数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 根据国家统计局数据显示：2025年8月中国移动通信手持机(手机)产量为1.3亿台，同比下降5.7%；2025 年1-8月中国移动通信手持机(手机)累计产量为9.6亿台，累计下降4%。 2020-2025年1-8月中国移动通信手持机(手机)产量统计图 相关报告：智研咨询发布的《2025-2031年中国智能手机行业市场行情动态及发展趋向分析报告》 ...

Core Insights - The introduction of eSIM technology by major Chinese telecom operators marks a significant shift from traditional SIM cards to embedded SIMs, enhancing convenience and flexibility for users [1][5] Group 1: Benefits for Consumers - eSIM technology eliminates concerns about losing or damaging physical SIM cards, allowing users to activate services quickly through QR codes without incurring card fees [2] - For frequent travelers, eSIM enables easy access to both domestic and international services without the need to purchase local physical SIM cards, streamlining connectivity while abroad [2] Group 2: Flexibility for Devices - eSIM supports a wide range of devices, including smartwatches and tablets, with operators offering dual-device and independent number services, enhancing the versatility of connected devices [3] Group 3: Industry Development - eSIM technology allows telecom operators to manage user data remotely, reducing operational costs and enabling manufacturers to innovate by removing SIM card slots, leading to sleeker designs and improved product features [4] - In industrial applications, eSIM's durability in harsh environments supports the advancement of IoT devices, facilitating the smart upgrade of traditional industries [4]

Core Insights - The article highlights the net inflow and outflow of funds for various companies in the Hong Kong stock market, indicating significant movements in capital investment [1][2]. Net Inflow Summary - China Mobile (00941) leads with a net inflow of 1.131 billion, representing a 42.43% increase in investment [2]. - China National Offshore Oil Corporation (00883) follows with a net inflow of 979 million, showing a 28.62% increase [2]. - Pop Mart (09992) ranks third with a net inflow of 782 million, but its share price decreased by 9.36% [2]. Net Outflow Summary - Hua Hong Semiconductor (01347) experiences the highest net outflow at -1.018 billion, with a decrease of 22.36% [2]. - The iShares Asia 50 ETF (02800) has a net outflow of -795 million, reflecting a 6.53% decrease [2]. - Stone Pharmaceutical Group (01093) sees a net outflow of -488 million, with a 26.11% drop in investment [2]. Net Inflow Ratio Summary - GX Hangseng Technology (02837) has the highest net inflow ratio at 67.25%, with a net inflow of 14.7513 million [3]. - Tong Ren Tang (03613) follows with a net inflow ratio of 65.42%, amounting to 4.8958 million [3]. - Shenwei Pharmaceutical (02877) ranks third with a net inflow ratio of 54.29%, totaling 3.1420 million [3]. Net Outflow Ratio Summary - The Wisdom Hong Kong 100 ETF (02825) shows a net outflow ratio of -100.00%, with a total outflow of -5.972 million [3]. - China International Marine Containers (02039) has a net outflow ratio of -63.47%, amounting to -19.7122 million [3]. - Eagle Holdings (00041) follows with a net outflow ratio of -60.44%, totaling -5.7119 million [3].

Investment Rating - The report maintains a "Strong Buy" rating for the company [2]. Core Insights - The company achieved a steady revenue growth of 794.7 billion yuan in Q3 2025, with a year-on-year increase of 0.4%. The service revenue was 683.1 billion yuan, up 0.8% year-on-year, and the net profit attributable to shareholders was 115.4 billion yuan, reflecting a 4.0% increase year-on-year [1][5]. - The company is experiencing robust growth in AI-related revenues, with significant contributions from its personal, family, and government-enterprise markets. The total mobile customer base reached 1.009 billion, with 622 million 5G customers, indicating a steady increase in 5G penetration [5][6]. - The company has made strategic acquisitions, including a 78.08% stake in Hong Kong Broadband, enhancing its international presence and synergy between mobile and fixed-line services [5]. Financial Performance - For the first three quarters of 2025, the company reported a net operating cash inflow of 161 billion yuan, with a decrease of 28.1% year-on-year, but the decline is narrowing, leading to a recovery in free cash flow to 3.9 billion yuan [5][21]. - The company’s EBITDA for Q3 2025 was 265.4 billion yuan, with a year-on-year growth of 0.9%, indicating stable operational performance [1][5]. - The report forecasts net profits for 2025-2027 to be 145.3 billion yuan, 152.1 billion yuan, and 158.2 billion yuan, respectively, with corresponding PE ratios of 15.9, 15.2, and 14.6 [5][6]. Market Position and Strategy - The company is focusing on refined operations and lean management, which has led to sustained profitability despite increased R&D investments of 10.04 billion yuan in Q3 2025, a 20.6% increase year-on-year [5][6]. - The report highlights the company's efforts in enhancing its platform-based operational system and deepening customer engagement in the government-enterprise sector, contributing to the overall market value [5][6]. - The company’s debt ratio stands at 34.0%, indicating a stable financial structure [2][24].

Core Insights - Qingdao Haitai Technology Molding Co., Ltd. (Haitai) has signed a cooperation agreement with China Mobile Shandong to jointly develop an AI-powered mold manufacturing project aimed at enhancing innovation across the entire lifecycle of mold design, production, and management [1][2] - The collaboration focuses on integrating AI into mold manufacturing, which is expected to shorten project development cycles, reduce product costs, and improve competitiveness in the automotive mold industry [1][2] Group 1 - The agreement outlines collaboration across six dimensions: expert support, product development, key tasks, R&D direction, achievement transformation, and application promotion [1] - The partnership aims to create a national-level innovation platform and accelerate the development of an AI model system for mold manufacturing [1][2] - This initiative is part of a broader strategy to promote the integration of AI in the mold industry and contribute to the establishment of an AI industrial cluster in Qingdao [1] Group 2 - Haitai has over 20 years of experience in automotive injection mold design and manufacturing, with a strong R&D capability reflected in its 105 patents, including 31 invention patents [2] - China Mobile Shandong brings significant advantages in AI technology development and resource integration, providing a solid technical foundation for the project [2] - This partnership follows a previous strategic collaboration signed in October 2025 with Wanhua Chemical and ENGEL, marking another step for Haitai in embracing advanced production technologies [2]

作为国内汽车注塑模具领域的领军企业，海泰科深耕汽车注塑模具设计制造二十余年，在汽车注塑零部 件模具研发、生产及应用场景搭建方面积累了丰富经验，拥有大量真实且高质量的模具设计数据与实践 案例。公司研发实力强大，截至2025年上半年末，公司专利数达到105项，其中发明专利31项，实用新 型专利74项，在双色注塑成型、低压注塑成型和嵌件注塑成型技术，以及模具热流道应用技术、高速多 腔模具应用技术等领域取得了较大突破。而中国移动通信集团山东有限公司凭借其在人工智能技术研 发、算力网络支撑、平台搭建及产学研资源整合方面的突出优势，尤其是依托中国移动九天研究院技术 平台与齐鲁创新院的人才技术支持，为项目落地提供了坚实的技术底座与资源保障。双方此次携手，将 实现"产业实践+技术研发"的优势互补，共同探索人工智能与模具设计、制造深度融合的新路径。 海泰科此次牵手中国移动，是继2025年10月10日在德国杜塞尔多夫与万华化学（600309）、ENGEL等 三方签署战略合作协议之后，积极拥抱先进生产技术与人工智能的又一重要举措，也将为海泰科的发展 奠定坚实的科技基础。(齐和宁) 根据协议内容，双方将在专家支持、产品开发、重点任务 ...

Core Insights - The telecommunications industry in China has shown stable performance in the first three quarters of 2023, with a steady growth in telecom business revenue, reaching CNY 13,270 billion, a year-on-year increase of 0.9% [1] - The growth in telecom business revenue is closely linked to the increase in telecom business volume, which has grown by 9% year-on-year when adjusted for last year's prices [1] - The rapid development of 5G users is a significant highlight, with 5G mobile phone users reaching 1.167 billion, accounting for 63.9% of total mobile phone users [1] Group 1 - The total number of fixed internet broadband access users reached 695 million, with a net increase of 24.86 million compared to the end of last year [1] - Users with fixed internet broadband access speeds of 100 Mbps and above reached 661 million, making up 95.2% of total users [1] - Users with fixed internet broadband access speeds of 1000 Mbps and above reached 235 million, with a net increase of 28.39 million, accounting for 33.9% of total users, an increase of 3 percentage points compared to the end of last year [1] Group 2 - The total number of 5G base stations reached 4.705 million, with a net increase of 455,000, accounting for 36.6% of total mobile base stations [2] - The penetration rates for fixed broadband users with speeds of 1000 Mbps and above in different regions are 33.9% in the East, 33.3% in the Central, 35.8% in the West, and 27.4% in the Northeast, showing increases compared to the end of last year [2] - Mobile internet access traffic in the first three quarters reached 1,206.5 billion GB in the East, 676 billion GB in the Central, 820.1 billion GB in the West, and 171.6 billion GB in the Northeast, with year-on-year growth rates of 16.8%, 16.2%, 15.1%, and 25.3% respectively [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （根據公司條例在香港註冊成立之有限公司） 股份代號：941（港幣櫃台）及80941（人民幣櫃台） 須予披露的交易 進一步轉換浦發銀行 A 股可轉債 進一步轉換浦發銀行 A 股可轉債 董事會宣佈，於 2025 年 10 月 27 日，廣東移動行使換股權將其持有的合計面值人民 幣 366,000 元（約合 401,091 港元）浦發銀行 A 股可轉債按照每股人民幣 12.51 元 （約合 13.71 港元）之轉股價轉為約 29,256 股之浦發銀行 A 股。實際轉換的浦發銀 行 A 股股數可能會因清算及交收原因而有所差異。 香港上市規則之含義 就香港上市規則而言，本集團將被視為收購約 29,256 股之浦發銀行 A 股。由於就轉 換（與過去 12 個月內收購浦發銀行 A 股合併計算）根據香港上市規則第 14.07 條之 規定所計算之最高適用百分比率超過 5%但低於 25%，故此根據香港上市規則第十四 章，轉換 ...

紧接转换前，本集团合计持有60.53亿股的浦发银行 A股，约占浦发银行已发行股本的约18.18%。紧随 转换后，本集团合计持有60.53亿股的浦发银行A股(可能会因清算及交收原因而有所调整)，约占浦发银 行扩大后已发行股本的约18.18%。 智通财经APP讯，中国移动(00941)发布公告，于2025年10月27日，广东移动行使换股权将其持有的合计 面值人民币 36.6万元(约合 40.11万港元)浦发银行 A 股可转债按照每股人民币 12.51 元(约合13.71 港元) 的转股价转为约 2.93万股的浦发银行 A股。实际转换的浦发银行A股股数可能会因清算及交收原因而有 所差异。 转换完成后，广东移动尚持有合计面值人民币9560.4万元(约合1.05亿港元)浦发银行A股可转债。该等浦 发银行A股可转债于2025年10月27日到期。本集团无意行使相关换股权。 转换允许广东移动以与市场交易价格可比的价格认购浦发银行的 A股，同时有利于浦发银行补充其核心 一级资本、提升其资本实力和风险抵御能力，让本集团能够更好地分享浦发银行经营成效。董事认为， 转换的条款和条件属公平合理，并符合本公司及其股东的整体利益。 ...

智通财经APP讯，中国移动(00941)发布公告，于2025年10月27日，广东移动行使换股权将其持有的合计 面值人民币 36.6万元(约合 40.11万港元)浦发银行 A 股可转债按照每股人民币 12.51 元(约合13.71 港元) 的转股价转为约 2.93万股的浦发银行 A股。实际转换的浦发银行A股股数可能会因清算及交收原因而有 所差异。 紧接转换前，本集团合计持有60.53亿股的浦发银行 A股，约占浦发银行已发行股本的约18.18%。紧随 转换后，本集团合计持有60.53亿股的浦发银行A股(可能会因清算及交收原因而有所调整)，约占浦发银 行扩大后已发行股本的约18.18%。 转换完成后，广东移动尚持有合计面值人民币9560.4万元(约合1.05亿港元)浦发银行A股可转债。该等浦 发银行A股可转债于2025年10月27日到期。本集团无意行使相关换股权。 转换允许广东移动以与市场交易价格可比的价格认购浦发银行的 A股，同时有利于浦发银行补充其核心 一级资本、提升其资本实力和风险抵御能力，让本集团能够更好地分享浦发银行经营成效。董事认为， 转换的条款和条件属公平合理，并符合本公司及其股东的整体利益。 ...