Core Viewpoint - The article emphasizes the strategic importance of technological self-reliance and innovation in China's modernization process, as outlined in the "14th Five-Year Plan" [2][3]. Group 1: Technological Self-Reliance and Innovation - The "14th Five-Year Plan" prioritizes technological self-reliance, establishing a comprehensive framework for enhancing the national innovation system and integrating technological and industrial innovation [2][3]. - The focus on foundational software as a key area highlights both the risks from external supply chain controls and the strategic opportunities for improvement in usability and functionality [3]. - The plan encourages enterprises to take a leading role in innovation, promoting collaboration between research institutions and industry to enhance the efficiency of resource allocation and innovation outcomes [4]. Group 2: Talent Development and Education - The "14th Five-Year Plan" proposes a mechanism for integrated development of education, technology, and talent, focusing on key talent groups such as strategic scientists and engineers [5]. - Reforms aimed at breaking down barriers to talent mobility are expected to stimulate innovation and creativity across various sectors [5]. Group 3: Future Industries and Infrastructure - The plan outlines a forward-looking approach to future industries, identifying key areas such as quantum technology, biomanufacturing, and 6G as focal points for development [6][7]. - New infrastructure construction is deemed essential for supporting future industries, with a focus on building a robust digital economy framework [7][8]. Group 4: Institutional Reforms - The "14th Five-Year Plan" emphasizes institutional reforms to eliminate barriers to high-quality development, particularly in finance and taxation, which are expected to create new market demands [8][9]. - The financial sector is set to undergo significant changes, including upgrades to trading systems and enhanced risk monitoring capabilities [8]. Group 5: Global Cooperation and Market Expansion - The plan advocates for high-level openness and cooperation, particularly in technology export and global collaboration, creating opportunities for domestic companies to expand internationally [10]. - The focus on digital infrastructure development in countries along the "Belt and Road" initiative aligns with China's strengths in digital technology, facilitating market entry for Chinese firms [10].

Core Insights - Swedish telecom operator Telia reported third-quarter core earnings slightly above market expectations [1] - The growth was driven by profitable service revenue growth and lower operational expenses across most of its markets [1] Financial Performance - Core earnings exceeded market expectations, indicating strong financial performance in the third quarter [1] - The increase in service revenue contributed significantly to the overall earnings growth [1] - Operational expenses were reduced across most markets, enhancing profitability [1]

Core Insights - China has demonstrated significant development achievements during the "14th Five-Year Plan" period, particularly in research and development, positioning itself as a technology leader among developing countries [1][6] - Investment levels in China currently surpass those in the United States, allowing for faster conversion of research and innovation into products across various sectors such as telecommunications, electric vehicles, and renewable energy [1][4] - Despite these advancements, China still lags behind G7 countries in R&D spending as a percentage of GDP and needs to cultivate more engineering talent to maintain its competitive edge [1][6] Investment and Economic Impact - The trade and tariff wars initiated by the U.S. are not expected to have a significant impact on China, as the U.S. share in China's foreign trade has decreased and now accounts for less than 20% of global trade [4][5] - The global economy is becoming divided into two segments: the "Global South," which includes rapidly growing economies like China and India that oppose de-globalization, and the U.S., which is leaning towards protectionism and slow economic growth [5][6] Global Governance and China's Role - China's modernization and global governance initiatives highlight the need for a collaborative international system, with China positioned as a key supporter of globalization and a proponent of a "community with a shared future for mankind" [6][7] - Many developing countries are eager to learn from China's development model, which has transitioned from being one of the poorest nations to a technology leader in various industries, a feat unprecedented among developing nations [6][7]

业绩公布后，瑞银微调对其预测，维持2025至2027年收入预估不变，同时将净利润预估小幅下调0%至 1%，以反映宏观逆风下盈利能力略降。瑞银将DCF模型前移三个月，并将目标价从102港元微降至100 港元，这意味着2026年预测股息率为5.7%，而当前交易水平的股息率为6.7%。 瑞银发表报告指，中国移动第三季服务收入为2162亿元，按年增长0.8%，符合市场预期。受宏观逆风 影响，其EBITDA按年下降1.7%至794亿元，较市场预期低3%。净利润按年微增1.4%，主要因资本支出 见顶后折旧与摊销费用减少，部分抵销营运费用增加的影响。 ...

Myanmar civil society groups said on Tuesday they are suing the Norwegian telecoms giant Telenor, alleging it shared customer data with the Southeast Asian nation's ruling military that allowed the ju... ...

我每次说中国电信正式员工，大家都会想到什么高福利、高工资，实际上嘛，对小县城里的电信正式员工来说，事情并非如此，下面我就带大家一起来见识 一下吧，仅供参考哦！ 小县城中国电信正式员工的生活又是什么情况？说实话，现在小县城的物价其实也不低，至少对比十年不变的工资，物价确实是上涨了不少，不少电信正式 员工还背负房贷车贷，所以看起来表面光鲜亮丽，实际上缺钱的很！ 小县城中国电信正式员工的工资是什么情况？县城电信公司已经是电信里面的基层了，也就意味着许多指标和营销任务最终是落到这里，工作其中的正式员 工工作强度大，收入少。因为收入主要来源于基本工资和绩效工资，基本工资到手也就三四百，绩效工资需要看业绩，但是小县城哪有那么多用户可以拓展 呢？这就导致小县城里的中国电信正式员工月入三四千就顶天了。 综上，和我聊天的几个电信正式员工最近都穷的叮当响，这才和我频频吐槽，大家那里的电信正式员工又是什么情况呢？欢迎在评论区补充哦！ ...

Core Viewpoint - CITIC International Telecom announced a supplemental agreement between its subsidiary Macau Telecom and the Macau government, extending the original franchise contract until September 30, 2027, from the previous expiration date of September 30, 2025 [1] Group 1: Contract Details - The supplemental agreement allows franchise assets to become the property of the Macau Special Administrative Region starting October 1, 2025, while Macau Telecom will continue to use these assets [1] - From the same date, these assets will be made available to other public telecommunications operators in Macau under the principles of "fairness, transparency, and user payment" [1] - Macau Telecom will charge fees for the use of these assets outside of the franchise business [1] Group 2: Management and Future Development - Starting January 1, 2026, Macau Telecom will assist the government in managing these shared assets [1] - Ongoing negotiations will address unspecified details related to the agreement [1] - The company believes that this extension will benefit the future development of Macau Telecom and continue to support the social development of Macau [1] Group 3: Stock Trading Resumption - The company has applied to resume trading of its shares starting from 1 PM on September 18, 2025 [1]

Group 1 - The core viewpoint emphasizes the need to evaluate the fundamentals of companies from a global exposure perspective rather than a domestic economic cycle perspective, as more Chinese companies shift towards global markets [2] - The current market trend is driven by "smart money" and structural market dynamics, suggesting a strategy that minimizes volatility and avoids broadening exposure [2] - The average daily trading volume is expected to stabilize around 1.6 to 1.8 trillion yuan, indicating the digestion of recent emotional premiums [2] Group 2 - The logic supporting the rise of the Chinese stock market is sustainable, with expectations for new highs in A/H shares due to accelerated transformation and reduced uncertainties in economic development [3] - The decline in opportunity costs for the stock market, driven by a sinking risk-free return system, is leading to an explosion in asset management demand and new capital inflows [3] - Institutional changes and timely economic policies are crucial for boosting market valuations and improving perceptions of Chinese assets [3] Group 3 - The Chinese market presents broad opportunities, with a "transformation bull market" encompassing both structural and traditional sectors, including emerging technologies and valuation recovery in established companies [4] - Key sectors to watch include internet, media, innovative pharmaceuticals, electronics, semiconductors, and consumer brands, alongside cyclical sectors like non-ferrous metals and chemicals [4] - Long-term stability and monopolistic assumptions remain important, with recommendations for sectors such as brokerage, insurance, banking, and telecommunications [4] Group 4 - The market is currently experiencing a "volume peak," which historically indicates a continuation of upward trends, although the pace may slow [5][6] - The positive spiral of index profitability and incremental capital remains intact, suggesting that the liquidity-driven bull market narrative is still valid [6] - Investors are advised to maintain a "bull market mindset," as trends once established are difficult to reverse [6] Group 5 - High M1 growth and narrowing M2-M1 differentials indicate a trend of residents moving savings into equity markets, with a focus on high-prosperity sectors like software and communication equipment [7] - The expectation of three interest rate cuts by the Federal Reserve has heightened interest in the A-share market, particularly in sectors poised for recovery [7] Group 6 - The focus on high-prosperity sectors and inflation improvement is crucial as the market transitions into a slow bull phase, with a need for fundamental support [8] - Key industries to monitor include AI, pig farming, new energy, new consumption, innovative pharmaceuticals, and basic chemicals [8] Group 7 - The market is entering a phase of rotation and expansion, with a focus on sectors driven by prosperity and industrial trends [9] - September is traditionally a strong month for industry rotation, providing opportunities for new growth directions [9] Group 8 - The improvement of fundamentals is expected to spread prosperity across more sectors, moving beyond just growth versus value discussions [10] - Key areas for investment include upstream resources, capital goods, and domestic demand-related sectors like food and tourism [10] Group 9 - A-shares are likely to continue a volatile upward trend, supported by global liquidity conditions and domestic capital flows [11] - The AI sector is anticipated to be a primary driver of market performance, with significant potential for growth [11] Group 10 - The market is expected to maintain an upward trajectory, supported by reasonable valuations and emerging positive factors like the potential for a Federal Reserve rate cut [13] - Key sectors for September include power equipment, communication, computing, electronics, and automotive [13] Group 11 - The "slow bull" market in A-shares is expected to continue, with high-prosperity sectors being the primary focus [14] - The upcoming policy changes and the ongoing AI investment trends are likely to provide further market support [14]

证券代码：601728 证券简称：中国电信 公告编号：2025-029 中国电信股份有限公司 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。 重要内容提示： | | | | 除权（息） | 现金红利发 | | --- | --- | --- | --- | --- | | 股份类别 | 股权登记日 | | 最后交易日 | | | | | | 日 | 放日 | | Ａ股 | 2025/9/3 | － | 2025/9/4 | 2025/9/4 | 召开 2024 年年度股东大会，审议通过了《关于授权董事会决定公司 届董事会第二十一次会议，审议通过了《关于公司 2025 年中期利润分 配和股息宣派方案的议案》 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结 算有限责任公司上海分公司（以下简称"中国结算上海分公司" ）登记 在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本91,507,138,699股为基 数 ， 每 股 派 发 现 金 红 利 0.1812 元 （ 含 税 ）， 共 计 派 发 ...

Core Insights - The Hang Seng Index Company announced an increase in the number of constituent stocks from 85 to 88, with the inclusion of China Telecom, JD Logistics, and Pop Mart International Group, effective September 8, 2025 [2] Group 1: Index Changes - The adjustment aligns with market expectations, reflecting the diversity and representativeness of the Hang Seng Index across different industries [2] - The three newly added stocks represent significant sectors: Pop Mart is a leading cultural product IP in China, China Telecom showcases the robust development of state-owned enterprises, and JD Logistics is recognized as an innovator in the logistics industry [2] Group 2: Market Impact - The adjustment is expected to influence substantial capital flows, with approximately $30.35 billion in ETFs tracking the Hang Seng Index needing to rebalance their portfolios [2] - Analysts suggest that the newly included stocks are likely to attract incremental capital, reinforcing the long-term investment value of Hong Kong stocks as a "global value trap," evidenced by the continuous inflow of southbound funds [2]