丨证券研究报告丨 公司研究丨点评报告丨中国联通（600050.SH） [Table_Title] 中国联通 2025 半年报点评： 自由现金流回升显著，中期派息提升亮眼 于海宁 温筱婷 SAC：S0490517110002 SAC：S0490524100002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 报告要点 [Table_Summary] 2025Q2，公司收入表现主要受非主营业务影响，利润稳健增长。业务结构持续优化，联接规模 持续拓展，算力业务动能强劲，算力基础设施规模持续扩大。此外，公司应收及信用减值增幅 收窄明显，自由现金流回升显著，中期派息提升亮眼，预计全年派息率维持提升态势。展望 2025 年，公司维持营业收入、利润及净资产收益率实现有力增长的全年目标。 分析师及联系人 [Table_Author] [Table_Summary2] 事件描述 8 月 12 日，公司发布 2025 半年报。2025H1 公司实现营业收入 2002 亿元，同比增长 1.5%； 实现归母净利润 63.5 亿元，同比增长 5.1%。 事件评论 风险 ...

（文章来源：每日经济新闻） 大洋电机（002249.SZ）8月9日在投资者互动平台表示，公司子公司中山宜必思科技有限公司温控散热 风机产品目前已成功应用于IDC（互联网数据中心）领域，客户包括中国移动、英维克、海悟等。目 前，公司应用在IDC领域的产品整体规模相对较小，但随着产业的发展，后续业务量有望快速增长，将 为公司贡献新的营收增长点。 每经AI快讯，有投资者在投资者互动平台提问：大洋电机是否有应用于IDC（互联网数据中心）的产 品？ ...

以下文章来源于最华人 ，作者华人作者团 最华人 . 有华人的地方，就有最华人。 关注华人商业领袖、创业者及商业案例； 洞察科技制造、品牌出海、产 业革新等。 "2022中国正能量网络精品"获得者。 生逢其时，勇毅前行。 作者：牧龙闲人 来源：最华人 这大概是收租的最高境界了，每天一睁眼，就有上千万入账。 最近，胡润研究院发布《2025年全球富豪榜》，65岁的周超男以425亿元财富，成为新一任 河北女首富，在全球排名第600位。 在过去的一年里，周超男财富暴涨136%，一年狂揽245亿元，算下来平均每天入账6700多万 元。 她是怎么赚到的？ 简单来说，就是向互联网大厂"收租"。 周超男执掌的润泽科技，有着国内超大规模的数据中心产业园。 她为各大互联网公司、云计算公司提供存放服务器的场地，并为它们提供配套的网络、电力、 空调等基础设施，以及运营维护、安全管理等增值服务。 这种模式，与房地产界的"万达广场"非常相似——圈地、盖楼、收租。 但不同的是，她的租户不是商家，而是字节跳动、京东、美团、快手这样的互联网巨头。 在这个AI技术爆发、算力需求暴涨的时代，周超男以提前十几年的布局，成为了如今的互联 网"包租婆"。 ...

Core Viewpoint - China Telecom reported a continuous growth in its performance, achieving record highs in revenue and net profit for 2024, with a significant increase in various service segments [2][3][4]. Financial Performance - In 2024, China Telecom achieved operating revenue of 523.57 billion yuan, a year-on-year increase of 3.10% [2][3]. - The net profit reached 33.01 billion yuan, up 8.43% year-on-year, while the net profit excluding non-recurring items was 30.74 billion yuan, growing by 4.03% [2][3]. - Over the past five years, the company has seen a revenue growth of approximately 41%, net profit growth of about 61%, and a 55% increase in net profit excluding non-recurring items [4]. Service Revenue Breakdown - Mobile communication service revenue for 2024 was 202.5 billion yuan, reflecting a 3.5% increase, with mobile value-added and application revenue growing by 16.1% [4]. - Fixed-line and smart home service revenue reached 125.7 billion yuan, up 2.1%, with smart home business revenue increasing by 16.8% [4]. - The digital industry revenue amounted to 146.6 billion yuan, a 5.5% increase, accounting for 30.4% of service revenue [4]. International Business Development - China Telecom accelerated the high-quality development of its international business, achieving 16.9 billion yuan in international revenue, a 15.4% increase [5]. R&D Investment - The company has consistently invested over 10 billion yuan in R&D for three consecutive years, with R&D expenses reaching 14.53 billion yuan in 2024, a growth of 11.3% [6]. - The R&D intensity was 3.4%, an increase of 0.2 percentage points from the previous year, with a focus on core technologies in network, cloud, AI, and quantum security [6]. Capital Expenditure and Future Plans - In 2024, China Telecom completed capital expenditures of 93.5 billion yuan, with plans for 83.6 billion yuan in 2025, a decrease of 10.6% [7]. - The company aims to enhance its cloud and digital infrastructure, with a projected increase in capital expenditure for computing power by 22% [7]. Dividend Distribution - The total cash dividend for 2024 is set at 23.77 billion yuan, representing 72% of the net profit [8]. - The proposed cash dividend per share is 0.0927 yuan, with a total distribution of approximately 8.48 billion yuan [8].

• 中国能建 2024 年新签合同额超 1.4 万亿元，海外业务达 3,200 亿元，同比 增长近 15%，电力能源领域占比超 80%，新能源和综合智慧能源占据一半以 上，为未来发展提供保障。 • 公司积极布局氢能和储能，与宁德时代合作推进电化学储能，葛洲坝进军 抽水蓄能和水电，湖北应城 300 兆瓦压缩空气储能项目创世界第一，并计 划在山东泰安、酒泉等地布局多个压缩空气储能项目，预计 2025-2026 年 投产。 • 中国能建计划投资约 1,500 亿元，优先投资战略性新兴产业，如新能源、 抽水蓄能、特高压、信息数字化等，占比超 60%，投资回报率严格控制在 7%以上，创新产业或示范项目可低于 7%。 • 公司积极布局 IDC 及算力基础设施，已布局八大数据中心节点中的五个， 甘肃庆阳东数西算项目为标志性项目，通过源网荷储一体化，成本降低 10%-15%。 • 公司通过自有电站、虚拟电网、长协电价及源网荷储综合调配，实现成本 优势，并积极发展绿色能源，降低运营成本，绿电是未来行业发展的重要 组成部分。 • 公司已完成国内八大算力中心节点的前期安排，五个节点投入运行，甘肃 庆阳占当地市场份额 70%以上，并 ...

Group 1: Deep Sea Technology - The government work report for 2025 mentions the promotion of emerging industries such as commercial aerospace, low-altitude economy, and deep-sea technology, indicating potential future policies and major project implementations [2] - China's marine economy surpassed 10 trillion yuan in 2024, with deep-sea technology expected to be a significant growth engine for this sector [2] - Major equipment and engineering projects in the deep-sea field, such as UUVs, deep-sea space stations, and underwater observation networks, are underway, which will drive continuous resource development [2] - The three fields (deep-sea technology, commercial aerospace, low-altitude economy) share a core logic of military-civilian integration, supporting military strength while providing new economic growth engines [2] Group 2: Runze Technology - The company is a leader in park-level data centers, collaborating deeply with downstream telecom operators, large internet companies, and cloud service providers to offer IDC and AIDC services [2] - Since 2010, the company has established a presence in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, Greater Bay Area, Chengdu-Chongqing Economic Circle, and Northwest regions, with a new park in Hainan added in 2023 [2] - The company has planned and constructed seven AIDC intelligent computing infrastructure clusters, with 61 intelligent computing centers and approximately 320,000 cabinet resources [2][3] - The company's mature data center shelf rate exceeds 90%, significantly higher than the industry average of 58%, indicating effective customer attraction and operational efficiency [3] - The company’s gross profit margin for the first three quarters of 2024 is 31%, substantially higher than peers, due to high shelf rates and excellent cost control [3] - The company is expected to maintain high profitability and benefit from the AIDC industry's growth, with projected net profits of 2.19 billion yuan, 3.19 billion yuan, and 4.00 billion yuan for 2024, 2025, and 2026, respectively [3] Group 3: Softcom Power - Softcom Power is a leading IT service company in China, providing digital information technology services to major enterprises like Huawei, Alibaba, Baidu, and Tencent [5] - The company has enhanced its hardware product line through acquisitions, promoting a "soft and hard integration" strategy to improve its overall competitiveness [5] - The launch of HarmonyOSNEXT by Huawei marks the official arrival of the "pure blood" Hongmeng system, which is expected to drive demand for PC products equipped with this system [5] - The company is positioned to benefit from the AI development wave as it continues to invest in AI and build computing centers [5] - Softcom Power has established a joint venture with Zhiyuan Robotics and launched its first humanoid robot, Tianhe C1, anticipating rapid industry growth by 2025 [5][6] - Collaborations with major tech companies like Alibaba Cloud, Tencent, and Baidu, along with partnerships in AI model development with ByteDance, position the company favorably in the AI and internet sectors [6]