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Sector Research SOE reform on telecoms The process already started SOE reform is one of the market focuses recently and the reform also covers the telecoms sector. However, we want to highlight that reform in this sector has already started earlier, which covers the area of deregulation, in the form of market-based pricing, and opening up of the sector to private capital, through the introduction of MVNO (mobile virtual network operator) and other measures. China/Telecom 16 July 2014 Pricing deregulation is just a formality On market deregulation, the MIIT and NDRC has already announced on 9 May 2014 that pricing of telecoms services will be completely deregulated from 10 May 2014 onwards. However, this particularly reform measure should not have material impact on the telecoms operators as price competition has been intense, price cuttings often offered under the name of promotional campaign. The formal deregulation in May is just a matter of formality. MVNO is one way to introduce private capital to the sector 19 private enterprises (Please refer to the complete list on p.3) have already been awarded MVNO licenses, in two batches in Dec last year and Jan this year, respectively. They will be leasing network capacity from the three Chinese telecoms operators and resell the service, possibly bundled with their own valueadded services, under their own brand. Some MVNO operators (e.g. Telling Mobile) already started their services while others will gradually roll out their services over the next few months. While MVNO are competitors to the three network operators, but they also help improving network utilization, which is particularly helpful to the smaller networks, such as that of China Telecom (CT) (728 HK, NR) Cooperation with the network operators is another Further on this front, CT, according to its corporate web site, has organized a conference in May on the opening up of cooperation with private enterprises. According to CT s web site, the company will be focusing on areas like instant messaging, venture capital investments, internet applications and government ICT development. The chairman of company also mentioned that, with the right partners, the company is willing to let their partners to run these projects instead of having the company controlling them. Potential cooperation with the private sector should provide opportunities to widen the scope of their businesses although we are of the view that potential contribution from any of these projects will not be significant in the short term. Stephen Leung SFC CE No.: ACZ398 +852 2899 8331 stephen.leung@guosen.com.hk See the last page of this report for important disclosures 1

行业报告 电信业的国有企业改革有关改革已经於较早前起步 市场最近关注的其中一个的重点是国有企业改革, 而有关改革也包括了电信业 但是我们想强调在这一领域的改革已经於较早前起步, 覆盖范围包括放松管制和把有关行业对民间资本开放 前者主要透过市场化的定价, 而后者則以引入移动虚拟网络运营商等措施为主要手段 中国 / 电信业 2014 年 7 月 16 日 放松定价管制只是形式上的问题在放松市场管制方面, 工信部和国家发改委于 2014 年 5 月 9 日已经宣布从 2014 年 5 月 10 日起全面解除对电信服务的定价管制 因电信业价格竞争一向非常激烈, 这改革措施应该不会对电信运营商构成重大影响 此前降价经常以促销活动的名义作出 因此在 5 月的正式放松管制只是形式上的问题而已 流动虚擬网络运营商牌照帮助民间资本进入电信业 工信部在去年十二月和今年一月已分别给两批民营企业共 19 家 ( 请参阅第 3 页的完整清单 ) 发放流动虚擬网络运营商牌照 他们将从中国三大电信运营商租用网络容量再可能捆绑了各自的增值服务並以各自的品牌转售给他们的客户 一些流动虚擬网络运营商 ( 如天音电信 ) 已经开始了他们的服务, 而其他人将在未来数个月逐渐推出服务 虽然流动虚擬网络运营商也是三个网络运营商的竞争对手, 但他们也帮助提高了网络的利用率 这对像中国电信 ( 电信 )(728 HK, 未有评级 ) 般较小型的网络是特别有帮助 和网络运营商合作是另一手段在这方面, 电信在其公司网站上公佈在 5 月举办了一个有关与民营企业合作的会议 根据电信的网站, 该公司在这方面将专注于即时通讯, 风险投资, 互联网应用和政府信息和通信技术发展领域 公司董事长还提到, 如有合适的合作伙伴, 该公司愿意让他们的合作伙伴来營运有关项目, 而电信不一定要控制这些项目 与民营企业的在合作应会提供机会扩大其业务范围 但我们认为这些项目对网络运营商在短期内将不会有显著的贡献 梁少熊 SFC CE No.: ACZ398 +852 2899 8331 stephen.leung@guosen.com.hk 研究报告仅代表分析员个人观点, 请务必阅读正文之后的免责声明 2

Figure 1 List of MVNO China Telling - 天音通信有限公司 Lian Lian - 浙江连连科技有限公司 Funtalk - 北京乐语世纪通讯设备连锁有限公司 Huaxiang Telecom - 北京华翔联信科技有限公 JD.com - 北京京东叁佰陆拾度电子商务有限公司 (JD US) Beijing Bewinner Communications - 北京北纬通信科技股份有限公司 (002148 CH) www.net.cn - 北京万网志成科技有限公司 Beijing Digital Telecom - 北京迪信通通信服务有限公司 (6188 HK) Soshare Mobile - 北京分享在线网络技术有限公司 Bus Online - 巴士在线控股有限公司话机世界数码连锁集团股份有限公司 Shenzhen Aisidi - 深圳市爱施德股份有限公司 (002416 CH) Xiamen 35.com Technology - 厦门三五互联科技股份有限公司 (300051 CH) Suzhou Snail Digital Technology Co., Ltd - 苏州蜗牛数字科技股份有限公司 Gome - 北京国美电器有限公司 (493 HK) Suning - 苏宁云商集团股份有限公司 (002024 CH) China CIFCO Invesments - 中期集团有限公司 (000996 CH) Changjiang Era - 长江时代通信股份有限公司 YuanTel - 远特 ( 北京 ) 通信技术有限公司 Source: MIIT, Guosen Securities(HK) Research Guosen Securities (HK) 3

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信息披露 公司评级 行业评级及相关定义 公司评级买入 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅在 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 个股相对大盘涨幅介于 -10% 与 10% 之间 ; 减持 : 我们预计未来 6-12 个月内, 个股相对大盘跌幅大于 10% 行业评级超配 : 我们预计未来 6-12 个月内, 行业整体回报高于市场整体水平 10% 以上 ; 中性 : 我们预计未来 6-12 个月内, 行业整体回报介于市场整体水平 -10% 与 10% 之间 ; 低配 : 我们预计未来 6-12 个月内, 行业整体回报低于市场整体水平 10% 以上 利益披露声明 报告作者为香港证监会持牌人士, 分析员本人或其有联系者并未担任本研究报告所评论的上市法团高级管理人员, 也未持有其任何财务权益 本报告中, 国信证券 ( 香港 ) 经纪有限公司及其所属关联机构 ( 合称国信证券 ( 香港 )) 并无持有该公司须作出披露的财务权益 ( 包括持股 ), 在过去 12 个月内与该公司并无投资银行关系, 亦无进行该公司有关股份的庄家活动 本公司员工均非该上市公司的雇员 免责条款 证券价格有时可能非常波动 证券价格可升可跌, 甚至变成毫无价值 买卖证券未必一定能够赚取利润, 反而可能会招致损失 本研究报告内容既不代表国信证券 ( 香港 ) 的推荐意见, 也并不构成所涉及的个别股票的买卖或交易要约 国信证券 ( 香港 ) 或其集团公司有可能会与本报告涉及的公司洽谈投资银行业务或其它业务 ( 例如配售代理 牵头经办人 保荐人 包销商或从事自营投资于该股票 ) 国信证券 ( 香港 ) 不排除其员工有个人投资于本报告内所提及的上市法团 报告中的资料均来自公开信息, 我们力求准确可靠, 但对这些信息的正确性 公正性及完整性不做任何保证 本报告没有考虑到个别客户特殊的投资目标 财务状况或需要, 并不构成个人投资建议, 客户据此投资, 责任自负 客户在阅读本研究报告时应考虑报告中的任何意见或建议是否符合其个人特定状况 本报告并不存在招揽或邀约购买或出售任何证券的企图 本报告仅向特定客户传送, 未经国信证券香港书面授权许可, 任何人不得引用 转载以及向第三方传播, 否则可能将承担法律责任 研究报告所载的资料及意见, 如有任何更改, 本司将不作另行通知 在一些管辖区域内, 针对或意图向该等区域内的市民 居民 个人或实体发布 公布 供其使用或提供获取渠道的行为会违反该区域内所适用的法律或规例或令国信证券 ( 香港 ) 受制于任何注册或领牌规定, 则本研究报告不适用于该等管辖区域内的市民 居民或身处该范围内的任何人或实体 Guosen Securities (HK) 5