Market Performance - The Hang Seng Index rose by 550.49 points, an increase of 2.12%, closing at 26,485.9 points [1] - The H-share Index increased by 192.73 points, closing at 9,355.97 points, with a rise of 2.1% [1] - The Hang Seng Tech Index gained 158.37 points, closing at 5,944.22 points, reflecting a growth of 2.74% [1] Trading Volume - The total trading volume on the main board reached HKD 234.653 billion [1] Blue-chip Stocks - Tencent Holdings rose by 2.38%, closing at HKD 644 [1] - Hong Kong Exchanges and Clearing increased by 2.22%, closing at HKD 433 [1] - China Mobile saw a rise of 0.58%, closing at HKD 87.15 [1] - HSBC Holdings increased by 3.05%, closing at HKD 110.7 [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 0.3%, closing at HKD 39.64 [1] - Sun Hung Kai Properties increased by 0.72%, closing at HKD 97.55 [1] - Henderson Land Development rose by 0.71%, closing at HKD 28.24 [1] Chinese Financial Stocks - Bank of China rose by 0.88%, closing at HKD 4.57 [1] - China Construction Bank increased by 1.5%, closing at HKD 8.14 [1] - Industrial and Commercial Bank of China rose by 0.96%, closing at HKD 6.31 [1] - Ping An Insurance saw an increase of 3.11%, closing at HKD 58 [1] - China Life Insurance rose by 4.86%, closing at HKD 25.9 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 1.19%, closing at HKD 4.25 [1] - China National Petroleum Corporation increased by 1.08%, closing at HKD 8.45 [1] - CNOOC Limited saw a rise of 2.65%, closing at HKD 20.88 [1]

FF301 第 1 頁 共 10 頁 v 1.1.1 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年10月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國移動有限公司 | | | 呈交日期: | 2025年11月6日 | | | I. 法定/註冊股本變動 | 不適用 | | III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號(如上市) | 00941 | | 說明 | 香港股份 | | | | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | | | | 股份期權計劃詳情 | 上月底結存的股份期權數 目 | | 本月內變 ...

Core Viewpoint - The Jiangxi Provincial Communication Administration has responded to media reports regarding the high barriers for obtaining phone cards with out-of-town ID cards, including the requirement for work proof and high prepayment amounts, emphasizing the need to protect user rights [1][4]. Group 1: Regulatory Response - The Jiangxi Communication Administration has mandated relevant companies to conduct thorough inspections and rectifications to ensure user rights are safeguarded [1]. - The administration's response indicates a proactive approach to address the issues raised by the media regarding the barriers for out-of-town residents [1]. Group 2: Operator Practices - In Jiangxi, mobile service providers such as China Mobile and China Unicom require out-of-town ID card holders to provide work proof, business licenses, or housing contracts, along with a prepayment of 500 yuan [4][5]. - Different operators have varying requirements; for instance, some locations may allow for a simplified process if the user can confirm local residency [4]. - In contrast, other provinces like Fujian and Gansu have more lenient requirements for out-of-town card applications, indicating regional disparities in practices [5]. Group 3: Expert Opinions - Liu Xingliang, a member of the Ministry of Industry and Information Technology's expert committee, highlighted that while real-name registration is regulated, the additional requirements imposed by operators lack a national legal basis [6]. - Liu suggested the establishment of a "basic standard for out-of-town card applications" to streamline the process and reduce unnecessary barriers for low-risk users [6]. - The recommendation includes a model for a unified set of basic materials required nationwide, with the possibility of local additions, to enhance user experience and rights [6].

Core Insights - The communication sector is experiencing significant growth, with the Guozheng Communication Index rising by 0.94% as of November 6, 2025, and notable increases in key stocks such as Shijia Photon and Ding Tong Technology [1][3] - The Communication ETF (159695) has shown a strong performance, with a 31.59% increase over the past three months, indicating robust investor interest [1][3] Market Performance - The Communication ETF recorded a turnover rate of 3.81% and a transaction volume of 11.05 million yuan, with a notable increase in scale by 30.67 million yuan over the past week, ranking first among comparable funds [3] - The ETF's net inflow over the past five days reached 46.88 million yuan, with a peak single-day inflow of 35.25 million yuan [3] Historical Returns - Over the past two years, the Communication ETF's net value has increased by 104.55%, placing it in the top 1.09% among 2,380 index equity funds [3] - The ETF has achieved a maximum monthly return of 33.97% since its inception, with the longest consecutive monthly gain of six months and an average monthly return of 7.18% [3] Industry Trends - The optical module market is benefiting from increased computational demand, with a projected market size growth of 54%, 69%, and 34% for the years 2025, 2026, and 2027, respectively, reaching 14.4 billion, 24.4 billion, and 32.7 billion USD [4] - The leading companies in the optical module market are expected to strengthen their market positions, with the top ten stocks in the Guozheng Communication Index accounting for 66.96% of the total weight [4][6] Key Stocks - The top ten weighted stocks in the Guozheng Communication Index include Zhongji Xuchuang, Xinyi Sheng, and ZTE, with Zhongji Xuchuang holding the highest weight at 17.40% [6] - The performance of these stocks varies, with Zhongji Xuchuang increasing by 1.58% and ZTE by 2.38% [6]

Core Insights - The Hang Seng Index decreased by 0.07% on November 5, with southbound trading totaling HKD 956.88 billion, comprising HKD 530.31 billion in buying and HKD 426.57 billion in selling, resulting in a net inflow of HKD 103.73 billion [1][2] Trading Activity - Southbound trading through Stock Connect (Shenzhen) had a total transaction amount of HKD 372.14 billion, with buying at HKD 221.14 billion and selling at HKD 151.00 billion, leading to a net inflow of HKD 70.14 billion [1] - Southbound trading through Stock Connect (Shanghai) recorded a total transaction amount of HKD 584.73 billion, with buying at HKD 309.16 billion and selling at HKD 275.57 billion, resulting in a net inflow of HKD 33.59 billion [1] Active Stocks - Alibaba-W had the highest trading volume among southbound stocks, with a total transaction amount of HKD 73.09 billion, followed by SMIC and Tencent Holdings with HKD 42.37 billion and HKD 34.83 billion respectively [1][2] - The top net buying stocks included Southern Hang Seng Technology with a net inflow of HKD 12.87 billion, Alibaba-W with HKD 8.91 billion, and Xiaomi Group-W with HKD 6.51 billion [1] - The stock with the highest net selling was Hua Hong Semiconductor, with a net outflow of HKD 6.41 billion, followed by SMIC and Bilibili-W with net outflows of HKD 4.99 billion and HKD 1.60 billion respectively [1][2] Continuous Net Buying - Two stocks, Xiaomi Group-W and China Mobile, experienced continuous net buying for more than three days, with Xiaomi Group-W having a total net inflow of HKD 35.66 billion over six days, and China Mobile with HKD 14.20 billion over three days [2]

Group 1 - Chen Zhongyue has been appointed as the Chairman and Party Secretary of China Mobile Communications Group Co., Ltd., after serving as the Chairman and Party Secretary of China United Network Communications Group Co., Ltd. [2] - Chen Zhongyue has a diverse career across China's three major telecom operators, having held significant positions in China Telecom before moving to China Unicom in 2021 [2] - China Mobile has established a clear "AI+" strategic layout, which will be a key focus for Chen Zhongyue in his new role [2] Group 2 - China Mobile is responding to the State Council's call to implement the "Artificial Intelligence+" initiative, planning to double its investment in the AI sector by the end of 2028 [3] - The company aims to build the largest and most technologically advanced intelligent computing infrastructure in the country, exploring the construction of a 100,000-card intelligent computing cluster [3] - Under Chen Zhongyue's leadership, China Mobile is accelerating its transition towards a "carbon-silicon symbiosis" and co-creating the AI+ era [3]

Core Insights - The report by QuestMobile indicates that as of September 2025, the total number of internet users in China reached 1.269 billion, marking a 2% year-on-year increase, with average monthly usage time per user at 178.2 hours, up 8.2%, the highest growth rate in nearly a year [1] - The mobile internet industry is entering a phase of high-quality development, reflected in the rapid growth of the internet advertising market, which reached 187.51 billion yuan in Q3 2025, a 6.4% year-on-year increase [1] Group 1: User Demographics and Trends - The user structure of China's mobile internet is evolving towards a healthier demographic, with first-tier city users accounting for 11.2% of the total, a 0.8% increase year-on-year [3] - Users with online consumption capabilities between 1,000 to 2,999 yuan represent 63% of the total, up 0.9% year-on-year, while users aged 46 and above make up 37.7%, an increase of 1.1% [3][5] Group 2: Advertising Market Dynamics - The soft advertising market is becoming a battleground for various industries, driven by lower costs and more direct conversion effects, aligning with the current shift towards a "trust economy" [3][5] - Marketing strategies are focusing on quickly attracting traffic and achieving conversion loops, with brands leveraging IP collaborations and celebrity endorsements to enhance conversion rates [5] Group 3: Seasonal Marketing Trends - Marketing activities are increasingly aligned with seasonal events, with significant peaks during occasions like Qixi Festival and Mid-Autumn Festival, which serve as key marketing opportunities [7] Group 4: Hard Advertising Strategies - Hard advertising is stabilizing but is becoming more precise and aggressive in response to intensified competition and innovation within the industry [8] - Key players in hard advertising include beauty, personal care, luxury goods, and healthcare sectors, with basic consumer goods also showing strong growth [9] Group 5: E-commerce and Competitive Landscape - The competition among e-commerce platforms is intensifying, with advertising strategies closely tied to business layouts and subsidy plans, emphasizing precision and aggressiveness [11] - Major platforms like Taobao and Douyin are seeing significant budget allocations due to their high transaction proximity and user engagement [13]

Core Insights - On November 5, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) ranked as the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 4.231 billion, 2.472 billion, and 2.062 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also led the trading volume in the southbound trading of the Shenzhen-Hong Kong Stock Connect, with trading amounts of 3.078 billion, 1.765 billion, and 1.420 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 4.231 billion, net buying of +0.253 billion [2] - SMIC (00981): Trading amount of 2.472 billion, net selling of -0.281 billion [2] - Tencent Holdings (00700): Trading amount of 2.062 billion, net selling of -0.283 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.830 billion, net buying of +0.285 billion [2] - Huahong Semiconductor (01347): Trading amount of 1.240 billion, net buying of +7.8006 million [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 3.078 billion, net buying of +0.637 billion [2] - SMIC (00981): Trading amount of 1.765 billion, net selling of -0.218 billion [2] - Tencent Holdings (00700): Trading amount of 1.420 billion, net buying of +0.341 billion [2] - Huahong Semiconductor (01347): Trading amount of 1.233 billion, net selling of -0.649 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.096 billion, net buying of +1.019 billion [2]

Core Points - The Hang Seng Index fell by 16.99 points, a decrease of 0.07%, closing at 25,935.41 points [1] - The Hang Seng China Enterprises Index decreased by 9.97 points, closing at 9,163.24 points, down 0.11% [1] - The Hang Seng Tech Index dropped by 32.44 points, closing at 5,785.85 points, a decline of 0.56% [1] Blue Chip Stocks - Tencent Holdings remained unchanged, closing at 629 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.47%, closing at 423.6 HKD [1] - China Mobile decreased by 0.06%, closing at 86.65 HKD [1] - HSBC Holdings increased by 0.19%, closing at 108.2 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings rose by 0.05%, closing at 39.52 HKD [1] - Sun Hung Kai Properties fell by 1.42%, closing at 96.85 HKD [1] - Henderson Land Development increased by 0.72%, closing at 28.04 HKD [1] Chinese Financial Stocks - Bank of China rose by 0.22%, closing at 4.53 HKD [1] - China Construction Bank decreased by 0.37%, closing at 8.02 HKD [1] - Industrial and Commercial Bank of China increased by 0.16%, closing at 6.25 HKD [1] - Ping An Insurance fell by 0.97%, closing at 56.25 HKD [1] - China Life Insurance remained unchanged, closing at 24.7 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.71%, closing at 4.2 HKD [1] - PetroChina increased by 0.36%, closing at 8.36 HKD [1] - CNOOC decreased by 0.29%, closing at 20.34 HKD [1]

Group 1: Market Overview - On November 5, the Hong Kong stock market saw a net inflow of 10.373 billion HKD from northbound trading, with 3.359 billion HKD from Shanghai and 7.014 billion HKD from Shenzhen [1] - The most net bought stocks included Southern Hang Seng Technology (03033), Alibaba-W (09988), and Xiaomi Group-W (01810) [1] - The most net sold stocks were Hua Hong Semiconductor (01347), SMIC (00981), and Ganfeng Lithium (01772) [1] Group 2: Stock Performance - Alibaba-W had a net inflow of 2.53 billion HKD, with total trading volume of 4.231 billion HKD [2] - SMIC experienced a net outflow of 2.81 billion HKD, with total trading volume of 2.472 billion HKD [2] - Tencent Holdings saw a net outflow of 2.83 billion HKD, with total trading volume of 2.062 billion HKD [2] Group 3: Sector Insights - Southern Hang Seng Technology (03033) received a net inflow of 12.87 billion HKD, with analysts noting that the Hang Seng Technology Index is trading at historically low valuations, indicating potential for valuation recovery [4] - Northbound funds increased their positions in tech stocks, with Alibaba-W, Meituan-W, and Tencent receiving net inflows of 8.9 million, 1.84 million, and 585 million HKD respectively [5] - Xiaomi Group-W is expected to see a 22% year-on-year revenue growth and a 60% increase in adjusted net profit, driven by strong electric vehicle sales [5] Group 4: Corporate Developments - China Mobile (00941) had a net inflow of 2.06 billion HKD, as it announced a transfer of 0.19% of its shares to China National Petroleum Corporation to enhance strategic collaboration [6] - Northbound trading saw significant sell-offs in semiconductor stocks, with SMIC and Hua Hong Semiconductor experiencing net outflows of 4.99 billion and 6.4 billion HKD respectively [6]