新华财经上海11月25日电（记者杜康）25日，上海交通大学上海高级金融学院发布最新《中国企业数据 资产入表情况跟踪报告》显示，截至今年三季度，国内已有375家非上市公司披露数据资源入表情况， 已获得融资金额18.99亿元。 2023年8月，财政部发布《企业数据资源相关会计处理暂行规定》，明确了数据资源的会计处理方法， 并于2024年1月1日起正式实施。为持续跟踪该规定的落实情况，由高金创院理事长屠光绍和副院长、会 计学讲席教授李峰领衔的高金智库数据资产研究课题组，已连续发布四期《中国企业数据资产入表情况 跟踪报告》，累计覆盖数百家市场主体。 非上市公司方面，根据课题组基于公开信息的不完全统计，截至2025年9月30日，国内已有375家非上市 公司披露数据资源入表情况，已获得融资（包括银行授信、作价入股等形式）金额18.99亿元，数据资 产入表工作整体平稳推进，但增速明显趋缓。随着各行业的数据资产入表工作从相对容易的"单点突 破"和"局部尝试"，走向了难度更高的"整体推广"，企业面临更多的挑战，其入表实践和信息披露行为 也变得更加审慎。 地方国企继续担当非上市公司数据资产入表的主力军，310家地方国企（含城投公 ...

"无形资产"科目仍为上市公司主要披露方式，101家公司将数据资源计入无形资产，金额达17.06亿元， 3～5年直线法摊销也仍占主流。 上市公司无形资产中的数据资源有外购、自行开发和其他三种产生方式。从披露了无形资产中数据资源 产生来源的公司来看，多以自行开发为主。 在行业分布方面，上市公司中金融业入表企业数量显著增长，较2024年末增加33%，共涉及金额0.54亿 元，主要集中在银行和证券公司。三大电信运营商贡献突出，入表金额合计达16亿元，占市场总规模的 60.7%。 此外，数据资产入表的上市企业已覆盖25个省级行政区，区域覆盖度持续提升；高市值上市企业入表数 量持续增多；入表国资背景企业数量反超民营企业趋势。 数据资产入表的企业有哪些特点？ 企业数据资产入表自2024年1月1日起实施至今已一年多，进展如何？ 11月25日，上海交通大学上海高级金融学院（高金/SAIF）发布的《中国企业数据资产入表情况跟踪报 告》2025年上半年报告（下称《报告》）显示，上市公司和非上市公司数据资产入表总体规模稳健增 长，但增速有所放缓。 从上市公司情况来看，A股上市公司数据资源入表数据由2024半年度的40家、2024年度 ...

Core Viewpoint - The report from Zhongyuan Securities indicates that a series of AI industry catalytic events will occur in 2026, strengthening the leading position of top optical module manufacturers due to their technological, customer, and scale advantages. The current valuation of the communication industry index is below the ten-year average, and the industry maintains a "stronger than the market" investment rating based on performance growth expectations and valuation levels [1][2]. Summary by Sections Review of 2025 - In early 2025, the DeepSeek large model boosted market sentiment, and the three major operators completed the deployment of DeepSeek computing power private networks, enhancing their cloud service capabilities. Domestic cloud manufacturers provided positive capital expenditure guidance, leading to an increase in industry valuations. However, from February to April, the industry index experienced significant fluctuations due to concerns over U.S. tariff policies and future demand for optical modules. By mid-April, the easing of tariff policies and validation of AI computing power demand led to a gradual recovery in the industry index and valuations. In late July, North American cloud manufacturers raised their capital expenditure guidance, further catalyzing the industry. Since September, leading manufacturers faced short-term performance fatigue due to product iterations and customer structure adjustments, raising concerns about unclear downstream business models [2]. Outlook for 2026 - A series of AI industry catalytic events are expected, including the mass production of NVIDIA's next-generation Rubin GPU, the release of Google's new large model Gemini, and clear capital expenditure guidance from cloud manufacturers. AI smartphones equipped with large models are anticipated to become personalized smart assistants, potentially driving the next wave of smartphone upgrades. The development of key 6G technologies by telecom operators is expected to accelerate revenue growth from AI computing power. The report is optimistic about the high industry prosperity and strong growth potential of optical modules, optical devices, optical chips, and the increasing penetration of AI smartphones, as well as the stable operations of quality dividend assets in telecom operators [3][4]. Capital Expenditure Outlook for Leading Cloud Manufacturers - The demand for 800G is increasing, and the industry is transitioning from 800G to 1.6T technology. Leading optical module manufacturers are expected to further highlight their advantages due to technological leadership, stable customer relationships, and scalable delivery capabilities. The development of AI is driving the construction of large data centers, benefiting optical device manufacturers. The long R&D and expansion cycles for optical chips create high barriers in technology, talent, customer validation, and capital, leading to a persistent supply-demand gap for certain optical chips. The increasing demand for domestic controllable solutions is expected to translate into performance for domestic computing power. Recommended companies to watch include: NewEase, Huagong Technology, Guangxun Technology, Yuanjie Technology, Shijia Photon, and Taicheng Light [4]. AI Smartphones and Market Trends - Generative AI smartphones are set to provide users with new interactive experiences, multimodal content generation capabilities, personalized services, and innovative application ecosystems. The continuous improvement of edge AI computing power and large model capabilities is expected to further increase the market penetration of AI smartphones. Innovations and upgrades in AI smartphones are likely to lead to higher average selling prices and improved profit margins. The growth in edge AI shipments will drive sustained growth in core product lines of consumer electronics components [5]. Telecom Operators' Performance - The three major telecom operators are considered quality dividend assets with high dividend yield potential, offering cash dividends twice a year. The quality of traditional business revenue is improving, and a decrease in capital expenditure is expected to lower future depreciation and amortization costs, maintaining stable operations. Additionally, telecom operators are likely to leverage their advantages in data centers, big data, and network infrastructure to reconstruct business models with the help of AI. Investment recommendations include focusing on the optical module, optical device, and optical chip sectors, as well as AI smartphone and telecom operator sectors [6].

Core Insights - The 2025 China 5G+ Industrial Internet Conference opened in Wuhan, focusing on "Everything Connected, Intelligent Navigation" [2] - China Telecom showcased its innovative achievements in industrial digital transformation and smart manufacturing [2] Group 1: Technological Innovations - China Telecom presented its "Six Networks" industrial application achievements, which include mobile, broadband, IoT, satellite, visual, and computing networks, supporting diverse digital needs [2] - The company introduced advanced solutions such as industrial AI algorithm libraries and low-altitude economic platforms, highlighting its strong technical foundation in the 5G+ industrial internet sector [2] Group 2: AI and Data Capabilities - China Telecom developed a comprehensive large model technology system, the Starry Sky MaaS platform, which integrates services across the entire chain of computing, models, data, tools, and applications, catering to over 100 industry scenarios [2] - The Starry Sky Trusted Data Space aggregates an average of 1.6PB of multi-source data daily, providing high-quality data support for model training [2] Group 3: Industrial Internet Platforms - The "Yizhi Enterprise Procurement and Control Integration Platform" is designed to meet enterprise digital transformation needs, supporting over 300 industrial protocols and enabling flexible device access [3] - The "Yigong Cloud Industrial Internet Platform" targets small and medium-sized enterprises, offering low-cost, modular, and easily deployable digital solutions across 18 key industries [3] Group 4: Practical Applications - China Telecom showcased over 20 5G integrated application solutions in sectors such as energy, chemicals, automotive, and manufacturing, demonstrating its role in driving the intelligent upgrade of traditional industries [3] - Interactive experience zones featured robots and smart devices operating in simulated industrial environments, including a humanoid robot for automotive quality inspection using 5G deterministic networks [4] Group 5: Future Collaboration - China Telecom aims to continue its open cooperation philosophy, partnering with various stakeholders to advance the construction of a digital China and create a promising future for smart industries [4] - The conference included forums on satellite internet innovation, AI empowerment in industrial ecosystems, and collaboration across government, industry, academia, and research sectors [4]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：聚源，中原证券研究所 -10% -4% 2% 8% 14% 20% 26% 32% 2024.11 2025.03 2025.07 2025.11 上证指数 深证成指 | 国内市场表现 | | | | | --- | --- | --- | --- | | 指数名称 | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,836.77 | 0.05 | | 深证成指 | | 12,585.08 | 0.37 | | 创业板指 | | 2,022.77 | -0.47 | | 沪深 | 300 | 4,448.05 | -0.12 | | 上证 | 50 | 2,443.97 | -0.52 | | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | | 中证 | 100 | 4,320.09 | -0.01 | | 中证 | 500 | 6,868.97 | 0.76 | | 中证 | 1000 ...

TELUS Conference Call Summary Company Overview - **Company**: TELUS (NYSE: TU) - **Date**: November 24, 2025 - **Speaker**: Doug French, CFO Key Points Industry and Competitive Landscape - TELUS focuses on three pillars: best networks, best products, and best customer service [4][5] - The competitive intensity in the mobile industry has eased since May, with a quieter Black Friday compared to previous years [7][8] - Pricing in Canada has decreased significantly, with rates down over 70% compared to initial asks, indicating a need for correction due to higher delivery costs [8][9] Financial Performance and Growth - Wireless Average Revenue Per User (ARPU) is showing slow and steady improvement, expected to continue into 2026, although still negative [12][13] - In Q3, TELUS added 40,000 internet subscribers, with growth evenly split between Eastern and Western Canada, and across business segments [16][17] - Fixed data revenue growth has slowed to 1%, primarily due to pressures in the business sector, while consumer internet revenue remains strong at over 6% [26][28] Fiber Deployment Strategy - TELUS is expanding fiber deployment into Eastern Canada, aligning with its capital intensity objectives [20][21] - The company aims to bundle internet services with existing wireless customers in the East, enhancing service offerings [24] AI and Digital Growth - TELUS aims to grow AI-enabling revenue from $800 million to $2 billion over the next few years, with significant contributions from TELUS Digital and B2B growth [31][32] - The company is leveraging its data centers for AI and compute services, with partnerships with NVIDIA and HP to enhance capabilities [33][34] Health Care and Monetization - TELUS Health is projected to grow significantly, with a valuation exceeding $5 billion, and potential partnerships to enhance commercial efficacy [40][41] - The integration of acquisitions is expected to yield synergies and improve profitability [40] Future Outlook - The company anticipates strong EBITDA growth driven by health care, technology, and digital initiatives, while managing ARPU challenges [44][48] - TELUS plans to monetize assets, including real estate and copper footprint, to support its deleveraging strategy and maintain dividend commitments [49][50] Capital Expenditure and Financial Strategy - TELUS maintains a capital intensity target of 10%, with a focus on efficient capital management and revenue generation from new investments [39][50] - The company is committed to reducing its Dividend Reinvestment Plan (DRIP) to zero by the end of 2027 [50] Additional Insights - TELUS is focused on improving customer service and reducing churn rates, with ongoing investments in digital and AI technologies [5][46] - The company is optimistic about the growth trajectory in health care and technology sectors, which are expected to contribute positively to overall performance [44][45]

Core Insights - The report maintains a "stronger than market" investment rating for the communication industry, highlighting its growth potential and favorable valuation levels [1][5][12] - The communication industry index has shown significant performance, ranking second among 30 major industry indices with a 60.87% increase as of November 20, 2025 [12][14] - The report emphasizes the optimistic outlook for AI-related developments, particularly in AI computing and cloud services, which are expected to drive industry growth [4][5][45] Market Review and Industry Performance - In the first three quarters of 2025, the communication industry achieved a total revenue of CNY 19,753.67 billion, representing a year-on-year growth of 2.30%, while net profit reached CNY 1,886.40 billion, up 6.95% [18] - The overall gross margin for the communication industry was 28.45%, with a net margin of 10.19% for the first three quarters of 2025, indicating stable profitability [19] - The telecommunications operators segment reported a revenue of CNY 14,819.21 billion, growing by 0.57%, and a net profit of CNY 1,548.98 billion, increasing by 4.30% [35] Segment Performance - The optical communication segment (including optical modules, devices, and chips) saw a revenue of CNY 795.38 billion, a year-on-year increase of 56.14%, with net profit soaring by 116.86% [41] - The telecommunications equipment segment recorded a revenue of CNY 1,390.0 billion, growing by 11.2%, while the consumer electronics components segment also grew by 11.1% [21] - The cable segment achieved a revenue of CNY 464.54 billion, reflecting a growth of 6.99%, driven by increasing demand across multiple applications [46] Investment Recommendations - The report suggests focusing on companies within the optical module/device/chip sector, such as NewEase, Huagong Technology, and Guangxun Technology, due to their strong growth prospects [5][41] - For AI mobile phones, companies like Xunwei Communication and ZTE are highlighted as key players to watch [5][41] - The telecommunications operators, including China Mobile, China Telecom, and China Unicom, are recommended for their stable operations and high dividend yields [5][41]

"湖北考生拍题上传被取消考试资格"引起热议，网友质疑为何手机能带进考场，更加质疑手机信号屏蔽 器为何形同虚设。多位通信行业技术人士对《 每日经济新闻》记者表示，该考场信号屏蔽器或未升 级，导致未能屏蔽刚商用两年的5G手机信号，导致手机能正常访问网络，需要更换屏蔽设备。 每经记者｜刘春山 每经编辑｜文多 该业内人士同时向记者分析，该作弊考生使用的很可能是中国电信或中国联通的号卡，毕竟中国移动的 5G频段与4G频段更接近，被漏掉的可能性不太高。而中国电信和联通的5G频段远高于过去4G的主流频 段，确实存在被漏掉的可能。 此前主流网络4G的频谱的范围一般在1700MHz到2600MHz之间，比如中国移动的4G主要在 2320~2370MHz、2575~2635MHz两大频段，而中国电信则在1755~1785MHz、1850~1880MHz两大频 段，中国联通在1955~1980MHz、2145~2170MHz。 另外一位运营商技术人士对《每日经济新闻》记者表示，手机信号屏蔽器的工作原理是噪声堵塞，在特 定频段发出无意义的信号，压制正常的手机信号。屏蔽器一般不支持软件升级，考场要想屏蔽全部的 5G信号频段，建议更新设 ...

Core Viewpoint - The International Telecommunication Union (ITU) has officially released an international standard for interactive multimedia communication in the 5G/6G era, led by China Mobile, marking it as the first global standard in the field of visual internet [1] Group 1 - The standard focuses on interactive multimedia communication for the 5G/6G era [1] - China Mobile played a leading role in the development of this international standard [1] - This standard is significant for the advancement of the visual internet sector [1]

Core Insights - The State-owned Assets Supervision and Administration Commission (SASAC) held a video conference to summarize the first half of the year and outline key tasks for the second half, emphasizing the continuous growth of state-owned enterprises (SOEs) and central enterprises (CEs) in revenue and profit [1] - In the first half of the year, the revenue of SOEs reached 25.7 trillion yuan, a year-on-year increase of 10.6%, while total profit amounted to 1.6509 trillion yuan, up 22.6% [1] - The meeting provided a detailed roadmap for the next steps in SOE reform, including mixed ownership reform, mergers and acquisitions, and market value management [1] Mixed Ownership Reform - Mixed ownership reform has become a key focus, with significant events occurring in the first half of the year, such as China Unicom's board nominations including executives from major private companies like Baidu, JD.com, Alibaba, and Tencent [2] - The railway sector also saw progress, with Tencent and Geely Holdings acquiring a 49% stake in a subsidiary of China Railway [4] - The SASAC plans to advance mixed ownership reform at the group level, with 2-3 central enterprises expected to implement diversified equity structures [4] Strategic Restructuring of Central Enterprises - The SASAC reported progress in the restructuring of central enterprises, including the merger of Wuhan University of Posts and Telecommunications and the China Academy of Telecommunications Technology to form a new entity focused on 5G technology [6][7] - The SASAC aims to promote strategic restructuring in five key sectors: equipment manufacturing, coal, electricity, telecommunications, and chemicals, concentrating state capital in strategic industries [7][8] Value Management and Shareholder Returns - SASAC emphasized the importance of value management to enhance shareholder returns, advocating for a focus on intrinsic value and the integration of quality assets [9] - The meeting outlined a roadmap for improving value management practices, including monitoring listed companies and encouraging mergers to enhance value [9][10] - The SASAC also suggested linking executive compensation to stock performance to align management interests with shareholder value [10]