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。 上周五港股三大指数震荡小幅收涨。收盘恒指涨 0.32%，国企指数、恒生科技指数分别上涨 0.1% 及 0.15%。大型科技股走势分化明显，其中，阿 里巴巴、京东涨近 3%，百度、美团跌超 2%；巴克 莱大幅上调金银铜价格预期，铜业股、黄金股等 有色金属股再度活跃，尤其是招金矿业盘中刷新 历史新高价；国际油价反弹创两周新高，中国石 化与中国航油官宣重组，石油股普遍上涨；AI 医 疗新时代开启，互联网医疗概念股齐涨。 美股市场 1. 上周五美股三大指数集体收涨，纳指涨 0.81%， 全周累涨 1.88%；标普 500 指数涨 0.65 ...

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market saw a decrease in trading volume, with total turnover dropping to 82.799 billion HKD [1] - The Southbound Stock Connect recorded a net inflow of 4.84 million HKD, indicating continued interest from mainland investors [1] US Market Performance - US tech stocks rallied, leading to gains in major indices: Dow Jones up 0.39% at 47,474.46 points, S&P 500 up 0.25%, and Nasdaq up 0.59% [2] - Notable stock movements included Intel rising over 8% and Boeing increasing by more than 10%, marking its largest single-day gain since April [2] - The market sentiment was buoyed by expectations of interest rate cuts from the Federal Reserve and optimism surrounding AI technology [2] Investment Opportunities - The report highlights that the Hong Kong stock market remains attractive for investments in undervalued high-dividend sectors [3] - Key sectors to watch include artificial intelligence, semiconductors, and industrial software, which are expected to drive long-term growth [3] - Companies benefiting from the anticipated Federal Reserve interest rate cuts and strong mid-year performance in the upstream non-ferrous metals sector are also recommended for investment [3] Stock Performance Highlights - The report notes significant stock movements among Hong Kong-listed companies, with Connet Optical rising 10.58% due to the launch of AI glasses by Alibaba [1] - Other notable performers included Giant Bio, which increased by 8.53% following a share buyback announcement, and J&T Express, which rose 7.29% due to rapid growth in Southeast Asia [1] - Conversely, Chinese concept stocks faced declines, with XPeng Motors dropping nearly 8% and Canadian Solar falling close to 6% [2] Industry Insights - The global humanoid robot market is projected to enter a golden development period over the next 5 to 10 years, with annual sales expected to reach 6 million units by 2035, potentially exceeding 10 million units in optimistic scenarios [9] - The report emphasizes the importance of technological innovation and market expansion in the robotics sector, suggesting a focus on companies like UBTECH and XPeng Motors [9] - The automation potential in the U.S. labor market is significant, with existing technologies capable of automating 57% of work hours, indicating a transformative shift in workforce dynamics [9]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The US stock market saw all three major indices rise, with the Dow Jones up 1.43% and the S&P 500 up 0.91% [2] - The report highlights the importance of selecting undervalued sectors and companies in the current market environment [3] Key Sectors and Companies - The report emphasizes the potential of the technology sector, particularly in artificial intelligence, semiconductors, and industrial software, as a core growth area for the Hong Kong market [3] - Companies in the central state-owned enterprises with lower valuations and higher dividends are recommended for investment [3] - The upstream non-ferrous metals sector is expected to benefit from anticipated interest rate cuts by the Federal Reserve and strong mid-term performance [3] Notable Company Performances - Alibaba reported a revenue of 247.8 billion yuan for the second quarter of fiscal year 2026, exceeding market expectations, with a significant focus on AI investments [9] - Tencent has opened its mixed-precision OCR model, indicating advancements in AI technology [12] - Baidu's intelligent cloud is leading the establishment of the first national standard for intelligent cloud services, set to be implemented in February [12] Investment Recommendations - The report suggests actively monitoring companies like China Unicom, which has shown growth in its digital services and R&D investments, with a target price of HKD 10.1 and a stop-loss price of HKD 8.3 [10] - The report also highlights the potential of companies in the aerospace sector, particularly those involved in commercial space development, as the industry is expected to grow significantly by 2027 [9]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1] - The US stock market saw all three major indices rise, with the Dow Jones up 0.44% to 46,448.27 points, the S&P 500 up 1.55% to 6,705.12 points, and the Nasdaq up 2.69% to 22,872.01 points [2] Investment Opportunities - The report emphasizes the importance of selecting undervalued sectors and companies in the current market environment, particularly in technology and state-owned enterprises [3] - Key sectors to focus on include artificial intelligence, semiconductors, industrial software, and upstream non-ferrous metals benefiting from anticipated interest rate cuts by the Federal Reserve [3] - The report highlights the potential for long-term growth in leading companies within the technology sector, as evidenced by significant stock price increases for Alibaba and other tech giants [3] Company Highlights - Kuaishou-W saw a substantial increase of 7.11%, attributed to accelerated commercialization of its AI capabilities and strong e-commerce performance in Q3 [1] - NetEase-S also performed well, rising by 5.87% [1] - China Unicom is noted for its robust performance in digital services, with a projected revenue of 45.4 billion CNY for its smart network business in H1 2025, reflecting a year-on-year growth of 4.3% [9] Sector Insights - The "5G + Industrial Internet" initiative is gaining traction, with over 1,200 5G factories established and investments exceeding 50 billion CNY, leading to improvements in product quality and operational efficiency [8] - The software and information technology services sector is performing well, with expectations for further expansion driven by advancements in 5G and upcoming 6G technologies [8]

【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， ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company has shown strong operational momentum in the first three quarters of 2025, with revenue and profit demonstrating steady growth. The total revenue reached 293 billion yuan, a year-on-year increase of 1.0%, while the net profit attributable to shareholders was 8.8 billion yuan, reflecting a year-on-year growth of 5.2% [4][10]. - The company has achieved significant user growth in both mobile and broadband sectors, with mobile users reaching 356 million and net additions of 12.48 million in the first three quarters. The average revenue per user (ARPU) for bundled packages remains above 100 yuan [2][10]. - The company has improved its cash flow and reduced the growth rate of accounts receivable and credit impairment losses, indicating a continuous enhancement in financial statement quality [2][10]. Summary by Sections Financial Performance - In Q3 2025, the company reported revenue of 92.8 billion yuan, flat year-on-year, with service revenue at 83.3 billion yuan, a slight increase of 0.2%. The net profit for the quarter was 2.42 billion yuan, up 5.4% year-on-year [4][10]. - The company anticipates robust growth in operating revenue, profit, and return on equity for 2025, with projected net profits of 9.58 billion yuan, 10.08 billion yuan, and 10.57 billion yuan for 2025-2027, corresponding to year-on-year growth rates of 6.1%, 5.3%, and 4.9% respectively [10]. User Growth and Business Development - The company has seen a significant increase in user numbers, with mobile users reaching 356 million and broadband users at 129 million, marking the highest net additions in recent years. The company’s cloud revenue reached 52.9 billion yuan, and data center revenue increased by 8.9% year-on-year [2][10]. Cash Flow and Financial Health - As of Q3 2025, accounts receivable stood at approximately 70.93 billion yuan, a year-on-year increase of 13.3%, with a slight decrease from the previous quarter. The company’s operating cash flow for the first three quarters was 58.36 billion yuan, a year-on-year increase of 0.2%, with estimated free cash flow rising significantly by 61.0% to 15 billion yuan [10].

Core Insights - The Zhongjiao Zhishu Valley (Ningxia Zhongwei) Industrial Park has officially opened with a total investment of approximately 3.8 billion RMB and an overall IT capacity exceeding 140 megawatts [1][2] - The project aims to become a leading green data center in Western China, focusing on "green efficiency" with a designed PUE value of less than 1.2 [1] - Zhongwei has been approved as a national new-type internet exchange center and a national hub node for integrated computing power networks, making it one of the first cities in the country with "dual nodes" [1] Investment and Market Potential - The IDC market in China is projected to reach 277.3 billion RMB in revenue by 2024, with total computing power exceeding 280 quintillion floating-point operations per second [2] - Zhongwei's IDC operational cabinet scale has reached 285 megawatts, with expectations for the IDC supply scale to reach 2,132 gigawatts by 2029, leading the resource expansion in the Western cluster [2] Infrastructure and Development - Currently, Zhongwei has established nine data center industrial parks with a total room area of 985,000 square meters, attracting 26 data center enterprises [2] - The park has deployed six public cloud platforms, including Amazon Cloud, Tianyi Cloud, Unicom Cloud, and Mobile Cloud, with 204,000 standard racks and 184,000 computing power cards installed [2]

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]