Group 3: Operational Challenges - Companies like *ST Jiayu are under significant operational pressure, with a reported 59.94% decline in sales revenue to 482 million yuan, and a net loss of 356 million yuan for 2024 [6]. - The focus for many of these companies is on risk management and debt resolution, with efforts to stabilize operations amid financial difficulties [6].

Core Viewpoint - China Unicom announced its operational data for Q1 2025, highlighting significant growth in user connections across various services [1] User Connections - As of Q1 2025, the total number of ubiquitous intelligent connection users reached 1.182 billion [1] - The number of 5G network users reached 204 million [1] - The cumulative number of IoT terminal connections reached 663 million [1] Service Performance - The number of customers using 5G industry virtual private network services was 17,941 [1] - The problem resolution rate for smart customer service in the month was 98.8% [1] - The proportion of intelligent services in smart customer service for the month was 83.7% [1] Patent Activity - The total number of authorized patents accumulated this year was 84 [1]

证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 5.41 | | --- | --- | | 一年内最高/最低(元) | 6.82/4.42 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.04 | | 流通市值(亿元) | 1,664.49 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.18 | | 每股经营现金流(元) | 2.87 | | 毛利率(%) | 23.42 | | 净资产收益率_摊薄(%) | 5.48 | | 资产负债率(%) | 45.19 | | 总股本/流通股(万股) | 3,126,442.53/3,076,6 | B 股/H 股(万股) 0.00/0.00 相关报告 电信运营Ⅱ 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 算力服务快速增长，派息率稳步提升 ——中国联通(600050)年报点评 《中国联通(600050)季报点评：联通云快速发 展，净利润双位数增长》 2024-10-31 联系人：李智 ...