每日晨报│2026 年 2 月 10 日 -主要市场指数表现 | | 收市价 | 上个交易日升 | YTD 升跌 | | --- | --- | --- | --- | | 恒生指数 | 27,027 | +1.76% | +5.45% | | 恒生科技指数 | 5,417 | +1.34% | -1.78% | | 国企指数 | 9,168 | +1.52% | +2.86% | | 沪深 300 | 4,719 | +1.63% | +1.92% | | 上证综合指数 | 4,123 | +1.41% | +3.89% | | 深证成份指数 | 14,208 | +2.17% | +5.05% | | 中小板指 | 8,594 | +1.74% | +4.01% | | 道琼斯指数 | 50,135 | +0.04% | +4.31% | | 标普 500 指数 | 6,964 | +0.47% | +1.74% | | 纳斯达克指数 | 23,238 | +0.90% | -0.01% | | 伦敦富时指数 | 10,386 | +0.16% | +4.58% | | CAC40 指数 | 8,323 ...

Financial Performance and Key Metrics - Total revenues in Q4 2025 increased by 7.1%, with mobile service revenue growing by 7% and fixed services by 5.4% [6][7] - EBITDA grew by 8.1% year-over-year, with a margin of 42.9%, while excluding concession migration effects, EBITDA advanced by 17.7% [6][20] - Net income for 2025 reached BRL 7.2 billion, reflecting a double-digit growth, and free cash flow increased by 11.4% to BRL 9.2 billion [6][23] - The company paid out BRL 6.4 billion to shareholders in 2025, achieving a payout ratio of 103.4% [7][24] Business Line Performance - The postpaid mobile segment saw a 6.5% year-over-year increase, reaching 70.8 million customers, representing 69% of the mobile base [5][10] - Fiber connections reached 7.8 million, with a footprint extending to 31 million homes, and FTTH accesses grew by 12% year-over-year [11][12] - New businesses generated a 27% revenue increase, now accounting for 12.1% of total revenues, with significant contributions from B2C and B2B solutions [9][14] Market Performance - The mobile customer base reached 103 million, with a 0.7% year-over-year increase, and 5G customers grew to 23.1 million, improving the take-up ratio to 27.8% [10][11] - B2B revenues amounted to BRL 13.5 billion, up 13.7% year-over-year, with digital B2B growing by 29.5% [14][15] - The fiber market share increased from 18.8% to 19.3% year-over-year, with a net addition of 834,000 customers [77] Company Strategy and Industry Competition - The company focuses on convergence, with 62.7% of FTTH customers being convergent, and aims to drive more customers to the Vivo Total offering [86][89] - The competitive environment in the fiber market remains fragmented, with potential for consolidation to improve sustainability [78][79] - The company is committed to maintaining a disciplined capital allocation strategy while exploring opportunities for M&A to strengthen its fiber footprint [93][96] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about future net income growth, driven by stable EBITDA growth and reduced depreciation starting in mid-2026 [30][31] - The company is leveraging AI to enhance operational efficiency and customer engagement, with expectations for significant cost savings [90][91] - The management remains focused on optimizing CapEx and improving the ratio of CapEx to revenues while continuing to invest in infrastructure [36][37] Other Important Information - The company achieved recognition for its sustainability efforts, ranking among the top companies in various global assessments [16][17] - The board approved a new share buyback program of up to BRL 1 billion, to be executed until February 2027 [25] Q&A Session Summary Question: Distribution strategy for 2026 - Management discussed the mix between buybacks, interest on capital, and capital reduction, emphasizing a commitment to distribute at least 100% of net income [27][28] Question: CapEx outlook for 2026 - Management highlighted ongoing CapEx optimization efforts and the importance of maintaining a balance between infrastructure investment and revenue growth [35][36] Question: Competitive environment in mobile - Management noted a stable mobile market share and emphasized the importance of retaining customers and growing ARPU without engaging in price wars [94][95] Question: Lease expenses reduction - Management explained the reduction in lease expenses due to ongoing renegotiations and expressed optimism about future trends [50][54] Question: Growth in B2B segment - Management confirmed strong growth in B2B revenues and highlighted the importance of digital services in driving future growth [68][69]

战略调整效果：面对宽带业务竞争(如威瑞森、T-Mobile的5G服务)，公司正将重心转向移动业务增长。 投资者可关注其2026年用户数据及新市场策略的执行情况。 经济观察网根据康卡斯特(CMCSA.O)近期公开信息，截至2026年2月13日，以下几方面动态值得关注。 近期事件 2025年第四季度财报发布：公司于2026年1月29日公布业绩，调整后每股收益0.84美元，超出市场预期 的0.75美元；营收323.1亿美元略低于预期。宽带用户流失18.1万，但移动业务新增36.4万用户，流媒体 平台Peacock付费用户增至4400万。 业务分拆进展：公司已将包括CNBC在内的部分有线电视网络分拆，成立独立上市公司Versant。Wolfe Research分析师彼得.苏皮诺指出，此举可能释放约300亿美元价值，折合每股约8美元。 未来发展 媒体与主题公园业务价值重估：分析师认为，若公司进一步拆分媒体、娱乐及主题公园业务，可能成为 股价催化剂。Moffett Nathanson分析师克雷格.莫菲特维持"买入"评级，目标价53美元。 估值与股东回报：截至2026年2月4日，股价报30.5美元，过去52周下跌9.09% ...

Group 1 - Lianqi Technology (澜起科技) debuted on the Hong Kong Stock Exchange on February 9, 2023, with a closing price of HKD 175 per share, marking a 63.72% increase on its first day of trading [1] - The company focuses on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure, with IPO proceeds aimed at R&D, commercialization, strategic investments, and general corporate purposes [1] - The strong market response reflects the company's technological barriers and the benefits of its sector, aligning with the demand for computing infrastructure upgrades [1] Group 2 - Tongcheng New Materials (彤程新材) has submitted a listing application to the Hong Kong Stock Exchange, with Cathay Pacific Securities as the exclusive sponsor [2] - The company is a leading comprehensive new materials service provider in China, focusing on advanced chemical products, including electronic materials and biodegradable materials [2] - The listing is expected to enhance R&D investment and global production capacity expansion, leveraging its first-mover advantage in domestic photolithography resin [2] Group 3 - China Nuclear International (中核国际) announced a positive earnings forecast, expecting revenue to reach at least HKD 2.46 billion and gross profit to increase to at least HKD 260 million in 2025 [3] - This represents a significant increase from the 2024 expected revenue of approximately HKD 1.841 billion and gross profit of HKD 234 million, driven by increased uranium trading volumes [3] - The company's growth is supported by its unique position within the China National Nuclear Corporation and the rigid demand from domestic nuclear power expansion [3] Group 4 - Hong Kong Telecommunications (香港电讯) reported a 5% year-on-year increase in total revenue for 2025, reaching HKD 36.553 billion [4] - EBITDA grew by 4% to HKD 14.234 billion, while profit attributable to shareholders increased by 4% to HKD 5.286 billion [4] - The steady growth is attributed to robust performance in 5G and data services, reinforcing its position as a leading utility provider in Hong Kong [4] Group 5 - The Hang Seng Index closed at 27,027.16, up 1.76% on February 9, 2023 [5] - The Hang Seng Tech Index rose by 1.34% to 5,417.60, while the Hang Seng Composite Index increased by 1.52% to 9,168.33 [5]

期内，EBITDA总计142.34亿元，同比增长3.57%，主要受惠于人工智能应用所带来的效率及生产力提 升。 来源：金吾财讯 金吾财讯 | 香港电讯-SS(06823)公告公布，截至2025年12月31日止年度，股份合订单位持有人应占溢利 52.86亿元（港币，下同），同比增长4.26%；每个股份合订单位基本盈利为港币69.76分。每个股份合 订单位的末期分派为47.97分，每个股份合订单位全年总分派81.77分，去年同期为78.8分。 期内，总收益为365.53亿元，同比增长5.18%。总收益（未计流动通讯产品销售）为330.16亿元，同比 增长3.08%。 期内，公司5G客户基础增长20%至209.6万；连同较高的漫游收益，带动流动通讯服务收益增长5%。 ...

期内，保持宽频市场的领导地位，光纤入屋连接总数增加百分之四至108.6万条；逐步升级至最新光纤 服务，推动2500M客户基础扩大百分之九十三；5G客户基础增长百分之二十至209.6万；连同较高的漫 游收益，带动流动通讯服务收益增长百分之五；企业业务进一步扩展，于2025年实现百分之八的收益增 长；并获得总额逾港币50亿元的新项目订单，支持未来业务增长。 2025年度，股份合订单位持有人应占溢利增加百分之四至港币52.86亿元；每个股份合订单位基本盈利 为港币69.76分；及每个股份合订单位的末期分派为港币47.97分，因此全年总分派为港币81.77分，相当 于全数分派本年度的经调整资金流。 格隆汇2月9日丨香港电讯-SS(06823.HK)公布，截至2025年12月31日止年度，集团于多项关键财务指标 均录得增长，总收益增长百分之五至港币365.53亿元，EBITDA上升百分之四至港币142.34亿元，而最 重要的是，经调整资金流亦增加百分之四至港币61.99亿元。此出色表现有赖集团核心业务的持续增长 动力、严格的成本效益，以及审慎的资本管理。 ...

Financial Data and Key Metrics Changes - The company reported over 4% growth in consolidated Adjusted EBITDA during Q4 2025, with Adjusted EBITDA margins expanding by 20 basis points [19] - Adjusted EPS grew by over 20% in Q4 to $0.52 and nearly 9% for the year to $2.12, exceeding the 2025 guidance [20] - Full year free cash flow was $16.6 billion, which grew by over $1 billion and was towards the higher end of the 2025 guidance [20][21] Business Line Data and Key Metrics Changes - The company achieved over 1.5 million postpaid phone net adds for the fifth consecutive year and over 1 million AT&T Fiber net adds for the eighth consecutive year [4] - The fiber convergence rate climbed 200 basis points year-over-year to 42%, indicating strong growth in customers who use both fiber and wireless services [9] - The company expects to reach over 40 million customer locations with fiber services by the end of 2026, up from 32 million at the end of 2025 [7] Market Data and Key Metrics Changes - The company continues to expand its fiber reach, planning to ramp up annual fiber construction from 3 million new locations in 2025 to 4 million by the end of 2026 [6] - The company expects total wireless service revenue growth in the 2%-3% range annually over the next three years, driven by growth in consumer and business customer relationships [25] - Advanced home internet service revenues are expected to grow organically by over 20% annually through 2028 [27] Company Strategy and Development Direction - The company aims to become the best advanced connectivity provider in America, focusing on 5G and fiber subscriber growth [4] - Plans to adopt new segment reporting beginning in Q1 2026, separating Advanced Connectivity results from Legacy operations to provide better transparency [17][24] - The company is committed to discontinuing a large majority of copper-based services by the end of 2029, managing the Legacy segment to achieve this outcome [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the supportive federal policy for market-based investment in advanced networks, anticipating increased demand for dense fiber networks [18] - The company expects to return over $45 billion to shareholders through dividends and share repurchases over the next three years [16] - Management highlighted the importance of maintaining a disciplined approach to pricing and customer acquisition in a competitive market [78] Other Important Information - The company achieved over $1 billion in cost savings in 2025 and expects to achieve an additional $4 billion in annual cost savings by the end of 2028 [30] - The company plans to close its acquisition of fiber assets from Lumen during Q1 2026, which will add approximately $900 million of annualized fiber revenues [28] Q&A Session Questions and Answers Question: What is the expected convergence rate for fiber customers over time? - Management expects the convergence rate to continue improving, aiming for 50% and potentially higher in the long term [43][44] Question: What are the drivers behind the slowdown in consumer wireline revenue growth? - Management indicated that pricing adjustments and strategic decisions to bundle services have contributed to the slowdown, but they remain optimistic about future growth [48][49] Question: Are there plans for additional spectrum investments? - Management confirmed that they have reserved capacity for strategic options and will be judicious in future spectrum investments [57][58] Question: How is AT&T responding to competitive promotional changes? - Management stated that they are focused on maintaining financial performance through disciplined pricing and targeting under-penetrated segments [78][80]

Core Viewpoint - The European Union (EU) has increased unreasonable discriminatory measures against Chinese enterprises, exacerbating global trade frictions in a complex international trade environment [1][3]. Group 1: EU Measures Against Chinese Enterprises - The EU has intensified its anti-subsidy and anti-dumping investigations, surpassing the US in the amount of trade friction measures, which now exceed the latter's for the first time in 16 months [1]. - The trade friction index related to China reached 101 in January, indicating a high level of tension, with the EU having the highest index among 19 countries [1]. - The EU's carbon border adjustment mechanism (CBAM) has set significantly high default values for carbon emissions from Chinese products, disregarding China's achievements in green and low-carbon development [3]. Group 2: Chinese Response and Investment Outlook - The Chinese Ministry of Commerce criticized the EU's use of non-technical standards to restrict Chinese enterprises, claiming it distorts the market and threatens supply chain security [3][4]. - Chinese enterprises are optimistic about "going global," with a projected 7.1% increase in foreign direct investment by 2025, maintaining a top-three position globally for nine consecutive years [5]. - A survey indicates that nearly 80% of Chinese enterprises intend to expand or maintain their foreign investment, with 90% showing an increased willingness to use RMB for overseas investments [5][6]. Group 3: Support for Chinese Enterprises - The China Council for the Promotion of International Trade (CCPIT) is enhancing services for enterprises going abroad, including organizing business negotiations and improving the overseas service system [5][6]. - The CCPIT aims to create a comprehensive digital service ecosystem for enterprises, leveraging big data and artificial intelligence to support their international expansion [6].

Group 1 - The core viewpoint of the article highlights that the number of 5G users in China has exceeded 1.2 billion [2] Group 2 - The announcement was made during a press conference by the spokesperson of the Ministry of Industry and Information Technology, Xie Cun [2] - The press conference took place on January 21, organized by the State Council Information Office [2]

Core Viewpoint - The World Bank has raised Saudi Arabia's economic growth forecast for 2025 to 3.8% from a previous estimate of 3.2% [1] Economic Outlook - The report indicates that lower oil prices have led to an expansion of the fiscal deficit, but the overall public debt level remains low [1] - The "Vision 2030" initiative and the relaxation of foreign ownership regulations are expected to attract investment and promote economic diversification [1] Digital Transformation - Rapid regional digitalization is highlighted, with over 90% 5G coverage [1] - Investments in data centers, high-performance computing, and artificial intelligence are concentrated in Saudi Arabia [1] Recommendations for Growth - To solidify growth momentum, the report suggests supporting small and medium-sized enterprises (SMEs) in adopting AI, enhancing retraining, and building an innovation ecosystem [1] - It also emphasizes the importance of maintaining fiscal health to address oil price fluctuations and challenges related to labor and the environment [1]