杰富瑞-中国铁塔(00788.HK)-2025年第四季度前瞻：尽管战略成本增加，收益逻辑依然成立-2026/03/05 4Q25业绩前瞻：股息逻辑依然稳固，尽管战略成本有所上升 C Tower公司4Q25业绩预计基本符合预期，在宏观环境偏弱背景下，其站址租赁收入（LSD）增长仍具韧性。 但预计2026E/2027E将出现一次性支出及维修保养成本上升，这很可能是管理层主动采取的战略举措，将部分抵消 折旧 杰富瑞-中国铁塔(00788.HK)-2025年第四季度前瞻：尽管战略成本增加，收益逻辑依然成立-2026/03/05 4Q25业绩前瞻：股息逻辑依然稳固，尽管战略成本有所上升 C Tower公司4Q25业绩预计基本符合预期，在宏观环境偏弱背景下，其站址租赁收入（LSD）增长仍具韧性。 但预计2026E/2027E将出现一次性支出及维修保养成本上升，这很可能是管理层主动采取的战略举措，将部分抵消 折旧摊销（D&A）下降带来的正面影响。 我们小幅下调2026E/2027E净利润预测6–7%，但迫在眉睫的D&A大幅下降仍将推动股息收益率于2026E/2027E分别 升至7.5%/9.5%。 当前估值对应2026E ...

Core Insights - The "Peking University-China Tower" AI Industry-Education Integration Innovation Platform has been officially launched, focusing on addressing critical challenges in the field of general artificial intelligence through collaborative technology development and results transformation [1] Group 1: Collaboration and Objectives - The platform is a joint initiative aimed at enhancing cooperation between academia and industry, specifically targeting the practical application of artificial intelligence [1] - Peking University will assist China Tower in research related to large models and intelligent agents, marking a significant step in collaborative efforts to support the high-quality development of the national AI industry [1] Group 2: Achievements and Future Plans - China Tower's Chairman highlighted the successful development of the Jingwei large model and the General Tower Intelligent Agent, overcoming several challenges in mid-to-high-level video image algorithms, indicating an elevation in the level and scope of collaboration [1] - Future efforts will focus on combining the intellectual and research advantages of universities with the practical and market strengths of enterprises, aiming to tackle core technological challenges in AI and cultivate high-quality innovative talent [1]

Group 1 - Morgan Stanley reduced its stake in China Tower Corporation (00788) by 9.535144 million shares at a price of HKD 11.5814 per share, totaling approximately HKD 110 million [1] - After the reduction, Morgan Stanley's remaining shareholding is approximately 273 million shares, representing a stake of 5.84% [1]

Core Viewpoint - Morgan Stanley increased its stake in China Tower (00788) by acquiring 9,134,873 shares at a price of HKD 11.6014 per share, totaling approximately HKD 106 million, raising its total holdings to about 282 million shares, representing a 6.05% ownership [1] Group 1 - Morgan Stanley's recent purchase of shares indicates a bullish outlook on China Tower's future performance [1] - The total investment made by Morgan Stanley in this transaction is approximately HKD 106 million [1] - Following the acquisition, Morgan Stanley's total shareholding in China Tower is now approximately 282 million shares [1]

Group 1 - Morgan Stanley increased its stake in China Tower (00788) by 9.134873 million shares at a price of HKD 11.6014 per share, totaling approximately HKD 106 million [1] - After the increase, the total number of shares held by Morgan Stanley is approximately 282 million, representing a holding percentage of 6.05% [1]

Core Viewpoint - The Gansu government has implemented a series of initiatives aimed at improving the welfare of new employment form workers, including health insurance, medical check-ups, and the establishment of service stations to address their needs [5][8][13]. Health Protection Initiatives - A special mutual insurance program has been launched, providing 120 million yuan to cover 1 million workers, with an average of 120 yuan per person, covering hospitalization, critical illness, and accidents [5] - 200 million yuan has been allocated for health check-ups for 1 million workers, averaging 200 yuan per person, utilizing mobile health check-up vehicles and designated institutions for on-site services [5] Service Station Development - The "Rider's Home" initiative has been established in collaboration with Gansu Tower Company, with a total investment of 30 million yuan, resulting in the construction and operation of 200 service stations across the province [8] - As of the end of 2025, over 500 union service stations are expected to be built, creating a service network that covers cities, counties, and rural areas, serving over 300,000 new employment form workers [13] Convenience Services - A total of 109 service stations are operational 24 hours a day, addressing outdoor workers' challenges such as access to drinking water, hot meals, rest areas, and charging facilities [11]

Core Viewpoint - The "Caring Action for 10,000 New Employment Form Laborers" in Gansu Province aims to enhance the rights and welfare of new employment form laborers, supported by a special fund of 35.2 million yuan, focusing on health protection and service innovation [1][3]. Group 1: Organizational Support and Implementation - Gansu has established a special task force to ensure the effective implementation of the caring action, with clear goals, responsibilities, and timelines [3]. - The action's progress is monitored through monthly meetings and reports to the provincial government, with nine special meetings held by the end of October to address challenges [3]. Group 2: Health Protection Initiatives - A total of 3.2 million yuan has been allocated for health protection, providing 10,000 new employment form laborers with a "health package" that includes comprehensive mutual insurance coverage [6]. - The mutual insurance program includes 1.2 million yuan in funding, offering each laborer an insurance coverage of 120 yuan, covering various risks such as accidents and serious illnesses [6]. Group 3: Health Services and Support - Gansu has invested 2 million yuan in free health check-ups, providing each laborer with a health service worth 400 yuan, covering essential health checks [7]. - Mobile health check-up services have been implemented to address the time constraints of laborers, ensuring convenient access to health services [7]. Group 4: Outdoor Service Stations - Gansu Province has partnered with China Tower Corporation to establish 200 service stations for outdoor laborers, investing 30 million yuan to create supportive environments [10][11]. - The service stations are strategically located in high-traffic areas to meet the basic needs of laborers, such as rest, hydration, and charging facilities [11]. Group 5: Service Functionality and Management - The service stations are equipped with essential facilities and upgraded with smart charging solutions to enhance service efficiency for laborers [12]. - A management system has been established to ensure the operational effectiveness of the service stations, with regular feedback mechanisms to adapt services to laborers' needs [13]. Group 6: Future Directions - Gansu plans to build on the experiences from the caring action to establish a long-term mechanism for supporting new employment form laborers, ensuring ongoing attention to their welfare [15].

证券代码：601728 证券简称：中国电信 公告编号：2025-037 中国电信股份有限公司 第八届董事会第二十四次会议决议 公 告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 一、董事会召开情况 中国电信股份有限公司（以下称"公司"）于2025年12月24日在北京西城区金融大街31号公司总部618会 议室以现场方式召开了第八届董事会第二十四次会议。本次董事会的会议通知及资料已于会前发送给公 司全体董事。本次会议应到董事9人，实到董事8人，公司独立董事吕薇女士因工作原因无法出席本次现 场会议，委托公司独立董事吴嘉宁先生在本次董事会上对会议议案行使表决权。会议由董事长柯瑞文先 生主持，会议的召开及其程序符合有关法律、法规和公司章程的规定。 二、董事会审议情况 该议案已经公司第八届董事会审核委员会第二十次会议审议通过。 表决结果：赞成票：9票，反对票：0票，弃权票：0票。 （二）批准《关于预计与中国铁塔股份有限公司2026年度关联交易金额上限的议案》 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn） ...

Core Viewpoint - Morgan Stanley has reduced its stake in China Tower Corporation (00788) by selling 4.019718 million shares at a price of HKD 12.2516 per share, totaling approximately HKD 49.248 million, resulting in a new holding of about 278 million shares, representing 5.96% ownership [1]. Summary by Category - **Share Reduction Details** - Morgan Stanley sold 4.019718 million shares of China Tower Corporation on December 12 [1] - The sale price was HKD 12.2516 per share, amounting to a total of approximately HKD 49.248 million [1] - **Post-Transaction Holdings** - After the reduction, Morgan Stanley's remaining shares in China Tower Corporation are approximately 278 million [1] - The ownership percentage after the sale is 5.96% [1]

Core Viewpoint - The emphasis is on enhancing the integrated network layout of air, space, and ground to develop a digital infrastructure system that meets the needs of artificial intelligence development [1] Group 1: Strategic Initiatives - The company is urged to strengthen its strategic mission and value, focusing on building a robust information communication network foundation [1] - There is a call for greater efforts in centralized, scaled, and specialized operations to improve service and support capabilities comprehensively [1] Group 2: Innovation and Planning - The importance of reinforcing technological and industrial innovation is highlighted, along with the need to prepare a comprehensive "14th Five-Year" plan [1] - The company is encouraged to develop a differentiated competitive business system and accelerate the cultivation of emerging pillar industries [1] Group 3: Reform and Management - The necessity for deepening reforms and lean management practices is emphasized to ensure the successful completion of state-owned enterprise reform actions [1] - The goal is to promote more flexible and efficient governance and market-oriented operational mechanisms, enhancing resource allocation efficiency [1]