【投资要点】 经营业绩稳健，2024 年营收/净利润分别同比+3.1%/+5.0%。2024 年公司实现营收10408 亿元，同比 +3.1%，其中通信服务收入达到8895亿元，同比+3.0%。总连接数达到36.70 亿，净增3.16 亿。CHBN 中 HBN 收入占通信服务收入的45.6%，同比+2.4pct。数字化转型收入2788亿元，同比+9.9%，占通信服务 收入的31.3%，同比+1.9pct。股东应占利润为1384 亿元，同比+5.0%，对应每股盈利为6.45 元； EBITDA为3337 亿元，占通信服务收入的37.5%，盈利能力继续保持国际一流运营商领先水平。自由现 金流为1517 亿元，同比+22.9%。 CHBN 统筹发展，规模价值经营持续深化： 1） 个人市场：营收4837 亿元，同比-1.3%，移动客户净增1332 万户突破10 亿户，其中5G 网络客户净 增0.88 亿户至5.52 亿，透率达到55.0%，移动ARPU 为48.5 元，保持行业领先；2） 家庭市场：营收 1431 亿元，同比+8.5%，家庭宽带客户净增1405万户至2.78 亿户，其中千兆家庭宽带客户同比+25.0% ...

3月27日，浙商银行（601916）德州分行与德州联通公司开展共建合作签约仪式暨业务交流会。德州联 通公司总经理杨宁，浙商银行德州分行党委书记、行长时念村出席活动并致辞。德州联通公司副总经理 周兵，浙商银行德州分行副行长李达及双方各部门负责人参加活动。 时念村行长一行在杨宁总经理的陪同下，首先参观了联通公司信息化演示厅，了解最新的数字信息技 术。在随后的签约仪式上杨宁总经理与时念村行长分别致辞。 浙商银行德州分行将以此次活动为契机，充分发挥自身金融服务优势，创新应用"金融顾问"服务模式， 共同探索"科技+金融"协同创新合作，实现共同发展。我们期待能够进一步凝聚力量，激发积极性和创 造力，与联通公司共同推动"科技+金融"工作迈上新台阶。 时念村行长指出金融与通信，虽属不同行业领域，但都肩负着服务实体经济发展、助力社会民生改善的 重要使命。当前，数字经济与实体经济深度融合，5G、大数据、人工智能等新一代信息技术正深刻重 塑金融业态。浙商银行作为一家以"数字驱动"为特色的全国性股份制商业银行，始终秉持"善本金融"理 念，主动融入国家数字经济发展大局。此次与联通公司德州市分公司的合作，是双方优势互补、资源共 享的必然 ...

H门却 ' 11:30/13:00 15:00 | | | | | | 09:30 15:00 51.98 1843ª MACD = MACD[12.26.9] DIF :- 0.001 DEA :- 0.010 MACD:0.018 18 - 14:56 52.02 0.232 80▼ 14:56 52.00 14:56 52.01 6- 升级看十档行情 > NEW =筹码分布 ^分时顶底 | 工商银行 | 601398 L1 × | | | C Q | | | --- | --- | --- | --- | --- | --- | | 6.88 | | | | | + | | +0.01 +0.15% 银行类 -0.51% > | | | | | 加自选 | | 今开 6.86 | 换手 0.08% | 成交量 | | | 212.84万 | | 最高 6.88 | 市盈 6.84 | 成交额 | | | 14.58亿 | | 最低 6.83 | 均价 6.85 | 市 值 | | | 24520.75亿 | | △ 03月29日已发布定期报告 | | | | | × | | 分时 五日 | 園K | 月 ...

从指数持仓来看，上证中央企业50指数十大权重分别为：招商银行（11.96%）、长江电力（7.32%）、 中信证券（5.65%）、工商银行（5.14%）、中芯国际（3.83%）、交通银行（3.75%）、农业银行 （3.54%）、京沪高铁（3.52%）、中国神华（2.67%）、中国电信（2.52%）。 从上证中央企业50指数持仓的市场板块来看，上海证券交易所占比100.00%。 上证中央企业50指数下跌0.83%，前十大权重包含 工商银行等 金融界3月26日消息，上证指数低开震荡，上证中央企业50指数 (上证央企，000042)下跌0.83%，报 1703.71点，成交额426.83亿元。 数据统计显示，上证中央企业50指数近一个月上涨1.07%，近三个月下跌4.21%，年至今下跌3.45%。 据了解，上证中央企业50指数从实际控制人为国务院国资委以及财政部控股的上市公司中，选取过去一 年日均总市值和日均成交金额排名前50名的上市公司证券作为指数样本，以反映最具代表性的央企上市 公司证券的整体表现。该指数以2008年12月31日为基日，以1000.0点为基点。 从上证中央企业50指数持仓样本的行业来看，金融占比4 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][4]. Core Views - The company achieved a revenue of RMB 523.57 billion in 2024, a year-on-year increase of 3.1%, and a net profit attributable to shareholders of RMB 33 billion, up 8.4% year-on-year, slightly exceeding previous expectations [1][4]. - The company plans to distribute a dividend of RMB 0.26 per share for 2024, with a payout ratio of 72%, representing an 11.4% increase in dividends year-on-year [1]. - The digital business, particularly the Tianyi Cloud, is expected to thrive in the AI era, with significant growth in related services such as AIDC [1][2]. Summary by Sections Financial Performance - The company's mobile and fixed-line business revenues grew by 3.5% and 2.1% respectively in 2024, indicating strong operational resilience [2]. - The Tianyi Cloud business revenue increased by 17% to RMB 113.9 billion, with a computing power scale reaching 35 EFlops [2]. - The company executed 433 commercial projects with a contract value exceeding RMB 450 million within a month after the launch of DeepSeek, with a utilization rate of over 90% for its computing resources [2]. Capital Expenditure and Cash Flow - Capital expenditure decreased by 5.4% to RMB 93.5 billion in 2024, with investments in digitalization accounting for 35% of the total [3]. - The company expects capital expenditure to further decline by 10.6% to RMB 83.6 billion in 2025, while investments related to computing power are projected to grow by 22% [3]. - Free cash flow increased by 71% year-on-year to RMB 22.176 billion in 2024, attributed to stable capital expenditure and improved management of receivables and payables [3]. Profitability Forecast - The company is projected to achieve net profits of RMB 35.5 billion, RMB 37.8 billion, and RMB 39.9 billion for the years 2025, 2026, and 2027 respectively [4][12]. - The report anticipates a book value per share (BPS) of RMB 5.07, RMB 5.20, and RMB 5.33 for the same years [4]. - The estimated price-to-book (PB) ratio for 2025 is set at 1.8 times, leading to a target price of RMB 9.13 [4][13]. Market Position - The company maintains a strong position in the IaaS+PaaS market, ranking among the top three in China [2]. - The revenue from quantum-related services grew by 239% year-on-year, and satellite communication revenue increased by 71%, contributing to the overall revenue growth [2].

超500亿元！招商银行大手笔分红 Wind数据显示，截至3月26日记者发稿时，共有近300家A股上市公司公布了2024年利润分配方案或股东 分红提议，拟派息金额合计近4000亿元。其中，中国移动以535.78亿元的年度分红金额位列第一，招商银行 以504.4亿元的年度分红金额排第二，中国神华以449.03亿元的年度分红金额位列第三，此外，中国平安年度 分红金额接近300亿元，宁德时代、中国石化、中远海控、交通银行、比亚迪等多家上市公司年度分红金额不 低于100亿元。 从每股派发的现金股利来看，宁德时代拟每股派发4.553元现金股利，目前位居第一；比亚迪拟每股派发 3.974元现金股利，目前位居第二；爱美客拟每股派发3.8元现金股利，目前位居第三；此外，同花顺、中国神 华、中国移动、东鹏饮料、华利集团、招商银行、华特达因、法拉电子等每股拟派发金额不低于2元。 业内人士指出，上市公司重视投资者回报，向投资者传递了积极信号，有助于稳定市场预期。新"国九 条"强化上市公司现金分红监管下，上市公司分红意愿有望进一步提升。 | | | | 本年比上年 | | | --- | --- | --- | --- | --- | ...

Group 1 - China Merchants Bank reported a net profit of 148.39 billion yuan for 2024, a year-on-year increase of 1.22%, with a proposed cash dividend of 2 yuan per share [1] - China Telecom announced a net profit of 33.01 billion yuan for 2024, reflecting an 8.4% year-on-year growth, with a proposed final dividend of 0.0927 yuan per share [2] - Double J Electric signed significant contracts worth 1.555 billion yuan, accounting for 44.35% of its audited revenue for 2023, which is expected to positively impact future performance [3] Group 2 - Yongding Co. clarified that it does not directly manufacture controllable nuclear fusion devices, and its related products will not significantly impact its financial performance [4] - Heng Rui Pharmaceutical entered a licensing agreement with Merck, potentially earning up to 1.77 billion USD in milestone payments [5] - Ruishun Technology plans to use 90 million yen (approximately 4.34 million yuan) of raised funds to acquire assets related to a high-precision parallel robot project from Panasonic [6] Group 3 - Dalian Heavy Industry expects a net profit of 160 million to 195 million yuan for Q1 2025, a year-on-year increase of 12.22% to 36.77%, driven by a projected revenue of around 3.5 billion yuan [9] - Rongsheng Development is planning to restructure its debts by consolidating assets and enhancing its operational capabilities [10] - Yunnan Copper's net profit for 2024 is projected to decline by 19.9%, with a proposed cash dividend of 2.4 yuan per share [11] Group 4 - Lianrui New Materials reported a net profit of 251 million yuan for 2024, a year-on-year increase of 44.47%, with a proposed stock dividend of 3 shares for every 10 shares held [11] - Yuan Zu Co. announced a net profit of 249 million yuan for 2024, a decrease of 9.98%, with a proposed cash dividend of 10 yuan per 10 shares [12] - Double Happiness Development reported a net profit of 4.989 billion yuan for 2024, a decrease of 1.26%, with a proposed cash dividend of 7.5 yuan per 10 shares [13] Group 5 - Morning Light Co. reported a net profit of 1.396 billion yuan for 2024, a decrease of 8.58%, with a proposed cash dividend of 10 yuan per 10 shares [14] - Ningbo Ocean's net profit for 2024 was 550 million yuan, reflecting a year-on-year growth of 9.86% [15] - Xinyue Kanglv reported a net profit of approximately 86.3 million yuan for 2024, a decrease of 42.2% [16] Group 6 - Zhongjian Technology expects a net profit of 100 million to 114 million yuan for Q1 2025, a year-on-year increase of 68.79% to 92.42% [17] - Kuaiyi Elevator reported a net profit of 132 million yuan for 2024, a decrease of 8.46%, with a proposed cash dividend of 3.6 yuan per 10 shares [18] - Rongsheng Environmental Protection reported a net profit of 286 million yuan for 2024, an increase of 5.79%, with a proposed cash dividend of 5 yuan per 10 shares [19] Group 7 - Minfeng Special Paper reported a net profit of 72 million yuan for 2024, an increase of 54.09%, with a proposed cash dividend of 0.17 yuan per 10 shares [20] - Huaiqi Environmental Protection announced that major shareholders plan to reduce their holdings by up to 1% [21] - Guoli Co. plans to repurchase shares worth 30 million to 50 million yuan [22]

证券研究报告 中国移动 (941 HK/600941 CH) 港股通 业绩稳健增长，智算资源利用率提升 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 21 日│中国内地/中国香港 | 通信运营 | 中国移动发布 2024 年度业绩：公司营业收入同比增长 3.1%至 10408 亿元， 归母净利润同比增长 5.0%至 1383.7 亿元，符合我们此前预期（1384 亿元）。 2024 年公司派息率提升至 73%，全年每股派发 5.09 港元股息，同比增长 5.4%，保持着较高的股息吸引力。DeepSeek 发布后，公司在"AI+"赛道 迎来了新的成长机遇，网、云、端各项业务均有望受益，长期而言，我们看 好公司作为全球电信运营商龙头的经营韧性与竞争力，维持"买入"评级。 新旧增长动能转换稳步推进，智算资源利用率明显提升 个人市场方面，公司 24 年收入小幅下滑 1.3%，移动客户规模达到 10 亿户， 移动市场 ARPU 值为 48.5 元，保持行业领先。家庭市场仍然保持量价齐升 态势，有线宽带客户数达 3.15 亿户，家庭客户综合 ...

Investment Rating - The report maintains a "Recommended" rating for China Unicom, with a target price of 5.77 CNY [6][4]. Core Insights - China Unicom achieved a revenue of 389.59 billion CNY in 2024, representing a year-on-year growth of 4.6%. The net profit attributable to shareholders was 9.03 billion CNY, up 10.5% year-on-year [1][4]. - The company is focusing on enhancing its AI-driven computing capabilities, with a significant increase in cloud revenue, which reached 68.6 billion CNY, growing by 17.1% year-on-year [2][4]. - Capital expenditures for 2024 are projected at 61.37 billion CNY, a decrease of 17% from the previous year, while investments in computing power are expected to rise by 19% [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 99.47 billion CNY, a 9.4% increase year-on-year, with a net profit of 0.692 billion CNY, up 16.3% [1]. - The operating cash flow decreased by 12.5% year-on-year, totaling 91.26 billion CNY [1]. Business Segments - The telecommunications revenue grew by 1.5%, with a total user base reaching 470 million, including 62 million IoT connections [2][3]. - The intelligent computing segment saw a revenue increase of 9.6%, with data center revenue at 25.9 billion CNY, up 7.4% [2]. Strategic Initiatives - China Unicom is accelerating its transformation into a technology service company, enhancing its mobile and broadband networks, and expanding its AI capabilities [3]. - The company plans to establish 10 national-level intelligent computing data centers and has a significant focus on AI infrastructure [3]. Shareholder Returns - The dividend per share for A-shares in 2024 is set at 0.16 CNY, with a payout ratio of 55%, reflecting a 4 percentage point increase year-on-year [4].

Investment Rating - The investment rating for the company is "Buy" for H-shares and "Accumulate" for A-shares, both maintained [6][34]. Core Views - The company reported a revenue of RMB 389.59 billion for 2024, a year-on-year increase of 4.56%, and a net profit attributable to shareholders of RMB 9.03 billion, up 10.5% year-on-year, aligning with previous profit forecasts [1][5]. - The dividend per share for 2024 is set at RMB 0.41, reflecting a 20.1% increase, with a payout ratio of 60%, up 5 percentage points year-on-year [1][5]. - The launch of DeepSeek is expected to enhance revenue growth in cloud computing and data center businesses, marking a new development cycle for the company [1][4]. Summary by Sections Business Performance - The total number of mobile and broadband users reached 470 million, with a net increase of 19.52 million users. Revenue from connectivity services grew by 1.5% year-on-year, maintaining a solid performance [2]. - Cloud revenue reached RMB 68.6 billion, a 17.1% increase year-on-year, while data center revenue was RMB 25.9 billion, up 7.4% year-on-year [2]. - The company is constructing large-scale intelligent computing centers in Hohhot and Shanghai, with plans for multiple integrated hubs [2]. Financial Metrics - The company's return on equity (ROE) improved by 0.4 percentage points to 5.8%, and the net profit margin increased by 0.27 percentage points to 5.29% due to enhanced operational efficiency [3]. - Capital expenditures decreased by 17% year-on-year to RMB 61.37 billion, while investments in intelligent computing increased by 19% [3]. - The projected capital expenditure for 2025 is RMB 55 billion, with a 28% increase in intelligent computing investments [3]. Profitability Outlook - The company anticipates continued profit growth, with projected net profits for 2025-2027 at RMB 10.06 billion, RMB 11.07 billion, and RMB 12.02 billion respectively [4]. - The target price for A-shares is set at RMB 7.62, based on a price-to-book (PB) ratio of 1.31 for 2025, while H-shares are targeted at HKD 13.46 with a PB of 1.0 [4][12].