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 ...

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses the strategic developments and financial performance of China Telecom, focusing on its transition towards high-quality growth and technological innovation in the telecommunications industry. Key Points and Arguments 1. Strategic Focus for 2024 - The company emphasizes six key areas for development in 2024: - Continuous growth in operational performance and high-quality development - Technological innovation leading industry advancements - Deepening AI integration with quantum technology to enhance productivity - Upgrading infrastructure mechanisms for intelligent and green development - Comprehensive reforms to boost innovation vitality - Active social responsibility practices to create value for shareholders [1][2][3] 2. Financial Performance - The company reported a revenue of 1,466 billion yuan, reflecting a growth of 5.5% year-on-year [8] - EBITDA and net profit indicators are also showing positive trends, with a focus on maintaining high returns on equity (ROE) [1][7] 3. Technological Innovation - R&D expenses increased by 11.3% year-on-year, indicating a strong commitment to technological advancement [2] - The company has made significant breakthroughs in core technologies, particularly in cloud computing and AI, with intelligent revenue reaching 8.9 billion yuan, nearly doubling year-on-year [3][9] - The introduction of the DeepSeeker model has been pivotal, with over 3,000 business opportunities identified and 500 contracts signed, amounting to 600 million yuan [14] 4. AI and Quantum Technology Integration - The company is focusing on AI and quantum technology to enhance service offerings and operational efficiency [4][5] - Quantum business revenue has more than doubled, with significant advancements in quantum computing capabilities [4] - The establishment of a national-level innovation platform for quantum communication is underway, enhancing the company's position in the quantum technology sector [5] 5. Infrastructure and Capital Expenditure - Planned capital expenditure for 2024 is 93.5 billion yuan, with a focus on AI and digital infrastructure upgrades [5] - The company aims to enhance its data center capabilities and transition to high-throughput, low-latency networks [5][6] 6. Market Position and Competitive Advantage - China Telecom is positioning itself as a leader in the telecommunications sector by leveraging its technological advancements and comprehensive service offerings [2][3] - The company is actively engaging in international business, with a reported revenue growth of 15.4% in overseas markets [11] 7. Commitment to Sustainability - The company is implementing green development practices, with a 19.2% reduction in greenhouse gas emissions per unit of telecom business volume [5] - The establishment of 28 green data centers and a focus on energy-efficient technologies are part of the sustainability strategy [5] 8. Talent Development and Organizational Structure - The company has invested in building a strong talent pool, with 5 strategic scientists and over 1,000 senior experts [24][25] - Emphasis on creating a conducive environment for innovation and collaboration among technology personnel [25][26] 9. Future Outlook - The company anticipates continued growth in AI and digital services, with a focus on addressing customer needs and enhancing service quality [20][21] - The strategic shift towards a technology-driven enterprise is expected to yield significant benefits in the coming years [19][30] Additional Important Content - The company is actively pursuing partnerships and collaborations to enhance its technological capabilities and market reach [6][31] - The management expressed confidence in navigating regulatory challenges in international markets, particularly in the U.S. [30][31] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting China Telecom's commitment to innovation, growth, and sustainability in the telecommunications industry.

全链支持 加速AI应用创新 在国家大力培育专精特新企业、推动千行百业数字化转型的背景下，中国移动正以"云智融 合"为突破口，将传统云计算技术与新一代智能计算、AI技术深度融合，打造面向未来的智 能算力基础设施。因此，2025年大赛全新升级为"云智算杯"AI+应用创新大赛，以"智汇未 来，云创无限"为主题，依托移动云智算平台和一站式大模型服务双技术底座，重点围绕智 能体与大模型开发，设立百万现金奖励及百万用云资源支持，加速前沿技术商业化落地。 三大赛道 激发"智算"新质生产力 本次大赛通过 开放行业、高校、移动三大创新赛道，构建完整的"AI+产业"协同创新体系， 加速实现从"云计算"到"智算服务"的战略跃迁 。行业赛道以双底座为擎，面向企业开发 者，深度融合移动云智算平台与一站式大模型服务，开辟AI+产业新通路；高校赛道以创新 为核，聚焦高校顶尖人才孵化，点燃技术生态新锋芒；移动赛道聚焦央企数字化转型需求， 探索云智融合创新场景，培育行业标杆应用，构建"政产学研用投"协同创新生态。三大赛道 将形成有机整体，共同构建从技术研发到产业应用的完整创新链条，持续推动AI技术创新与 产业实践的深度融合，为数字经济发展注入 ...

Investment Rating - The report maintains a "Buy-A" rating for China Mobile (600941.SH) [1] Core Views - In 2024, China Mobile achieved revenue of 1,040.8 billion yuan, a year-on-year increase of 3.1%, with a net profit of 138.4 billion yuan, up 5.0% year-on-year [2][3] - The company is focusing on new business areas such as 5.5G, AI, and reasoning computing, which are expected to drive future growth [10] - The report anticipates steady growth in the company's overall business, with a projected net profit of 147.8 billion yuan in 2025, reflecting a growth rate of 6.8% [12] Summary by Sections Personal Market - As of December 31, 2024, the total number of mobile customers reached 1.004 billion, with 5G network customers increasing to 552 million, a penetration rate of 55.0% [3] - The personal mobile cloud revenue grew by 12.6% year-on-year to 8.9 billion yuan, while the mobile ARPU decreased slightly by 0.8 yuan to 48.5 yuan [3][4] Family Market - The number of broadband customers reached 315 million, with gigabit broadband customers increasing by 25.0% to 99 million [4] - The family customer ARPU increased by 0.7 yuan to 43.8 yuan, indicating a positive trend in the family market [4] Business and New Markets - The enterprise market revenue reached 209.1 billion yuan, up 8.8% year-on-year, with a significant increase in mobile cloud revenue, which surpassed 100 billion yuan, growing by 20.4% [6][9] - Emerging markets, including international business and digital content, saw revenue growth of 8.7% year-on-year, with international business revenue at 22.8 billion yuan [9] Capital Expenditure - Capital expenditure for 2024 was 164 billion yuan, a decrease of 9.0% year-on-year, with a focus on new areas such as 5.5G and AI [10] - The company plans to invest 98 billion yuan in 5G-A in 2025, reflecting a significant increase of 227% [10] Dividend Policy - The company plans to increase its dividend payout, with a total dividend of 5.09 HKD per share for 2024, a year-on-year increase of 5.4% [11] Financial Forecasts - The report forecasts net profits of 147.8 billion yuan, 156.2 billion yuan, and 164.5 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 6.85, 7.24, and 7.62 yuan [12][14]

Core Insights - The 2025 Global 6G Technology and Industry Ecosystem Conference focused on addressing complex network threats and ensuring high system availability through discussions on 6G network resilience and inherent security [1][2][4] - Experts emphasized the importance of network resilience as a key quality attribute for 6G systems, which is crucial for reliable operation in complex environments [1][4] Group 1: Challenges and Solutions - Two main challenges for 6G identified: the realization of integrated visions (space, ground, human, and machine networks) and the implementation of resilient networks [2] - A proposed solution includes a hyper-converged network architecture that supports dynamic loading and independent evolution of generative network modalities, addressing security concerns [2] Group 2: Security and Resilience - Network resilience is highlighted as a critical aspect of the 6G vision, with a focus on planning security capabilities and addressing device security as foundational [4] - Recommendations include initiating key technology research and prototype development for inherent security and terminal security, along with a focus on data privacy and identity authentication [4] Group 3: AI and Network Security - The potential of large language models in enhancing 6G security was discussed, with a shift from passive defense to proactive evolution in security measures [5] - A new network security protection system is proposed, emphasizing simplicity and efficiency, with inherent security as the core [5] Group 4: Collaboration and Future Directions - The successful "Network Resilience" parallel meeting is expected to strengthen collaboration among academia, industry, and research, facilitating the transformation of 6G technological achievements into practical applications [6] - Future considerations include enhancing network resilience and disaster recovery capabilities, achieving consensus on inherent security, and systematic planning for new security technologies [5][6]

4月11日，中国移动"5G-A×AI融智创新"行动计划发布会在杭州举行。会上，中国移动宣布2025年将着 力构建5G-A新型网络能力体系，正式启动5G-A×AI创新中心，全面强化数智化赋能能力。来自浙江省 政府相关部门、中国移动及产学研用各界共100多名行业合作伙伴代表出席会议。 会上，中国移动副总经理李慧镝表示，中国移动正从5G的广泛连接迈向5G-A的能力跃升，将加速AI驱 动的智能变革，全面推进5G-A与AI技术的深度融合，实现网络自优化、应用智能化，释放"连接+智 能"的倍增效应。一方面，5G-A网络助力AI应用腾飞。5G-A所具备的高速、智能、泛在、确定性等特 性，可有效满足AI业务高精度定位、低延迟、实时控制、数据采集、增量训练等需求，更好适配多形 态AI终端的算力、功耗及成本要求，助力AI应用发展。另一方面，AI赋能5G-A网络数智化转型。中国 移动正全面深化AI技术在通信领域的融合创新，通过加速网络的数智化转型，实现网络运营能力的跃 升，全网应用成效显著。 为持续推进5G-A与AI的深度协同创新，李慧镝提出三点倡议：一是强化科技创新，共推技术演进与能 力融合，积蓄智能时代源动力；二是加快商业落地 ...

行业点评报告 · 通信行业 住借重核 2025年04月10日 核心观点 建议关注:运营商中国移动(A+H)、中国电信(A+H)、中国联通(A+H)。 ● 风险提示:全球政治经济形势变动的不确定风险;AI+发展不及预期的风险等。 通信行业 推荐 维持评级 分析师 赵良毕 ☎: 010-8092-7619 网:zhaoliangbi_yj@chinastock.com.cn 分析师登记编码：S0130522030003 赵中兴 资料来源:Wind,中国银河证券研究院 相关研究 1. 【银河证券】2025年度策略报告:高成长高景气, 科技变革创长牛 3. 【银河通信】运营商行业 2024年中报专题: 运营 商利润增速稳健，数智化转型全球领先 4. 【银河通信】出海专题报告:技术+成本优势驱动, 市占率持续提升 5. 【银河通信】中期策略报告：AI 为基算力为石, 科技变革浩瀚星辰 www.chinastock.com.cn 证券研究报告 区：zhaozhongxing_yj@chinastock.com.cn 分析师登记编码: S0130524090002 2025-04-10 相对沪深 300 表现图 An no ...

智通财经APP获悉，中国银河证券发布研报称，运营商盈利能力、现金流资产不断改善、资产价值优势 凸显，持续增加分红回馈股东，运营商业绩持续增长或超预期，5G+AI"收获期"大有可为。当前运营商 云业务发展如火如荼，国产大模型对于成本端的降低有望协同运营商云业务部署以及运营商的海量数据 资产，推动运营商第二曲线的快速增长;同时，国产算力的发展有望拉动国产算力产业链的快速发展， 国家队引领作用不断加强。建议关注三大电信运营商。 5G全球遥遥领先，新旧动能转换赋能新质生产力，AI布局有望超预期 5G网络建设稳步推进，千兆用户规模持续扩大。截至2月末，5G基站总数达432.5万个，占移动基站总 数的34.1%，比较上年末提高0.5pct。三家运营商固定互联网宽带接入用户总数达6.75亿户，电信建设全 球遥遥领先。新旧动能转换赋能新质生产力，央企电信运营商"科技链主"持续引领，新兴业务赋能打造 AI+国产新生态。运营商作为国家队代表，有庞大的服务器集群和强大的算力基础，积极响应数字经济 智算中心布局，更快速推动国产人工智能发展。同时，运营商拥有我国最大的流量管道，具备数据优势 及接口优势，AI应用的普及将持续推进。从科技 ...

招商证券发布研报称，25年1-2月电信业务收入实现小幅增长，用户规模持续拓展。国内三大运营商年 报方面，24年三者净利润增速持续高于收入增速，传统业务ARPU有望保持平稳、DeepSeek有望拉动新 兴业务持续拓展。2019-2028预计是一个为期十年期的上行周期，电信运营商价值激活的黄金期已然到 来。政策、竞争格局、资本投入及公司治理四大拐点共振，叠加创新业务高速发展，产业链影响持续增 强，重新定义未来十年成长空间。维持对于行业的"推荐"投资评级。 招商证券主要观点如下： 工信部行业情况：25年1-2月电信业收入实现小幅增长，客户规模持续拓展 1)电信业收入方面：25年1-2月电信业累计收入2,950亿元(yoy+0.9%)，增速小幅回落，该行认为主要系 24Q1基数较高且25Q1外部宏观环境仍然错综复杂所致。 2)用户发展方面：移动用户侧5G渗透率达58.6%，较上年末提升1.9pct;固网用户侧千兆宽带用户占比达 31.7%，较上年末提升0.8pct。 收入侧：24年三大运营商营收稳增、净利润增速持续高于收入增速，预计25年继续保持且整体业绩呈 现"前低后高"走势。1)传统业务侧：用户规模持续扩大，移动 ...

3月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。 数据显示，3月份，制造业采购经理指数（PMI）、非制造业商务活动指数和综合PMI产出指数分别为 50.5%、50.8%和51.4%，比上月上升0.3、0.4和0.3个百分点，均连续两个月上升。 值得注意的是，制造业领域新动能较快上升，装备制造业新订单指数创2023年4月以来的新高。建筑业商 务活动指数连续2个月环比上升，创2024年6月以来的新高，显示一季度，建筑业活动持续稳步推进。 分析认为，中国采购经理指数的三大指数均在扩张区间继续上行，我国经济总体保持扩张，经济回升苗头 更为明显。二季度宏观经济预计继续取得"量的稳定增长"和"质的较快提升"。 制造业产需加快释放 3月份，制造业PMI继续上升。13个分项指数中，同上月相比，生产指数、新订单指数、新出口订单指数 和原材料库存指数上升，指数升幅在0.1至0.7个百分点之间。 积压订单指数、产成品库存指数、采购量指数、进口指数、购进价格指数、出厂价格指数、从业人员指 数、供应商配送时间指数和生产经营活动预期指数下降，指数降幅在0.3至2个百分点之间。 分行业看，四大行业市场价格 ...