电信运营Ⅲ 中国移动（600941.SH） 买入-A(维持) 新旧动能切换短期增长承压，维持较高派息价值 2025 年 8 月 22 日 公司研究/公司快报 | 市场数据：2025 年 | 月 8 | 日 21 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 109.02 | | 总股本（亿股）： | | | 216.13 | | 流通股本（亿股）： | | | 9.03 | | 流通市值（亿元）： | | | 984.20 | | | | | 每股净资产（元）： | 64.73 | | --- | --- | | 每股资本公积（元）： | -14.04 | | 每股未分配利润（元）： | 56.62 | | 资料来源：最闻 | | 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 公司近一年市场表现 事件描述： 中国移动发布 20 ...

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月22日｜据昆仑芯科技官微，昆仑芯中标中国移动集采项目十亿级订单。 ...

| 股票名称 | 沽空金额 | 沽空比率↓ | | 偏离值 | | --- | --- | --- | --- | --- | | 新鸿基地产-R(80016) | 16.95 万元 | 100.00% | 32.65% | | | 联想集团-R(80992) | 98.77 万元 | 98.00% | 41.56% | | | 腾讯控股-R(80700) | 113.91 万元 | 87.44% | 47.80% | | | 京东健康-R(86618) | 19.77 万元 | 87.27% | 24.98% | | | 友邦保险-R(81299) | 86.74 万元 | 86.48% | 30.10% | | | 百度集团-SWR(89888) | 40.00 万元 | 86.12% | 27.43% | | | 中国移动-R(80941) | 697.09 万元 | 85.57% | 40.57% | | | 快手-WR(81024) | 92.27 万元 | 77.35% | 39.04% | | | 中国海洋石油-R(80883) | 54.63 万元 | 66.60% | 24.07% | | ...

中国移动当日主力资金净流入11517.51万元，近五日主力资金累计净流入31796.80万元。 中国移动最新股价为107.69元，较前一交易日上涨0.64%。开盘价为107.16元，最高触及107.70元，最低 下探106.32元，全天成交23.03亿元，换手率2.39%。 中国移动属于通信服务行业，是国内领先的移动通信运营商，主要提供移动语音、数据、宽带及其他信 息服务。公司业务覆盖全国，拥有庞大的用户基础和完善的网络基础设施。 数据显示，保险公司出现在中国移动中报前十大流通股东中，期末持仓市值达51.35亿元。在已披露中 报的上市公司中，中国移动位列险资持仓市值第三位。 风险提示：以上内容仅供参考，不构成投资建议。市场有风险，投资需谨慎。 ...

Core Viewpoint - Morgan Stanley's research report indicates that the overall net profit of China's three major telecom operators recorded an approximately 5% year-on-year increase in the first half of this year, primarily supported by cost optimization measures [1] Group 1: Financial Performance - The three major telecom operators' operating expenses, capital expenditures, and depreciation have decreased, contributing to the profit growth [1] - The estimated dividend yield for the H-shares of the three telecom operators remains attractive at 5% to 6%, with China Mobile having the highest yield at 6% [1] Group 2: Cloud Revenue Trends - The year-on-year growth of cloud revenue for the three telecom operators has significantly slowed from an estimated 17% to 35% in 2024 to 5% to 10% in the first half of this year [1] - This slowdown is attributed to the increasing market share of internet companies and a deceleration in the digitalization demands of state-owned enterprises [1] Group 3: Investment Outlook - Morgan Stanley maintains a positive outlook on China Mobile, China Telecom, and China Unicom, giving them an "overweight" rating due to strong dividend returns, profit growth, and potential upside in cloud revenue [1] - China Telecom is highlighted as the preferred stock due to its highest proportion of cloud business and the resilience of its traditional mobile and broadband services [1]

8月19日，兴业国企改革混合A（001623）下跌0.58%，最新净值2.42元，连续5个交易日下跌，区间累 计跌幅1.35%。 截止2025年6月30日，兴业国企改革混合A前十持仓占比合计46.81%，分别为：招商银行（9.42%）、紫 金矿业（8.00%）、宁波银行（6.31%）、建设银行（4.84%）、农业银行（4.52%）、长江电力 （2.90%）、中国移动（2.88%）、伊利股份（2.86%）、小商品城（2.65%）、山金国际（2.43%）。 来源：金融界 据了解，兴业国企改革混合A成立于2015年9月，基金规模1.56亿元，成立来累计收益率142.00%。从持 有人结构来看，截至2024年末，兴业国企改革混合A的基金机构持有0.54亿份，占总份额的50.61%，个 人投资者持有0.53亿份，占总份额的49.39%。 公开信息显示，现任基金经理刘方旭先生:硕士学位。2003年4月至2007年6月,先后就职于上海济国投资 管理有限责任公司、上海英代科斯投资管理有限责任公司、上海上东投资管理有限责任公司,担任研究 员;2007年7月至2009年6月,在瑞穗投资咨询(上海)有限公司担任分析师;2009年6 ...

Group 1 - The core viewpoint of the article highlights the ongoing bullish trend in the A-share market, with major indices reaching new highs and overall market capitalization surpassing 100 trillion yuan [1][2][3] - The current market rally is characterized by a preference for emerging industries, with significant gains in sectors such as defense, telecommunications, and pharmaceuticals, indicating a shift in investor focus compared to previous market cycles [4][5] - Notable individual stocks have seen extraordinary performance, with some achieving over tenfold increases, reflecting a broader trend of high returns in the current market environment [5][6] Group 2 - Factors contributing to the market surge include a recovering investor confidence, successful capital market reforms by the central bank, and a positive economic outlook, which are all seen as critical for sustaining the current bullish sentiment [7][8] - The future trajectory of the A-share market may be influenced by regulatory attitudes, economic recovery indicators, and external market conditions, particularly regarding U.S. monetary policy [8][9] - The performance of major financial stocks is crucial for the market's upward momentum, with analysts suggesting that the sustainability of the rally depends on whether these stocks can deliver solid earnings [10][11] Group 3 - Historical context is provided, indicating that past market peaks were often driven by emotional and liquidity factors, suggesting that a stable and healthy market requires strong underlying fundamentals rather than just speculative enthusiasm [12] - The article discusses the importance of institutional changes in the Chinese market, which have historically played a significant role in driving market performance, alongside the current favorable conditions for foreign investment [13][14] - Analysts predict that the A-share market will continue to attract foreign capital due to its relative undervaluation compared to global markets, especially as global monetary conditions evolve [14]

公开资料显示，截至去年9月，本市相关部门已推动密云、怀柔、延庆、房山等7个涉山区941个山区村实现 卫星电话全覆盖。 消防员潘月鹏（前排 左二）在琉璃庙镇八亩地村帮村民拨打卫星电话。 卫星电话一侧有根可旋转伸开的天线。 ■救援回顾 全村靠一部电话报平安 作为第一批到达的消防队员之一，怀柔区消防救援支队的通信助理潘月鹏除了救援，还肩负一项重要任 务：携带一部卫星电话，及时与指挥部汇报前方灾情，包括受困人数、道路房屋受损及物资缺乏情况等。 在受灾严重的怀柔区琉璃庙镇孙胡沟村，刚一进村，消防员就被村民们团团围住。"手机没信号，啥时候有 网？""一直联系不上家里人，怕他们着急"……村民们急切地询问着。 潘月鹏刚从背包里取出电话，人群中立刻有人请求道："能帮忙给外面的家人报个平安吗？"随着"消防员有 卫星电话"的消息传开，越来越多的村民赶来，在村委会前自发排起一条四五十人的长队。 "闺女，是妈呀！"老人的声音带着抑制不住的颤抖，而电话那头也传出了哭声，"妈，你在哪儿？安全吗？ 没受伤吧？房子怎么样……"听到女儿的关心，老人哽咽着说不出话。一直举着卫星电话的消防员潘月鹏在 一旁安抚："大娘，别急，慢慢说，您现在安全了，让 ...

据悉，联名卡依托中国移动覆盖全国的5G网络与抖音庞大的用户生态，设计了多档套餐匹配用户不同 需求，差异化配置既保障用户日常通信需求，更为品牌营销提供了精准触达通道。此外，联名卡整合抖 音生态资源，推出电商、短剧、生活服务三大类权益，用户可根据自身需求三选一，享受对应福利。 "作为本次动感地带抖音联名卡的独家服务商，我们承接了双方之间全链路的技术支撑、运营、客服等 工作。"据动信通(北京)科技集团股份有限公司相关负责人介绍，动信通将充分发挥自身在技术支撑、 运营领域的核心优势，持续为联名卡生态注入增长动能。"我们将加大线上、线下多渠道的推广力度， 让更多用户切实体验到从传统通信服务向'通信+娱乐+生活'跨界权益的全面升级，享受到数字生活的便 利与多元价值。我们坚信，此次联名卡的创新探索，将推动双方在数字经济领域的合作迈向新高 度。"该负责人表示。 近日，抖音与中国移动联合推出"动感地带抖音联名卡"(以下简称联名卡)。该产品以"通信+内容+消 费"全场景服务升级为定位，由火山引擎数智平台提供全链路技术支持，以"通信服务+数字生态权益"的 深度融合为核心，探索了通信行业与数字营销的协同新模式。 ...

Investment Strategy - The report indicates that China's satellite internet is entering a phase of intensive launches, with multiple satellite constellation plans advancing. The recent successful launches by China Star Network and the procurement announcement by Yuanxin Satellite are expected to drive demand in the industry [5][12][17] - The trend of laser networking has emerged, with computational satellites expected to enhance adaptive routing algorithms. China's technology reserves are not lagging behind, and the development of adaptive routing algorithms using machine learning and AI is seen as a key area for improving network performance [5][13][20] - Infrastructure for commercial launches is becoming increasingly robust, with reusable rockets set to be tested soon. The payload capacity of some Chinese rockets is approaching that of SpaceX's Falcon 9, which may lead to a synergistic development with accelerated satellite launches [5][14][15] Industry News - China successfully launched the low Earth orbit 08 group of satellites on August 13, marking the eighth batch of the China Star Network's GW constellation. This launch demonstrates China's capability for high-frequency launches, with a nine-day interval since the last launch [5][16] - The three major telecom operators in China reported stable performance in the first half of 2025, with China Telecom's revenue reaching 271.5 billion yuan, China Unicom's at 200.2 billion yuan, and China Mobile's at 543.8 billion yuan. The growth in their second curve businesses is expected to provide ongoing growth momentum for the companies and the downstream industry [5][17] - Kyivstar, Ukraine's largest telecom operator, completed a direct device connection test with Starlink, planning to commercialize the service in Q4. This test validates the feasibility of satellite mobile connectivity services in overseas markets [5][18][19] - Major AI companies are increasing their token consumption, with OpenAI's GPT-5 and xAI's Grok 4 being made available for free to users. This trend is expected to accelerate the demand for computational power in the AI sector [5][20] Weekly Review and Focus - The communication sector saw a 7.11% increase this week, outperforming major indices. Key areas of growth included IDC and optical modules, with respective increases of 12.90% and 10.04% [5][21] - The report suggests focusing on investment opportunities in the satellite internet and commercial aerospace sectors, highlighting companies such as Aerospace Universe, Mengsheng Electronics, and others [5][25]