Group 1 - China Telecom has integrated quantum technology into its strategic framework, achieving significant breakthroughs such as the world's largest quantum metropolitan network and over 6 million users of quantum secure communication [1] - The company has developed a distributed encryption system that combines Quantum Key Distribution (QKD) and Post-Quantum Cryptography (PQC) [1] - Under national laboratory guidance, China Telecom has established the "Tianyan-287" superconducting quantum computer, which is the most powerful in the country [1] Group 2 - The establishment of the "Central Enterprise Quantum Talent Innovation Space" is a major strategic initiative aimed at promoting quantum technology and industrial development [2] - The initiative focuses on collaborative innovation among state-owned enterprises, aiming to share research tasks, resources, and innovation outcomes [2] - The company plans to accelerate the transformation of research results into practical applications, creating a globally competitive open ecosystem for quantum technology [2] - A new talent mechanism will be implemented to enhance collaboration and establish a high-level quantum talent research zone [2]

在合肥高新区，有一条因量子而闻名的"量子大道"——云飞路，这里集聚了众多量子科技企业，形 成了覆盖量子通信、计算、测量三大领域的完整产业链。近年来，合肥市全力攻关量子核心技术，建设 平台创新体系。依托合肥综合性国家科学中心，服务保障国家实验室建设运行。建立"揭榜挂帅"机制， 围绕关键核心技术难题，依托中国科大等高校院所，参与国家级重大科研项目联合攻关。在产业发展上 加快建设安徽量子产业先导区，布局源头创新、孵化培育、产业集聚、人才社区四大功能空间，其中产 业集聚核心承载区——量子产业科技园已建成运行。 近年来，我省始终把推动量子科技发展摆在全省经济社会发展的重要位置，不断优化资源配置、强 化服务保障，推动量子科技和产业发展走在全国前列。 近年来，我省始终把推动量子科技发展摆在全省经济社会发展的重要位置，不断优化资源配置、强 化服务保障，推动量子科技和产业发展走在全国前列。目前，全省量子产业链企业突破100家，领跑全 国。 我省在产业技术创新上持续突破，诞生了"九章""祖冲之"量子计算机等具有国际影响力的重大科技 成果，在省科技攻坚计划中，还重点支持推动突破高性能低噪声单光子探测器调控等一批关键技术，超 低噪声 ...

Core Points - The development of the Yangtze River Economic Belt is crucial for China's long-term interests, aiming to become a leader in ecological priority and high-quality economic growth [1][3][4] - The region's GDP is projected to exceed 63 trillion yuan in 2024, with a growth rate of 5.4% [1] - In the first eight months of this year, the foreign trade import and export value of the 11 provinces and cities along the Yangtze River reached 13.7 trillion yuan, a historical high, accounting for 46.3% of the national total [1] Environmental Protection and Restoration - Significant achievements have been made in ecological environment protection and restoration along the Yangtze River, with a focus on "big protection" and not "big development" [1][4][9] - The illegal sand mining activities have been addressed, with 39 illegal sand terminals and 84 sand fields shut down in Hunan [4] - The ecological integrity index of the Yangtze River has improved, with the main stream maintaining a Class II water quality for five consecutive years [9] Industrial Transformation - The transformation and upgrading of industries are essential for achieving both ecological sustainability and economic growth [6][8] - The Jiujiang Petrochemical Industry Park is undergoing a significant transformation with a total investment of 10.6 billion yuan, expected to increase annual revenue by 60 billion yuan [8] - Over 30 chemical companies in Jiujiang have transitioned to green development, with a 13.3% year-on-year increase in profits from the petrochemical industry chain [9] Innovation and Technological Advancement - Innovation is emphasized as a driving force for development, with a focus on transforming research and talent advantages into development advantages [10][11] - The automotive industry in the Yangtze River Economic Belt is becoming the largest automotive industry cluster in China, with significant advancements in electric and intelligent connected vehicles [12] - Quantum technology applications are being developed in Hefei, with over 30 quantum technology companies contributing to a complete ecosystem from research to industrialization [12] Regional Coordination and Integration - The Yangtze River Economic Belt is seeing enhanced regional coordination and integration, with collaborative efforts among provinces to address environmental and economic challenges [15][19] - The establishment of a "capacity pool" mechanism in Zhejiang has facilitated the rapid development of river-sea intermodal transport, significantly improving logistics efficiency [17] - The integration of the Yangtze River Economic Belt with the Belt and Road Initiative is enhancing trade connectivity and market access [18]

Core Viewpoint - The development of the Yangtze River Economic Belt is crucial for China's long-term interests, focusing on ecological protection, high-quality economic growth, and enhancing domestic and international circulation [1][2]. Group 1: Ecological Protection and Restoration - Significant achievements have been made in ecological protection and restoration along the Yangtze River, with a focus on "coordinated protection and not large-scale development" [1][2]. - The GDP of the Yangtze River Economic Belt is projected to exceed 63 trillion yuan, with a growth rate of 5.4% in 2024 [1]. - In the first eight months of this year, the foreign trade import and export value of the 11 provinces and cities along the Yangtze River reached 13.7 trillion yuan, a historical high, with a year-on-year growth of 6% [1]. Group 2: Industrial Transformation and Upgrading - The transformation and upgrading of industries are essential for achieving both ecological sustainability and economic growth [7]. - The total investment in the 150 million tons/year aromatics and refining project in Jiujiang is 10.6 billion yuan, expected to increase annual revenue by 60 billion yuan [7]. - Jiujiang's petrochemical industry has seen a year-on-year profit increase of 13.3% [7]. Group 3: Innovation and Technological Development - The Yangtze River Economic Belt is becoming a hub for the automotive industry, with significant advancements in electric and intelligent connected vehicles [9][10]. - Over 40 enterprises and universities in Hubei have formed a joint innovation body for automotive-grade chips, leading to the development of the first domestic high-performance microcontroller chip [9]. - The quantum technology sector in Hefei has seen the establishment of over 30 leading enterprises, with more than 2,000 related patents [11]. Group 4: Regional Coordination and Integration - The Yangtze River Economic Belt emphasizes regional collaboration, with various provinces and cities working together to enhance ecological protection and economic development [15][18]. - The establishment of a "five-in-one" governance model in Yueyang has improved environmental management by integrating multiple departments [15]. - The new shipping channel project at the Three Gorges is expected to enhance the comprehensive functions of water conservancy, shipping, and ecology along the Yangtze River [18].

Core Viewpoint - The development of the Yangtze River Economic Belt is crucial for China's long-term interests, focusing on ecological protection, high-quality economic growth, and enhancing domestic and international circulation [1][3]. Economic Development - The GDP of the Yangtze River Economic Belt is projected to exceed 63 trillion yuan in 2024, with a growth rate of 5.4% [1]. - In the first eight months of this year, the foreign trade import and export value of the 11 provinces and cities along the Yangtze River reached 13.7 trillion yuan, a historical high, with a year-on-year growth of 6%, accounting for 46.3% of the national total [1]. Ecological Protection - Significant achievements have been made in ecological environment protection and restoration along the Yangtze River, with a focus on "grasping major protection and not engaging in major development" [4][8]. - The ecological integrity index of the Yangtze River has improved, with the main stream maintaining a Class II water quality for five consecutive years [8]. Industrial Transformation - The transformation and upgrading of industries are emphasized, with projects like the 150 million tons/year aromatics and refining modification project in Jiujiang expected to increase annual revenue by 60 billion yuan [7]. - Over 30 chemical companies in Jiujiang have transitioned to green development, with the city's petrochemical industry chain profit increasing by 13.3% year-on-year [8]. Innovation and Technology - The Yangtze River Economic Belt is becoming China's largest automotive industry cluster, with significant advancements in electric and intelligent connected vehicles [11]. - The establishment of a quantum technology ecosystem in Hefei, with over 30 leading quantum technology companies, highlights the region's focus on innovation [12]. Regional Collaboration - The integration of transportation networks and the establishment of a "capacity pool" mechanism in Zhejiang have enhanced the efficiency of logistics and trade along the Yangtze River [17]. - Collaborative efforts among provinces, such as the G60 Science and Technology Innovation Corridor, are promoting resource sharing and technological innovation [19].

Core Insights - The development of the Yangtze River Economic Belt is crucial for China's long-term interests, focusing on ecological priority and high-quality economic growth [1][3][4] - The region's GDP is projected to exceed 63 trillion yuan in 2024, with a growth rate of 5.4% [1] - The foreign trade value of the 11 provinces and cities along the Yangtze River reached 13.7 trillion yuan in the first eight months of this year, marking a historical high and a 6% year-on-year increase [1] Environmental Protection and Restoration - Significant achievements have been made in ecological protection and restoration along the Yangtze River, with a focus on "big protection" and avoiding "big development" [1][4][8] - The illegal sand mining activities have been addressed, with 39 illegal sand terminals and 84 sand fields shut down in Hunan [4] - The ecological integrity index of the Yangtze River has improved, with the main river maintaining a Class II water quality for five consecutive years [8] Industrial Transformation and Innovation - The chemical industry along the Yangtze River is undergoing transformation towards greener practices, with over 30 chemical companies in Jiujiang promoting green development [8][7] - Jiujiang Petrochemical's investment in a 150 million tons/year aromatics and refining project is expected to generate an additional 60 billion yuan in revenue annually [7] - The automotive industry in the Yangtze River Economic Belt is becoming a major hub for electric and intelligent connected vehicles, with significant growth in exports of new energy vehicles [10][11] Regional Collaboration and Connectivity - The Yangtze River Economic Belt is enhancing regional collaboration, with initiatives like the "G60 Science and Technology Innovation Corridor" promoting resource sharing and cooperative innovation [19] - The establishment of a "transport capacity pool" mechanism in Zhejiang has improved logistics efficiency, facilitating the rapid movement of goods along the river [17] - The integration of the Yangtze River Economic Belt with the Belt and Road Initiative is strengthening international trade connections [18]

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]