人民日报记者 禹伟良 姜峰 范昊天 万里长江，是中华民族的母亲河、中华民族发展的重要支撑。长江经济带横贯我国东中西三大板 块，覆盖11省市、约21%的国土面积。 "推动长江经济带发展必须从中华民族长远利益考虑""使长江经济带成为我国生态优先绿色发展主 战场、畅通国内国际双循环主动脉、引领经济高质量发展主力军"……党的十八大以来，习近平总书记 多次召开座谈会，为长江经济带发展谋篇布局、把脉定向。 共抓大保护，不搞大开发。沿江省市和中央有关部门认真贯彻落实党中央决策部署，推动生态环境 保护和修复取得重大成就，发展方式发生重大变革，区域协同联动不断加强，全方位对内对外开放态势 加速形成。2024年，长江经济带地区生产总值逾63万亿元，增长5.4%。今年前8月，长江经济带11省市 外贸进出口值达13.7万亿元，创历史同期新高，同比增长6%，占全国进出口总值的46.3%。 沿江行进，感受最深的是"三多三少"：美景多了，乱象少了；高端产业多了，低端产业少了；"一 盘棋"做法多了，"单打独斗"少了。 长江岸线、港口乱占滥用问题突出； 长江"双肾"洞庭湖、鄱阳湖频遭阶段性旱情威胁，近30%的重要湖库处于富营养化状态； 长江生 ...

万里长江，是中华民族的母亲河、中华民族发展的重要支撑。长江经济带横贯我国东中西三大板块，覆 盖11省市、约21%的国土面积。 "推动长江经济带发展必须从中华民族长远利益考虑""使长江经济带成为我国生态优先绿色发展主战 场、畅通国内国际双循环主动脉、引领经济高质量发展主力军"……党的十八大以来，习近平总书记多 次召开座谈会，为长江经济带发展谋篇布局、把脉定向。 共抓大保护，不搞大开发。沿江省市和中央有关部门认真贯彻落实党中央决策部署，推动生态环境保护 和修复取得重大成就，发展方式发生重大变革，区域协同联动不断加强，全方位对内对外开放态势加速 形成。2024年，长江经济带地区生产总值逾63万亿元，增长5.4%。今年前8月，长江经济带11省市外贸 进出口值达13.7万亿元，创历史同期新高，同比增长6%，占全国进出口总值的46.3%。 沿江行进，感受最深的是"三多三少"：美景多了，乱象少了；高端产业多了，低端产业少了；"一盘 棋"做法多了，"单打独斗"少了。 大江奔流，正展现万千气象、澎湃勃勃生机。 问题导向，铁腕攻坚—— "一江碧水向东流"美景重现 奔腾出三峡、九曲过江汉，行至城陵矶，长江与洞庭湖"撞了个满怀"。 ...

"推动长江经济带发展必须从中华民族长远利益考虑""使长江经济带成为我国生态优先绿色发展主战 场、畅通国内国际双循环主动脉、引领经济高质量发展主力军"……党的十八大以来，习近平总书记多 次召开座谈会，为长江经济带发展谋篇布局、把脉定向。 共抓大保护，不搞大开发。沿江省市和中央有关部门认真贯彻落实党中央决策部署，推动生态环境保护 和修复取得重大成就，发展方式发生重大变革，区域协同联动不断加强，全方位对内对外开放态势加速 形成。2024年，长江经济带地区生产总值逾63万亿元，增长5.4%。今年前8月，长江经济带11省市外贸 进出口值达13.7万亿元，创历史同期新高，同比增长6%，占全国进出口总值的46.3%。 沿江行进，感受最深的是"三多三少"：美景多了，乱象少了；高端产业多了，低端产业少了；"一盘 棋"做法多了，"单打独斗"少了。 大江奔流，正展现万千气象、澎湃勃勃生机。 问题导向，铁腕攻坚—— "一江碧水向东流"美景重现 奔腾出三峡、九曲过江汉，行至城陵矶，长江与洞庭湖"撞了个满怀"。 芦苇摇曳，"扑棱棱"，一只水鸟掠过——在湖南东洞庭湖国家级自然保护区工作了15年的邹毅，深知这 一幕来之不易。 洞庭湖砂是优质 ...

Investment Rating - The report maintains a "Buy-A" rating for China Telecom (601728.SH) [1] Core Views - The company's fundamental operations remain robust, with significant growth in smart revenue [1] - In H1 2025, China Telecom achieved revenue of CNY 269.4 billion, a year-on-year increase of 1.3%, with service revenue at CNY 249.1 billion, up 1.2% [2] - The net profit attributable to shareholders reached CNY 23.0 billion, reflecting a year-on-year growth of 5.5% [2] Summary by Sections Basic Business Performance - Mobile communication service revenue grew to CNY 106.6 billion, up 1.3% year-on-year, with a mobile user base of 433 million and an ARPU of CNY 46.0 [3] - Fixed-line and smart home service revenue reached CNY 64.1 billion, a slight increase of 0.2% year-on-year, with broadband users totaling 199 million and a broadband ARPU of CNY 48.3 [4] Digital and AI Business Growth - The digital industry revenue reached CNY 74.9 billion, up 1.5% year-on-year, with Tianyi Cloud revenue at CNY 57.3 billion and smart revenue soaring by 89.4% to CNY 6.3 billion [6] - The company launched over 80 industry-specific large models and 30 intelligent agents, indicating a strong push in the "AI+" initiative [6] Capital Expenditure and Infrastructure - Capital expenditure decreased to CNY 34.2 billion, down 28% year-on-year, with investments focused on mobile networks and digital industry [12] - The company has established a robust computing infrastructure with a total computing power of 77 EFLOPS, enhancing its capabilities in AI and cloud services [12] Financial Forecast and Valuation - The report forecasts net profit for 2025-2027 at CNY 34.77 billion, CNY 36.57 billion, and CNY 38.25 billion, representing year-on-year growth rates of 5.3%, 5.2%, and 4.6% respectively [13] - The estimated EPS for the same period is projected to be CNY 0.38, CNY 0.40, and CNY 0.42, with corresponding P/E ratios of 20.0, 19.0, and 18.2 [13]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Telecom Corporation Limited 中国电信股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份編號：728） 海外監管公告 中國電信股份有限公司 2025 年半年度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第 13.10B 條而作出。 兹載列中國電信股份有限公司（「本公司」）在上海證券交易所網站刊登的《中國電信股份有 限公司 2025 年半年度報告》，僅供參考。 承董事會命 中國電信股份有限公司 董事長兼首席執行官 柯瑞文 中國北京，2025 年 8 月 14 日 於本公告刊發之日的本公司董事會包括柯瑞文（董事長兼首席執行官）；劉桂清（總裁兼首席 運營官）；唐珂、李英輝（財務總監）（皆為執行副總裁）；呂永鐘（非執行董事）；吳嘉寧、 楊志威、陳東琪、呂薇（皆為獨立非執行董事）。 公司代码：601728 公司简称：中国电信 中国电信股份有限公司 2025 ...

Core Viewpoint - The report highlights the rapid advancement of quantum technology by GuoDun Quantum, showcasing significant revenue growth and strategic partnerships in the quantum computing sector [2][4]. Group 1: Financial Performance - GuoDun Quantum achieved a revenue of 120 million yuan in the first half of 2025, representing a year-on-year increase of 74.54% [2]. - The company reported a net loss attributable to shareholders of 23.79 million yuan, which is a reduction in loss compared to the previous year [2]. - Research and development expenses amounted to 55.17 million yuan, up 33.77% year-on-year, accounting for 45.46% of total revenue [2]. Group 2: Quantum Computing Business - The quantum computing segment generated revenue of 55.96 million yuan, marking a substantial year-on-year growth of 283.92% [2]. - GuoDun Quantum has provided a 200-qubit superconducting quantum computer to the Hefei Advanced Computing Center, which has completed trial operations [2]. - The company is set to deliver a 25-qubit superconducting quantum computer overseas and has participated in the research of China's 105-qubit superconducting quantum computer, which set a world record for quantum supremacy [2][4]. Group 3: Quantum Communication Business - Revenue from quantum communication reached 51.74 million yuan, reflecting a year-on-year increase of 28.1% [5]. - The company has been involved in significant projects, including the first successful implementation of over 10,000 kilometers of star-ground quantum communication [5]. - GuoDun Quantum's "Quantum Secret Talk" service has over 5 million users, with the capacity to support over 10 million users [5]. Group 4: Quantum Measurement Business - The quantum measurement segment reported revenue of 8.57 million yuan, with a year-on-year growth of 13.75% [7]. - The company sold two cold atom gravimeters and has three pending orders [7]. Group 5: Industry Context and Future Outlook - The global quantum technology landscape is evolving, with 29 countries and regions, including the US and EU, developing strategic plans for quantum information [7]. - The Chinese government has emphasized quantum technology in its "14th Five-Year Plan" and has introduced supportive policies at various levels [7]. - The industry is transitioning from laboratory research to practical applications, indicating a new phase characterized by collaboration among academia, industry, and government [7].

Core Viewpoint - The report highlights significant growth in revenue and strategic advancements in quantum technology, particularly in quantum computing, communication, and measurement sectors, indicating a strong market position and future potential for the company [1][2][4]. Group 1: Financial Performance - The company achieved a revenue of 121.37 million yuan, representing a year-on-year increase of 74.54% [1] - The net profit attributable to the parent company was -23.79 million yuan, showing a reduction in losses compared to the previous year [1] - Research and development investment reached 55.17 million yuan, up 33.77%, accounting for 45.46% of total revenue, maintaining a high level of investment [1] Group 2: Quantum Computing Business - The quantum computing segment generated revenue of 55.96 million yuan, marking a year-on-year growth of 283.92% [2] - The company participated in the "Zuchongzhi No. 3" project, which set a world record for quantum computing superiority [2] - Cumulative revenue from quantum computing has surpassed 230 million yuan, positioning the company as a leader in this cutting-edge field [3] Group 3: Quantum Communication and Measurement - Revenue from quantum communication reached 51.74 million yuan, reflecting a year-on-year increase of 28.10% [4] - The company is involved in key industry applications, including projects with major energy and financial institutions [4] - The "Quantum Secret Communication" service, developed in collaboration with China Telecom, has over 5 million users and the capacity to support over 10 million users [4] Group 4: Strategic Developments - The company completed a directed share issuance to China Telecom's subsidiary, becoming a state-owned enterprise [5] - Plans to explore a new development model integrating state-owned enterprises, research institutions, and innovative companies to enhance market expansion and application scenarios for quantum information [5]

Group 1 - The future industry in Anhui is emerging as a significant area for developing new productive forces, driven by strong research capabilities and continuous efforts in exploration [1] - Anhui has established a robust innovation ecosystem that integrates government, industry, academia, research, finance, and services, forming a "golden loop" of policy guidance, capital empowerment, and enterprise implementation [1][2] - The quantum information technology sector in Anhui, represented by companies like China Telecom Quantum Information Technology Group, has seen rapid innovation and a user base of nearly 6 million for its products [2] Group 2 - The artificial intelligence industry in Anhui has gathered 894 large-scale enterprises and 12,000 related companies, with iFlytek winning the first National Science and Technology Progress Award in the AI field in nearly a decade [2] - Companies in Anhui are focusing on "along the way laying eggs," which refers to the development of new technologies and materials during the construction and operation of large scientific facilities, leading to industrial applications [3] - The provincial government has implemented a systematic plan for future industry development, issuing the "Anhui Province Future Industry Development Action Plan" to promote targeted strategies for different sectors [3][4]