Core Viewpoint - The company, Zhonggan Communication (02545.HK), anticipates a significant decline in profit for the six months ending June 30, 2025, with expected profits not exceeding RMB 5 million, compared to approximately RMB 18.6 million for the same period ending June 30, 2024 [1] Group 1 - The expected decrease in profit is primarily due to the completion of several large telecommunications infrastructure service projects in the first half of 2025, leading to a reduction in overall construction work [1] - Additionally, the number of contracts obtained for software solution services has decreased, resulting in reduced revenue and gross profit from digital solution services [1]

Core Viewpoint - The company, Zhonggan Communication (02545), anticipates a significant decline in profit for the upcoming interim period, projecting a profit attributable to equity shareholders not exceeding RMB 5 million, compared to approximately RMB 18.6 million for the same period last year [1] Group 1: Profit Forecast - The expected profit for the interim period ending June 30, 2025, is projected to be not more than RMB 5 million [1] - For the interim period ending June 30, 2024, the profit attributable to equity shareholders was approximately RMB 18.6 million [1] Group 2: Reasons for Profit Decline - The board attributes the anticipated decrease in profit primarily to the completion of several large telecommunications infrastructure service projects in the first half of 2025, leading to a reduction in overall construction work [1] - Additionally, there has been a decrease in the number of contracts obtained for software solution service projects, resulting in reduced revenue and gross profit from digital solution services [1]

Core Viewpoint - CITIC International Telecom (01883.HK) reported a slight decline in total revenue and telecom service revenue for the six months ending June 30, 2025, while shareholder profit increased slightly [1] Financial Performance - Total revenue for the group was approximately HKD 4.807 billion, representing a year-on-year decrease of 1.68% [1] - Revenue from core telecom services was HKD 4.072 billion, down 2.1% year-on-year [1] - Shareholder profit attributable to the company was approximately HKD 461 million, an increase of 1.32% year-on-year [1] - Basic earnings per share were HKD 0.125 [1] - The company declared an interim dividend of HKD 0.06 per share [1]

Group 1: Financial Performance - In the first half of 2025, the total revenue of the company was HKD 4.807 billion, a decrease of 1.7% compared to HKD 4.889 billion in the same period last year [1] - The main telecommunications service revenue was HKD 4.072 billion, down 2.1% from HKD 4.160 billion year-on-year [1] - The profit attributable to shareholders was HKD 461 million, an increase of 1.3% from HKD 455 million in the same period last year [1] - Basic earnings per share rose to HKD 0.125, up 1.6% from HKD 0.123 year-on-year [1] - The board declared an interim dividend of HKD 0.060 per share, consistent with the same period last year [1] Group 2: Market Position and Innovations - As of June 30, 2025, the company maintained the leading market share in the Macau mobile market, with over 800,000 5G users and a penetration rate close to 100% for mobile users [1] - The company was the first in Macau to launch F5.5G fiber broadband internet services, continuously upgrading user experience [1] - The company integrated 50G-PON, 5.5G (5G-A), and Wi-Fi 7 technologies to implement Macau's first "10 Gigabit Community" plan, promoting the "Digital Macau" initiative for smart city development [1] - In Southeast Asia, the company utilized the ServiceONE customer service platform to assist local government and enterprise clients in their digital transformation [2] - As of June 30, 2025, ServiceONE supported over 90 institutions and served more than 30,000 users [2] - The company successfully signed internet service agreements with local clients in the Philippines after obtaining an internet license, marking a new business breakthrough [2] - In Malaysia, the company focused on existing customers and established network cooperation projects with well-known large chain stores [2]

Core Insights - Berkshire Hathaway, led by Warren Buffett, has resumed selling its largest holding, Apple, and has further reduced its stake in Bank of America while making significant investments in UnitedHealth and revealing new positions in Nucor and two real estate stocks [1][8][12]. Investment Actions - In Q2, Berkshire purchased approximately 5.04 million shares of UnitedHealth, with a market value of about $1.57 billion, making it the 18th largest holding [2][15]. - The "mystery" holding Nucor Steel was revealed, with Berkshire acquiring 6.61 million shares valued at over $857 million, ranking as the 25th largest holding [3][5]. - Berkshire also bought around 7.05 million shares of Lennar, valued at approximately $780 million, and over 1.48 million shares of D.R. Horton, valued at about $191 million [6][7]. Reductions in Holdings - Berkshire reduced its Apple holdings by 20 million shares, a decrease of 6.67%, bringing its total to approximately 280 million shares, with a market value reduction of $4.1 billion [8][10]. - The stake in Bank of America was cut by about 26.31 million shares, a 4.71% decrease, with a market value reduction of $1.24 billion [11][12]. - Berkshire completely exited its position in T-Mobile, selling 3.88 million shares [13]. Portfolio Composition - By the end of Q2, Apple's holding represented 22.31% of Berkshire's portfolio, while Bank of America accounted for 11.12% [10][11]. - Chevron was the only stock among the top ten holdings to see an increase, with Berkshire adding 3.45 million shares, although its percentage of the portfolio decreased from 7.69% to 6.79% due to a decline in stock price [19]. Market Reactions - Following the disclosure of Berkshire's investment in UnitedHealth, the stock price surged over 9% in after-hours trading [16].

Market Overview - Major global stock indices showed mixed performance, with the Dow Jones Industrial Average rising by 1.10% to 44,458.61 and the Nasdaq increasing by 1.39% to 21,681.9 [2] - The S&P 500 also saw a gain of 1.13%, closing at 6,445.76, while the German DAX fell by 0.23% to 24,024.78 [2] - In Asia, the Nikkei 225 experienced a significant increase of 2.15%, reaching 42,718.17, while the KOSPI declined by 0.53% to 3,189.91 [2] Economic Indicators - The U.S. Consumer Price Index (CPI) for July showed a year-on-year increase of 2.7%, matching expectations, while the core CPI rose by 3.1%, slightly above the anticipated 3% [5] - The total U.S. national debt surpassed $37 trillion for the first time, reaching $37,004,817,625,842, indicating a significant fiscal imbalance [6] Corporate Developments - Circle, the first publicly traded stablecoin company, reported a revenue of $658 million for the second quarter, a 53% year-on-year increase, exceeding market expectations [11] - China Unicom reported a revenue exceeding 200 billion yuan for the first half of the year, with a year-on-year growth of 1.5% [15] - Kweichow Moutai announced a revenue of 89.389 billion yuan for the first half of the year, reflecting a 9.10% increase, with a net profit of 45.403 billion yuan, up 8.89% [14] Legal and Regulatory News - Elon Musk's xAI plans to take legal action against Apple, alleging anti-competitive practices in the AI sector [9] - The Chinese government has implemented a fiscal subsidy policy for personal consumption loans, aimed at stimulating consumer spending in various sectors [8]

天眼查资料显示，中国联合网络通信集团有限公司，成立于1994年，位于北京市，是一家以从事电信、 广播电视和卫星传输服务为主的企业。企业注册资本10481551.957532万人民币。通过天眼查大数据分 析，中国联合网络通信集团有限公司共对外投资了35家企业，参与招投标项目3180次，财产线索方面有 商标信息3738条，专利信息5000条，此外企业还拥有行政许可11个。 来源：金融界 联通云数据有限公司，成立于2013年，位于北京市，是一家以从事互联网和相关服务为主的企业。企业 注册资本400000万人民币。通过天眼查大数据分析，联通云数据有限公司共对外投资了1家企业，参与 招投标项目2162次，专利信息676条，此外企业还拥有行政许可11个。 金融界2025年8月12日消息，国家知识产权局信息显示，中国联合网络通信集团有限公司、联通数字科 技有限公司、联通云数据有限公司取得一项名为"持续集成作业处理方法、装置、设备及存储介质"的专 利，授权公告号CN116302543B，申请日期为2023年03月。 联通数字科技有限公司，成立于2006年，位于北京市，是一家以从事软件和信息技术服务业为主的企 业。企业注册资本 ...

Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (August 4-10, 2025) saw the Shanghai Composite Index rise by 2.11%, the Shenzhen Component Index by 1.25%, and the ChiNext Index by 0.74%. The telecommunications sector index increased by 1.30% during the same period [2][11]. - Among the sub-sectors, the highest increase was seen in telecommunications cables and supporting equipment, which rose by 4.43%, while telecommunications network equipment and devices had the lowest increase at 0.11% [2][14]. - Notable individual stock performances included a 49.15% increase for Rihai Intelligent, 33.62% for Beiwai Technology, and 31.01% for Chengtian Weiye, marking them as the top gainers in the telecommunications sector [2][16]. Summary by Sections Market Overview - The telecommunications sector experienced a positive trend with a 1.30% increase in the index for the week [11]. - The sub-sector of telecommunications cables and supporting equipment led the gains with a 4.43% increase, while telecommunications network equipment and devices lagged with only a 0.11% increase [14]. Key Developments - The release of GPT-5 is expected to enhance AI applications, with ChatGPT's monthly active users projected to reach 700 million, a fourfold increase from the previous year [3][21]. - The successful launch of the low-orbit satellite internet GW constellation's 07 group of satellites marks a significant advancement in satellite internet infrastructure [3][18][19]. - North American hyperscalers reported a quarterly capital expenditure exceeding 680 billion, indicating strong growth in AI and cloud services [18]. Company Announcements - Key announcements from the telecommunications sector for the week included the completion of a share acquisition by Zhuhai Guangku Technology and the release of mid-year reports by several companies, including China Mobile, which reported a revenue of 543.769 billion, a slight decrease of 0.54% year-on-year [25][27].

Core Points - The 2025 China International Service Trade Fair will be held from September 10 to 14 at Shougang Park, with efficient preparations highlighting six key features [1] Group 1: Exhibition and Participation - The exhibition and recruitment work for the fair is nearly complete, with nearly 70 countries and international organizations intending to participate. Australia and Anhui province will have their largest exhibition groups to date, with Australia organizing nearly 60 institutions and enterprises [2] - Over 800 enterprises, including more than 330 Fortune 500 companies, have expressed intent to participate in nine major thematic exhibitions, achieving an overall internationalization rate of over 20% [2] Group 2: New Product Launches - More than 70 companies, including Alibaba and Schneider, will launch over 130 new products and achievements at the fair, covering various fields such as artificial intelligence and green technology [3] - The fair will host over 170 forums and promotional activities, including the Global Service Trade Entrepreneurs Summit and the 2025 World Tourism Cooperation and Development Conference [3] Group 3: Interactive Experience - The fair will create diverse service consumption scenarios and host a series of activities integrating commerce, culture, and tourism, including a "check-in" activity for attendees [5] Group 4: Market Development and Cultural Products - Major companies like Bank of China and JD Group will continue deep cooperation with the fair, with new partnerships in the aviation sector to provide exclusive services for exhibitors [6] - The fair will feature over 50 new cultural products, including the mascot "Fuyan," which incorporates traditional Chinese culture and Beijing characteristics [6] Group 5: Overall Atmosphere and Venue Setup - The fair's layout will focus on convenience, frugality, and functionality, utilizing Shougang's industrial heritage and Olympic facilities to create a unique exhibition atmosphere [7] Group 6: Service Quality Enhancement - Various service guarantees will be upgraded, including real-time parking guidance and enhanced dining facilities to accommodate nearly 40,000 attendees [10] - The introduction of AI and big data technologies will optimize visitor management and enhance communication services [10] Group 7: Entry and Visa Facilitation - The fair will implement seven measures to facilitate entry for foreign participants, including on-site visa processing and accommodation registration [12]

Core Points - The 2025 Service Trade Fair (STF) will be held from September 10 to 14 at the Shougang Park, focusing on the theme "Digital Intelligence Leading, Service Trade Renewed" and promoting global service trade [1][2] Group 1: Exhibition and Participation - The exhibition work for the STF has been largely completed, with nearly 70 countries and international organizations expressing intent to participate, alongside 31 provinces, 5 municipalities, and regions from Hong Kong, Macau, and Taiwan [2] - Australia and Anhui Province will organize their largest exhibition groups since the inception of the STF, with Australia bringing nearly 60 institutions and enterprises focusing on finance and consumption themes [2] - Over 800 enterprises have shown interest in offline participation across nine specialized topics, including more than 330 Fortune 500 and industry-leading companies, with an overall internationalization rate exceeding 20% [2] Group 2: New Product Launches and Forums - More than 70 companies, including Alibaba and Schneider, will launch over 130 new products and achievements at the STF [3] - The event will host over 170 forums and promotional activities, including the Global Service Trade Entrepreneurs Summit and the 2025 World Tourism Cooperation and Development Conference [3] - The "Beijing Service" brand will showcase over 280 cases, with more than 180 selected for a key resource database, covering areas such as government services, fintech, smart healthcare, and AI+education [3] Group 3: Interactive Experience and Cultural Products - The STF will create diverse service consumption scenarios and integrate various activities, including a "check-in" activity for attendees to engage with the event through a dedicated app [4] - The event will feature cultural and creative products, including the "Fuyan" mascot series, which incorporates traditional Chinese culture and Beijing characteristics, with over 50 new products available for sale [4] Group 4: Overall Atmosphere and Service Quality - The STF will enhance convenience, frugality, and functionality in its overall layout, utilizing the unique characteristics of the Shougang industrial site [5] - Service quality will be improved with upgraded measures, including real-time parking guidance, dining capacity for nearly 40,000 attendees, and increased sanitation facilities [6] Group 5: Entry and Visa Facilitation - The STF will implement seven measures to facilitate entry for foreign participants, including on-site visa processing at airports and online accommodation registration [7] - Foreign business attendees will have access to visa extension services and can apply for permanent residency under certain conditions [7]