港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 周二港股股指续涨，收盘恒生指数涨 0.69%报 25894.55 点，恒生科技指数涨 1.2%，恒生中国企 业指数涨 0.87%。大市成交 2311.49 亿港元。南 向资金大幅净买入 111.66 亿港元。科网股延续反 弹，百度集团、小米集团涨逾 4%；有色行业表现 不俗，中广核矿业涨逾 3%；龙蟠科技盘中大涨 60%，获超 450 亿元磷酸铁锂大单。 美股市场 1. 周二美国三大股指全线收涨，道指涨 1.43%，标 普 500 指数涨 0.91%，纳指涨 0.67%。默克涨超 5%，家得宝涨逾 4%，领涨道指。万得美国科技七 巨头指数涨 0.39%，脸书涨近 4%，谷歌涨逾 1%， 而英伟达则收跌近 3%。美国 9 ...

港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 晨报近日提示积极布局，周一港股股指单边大 涨，其中恒生指数收涨 1.97%，报 25716.5 点； 恒生科技指数飙升 2.78%，报 5545.56 点；恒生 中国企业指数上涨 1.79%，报 9079.42 点。市场 成交额 3026.42 亿港元，南向资金净买入 85.71 亿港元。恒生指数成分股中 79 只上涨，9 只下 跌。其中快手-W 大涨 7.11%，AI 可灵赋能公司主 业加速商业化变现，三季度电商 GMV 表现亮眼； 网易-S 上涨 5.87%。 美股市场 1. 周一美国三大股指全线收涨，道指涨 0.44%报 4 ...

【导读】中国联通董事长、党组书记任职 中国基金报记者 含章 董昕出任中国联通董事长、党组书记 11月19日晚间，中国联通官宣，任命董昕为中国联通董事长、党组书记。 公开资料显示，董昕，1966年4月出生，1989年取得北京邮电大学本科学士学位，并拥有澳洲国立大学财会管理专业硕士学位、上海交通大学和法国雷恩 商学院联合颁发工商管理博士学位。高级工程师、高级会计师。 董昕拥有多年丰富的电信行业及财务管理经验，曾任邮电部财务司企业财务处副处长；信息产业部经济调节与通信清算司经济调节处处长；中国移动通信 集团公司财务部部长、资金调度中心主任；海南移动通信有限责任公司董事长、总经理、党组书记；中国移动通信集团公司计划部总经理；中国移动通信 集团河南有限公司董事长、总经理、党组书记；中国移动通信集团北京有限公司董事长、总经理、党委委员兼任北京通信服务公司总经理；中国移动通信 集团有限公司副总经理、党组成员、工会主席、总法律顾问，中国移动有限公司执行董事、副总经理、财务总监等职务。 2020年5月，董昕出任中国移动通信集团有限公司总经理、党组副书记；2024年1月，出任国家广播电视总局副局长、党组成员。 据中国联通官微消息 ...

【 导读 】 中国联通 董事长、党组书记任职 中国基金报记者 含章 据中国联通官微消息，11月19日，中国联合网络通信集团有限公司召开中层以上管理人员大会。中央组织部有关负责同志宣布了党中央关 于中国联合网络通信集团有限公司主要负责同志任职的决定：董昕同志任中国联合网络通信集团有限公司董事长、党组书记，免去其国家 广播电视总局副局长、党组成员职务。相关职务任免按有关法律和章程的规定办理。 官网信息显示，中国联合网络通信集团有限公司（以下简称中国联通）在国内31个省（自治区、直辖市）和境外多个国家和地区设有分支 机构，拥有覆盖全国、通达世界的现代通信网络和全球客户服务体系，在2025年《财富》世界500强中位列第269位。 10月22日，中国联通发布2025年三季报。今年前三季度，公司营业收入为2929.9亿元，同比增长1%；归母净利润为87.7亿元，同比增长 5.2%；扣非归母净利润为76.2亿元，同比增长10.9%；经营现金流净额为583.63亿元，同比增长0.2%。 今年第三季度，中国联通营业收入为927.8亿元，与去年同期持平；归母净利润为24.2亿元，同比增长5.4%；扣非归母净利润为20.4亿 元， ...

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨中国联通（600050.SH） [Table_Title] 中国联通 2025 三季报点评： 经营保持良好势头，报表质量持续改善 [Table_Author] 报告要点 [Table_Summary] 2025 前三季度，公司经营发展保持良好势头，收入、利润稳健增长。联网通信稳中有进，宽移 用户净增规模创近年同期新高，融合套餐用户 ARPU 也保持百元以上；算网数智提能升级，智 算规模进一步扩大。此外，公司应收账款规模和信用减值损失同比增幅明显收窄，现金流较中 报也有所改善，报表质量持续优化。展望 2025 年，公司有望实现营业收入、利润及净资产收 益率的有力增长。 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 分析师及联系人 2025-11-17 [Table_Title 中国联通 2025 2] 三季报点评： 经营保持良好势头，报表质量持续改善 [Table_Summary2 ...

截至目前，中卫市已建成9个数据中心产业园，机房面积98.5万平方米，引进26家数据中心企业，部署 亚马逊云、天翼云、联通云、移动云等6个公有云平台，安装标准机架20.4万架、算力卡18.4万张。(完) 来源：中国新闻网 中交智数谷(宁夏·中卫)园区开园 整体IT容量超140兆瓦 中新网北京11月17日电 (记者 张素)总投资约38亿元(人民币，下同)、总用地面积15.18万平方米的中交 智数谷(宁夏·中卫)产业园近日开园运营。据知，该项目以"绿色高效"为核心定位，整体IT容量超140兆 瓦，设计PUE值(能源使用效率)低于1.2，建成后有望成为西部领先的绿色数据中心之一。 中卫相继获批国家(中卫)新型互联网交换中心和全国一体化算力网络国家枢纽节点中卫数据中心集群， 是全国首批"双节点"城市，已建成至北京、上海、广州、成都等地的直达链路。当地全年平均温度8.8 摄氏度，为深度利用自然冷却技术制冷提供了有利条件。 相关负责人表示，依托中卫独特区位优势，该项目将重点吸引产业链上下游企业集聚，形成协同创新的 产业集群。其核心服务方向聚焦全国交通等行业算力需求，通过搭建高效算力平台，推动东西部算力协 同与数据流通，为行 ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [6][7]. Core Insights - The communication industry index outperformed the CSI 300 index in October 2025, with a 0.24% increase, while the Shanghai Composite Index rose by 1.85% [6][13]. - In the first nine months of 2025, China's telecom business revenue reached 1.327 trillion yuan, a year-on-year increase of 0.9% [6][40]. - The penetration rate of 5G mobile phone users reached 63.9% by September 2025, with a monthly average data usage (DOU) of 21.23GB per user, up 15.5% year-on-year [6][50]. - The report highlights the optimistic outlook for capital expenditures from major cloud vendors, with a total of $112.43 billion in capital expenditures in Q3 2025, a 76.9% year-on-year increase [6][24]. - The silicon photonics market is expected to grow significantly, with a projected CAGR of 46% from 2024 to 2030 [6][7]. Summary by Sections Market Review - The communication industry index increased by 0.24% in October 2025, outperforming the CSI 300 index [6][13]. - The telecom equipment retail sales in China grew by 16.2% year-on-year in September 2025 [6][39]. Industry Tracking - The report notes a recovery in global telecom equipment revenue, with significant growth in the AI smartphone market expected [6][7]. - The telecom business revenue in China showed a slight recovery, with a total of 1.327 trillion yuan in the first nine months of 2025 [6][40]. Investment Recommendations - The report suggests focusing on sectors such as optical communication, AI smartphones, and telecom operators, highlighting the potential for growth in these areas [6][7]. - Major cloud vendors are expected to continue increasing their capital expenditures, which will drive demand for optical devices [6][7].

Core Viewpoint - The 15th National Games serves as a platform for showcasing athletic talent and advanced communication technology, with major telecom operators providing a comprehensive digital support system for the event [1] Group 1: Ultra HD Broadcasting - The three major telecom operators have utilized ultra HD broadcasting technology to break geographical barriers, enabling millions of viewers to experience the event in real-time [2] - China Unicom is the sole official partner for cloud broadcasting, employing a "Unicom Cloud + 5G backpack + 5G network slicing" solution to enhance broadcasting capabilities [2][3] - The broadcasting network covers 69 venues and supports 8K technology transmission, marking the largest scale of broadcasting network established for the National Games [3] Group 2: AI Integration - AI technology has been deeply integrated into event management, spectator services, and athlete training, enhancing the overall experience of the National Games [7] - China Unicom's cloud broadcasting platform uses AI algorithms to automatically edit highlight moments from the events, significantly reducing production time [7] - China Telecom has introduced an AI mascot that can interact with visitors, providing information and recommendations, thus enhancing the spectator experience [8] Group 3: Network Infrastructure - China Mobile has optimized 5G networks across 126 venues, adding 634 new 5G base stations to support high concurrent access during the event [4] - The deployment of a 5G-A network at Shenzhen Bao'an International Airport offers speeds 5-10 times faster than standard 5G, ensuring smooth live streaming for spectators [6] - A quantum encryption platform has been implemented in the power emergency command system, enhancing security against quantum computing attacks [6] Group 4: Long-term Benefits - The technological advancements demonstrated during the National Games are expected to benefit urban governance and long-term development beyond the event itself [9] - The MOC platform technology can be reused for city emergency command and various sporting events, promoting digital collaboration in the Guangdong-Hong Kong-Macao Greater Bay Area [9]

Core Insights - China Unicom showcased multiple achievements in brand building, highlighting its significant progress in enhancing brand value and technological innovation at the 8th China Enterprise Forum [1][2] - The forum gathered leaders from central enterprises, local state-owned enterprises, and private companies to discuss brand building strategies in the new era [1] Brand Recognition - China Unicom's brand was recognized as an excellent group brand, with "Unicom Wo Pai" and "Unicom Cloud" awarded as excellent service and product brands, respectively [2] - This recognition reflects China Unicom's outstanding performance in brand building and market influence, with a total of four brands now included in the "Central Enterprise Brand Leading Action" results [2] AI Model Launch - The "Yuanjing Brand Value Artificial Intelligence Model" was officially launched, marking a new phase in the scientific and intelligent assessment of brand building for central enterprises [3][4] - This model leverages China Unicom's strengths in big data and artificial intelligence, filling a gap in domestic brand value assessment and pioneering AI-enabled brand evaluation [4] Data Management and Security - The model integrates multi-source data, intelligent algorithms, and brand theory, utilizing a high-quality dataset of 3.5 billion brand data points for real-time tracking and dynamic evaluation of brand performance [4] - China Unicom emphasizes data security and compliance through a tiered protection strategy and dynamic security measures, ensuring a robust data management framework [4] Future Strategy - China Unicom aims to deepen its brand building efforts, driven by innovation and technology, to enhance market competitiveness and social influence [5] - The company plans to implement a brand-strengthening strategy, leveraging its advantages in digital technology to create a globally competitive, world-class technology service brand [5]

Core Insights - The financial performance of China's three major telecom operators shows a mixed outlook, with revenue growth slowing down while profit growth remains positive [2][3][4] Revenue Performance - For the first three quarters of 2025, China Mobile, China Telecom, and China Unicom reported revenues of 794.7 billion, 394.3 billion, and 293 billion yuan respectively, with growth rates declining from 2.0%, 2.9%, and 3.0% in 2024 to 0.4%, 0.6%, and 1.0% [2] - Only China Mobile achieved a 2.5% year-on-year revenue growth in Q3 2025, while China Unicom's revenue remained flat and China Telecom's revenue decreased by 0.91% [2] Profitability - Net profits for the three operators reached 115.4 billion, 30.8 billion, and 20 billion yuan respectively, with growth rates of 4.0%, 5.0%, and 5.1%, although these rates have slowed compared to the previous year's figures [2][3] - The telecom industry as a whole saw a 0.9% year-on-year increase in telecom business revenue, totaling 1,327 billion yuan for the first three quarters of 2025 [2] Traditional Business Challenges - The decline in revenue growth is attributed to the weakness in traditional business segments, which have seen their revenue share drop from 92% in 2020 to 78% in Q3 2025 [3][4] - China Mobile has 1.009 billion mobile users, but its average revenue per user (ARPU) fell to 48 yuan, a 3% decrease from 49.5 yuan in 2024 [3] Emerging Business Growth - AI-related emerging businesses have become a significant profit driver, with China Unicom's AI-related revenue contributing over 60% to its "smart network" business, and its cloud revenue reaching 52.9 billion yuan, a 20.6% increase [6][7] - China Telecom's smart revenue surged by 62.3%, significantly outpacing its overall revenue growth of 0.59% [7] Investment in AI and R&D - The three operators have shifted their focus from traditional "pipeline thinking" to "computing power and service thinking," with R&D expenditures exceeding 22 billion yuan in the first three quarters of 2025, of which over 40% is allocated to AI-related investments [10][11] - The operators are expected to see long-term returns from these investments, despite short-term pressures on cash flow and profitability [10] Industry Transformation - The growth logic of the telecom industry is changing, with AI and computing power becoming central to future growth strategies [10][11] - The operators are forming a sustainable payment loop around "bandwidth + computing power + data + models," indicating a significant shift in the industry's revenue generation model [11]