国盛证券认为，目前整个AI算力行业"算力基建投入-应用变现-垂类领域扩张-再投资"的逻辑闭环再次得 到强化，同时"算力优势-AI应用优势-市场优势"强调巨头算力军备竞赛紧迫性，两条逻辑链交叉印证， 产业景气度已清晰明确，算力将成为未来重要资源之一。在产业周期背景下，中贝通信积极把握发展机 遇，通过合同落地以及多元化的战略合作，其前瞻性的智算布局正逐步进入业绩兑现期。 值得一提的是，上半年公司发布了向特定对象发行A股股票预案，拟募资不超过人民币19.22亿元，募集 资金主要用于智算中心和5G通信网络建设项目，目前该定增事项已收到证监会同意注册批复。随着公 司定增发行顺利实施，将直接加速公司算力规模的扩张与技术升级，满足客户不断增长的智算服务需 求，为公司业绩的持续高增长注入强劲动力。 目前，中贝通信已初步完成智算业务全国布局，通过提供智算集群设计、建设和运维等服务，为运营 商、云服务商、AI大模型企业等客户提供智算整体解决方案。截至2025年10月，公司在手算力规模已 超15000P，共布局9个智算集群，集群基本为高端算力。同时，公司还完成了DeepSeek训推一体机的调 测部署，为部分企事业单位数字化转型和智 ...

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses the strategic developments and financial performance of China Telecom, focusing on its transition towards high-quality growth and technological innovation in the telecommunications industry. Key Points and Arguments 1. Strategic Focus for 2024 - The company emphasizes six key areas for development in 2024: - Continuous growth in operational performance and high-quality development - Technological innovation leading industry advancements - Deepening AI integration with quantum technology to enhance productivity - Upgrading infrastructure mechanisms for intelligent and green development - Comprehensive reforms to boost innovation vitality - Active social responsibility practices to create value for shareholders [1][2][3] 2. Financial Performance - The company reported a revenue of 1,466 billion yuan, reflecting a growth of 5.5% year-on-year [8] - EBITDA and net profit indicators are also showing positive trends, with a focus on maintaining high returns on equity (ROE) [1][7] 3. Technological Innovation - R&D expenses increased by 11.3% year-on-year, indicating a strong commitment to technological advancement [2] - The company has made significant breakthroughs in core technologies, particularly in cloud computing and AI, with intelligent revenue reaching 8.9 billion yuan, nearly doubling year-on-year [3][9] - The introduction of the DeepSeeker model has been pivotal, with over 3,000 business opportunities identified and 500 contracts signed, amounting to 600 million yuan [14] 4. AI and Quantum Technology Integration - The company is focusing on AI and quantum technology to enhance service offerings and operational efficiency [4][5] - Quantum business revenue has more than doubled, with significant advancements in quantum computing capabilities [4] - The establishment of a national-level innovation platform for quantum communication is underway, enhancing the company's position in the quantum technology sector [5] 5. Infrastructure and Capital Expenditure - Planned capital expenditure for 2024 is 93.5 billion yuan, with a focus on AI and digital infrastructure upgrades [5] - The company aims to enhance its data center capabilities and transition to high-throughput, low-latency networks [5][6] 6. Market Position and Competitive Advantage - China Telecom is positioning itself as a leader in the telecommunications sector by leveraging its technological advancements and comprehensive service offerings [2][3] - The company is actively engaging in international business, with a reported revenue growth of 15.4% in overseas markets [11] 7. Commitment to Sustainability - The company is implementing green development practices, with a 19.2% reduction in greenhouse gas emissions per unit of telecom business volume [5] - The establishment of 28 green data centers and a focus on energy-efficient technologies are part of the sustainability strategy [5] 8. Talent Development and Organizational Structure - The company has invested in building a strong talent pool, with 5 strategic scientists and over 1,000 senior experts [24][25] - Emphasis on creating a conducive environment for innovation and collaboration among technology personnel [25][26] 9. Future Outlook - The company anticipates continued growth in AI and digital services, with a focus on addressing customer needs and enhancing service quality [20][21] - The strategic shift towards a technology-driven enterprise is expected to yield significant benefits in the coming years [19][30] Additional Important Content - The company is actively pursuing partnerships and collaborations to enhance its technological capabilities and market reach [6][31] - The management expressed confidence in navigating regulatory challenges in international markets, particularly in the U.S. [30][31] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting China Telecom's commitment to innovation, growth, and sustainability in the telecommunications industry.