来源：环球网 10月13日，2025年海湾信息技术博览会（GITEX Global）在阿联酋迪拜盛大开幕。中国联通以焕新升级 的国际品牌UniCom首次亮相中东，集中展示其覆盖全球的数字基础设施、深度融合的AI技术生态，以 及在赋能千行百业数字化转型方面的丰硕成果，生动诠释从"通信服务商"向"数智赋能者"的战略跃升， 为中东地区乃至全球数字化转型贡献了"中国智慧"与"中国方案"。 夯实数字基础，构筑全球网络新底座 在国际网络互联互通展区，中国联通重点展示了"东西互济、南北互备、海陆协同、智能领先"的全球新 型数字信息基础设施。依托60多个国际海缆系统，为全球客户提供了稳定、高效的连接保障。通过全球 专线、智能组网与IP Transit等创新产品，为中资出海企业铺设了"低时延、高稳定"的数字通道。 在云与算力服务领域，中国联通构建"3+N+X"全球资源体系，全面推进国际算力供给能力建设。依 托"联通星罗"先进算力调度平台2.0，联通云实现了海量算力集群的智能协同，支持异构算力整合管 理、智能化调度分发与标准化计量交易。通过全球智慧运营，实现国际产品同步发布、国际服务灵活订 购、国际资源统一度量及国际算力安全合规 ...

Core Viewpoint - China Unicom launched the "Bailian Qiantong Wan (Anhui) Qizhi" series of activities at the 2025 World Manufacturing Conference, showcasing its innovation capabilities in industrial internet and artificial intelligence [1][3]. Group 1: Event Overview - The event was themed "Digital Intelligence Empowerment: AI Connecting the Future" and highlighted China Unicom's commitment to enhancing the smart transformation of manufacturing in Anhui [1]. - The series of activities aims to promote comprehensive connectivity in the era of the Internet of Everything, emphasizing the integration of IT, OT, and CT to empower the intelligent upgrade of Anhui's manufacturing industry [3]. Group 2: Strategic Initiatives - Anhui Unicom is focusing on "5G + Industrial Internet" as a key strategy, leveraging its self-developed platforms and models to create benchmark factories such as Tongling Nonferrous Metals and Midea [3]. - The company plans to accelerate the deep integration of AI with 5G and industrial internet, collaborating with ecological partners to build a new industrial ecosystem named "Wanmei Zhilian" [3]. Group 3: Technical Insights - Experts from China Unicom presented insights on the development framework of industrial internet, innovative applications of smart technology, and the support of data infrastructure in the field of industrial digitalization [4]. - Anhui Unicom aims to align with the province's strategic positioning of "Three Lands and One Area," enhancing technological innovation and collaboration to drive the intelligent transformation of the manufacturing sector [6].

Core Viewpoint - The recent issuance of the "Opinions on Deepening the Implementation of the 'Artificial Intelligence+' Action" by the State Council marks a significant advancement in the policy framework for artificial intelligence, emphasizing the need for coordinated development of industry application demands and foundational capabilities [1][2]. Group 1: Policy and Strategic Goals - The "Opinions" outline six major actions and eight supporting measures to solidify the "Artificial Intelligence+" initiative, establishing overall requirements, development goals, and key directions for implementation [1][2]. - By 2030, the penetration rate of new generation intelligent terminals and intelligent agents is expected to exceed 90%, promoting technological inclusivity and shared outcomes [2]. Group 2: Industry Development and Innovation - The document emphasizes the importance of strengthening technological collaboration between artificial intelligence and fields such as quantum technology and 6G, aiming for breakthroughs in foundational technologies like large model algorithms [4]. - The industry is urged to accelerate innovation and application of AI technologies across various sectors, including industrial, agricultural, and service industries, to enhance production transformation [4]. Group 3: Challenges and Opportunities - Despite the advancements, the industry faces challenges such as insufficient innovation capacity, mismatched supply and demand, and barriers to the practical application of AI technologies [3]. - The integration of AI with emerging technologies like the metaverse and brain-computer interfaces is seen as a pathway to explore new forms of intelligent products and services [3]. Group 4: Societal Impact and Governance - The "Opinions" highlight the role of AI in enhancing governance capabilities across various domains, including public safety, disaster management, and ecological protection [4]. - The initiative aims to ensure that the benefits of AI development are shared among all citizens, contributing to the modernization of China's economy and society [2][5].

Core Viewpoint - China Unicom achieved a net profit attributable to shareholders of 6.349 billion yuan in the first half of the year, representing a year-on-year growth of 5.1% [1] Financial Performance - The company's operating performance shows steady growth with continuous optimization of its business structure [1] - International business revenue reached 6.8 billion yuan, an increase of 11% year-on-year [1] - The proportion of revenue from strategic emerging industries increased to 86%, promoting high-quality development [1] Dividend Policy - The company has decided to pay a dividend of 0.11 yuan per share in mid-2025, reflecting a year-on-year increase of 16% [1] Future Outlook - The company is expected to maintain rapid growth in dividends, improve operational efficiency in traditional businesses, and enhance profitability [1] - The AI industry development is anticipated to provide a favorable outlook for computing power business [1] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated to be 10.1 billion yuan, 11.3 billion yuan, and 12.6 billion yuan, respectively, with corresponding price-to-earnings ratios of 17x, 15x, and 13x [1] Investment Rating - The recommendation rating is maintained as "Recommended" [1]

Core Viewpoint - China Unicom achieved a net profit attributable to shareholders of 6.349 billion yuan in the first half of the year, representing a year-on-year growth of 5.1% [1] Financial Performance - The company demonstrated steady growth in operating performance with continuous optimization of its business structure [1] - International business revenue reached 6.8 billion yuan, marking an 11% year-on-year increase [1] - The proportion of revenue from strategic emerging industries increased to 86%, promoting high-quality development [1] AI and Technological Development - The company is building a high-quality data set through multi-source integration and developing a multi-modal symbiotic metaverse model [1] - Initial results of large-scale commercialization of artificial intelligence applications are evident, with the creation of over a hundred intelligent agents [1] Dividend and Future Projections - The company plans to distribute a dividend of 0.11 yuan per share by mid-2025, reflecting a 16% year-on-year increase [1] - The company is expected to achieve net profits attributable to shareholders of 10.1 billion, 11.3 billion, and 12.6 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 17x, 15x, and 13x [1] Investment Rating - The company maintains a "recommended" rating based on the rapid growth of dividends, improved operational efficiency in traditional businesses, and favorable prospects for computing power business in the context of AI industry development [1]

Investment Rating - The industry investment rating is "Outperform the Market" [1][43] Core Insights - The report highlights a continuous growth trend in the market, with the Shanghai Composite Index rising by 3.54% in July 2025, while the communication sector increased by 10.7% and the computer sector by 3.86% [5][12] - The AI industry is experiencing significant growth, with the scale of China's AI industry expected to exceed 700 billion yuan in 2024, maintaining a growth rate of over 20% [23] - The demand for AI computing power is surging, driven by the widespread adoption of AI applications, which is expected to sustain high market activity in China's AI computing sector [5][12] Summary by Sections Market Review - From July 1 to July 31, 2025, the communication sector saw a notable increase, with Nvidia receiving U.S. government approval to resume sales of its "special version" H20 chips to China [5][12] - The report indicates that the top ten domestic telecom server manufacturers include ZTE, Inspur, and others, with ZTE holding a market share of 20.51% [37][40] Communication Industry - The domestic telecom business revenue reached 162.95 billion yuan in June 2025, reflecting a year-on-year growth of 4.86% [15][17] - The three major telecom operators are enhancing their AI capabilities, with significant investments in AI models and intelligent agents [6][23][29] Computer Industry - The domestic software industry reported revenues of 1,479.6 billion yuan in June 2025, marking a year-on-year increase of 13.53% [30] - The report notes that the domestic server market is expected to grow rapidly over the next three years, driven by increasing demand for domestic servers and technological innovation [7][40]

Core Viewpoint - The 2025 China International Service Trade Fair will focus on digital service trade and high-end industry development, showcasing the latest technological achievements in the information and communication sector [1][2]. Group 1: Event Overview - The "Telecommunications, Computer and Information Services" exhibition will take place from September 10 to 14, 2025, at Shougang Park, featuring over 100 offline exhibitors and nearly 300 online participants [1]. - The theme of the exhibition is "Digital Intelligence Links the World," emphasizing the integration of digital service trade with advanced industries [1][2]. Group 2: Key Highlights - Two major highlights of the exhibition include the "Beijing Solution Exhibition" and the "5G Intelligent Global Connectivity" theme exhibition, showcasing significant digital service achievements in various sectors such as government, transportation, and healthcare [3]. - The Beijing Solution Exhibition will feature a 2,000 square meter immersive area, demonstrating replicable and promotable digital service solutions [3]. Group 3: International Participation - The exhibition will attract over 500 leading enterprises, including China Unicom, Alibaba, and international exhibitors from more than 10 countries and regions, such as Germany, the USA, and Canada [2][3]. - The event aims to leverage the platform to promote open cooperation in digital service trade and build a globally influential digital technology industry ecosystem [2]. Group 4: Professional Activities - Multiple professional activities will be held during the exhibition, including themed salons on digital economy, AI terminal devices, and digital infrastructure, facilitating in-depth connections between domestic companies and international buyers [5]. - High-end forums organized by various institutions will discuss topics related to the international digital economy and industry development trends [5].

证券研究报告 | 2025年08月13日 中国联通（600050.SH） 优于大市 2025 年上半年净利润同比增长 5%，算力业务动能强劲 2025 年上半年公司经营业绩稳健增长。2025 年上半年，公司实现营收 2002 亿元（同比+1.45%），联网通信收入达 1319 亿元（同比+0.4%）。归母净利 润 63.49 亿元（同比+5.1%）。净资产收益率（ROE 摊薄）同比稳定提升 0.07pct 至 3.75%，EBITDA 率同比下降 1.01pct 至 25.28%。 公司业务结构持续优化。2025 年上半年，公司联网通信实现营收 1319 亿 元，同比增长 0.4%。其中移动和宽带用户净增数达到 1119 万户，净增 创近年新高；"双千兆"用户占比达到 50%，融合业务 ARPU 超过 100 元。 受益于算力业务动能强劲，公司 25H1 算网数智业务收入达 454 亿元， 同比增长 4.3%，当前占收比达到 26%，较上年同期进一步提升，成为公 司第二增长曲线。其中联通云收入同比增长 4.6%至 376 亿元，数据中心 业务同比增长 9.4%至 144 亿元，AIDC 上半年签约金额同比增长 ...

Core Insights - China Unicom reported a revenue of 200.2 billion yuan and a net profit of 6.349 billion yuan for the first half of 2025, marking a year-on-year growth of 5.12% [1] - The company plans to distribute a cash dividend of 1.112 yuan per 10 shares, reflecting a 16% increase compared to the previous year [1] Group 1: Financial Performance - The operating cash flow for the first half of the year decreased by 2.8% year-on-year due to slower payment collection in the new intelligent network business compared to traditional communication services [1] - Capital expenditure for the first half of 2025 was 20.2 billion yuan, a decline of 15% year-on-year, with an expected annual fixed asset investment of around 55 billion yuan [1][2] Group 2: Strategic Focus - The company is shifting its investment focus from traditional mobile and broadband services to IDC and cloud services, with a projected investment decline of over 10% in 2024 and 2025 [2] - China Unicom is enhancing its network capabilities by building intelligent computing centers and increasing data center capacity to 2,650 MW, with a total intelligent computing scale reaching 30 EFLOPS [2] Group 3: Business Development - Revenue from the connected communication segment reached 131.9 billion yuan, while intelligent network revenue was 45.4 billion yuan, accounting for 26% of total revenue [3] - The company has seen a 9.4% year-on-year growth in data center revenue, with significant increases in AIDC contract amounts, indicating a strengthening market position [3] - International business revenue grew by 11% year-on-year, with the establishment of five new overseas intelligent computing centers enhancing global service capabilities [3]

Core Viewpoint - China Unicom reported a revenue of 200.2 billion yuan and a net profit of 6.349 billion yuan for the first half of 2025, indicating a year-on-year growth of 1.5% and 5.12% respectively, as the company accelerates AI integration into network operations [1][2] Financial Performance - China Unicom's revenue reached 200.2 billion yuan, a 1.5% increase year-on-year, with a net profit of 6.349 billion yuan, reflecting a 5.12% growth [2] - The company plans to distribute a cash dividend of 1.112 yuan per 10 shares, a 16% increase from the previous year, totaling approximately 3.477 billion yuan [2] - Operating cash flow for China Unicom decreased by 2.8% year-on-year, attributed to the slower return on investment in the new intelligent network business compared to traditional communication services [3] Capital Expenditure - China Unicom's capital expenditure for the first half of 2025 was 20.2 billion yuan, a 15% decrease year-on-year, with an annual investment forecast of around 55 billion yuan [4] - The company emphasizes a cautious approach to capital expenditure, focusing on optimizing investment structure and enhancing investment efficiency [4] - Investment priorities have shifted from traditional connectivity to intelligent data centers and cloud services, with a continuous decline in overall investment scale since 2022 [4] Business Development - The intelligent network business of China Unicom showed strong growth, with revenue from this segment reaching 45.4 billion yuan, accounting for 26% of total revenue [7] - The company has made significant advancements in AI applications, with cloud revenue hitting 37.6 billion yuan and data center revenue increasing by 9.4% year-on-year [8] - China Unicom's user base surpassed 1.2 billion, with notable growth in mobile and broadband users, and a net increase of over 60 million IoT connections [8] International Expansion - China Unicom has established a more comprehensive international intelligent computing layout, including five new overseas intelligent computing centers [8] - The company is actively providing digital services to over 280 cloud service providers and connecting more than 400 data centers globally [8]