Core Insights - China has deployed 64,000 5G industry virtual private networks and over 100 types of 5G industrial gateways and routers, with a global share of 42% in essential 5G standard patents [1][2] - As of July 2023, China has built 4.598 million 5G base stations and over 30.53 million gigabit network capability ports, achieving "gigabit access in every county and 5G access in every township" [1] - The national integrated computing network system is accelerating its construction, with 10.85 million standard racks in use and an intelligent computing scale of 788 EFLOPS [1] Industry Developments - The information and communication technology industry in China is continuously improving, with breakthroughs in key technology areas and new achievements in industrial layout, enhancing the vitality of industry enterprises [2] - China has established a complete 5G industrial chain covering chips, terminals, base station equipment, and testing instruments, with emerging fields like artificial intelligence and satellite internet accelerating their layout [2] - The number of telecom business operating license holders has reached 186,500, a year-on-year increase of 10% [2] Application and Impact - New technologies such as 5G, industrial internet, artificial intelligence, and digital twins are widely applied in research and development, driving innovation in the industrial sector and improving efficiency [2] - In key areas like large aircraft, new energy vehicles, and high-speed trains, the average development cycle of smart manufacturing demonstration factories has been shortened by nearly 30% [2] - 5G applications have been integrated into 86 out of 97 major categories of the national economy, with over 138,000 cases accelerating into core production processes, resulting in an average capacity increase of 19.6% and a 14.5% reduction in operating costs [2] Future Directions - The Ministry of Industry and Information Technology will promote the "construction, use, and research" of the information and communication industry, accelerating the deployment of 5G-A product systems and high-quality networks, and advancing 6G technology research [3]

Core Viewpoint - The article highlights the rapid deployment of 5G industry virtual private networks in China, with a total of 64,000 networks established, indicating a significant advancement in the information and communication industry to support new industrialization efforts [1] Industry Summary - The information and communication sector is accelerating its pace to empower new industrialization [1] - The establishment of 64,000 5G industry virtual private networks demonstrates a strategic move towards enhancing industrial capabilities through advanced communication technologies [1]

1 截至 2025 年 6 月 四、科技创新 证券代码：600050 证券简称：中国联通 公告编号：2025-038 中国联合网络通信股份有限公司 2025年二季度运营数据公告 中国联合网络通信股份有限公司（简称"本公司"或"公司"） 全面实施融合创新战略，聚焦网络强国、数字中国主责，拓展联 网通信、算网数智主业，推进网络向新、技术向新、服务向新， 努力在企业高质量发展上迈出更大步伐。 现将截至 2025 年二季度的运营数据公布如下： | | 截至 2025 年 | 6 月 | | --- | --- | --- | | 一、泛在智联 | | | | 联接用户累计到达数 | 120,786.2 | 万户 | | 5G 网络用户累计到达数 | 21,351.3 | 万户 | | 物联网终端连接累计到达数 | 68,510.0 | 万户 | | 二、5G 规模化应用 | | | | 5G 行业虚拟专网服务客户数 | | 19,754 个 | | 三、智慧服务 | | | | 当月智慧客服客户问题解决率 | | 98.9% | | 当月智慧客服智能服务占比 | | 84.4% | 授权专利本年累计数量 163 件 ...

Group 1 - The total number of "Ubiquitous Intelligent Connection" users is expected to reach approximately 1.208 billion by the second quarter of 2025 [1] - The cumulative number of 5G network users is projected to reach about 214 million [1] - The total number of IoT terminal connections is anticipated to reach around 685 million [1] Group 2 - The number of customers for 5G industry virtual private network services is reported to be 19,800 [1] - The problem resolution rate for smart customer service is 98.9% [1] - The proportion of intelligent services in smart customer service is 84.4% [1] Group 3 - The total number of authorized patents accumulated this year is 163 [1]

◎记者 王子霖 4月17日晚，中国联通披露2025年一季报。报告期内，公司实现营业收入1033.5亿元，同比提升3.9%； 归属于母公司净利润26.1亿元，同比提升6.5%。记者注意到，这是公司上市以来首次一季度营收突破千 亿元。用户数方面，截至一季度末，中国联通移动用户数净增478万户，达到3.49亿户；物联网连接数 达6.63亿户，净增3840万户。 一季度，中国联通以数据中心适智化改造推动AIDC提速发展，实现数据中心收入72.2亿元，同比提升 8.8%；深入推进5G规模化应用，累计落地3万个"5G+工业互联网"项目和7500多个5G工厂。此外，公司 算力业务规模持续突破，联通云收入达到197.2亿元，同比增长约18%。 值得一提的是，中国联通一季度的数据中心和联通云业务增速均高于2024年全年。2024年以来，中国联 通将网络向新、技术向新和服务向新构成的"三个向新"作为公司重要战略。截至目前，这三大领域分别 取得显著成效。 网络向新方面，中国联通构建高速泛在、算网融合、绿色低碳的新型基础设施，夯实高质量发展基础。 期内，公司持续推进共建共享，5G中频基站超过144万站，4G中频共享基站超过200万站 ...

现将截至 2025 年一季度的运营数据公布如下： | | 截至 2025 | 年一季度 | | | --- | --- | --- | --- | | 一、泛在智联 | | | | | 联接用户累计到达数 | | 118,179.5 万户 | | | 5G 网络用户累计到达数 | 20,382.5 | | 万户 | | 物联网终端连接累计到达数 | 66,317.6 | | 万户 | | 二、5G 规模化应用 | | | | | 5G 行业虚拟专网服务客户数 | | 17,941 | 个 | | 三、智慧服务 | | | | | 当月智慧客服客户问题解决率 | | | 98.8% | | 当月智慧客服智能服务占比 | | | 83.7% | 1 证券代码：600050 证券简称：中国联通 公告编号：2025-021 中国联合网络通信股份有限公司 2025年一季度运营数据公告 中国联合网络通信股份有限公司（简称"本公司"或"公司"） 全面实施融合创新战略，聚焦网络强国、数字中国主责，拓展联网 通信、算网数智主业，推进网络向新、技术向新、服务向新，努力 在企业高质量发展上迈出更大步伐。 授权专利本年累计数量 84 ...

Core Viewpoint - China Unicom announced its operational data for Q1 2025, highlighting significant growth in user connections across various services [1] User Connections - As of Q1 2025, the total number of ubiquitous intelligent connection users reached 1.182 billion [1] - The number of 5G network users reached 204 million [1] - The cumulative number of IoT terminal connections reached 663 million [1] Service Performance - The number of customers using 5G industry virtual private network services was 17,941 [1] - The problem resolution rate for smart customer service in the month was 98.8% [1] - The proportion of intelligent services in smart customer service for the month was 83.7% [1] Patent Activity - The total number of authorized patents accumulated this year was 84 [1]

请务必阅读正文最后的中国银河证券股份有限公司免责声明 | | | -20% 0% 20% 40% 60% 通信 沪深300 公司深度报告 · 通信行业 中国银河证券|CGS AI 浪潮大周期,数智云应用破局 ―― 中国联通（600050.SH）深度报告 通信首席分析师:赵良毕 通信分析师:赵中兴 研究助理：刘璐 www.chinastock.com.cn 证券研究报告 3 公司深度报告 · 通信行业 中国银河证券|CGS 目录 Catalog | 一、 联通创新与股权优化,深化改革促产业链升级 | | --- | | (一） 创新不断，推动通信服务升级变革 . | | (二) 战略投资者促多元化发展, 优化股权助市场化治理 | | 深化改革持续推进,算网产业链"链主"引领作用增强 . (三) | | 二、 夯实科技 ICT, 价值重构带来估值提振 | | (一) 运营商行业基本面稳健、电信业务总量两位数增长 | | (二) 电信周期波动促运营商求新,AI 赋能加速数字化转型… | | 5G 投资结构调整，资本开支优化助力算力新业务崛起 (三) | | (四) 提质增效重回报，价值重构有望带来估值溢价 … | ...

Investment Rating - The report assigns a positive investment rating to China Unicom, indicating a favorable outlook for the company's future performance [4]. Core Insights - The report emphasizes that China Unicom is undergoing significant transformation through innovation and strategic partnerships, enhancing its position in the telecommunications industry [9][17]. - The company is focusing on digital transformation and AI integration to drive growth in new business areas, particularly in cloud computing and data services [49][52]. - Financial projections indicate steady revenue growth and profit increases, with a forecasted revenue of 4415.89 billion yuan by 2026, reflecting a compound annual growth rate [4][24]. Summary by Sections Section 1: Innovation and Reform - China Unicom has continuously innovated since its establishment in 1994, evolving from a traditional telecom operator to a technology-driven service provider [9][10]. - The introduction of strategic investors like Tencent and Alibaba has diversified the company's ownership structure and enhanced its market governance [17]. - Ongoing reforms are strengthening China Unicom's role as a leader in the digital economy, particularly in the ICT sector [19][20]. Section 2: Technology and Value Reconstruction - The telecommunications industry is experiencing robust growth, with double-digit increases in overall telecom business volume [24]. - China Unicom's revenue from its second curve business reached 752 billion yuan in 2023, accounting for 23.5% of its main business revenue [13][24]. - The company is optimizing its capital expenditures, shifting focus from traditional network investments to emerging business areas like AI and cloud services [58][59]. Section 3: Steady Improvement and New Growth Drivers - The company is expanding its network infrastructure, with a significant increase in gigabit broadband users and 5G subscribers [38][44]. - China Unicom's digital services are gaining traction, with a notable rise in cloud service revenue, which reached 438.6 billion yuan in 2024 [55]. - The report highlights the importance of AI and digital transformation in driving future growth, with a focus on integrating these technologies into existing services [53][61]. Section 4: Profit Forecast and Investment Recommendations - The financial outlook for China Unicom shows a steady increase in both revenue and net profit, with projections indicating a net profit of 116.46 billion yuan by 2026 [4][24]. - The report suggests that the company's strategic initiatives and market positioning will likely lead to enhanced shareholder returns and overall financial performance [19][20].