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。 CHINA MOBILE LIMITED 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，轉換構成本公司一項須予披露的交易，須遵守香港上市規則項下的通知和公告 之規定。 中國移動有限公司 （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 ...

Investment Rating - The report provides a positive outlook on the TMT industry, particularly focusing on AI applications, suggesting a strong investment opportunity in this sector [1]. Core Insights - The TMT sector outperformed the Shanghai and Shenzhen 300 index, with significant weekly gains in sub-industries such as communication network equipment (17.85%) and printed circuit boards (14.05%) [3][5]. - OpenAI launched its first AI-native browser, ChatGPT Atlas, which integrates browsing, chatting, and task automation, aiming to enhance user engagement and expand commercial applications [3][18]. - Huawei's HarmonyOS 6 was released with AI as a core feature, showing improved performance and enhanced user experience, indicating a growing penetration of AI applications in mobile devices [3][18]. Market Weekly Review - The TMT sector's performance from October 20 to October 24 showed significant gains across various sub-industries, with communication leading the way [3][5]. - The overall TMT sector outperformed the broader market, indicating strong investor interest and potential for growth [3][5]. Industry News and Key Company Announcements - OpenAI's new browser and Huawei's HarmonyOS 6 release highlight the rapid advancements in AI applications, suggesting a competitive landscape among tech giants [3][18]. - The report notes various strategic partnerships and product launches in the AI space, indicating a robust ecosystem developing around AI technologies [3][17][21].

Group 1 - The core viewpoint of the articles highlights the positive impact of recent US-China trade negotiations on market sentiment, leading to gains in major technology stocks and the Hang Seng China Enterprises Index [1] - The Hang Seng China Enterprises ETF (159960) rose by 0.42%, marking a three-day increase, while the Hang Seng China Enterprises Index (HSCE) increased by 0.97% [1] - Key stocks that contributed to the index's rise include Shenzhou International (02313) up 5.21%, Baidu Group-SW (09888) up 4.07%, Alibaba-W (09988) up 3.33%, and XPeng Motors-W (09868) up 3.19% [1] Group 2 - According to招商证券, the Hong Kong stock market is expected to experience a period of initial decline followed by recovery in the fourth quarter, driven by factors such as continuous innovation in the Chinese technology sector and a low probability of high tariffs being implemented [2] - The Hang Seng China Enterprises Index (HSCE) is closely tracking the performance of Chinese mainland companies listed in Hong Kong, with the top ten weighted stocks accounting for 55.75% of the index [2] - The long-term outlook suggests a "slow bull" trend for Hong Kong stocks, supported by improved fundamentals, upward revisions in profit expectations, and valuation recovery during a period of monetary easing [2]

Core Insights - The highest short-selling ratios were observed for China Resources Beer (80291) and JD Health (86618), both at 100%, followed by JD Group (89618) at 93.32% [1][2] - The top three companies by short-selling amount were Xiaomi Group (01810) at 2.156 billion, Alibaba (09988) at 2.038 billion, and Tencent Holdings (00700) at 1.552 billion [1][3] - JD Group (89618) had the highest deviation value at 43.55%, indicating significant short-selling activity compared to its historical average [1][2] Short-Selling Ratios - China Resources Beer (80291) and JD Health (86618) both recorded a short-selling ratio of 100% [2] - JD Group (89618) had a short-selling ratio of 93.32% [2] - Other notable companies included Anta Sports (82020) at 87.40% and BYD Company (81211) at 81.07% [2] Short-Selling Amounts - Xiaomi Group (01810) led with a short-selling amount of 2.156 billion, followed by Alibaba (09988) at 2.038 billion and Tencent Holdings (00700) at 1.552 billion [3] - Other significant amounts included Meituan (03690) at 1.461 billion and SMIC (00981) at 1.335 billion [3] Deviation Values - JD Group (89618) had the highest deviation value at 43.55%, indicating a significant difference from its average short-selling ratio [2][3] - Other companies with notable deviation values included SenseTime (80020) at 31.62% and China Resources Beer (80291) at 31.60% [2][3]

Group 1 - The core viewpoint of the news is the performance and changes in the top holdings of the Yinhua Xinyi Flexible Allocation Mixed Fund, which reported a net value growth rate of 23.93% over the past year [1] - The fund has added new top holdings including HSBC Holdings, Standard Chartered Group, Bank of China Hong Kong, Luzhou Laojiao, ZTO Express, Wuliangye, and Shenzhou International [1] - China Mobile remains the largest holding with an increase of 22.35 million shares, while other previous top holdings such as SMIC, Xiaomi Group, CATL, Tencent Holdings, and others have exited the top ten holdings [1] Group 2 - The fund's top ten holdings now include significant investments in HSBC Holdings with 2.68 billion yuan, Standard Chartered Group with 2.48 billion yuan, and Bank of China Hong Kong with 2.47 billion yuan [1] - The fund has increased its stake in China Mobile by 6.04%, holding 3.03 billion yuan worth of shares, while it has reduced its position in Focus Media by 34.09% [1] - The overall changes in the fund's portfolio reflect a strategic shift towards financial and consumer sectors, indicating potential investment opportunities in these areas [1]

Core Points - The total cash dividends from 320 companies in the Shanghai market have exceeded 278 billion yuan as of October 24, with over 90 companies set to distribute an additional 280 billion yuan in cash dividends [1][2] - A record high of 414 companies have announced profit distribution plans, totaling over 560 billion yuan in cash dividends [1] - Major companies such as China Mobile and China Telecom have completed their cash distributions, amounting to 54.1 billion yuan and 16.6 billion yuan respectively, while the "Big Three" oil companies have distributed approximately 82.5 billion yuan in total [1] Company-Specific Summaries - China Petroleum has announced a cash dividend of 2.2 yuan per share, totaling 40.265 billion yuan, with 35.623 billion yuan allocated to A-share dividends [1] - Jagex has declared a cash dividend of 6.6 yuan per share, amounting to 474 million yuan, which represents 73.46% of its net profit for the period [2] - Guotai Junan plans to distribute 0.15 yuan per share, totaling 2.627 billion yuan, making it one of the leading brokerages in terms of dividend distribution [2] - Guodian Power intends to distribute 1 yuan per share, totaling 1.784 billion yuan, which is 48.38% of its net profit for the period [2] Upcoming Distributions - From October 27 to October 31, 20 companies will distribute a total of 9 billion yuan in cash dividends, including 京沪高铁 (19 billion yuan), 国泰海通 (26 billion yuan), and 国电电力 (18 billion yuan) [1][2] - There are still 74 companies that have not yet announced their dividend distribution plans, with a total amount exceeding 275 billion yuan expected to be distributed in the future [2]

Core Points - The mid-term dividends from 20 companies, including Beijing-Shanghai High-Speed Railway Co., Ltd., Guotai Junan Securities Co., Ltd., and State Power Development Co., Ltd., will exceed 9 billion yuan from October 27 to October 31 [1] - As of October 24, 320 companies in the Shanghai market have distributed over 278 billion yuan in mid-term dividends, with an additional 90 companies expected to distribute over 280 billion yuan [1][2] - The total mid-term dividend amount for 414 companies has reached over 560 billion yuan, setting a historical high [1] Company-Specific Information - Major dividend payers include China Mobile and China Telecom, with cash distributions of 54.1 billion yuan and 16.6 billion yuan, respectively, while the "Big Three" oil companies have collectively distributed approximately 82.5 billion yuan [2] - Companies like Xiamen Gibit Network Technology Co., Ltd. and Jiangsu Shuoshi Biotechnology Co., Ltd. have reported per-share dividends exceeding 2 yuan, with Gibit reaching 6.6 yuan per share [2] Dividend Yield Insights - The dividend yield for 290 companies in the Shanghai market exceeds 3%, with 81 companies yielding over 5% [3] - Among the 320 companies that have implemented mid-term dividends, the average yield is 2.53%, with 102 companies exceeding 3% and 40 companies surpassing 5% [3]

Core Viewpoint - China Mobile has increased its stake in Shanghai Pudong Development Bank (SPDB) by converting convertible bonds into ordinary shares, raising its ownership from 17.88% to 18.18% [2][4]. Group 1: China Mobile's Actions - China Mobile has announced three consecutive conversions of its SPDB convertible bonds into shares on October 13, 17, and 24, 2023 [2][4]. - After these conversions, China Mobile's total shareholding in SPDB has reached 60.53 billion shares [4]. - The conversion is seen as beneficial for SPDB, enhancing its core tier one capital and overall financial strength [4]. Group 2: SPDB Convertible Bonds - As of June 30, 2023, China Mobile held 53.35 billion shares of SPDB, making it the third-largest shareholder [4]. - The SPDB convertible bonds are set to expire, with the last trading day on October 23, 2023, and redemption at 110 yuan per bond [7]. - A significant amount of SPDB convertible bonds, totaling 136.4 billion yuan, have been converted into ordinary shares in the third quarter of 2023 [8]. Group 3: Market Context - The overall market for bank convertible bonds has been under pressure, with many banks experiencing a decline in stock prices [11]. - The exit of SPDB convertible bonds from the market is expected to lead to a restructuring of the convertible bond market, with potential shifts in institutional investment strategies [12].

Core Insights - Digital technology is rapidly integrating into various industries, becoming a core driver for industrial upgrades [1] - Traditional management models in water resources are insufficient for the demands of precision and efficiency, necessitating an information technology transformation [1] Group 1: Technological Implementation - Shandong Mobile Qingdao Branch is taking on the responsibility of a central enterprise by developing a smart water conservancy solution that integrates precise monitoring, intelligent early warning, and efficient scheduling [1] - The company has deployed over 200 IoT sensors in key areas of the Noceng Reservoir to collect real-time data on water levels, water quality, rainfall, and flow speed [1] - AI algorithms are utilized for intelligent analysis of video monitoring, enabling automatic warnings for safety hazards such as exceeding water levels and unauthorized intrusions [1] Group 2: Benefits and Outcomes - The digital upgrade in water resource management has led to the efficient allocation and utilization of water resources, with an expected annual saving of over 5 million cubic meters of irrigation water and a reduction in agricultural water costs by over 8 million yuan [2] - The safety compliance rate of water conservancy facilities has reached 100%, effectively safeguarding the lives and property of over 300,000 residents in 15 towns and streets [2] - The company plans to continue leveraging its technological advantages to promote smart water conservancy construction and enhance water resource protection and safety [2]

Core Viewpoint - China Mobile has increased its stake in Shanghai Pudong Development Bank (SPDB) by converting convertible bonds into common shares, reflecting confidence in the bank's future performance and capital strength [1][2][3]. Group 1: China Mobile's Actions - On October 24, China Mobile converted 14.83 million SPDB convertible bonds into 118.6 million common shares, raising its ownership from 17.88% to 18.18% [1][2]. - This is part of a series of conversions, with China Mobile having converted bonds on October 13, 17, and 24, totaling 56.31 million, 18.74 million, and 14.83 million bonds respectively, increasing its total shares to 6.053 billion [2][3]. - As of June 30, China Mobile was the third-largest shareholder of SPDB, holding 5.335 billion shares, and remains the largest holder of SPDB convertible bonds with 90.85 million bonds [3]. Group 2: Impact on SPDB - The conversion of bonds is expected to enhance SPDB's core Tier 1 capital and risk resilience, aligning with the interests of both China Mobile and its shareholders [3]. - Following the conversions, China Mobile is projected to hold approximately 60.61 billion shares if it converts the remaining bonds at the latest conversion price of 12.51 yuan per share [4]. - As of October 24, only about 164 million yuan of SPDB convertible bonds remain unconverted, indicating a significant acceleration in conversion activity [7]. Group 3: Market Context - The SPDB convertible bonds are set to be delisted after October 28, with a total redemption value of 110 yuan per bond [5][6]. - The overall market for bank convertible bonds has been under pressure, with many banks facing challenges in triggering redemption clauses due to stock price performance [8]. - The exit of SPDB convertible bonds from the market may lead to a restructuring of the convertible bond market, with potential shifts in institutional investment towards other sectors [9].