未来中期看，全球流动性对金价有一定支撑。本轮全球降息周期非美央行先于美联储降息，全球流动性外溢效应推升黄金。近期美国通胀数据不及预期，关 税对通胀压力可能没有市场预期那么明显，从现实通胀预测指标来看，预计年内美国通胀风险可控。美联储降息仍有空间，近期美联储沃勒、鲍曼表示支持 最早在7月降息。部分央行会跟随美联储降息，因此全球降息潮尚未结束，金价中期有支撑。 A 股主要指数上周多数出现震荡下行，具体原因有：一是上证指数在3600点上方有较大阻力；二是7 月份上证指数连续突破3400 点、3500 点并一度站上 3600 点，市场获利盘较重；三是5 月中美联合声明确定的24%对等关税暂缓90 天将在8 月份到期，中美之间虽然已就对等关税事宜进行了第三次谈判，但未 来发展方向的不确定性依然较大；四是8 月份美国对多数国家落地新的关税税率，且总体呈现抬高趋势，将负面影响全球经济发展。长维度来看，目前A 股 市场依然处于新"国九条"行情+类"四万亿"投资的重叠趋势中，预计2025 年下半年A 股市场大概率继续以"慢牛"方式运行。 主力净流入行业板块前五：半导体，国产软件，新能源汽车，锂电池，军工； 主力净流入概念板块前 ...

Core Viewpoint - The 2025 China Wireless Conference highlighted the importance of innovative spectrum strategies for leading the global 5G industry, as emphasized by China Mobile's Vice President Cheng Jianjun [1] Group 1: Spectrum Strategy - The Ministry of Industry and Information Technology (MIIT) has developed a forward-looking 5G spectrum strategy that prioritizes the allocation of quality mid-band resources, precise release of valuable low-band resources, and innovative mechanisms for efficient spectrum sharing [1] - China Mobile's innovative practices in spectrum application include efficient frequency usage by integrating the characteristics of 700MHz, 2.6GHz, and 4.9GHz bands to meet both consumer (2C) and business (2B) demands [1] Group 2: Future Outlook - To seize the initiative in 6G development, a proactive spectrum layout is essential, with three recommendations: innovating efficient spectrum utilization technologies, unlocking frequency value, and tackling key 6G technologies such as air interface AI and ultra-large-scale antennas [1]

Core Insights - The implementation of the "Unicom Digital Village" platform in Shizikou Village has transformed the traditional village landscape, enhancing convenience for residents and providing a smart tourism experience for visitors [1][2] - The platform features a three-screen linkage system that allows real-time updates on village affairs and facilitates communication between villagers and local authorities [2][4] - The deployment of a digital loudspeaker system has modernized the way information is disseminated within the village, improving management efficiency and safety communication [4][6] Group 1: Digital Infrastructure - The "Unicom Digital Village" platform enables tourists to access detailed information about attractions, book tickets, and accommodations through a mobile app [1][2] - The platform includes a "Leadership Mailbox" feature that allows villagers to send suggestions directly to village leaders, promoting community engagement [2] - The construction of the digital infrastructure faced challenges such as difficult terrain and signal coverage, which were addressed through innovative solutions like drone transportation and careful site selection for 5G base stations [4][6] Group 2: Smart Tourism and Livelihood - The village has developed unique "smart homestays" using traditional stone houses, equipped with smart home technology for enhanced guest experience [6][8] - A dedicated live-streaming room has been established to support local product sales, leveraging social media influencers to promote agricultural products [6][8] - The integration of digital technology in tourism and agriculture aims to create a new ecosystem that enhances the quality of life for villagers and promotes economic development [8]

Group 1 - The core viewpoint of the news is the initiation of the construction of the "Tibet-Guangdong DC Project," which is the world's most advanced and largest clean energy direct current transmission project, with a total investment of approximately 53.2 billion yuan [1] - The project includes an additional investment of over 150 billion yuan for the supporting "water-wind-solar integrated" power generation base [1] - The project is a collaboration between two major state-owned enterprises, China Southern Power Grid and State Grid Corporation, which have jointly established the Guangdong Tibet-Guangdong DC Power Operation Co., Ltd. to manage the operation [1] Group 2 - As of September 22, 2025, the National Enterprise Win ETF (159719) has shown a cumulative increase of 2.05% over the past six months and a net value increase of 46.45% over the past three years, ranking 346 out of 1871 in the index stock fund category [2] - The ETF has a historical maximum monthly return of 14.61% since its inception, with the longest consecutive monthly increase lasting 7 months and a maximum increase of 24.70% [2] - The ETF closely tracks the FTSE China National Enterprises Open Win Index, which reflects the performance of Chinese state-owned enterprises listed in mainland China and Hong Kong, focusing on globalization and sustainable development [3]

Core Insights - The event focused on "smart manufacturing and digital transformation," highlighting the importance of collaboration between operators and manufacturing enterprises in driving industrial digitalization [1][3][4] Group 1: Event Overview - The Industrial Intelligent Laboratory unveiling ceremony and Digital Transformation Summit was held in Linshu County, Shandong, organized by Linshu County government and SANY Group [1] - Key figures from SANY Group, China Unicom, and various research institutions participated, emphasizing the collaborative effort in advancing smart manufacturing [1] Group 2: Key Presentations - Fan Jiaan, Chief Scientist of China Unicom Big Data, delivered a keynote on the role of operators in industrial digital transformation, emphasizing the need to break down "data silos" and build a "collaborative ecosystem" [3] - He highlighted that industrial digital transformation has entered a "deep water zone," requiring comprehensive support from technologies like 5G, big data, and cloud computing [3] Group 3: Future Directions - China Unicom aims to empower the real economy with digital technologies, collaborating with SANY Group and Shengjing Intelligent to elevate China's smart manufacturing from "domestic substitution" to "world leadership" [4]

Core Viewpoint - The launch of Apple's iPhone Air in China has been delayed due to regulatory issues surrounding eSIM technology, which is not yet supported by local telecom operators [2][3][4]. Group 1: iPhone Air Launch - The iPhone Air, Apple's lightest flagship smartphone, is currently not available for sale in China, with its release status marked as "to be updated" on official platforms [2]. - The iPhone Air only supports eSIM, which requires regulatory approval for telecom operators in China to offer eSIM services [2][3]. - Apple has indicated that the iPhone Air will only be supported by China Unicom for eSIM activation, requiring users to visit physical stores for identity verification [5][6]. Group 2: eSIM Technology and Regulatory Environment - eSIM technology is seen as a future trend in the telecom industry, but its adoption in China is hindered by regulatory and compliance challenges [3][11]. - Chinese telecom operators are prepared to offer eSIM services but are awaiting formal approval from regulatory bodies [4][11]. - The complexity of eSIM activation processes and the need for stringent security measures have led to delays in service rollout [8][9][14]. Group 3: Industry Perspectives - Industry analysts believe that the widespread adoption of eSIM in China is inevitable, but it will follow a cautious and phased approach [3][11]. - The telecom sector is currently focused on enhancing security measures for eSIM technology to address concerns over user privacy and fraud [8][9][14]. - Companies like China Unicom are exploring advanced technologies, such as blockchain, to improve the security of eSIM services [14].

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][42]. Core Viewpoints - The year 2025 marks the beginning of 6G standardization, with 3GPP fully initiating research on 6G technology. A unified global technical standard is essential for building the 6G ecosystem and promoting industrial scale applications and sustainable development [3][38]. - The communication industry is currently in a phase of technological iteration and policy dividends, with new productivity directions such as AI, quantum communication, and low-altitude economy expected to continuously release growth momentum. The recovery of cellular IoT modules from inventory adjustments and ongoing construction of communication facilities like base stations and data centers will drive demand for new devices, equipment, and service operations [3][38]. - The report suggests focusing on three main lines of enterprise opportunities: "technology commercialization + policy catalysis + performance certainty" [3][38]. Summary by Sections 1. Industry Market Review - The communication sector index rose by 8.52% over the two weeks from September 5 to September 18, outperforming the CSI 300 index by 5.48 percentage points, ranking 5th among 31 first-level industries. Year-to-date, the communication sector has increased by 63.03%, surpassing the CSI 300 index by 48.72 percentage points [10][11]. 2. Industry News - China Telecom achieved the first 6G standard project approval in the 3GPP, marking a significant milestone in international standardization efforts [14]. - Microsoft signed a $6.2 billion agreement to build AI infrastructure in Norway, aiming to enhance service support for the European market [15][17]. - The global Ethernet switch market revenue reached $14.5 billion in Q2 2025, showing a year-on-year growth of 42.1%, driven by rapid data center expansion [18]. - The global enterprise WLAN market grew by 13.2% year-on-year in Q2 2025, reaching $2.6 billion, fueled by the rapid adoption of new Wi-Fi standards [19]. 3. Company Announcements - China Unicom signed a financial services agreement with its subsidiary, expected to facilitate daily business operations [21][22]. - Guangxun Technology plans to raise up to 3.5 billion yuan for projects related to optical connectivity and high-speed optical transmission [24]. 4. Industry Data Updates - As of July 2025, the mobile phone user base reached approximately 1.815 billion, a year-on-year increase of 2.68% [25]. - The length of optical cable lines reached about 73.77 million kilometers in Q2 2025, a year-on-year increase of 9.91% [31]. - The total number of 5G base stations reached 4.598 million by July 2025, with a net increase of 348,000 from the end of the previous year [35]. 5. Investment Recommendations - The report recommends focusing on companies such as China Mobile, China Telecom, FiberHome, Yangtze Optical Fibre, and Weisheng Information, which are expected to benefit from the ongoing technological advancements and policy support in the communication sector [38].

例如，根据半年报分红方案，三大运营商中国移动有限公司、中国电信股份有限公司（以下简称"中国 电信"）、中国联合网络通信股份有限公司拟分红总额合计742.56亿元。其中，中国电信拟派发现金红 利165.81亿元，分红总额占同期净利润的72%。中国电信表示，拟将2025年度公司以现金方式分配的利 润占股东应占利润的比例较2024年度进一步提升，持续为股东创造更大价值。 "三桶油"亦慷慨回馈股东。半年报分红方案显示，"三桶油"拟合计分红超过800亿元。其中，中国石油 天然气股份有限公司拟派发402.65亿元，中国石油化工股份有限公司拟派发106.62亿元，中国海洋石油 有限公司拟派发316.02亿元。 此外，国有六大行拟合计分红近2047亿元，占整体分红金额的比例约32%。 "央企成为分红主力折射出三重逻辑。"南开大学金融学教授田利辉对《证券日报》记者表示，一是政策 导向明确，国资委近年来持续强化央企利润分配考核，要求"应分尽分、能分多分"；二是央企盈利结构 优化，能源、金融、通信等行业受益于新能源基建、数字化转型及利率下行周期下的资产重估，现金流 稳定性显著增强；三是央企通过高分红稳定投资者信心。 当下，A股上市 ...

Investment Rating - The report maintains a "Recommended" rating for the communication industry [4] Core Viewpoints - The report emphasizes that the communication industry is experiencing a transformation driven by policy support for technological innovation, focusing on four key areas that empower new productivity [4][6] - The "14th Five-Year Plan" has elevated the strategic positioning of technology from innovation-driven development to self-reliance and strength in technology, with the "15th Five-Year Plan" expected to further enhance this focus [6][8] - The communication industry's main growth drivers include optimized capital expenditure structures from operators and the rapid development of artificial intelligence, which is expected to enhance the industry's growth potential [6][11] Summary by Sections 1. Technology-Driven Development and New Productivity Foundation - The report outlines that the continuity of policy support for technology innovation is crucial for the development of new productivity, which is seen as a strategic initiative to overcome development bottlenecks [8][11] - The focus on new productivity emphasizes the integration of strategic emerging industries and future industries, aiming for high-quality development driven by innovation [11][12] 2. Communication Industry Overview - The communication industry is witnessing significant improvements in revenue quality, with a notable increase in inventory levels indicating tighter supply of raw materials [15][58] - Revenue growth in the light communication sector is leading, while the cyclical impact of operator capital expenditure is gradually weakening [58] 3. Operators: Quality Improvement and Innovation - Operators are undergoing continuous reforms, enhancing their roles as "chain leaders" in the industry, with a focus on strategic emerging industries [6][58] - The capital expenditure is increasingly directed towards intelligent computing, which is expected to generate new growth [6][58] 4. Intelligent Computing Demand Growth - The intelligent computing sector is experiencing a significant rise, with the hardware and software capabilities expected to improve substantially [6][58] - The light communication chain is benefiting from this growth, indicating a bright future for the industry [6][58] 5. Satellite Internet: Accelerated Network Development - The report notes that the development of low-orbit satellite networks is accelerating, supported by government policies [6][58] - The satellite industry chain is thriving, with active advancements in space computing [6][58] 6. Quantum Technology: Ongoing Exploration - The quantum information industry is showing high growth potential, with the market size for quantum communication expected to continue rising [6][58] 7. Investment Recommendations - The report suggests focusing on operators, light communication, quantum communication, and satellite internet sectors as key investment areas [6][58]

股权登记日即上市公司为确定股利分配对象而设定的股东名册截止日期，该日收盘时持有公司股票的投 资者可享有分红或配股权益。具体来看，上述18只A股中厦门吉比特（603444）网络技术股份有限公 司、山东信通电子（001388）股份有限公司、可孚医疗（301087）科技股份有限公司分红力度最大，每 10股分别拟派息66元、6元、6元。 根据对于上市公司权益分配方案的统计，18只A股于9月18日股权登记，派息日均为9月19日。其中，17 股拟派息，1股拟派息、转增或送股同时实施。 中期分红密集落地，折射了上市公司回报投资者的意愿显著提升。进入2025年，加入中期分红队列的上 市公司继续增多。数据显示，2025年共780家A股上市公司公布半年度现金分红方案，合计现金分红总 额6446亿元，远超去年同期水平，从实施进度看，303家已实施，其余则处于董事会预案或股东大会通 过阶段。 当下，A股上市公司中期分红正密集落地。 一年多次分红蔚然成风 近年来，相关部门多次部署加强市值管理。在此背景下，越来越多的上市公司不断丰富市值管理"工具 箱"，其中分红是基础性手段。近年来，A股上市公司一年多次分红已成为新风向。从数据看，自20 ...