花旗发报告指，中国移动(00941.HK)上半年业绩整体疲软，因净利润增长主要源自成本控制及折旧费用 下降。然而，该行表示，仍看好集团6%以上的高股息率，认为其具有防御性。因此，维持"买入"评级 及目标价105.1港元。 ...

金融界8月8日消息，周五A股三大股指集体低开，沪指跌0.13%报3634.85点，深成指跌0.19%报11136.34点，创业板指跌 0.2%报2338.25点，科创50指数跌0.54%报1052.46点；沪深两市合计成交额144.96亿元；军工股回调、脑机接口概念股高开，创 新医疗两连板，三博脑科、际华集团、中科信息纷纷高开；医疗器械板块延续涨势，赛诺医疗两连板，尚荣医疗、利德曼、中 红医疗涨幅居前。 盘面上，市场焦点股中马传动（7天6板）高开3.19%，军工股长城军工（6天5板）低开3.25%、佳缘科技（创业板2板）低 开6.60%，机器人概念股国机精工（4板）平开、北纬科技（4板）高开6.08%，消费电子板块福日电子（4板）平开，医疗器械 板块利德曼（创业板6天4板）高开7.16%，液冷IDC概念股淳中科技（6天4板）高开5.17%、日海智能（3板）高开2.94%，芯片 产业链的东芯股份（科创板8天4板）低开3.01%、海立股份（2板）高开1.01%。 公司新闻 1、上纬新材公告，上半年净利润2990.04万元，同比下降32.91%。 2、中芯国际公告，第二季度营收22.1亿美元，同比增长16%。预计第 ...

证券研究报告 | 公司点评报告 2025 年 08 月 08 日 中国移动（600941.SH） 上半年业绩高质量增长，股东回报能力持续提升 TMT 及中小盘/通信 2024 年 8 月 8 日下午，中国移动发布《2025 年半年度报告》，25H1 公司实现 营业收入 5438 亿元，其中通服收入 4670 亿元，同比增长 0.7%，实现归母净 利润 842 亿元，同比增长 5.0%，EBITDA 1860 亿元，同比增长 2.0%，盈利能 力保持国际一流运营商领先水平。 股价表现 % 1m 6m 12m 绝对表现 -3 2 7 相对表现 -6 -5 -16 资料来源：公司数据、招商证券 -10 0 10 20 30 Aug/24 Dec/24 Mar/25 Jul/25 (%) 中国移动 沪深300 相关报告 1、《中国移动（600941）—业绩稳增 彰显经营韧性，"由云向智"构筑全栈 AI 服务能力》2025-04-23 2、《中国移动（600941）—24Q4 增 长超预期，自由现金流创造能力持续 夯实》2025-03-21 3、《中国移动（600941）—Q3 通服 收入增速企稳回升，"AI+"与新质 ...

证券研究报告 | 2025年08月08日 中国移动（600941.SH） 优于大市 2025 年上半年净利润同比增长 5%，中期派息同比增长 5.8% 2025 年上半年公司经营业绩稳健增长。2025 年上半年，公司实现营收 5438 亿元（同比-0.5%），通信服务收入达 4670 亿元（同比+0,7%）。归母净利 润 842 亿元（同比+5.0%）。净资产收益率（ROE 摊薄）同比稳定提升 0.1pct 至 6.1%，EBITDA 率同比提升 0.9pct 至 34.2%。公司决定 2025 年中期派息每 股 2.75 港元，同比增长 5.8%。 价值经营持续深化。（1）个人市场上半年收入 2447 亿元。移动客户达 10.05 亿户，净增56万户，其中5G用户达5.99亿户，净增4691 万户，渗透率59.6%。 移动 ARPU 保持行业领先，为人民币 49.5 元。（2）家庭市场上半年收入为 750 亿元，同比增长 7.4%。家庭宽带客户达到 2.84 亿户，净增 623 万户， 其中千兆家庭宽带客户达到 1.09 亿户，同比增长 19.4%，FTTR 客户达到 1840 万户，同比增长 264%。家 ...

业绩简评 2025 年 8 月 7 日，公司发布 2025 年半年度报告。2025 年上半年 实现营收 5437.69 亿元，同比-0.5%；实现归母净利润 842.35 亿 元，同比+5.0%。Q2 单季度实现营收 2800.09 亿元，同比-1.07%； 实现归母净利润 536.04 亿元，同比+5.95%。 经营分析 股东回报持续提升，红利价值凸显：25 年中期派息 2.75 港元/股， 同比+5.8%，股息增速（5.8%）超过净利润增速（5.0%）。同时公司 明确 2025 年分红比例相较 2024 年将再提升，我们预计公司未来 三年分红比例将超过 75%，高股息属性强化，我们认为公司作为 运营商龙头，在低利率环境下仍具备较强的吸引力。 业务结构升级带动毛利率提升，现金流有所承压：公司 1H25 毛利 率提升至 31.6%，同比+0.8pct，我们认为主要系高毛利新兴业务 占比提升所带来，公司业务结构得到优化。公司 1H25 数字化转型 收入 1569 亿元，同比+6.6%，占主营业务收入比重 33.6%，同比 +1.9pct。智慧家庭、移动云等高毛利业务同比增速较高，其中家 庭市场 1H25 收入 ...

Group 1 - The top three stocks with net inflow of southbound funds are Yingfu Fund (02800) with 6.292 billion, Hang Seng China Enterprises (02828) with 1.618 billion, and Southern Hang Seng Technology (03033) with 0.956 billion [1] - The top three stocks with net outflow of southbound funds are China Mobile (00941) with -0.289 billion, Jitu Express-W (01519) with -0.185 billion, and Horizon Robotics-W (09660) with -0.152 billion [1] - In terms of net inflow ratio, Anjii Food (02648), Pacific Shipping (02343), and Yuehai Investment (00270) lead the market with 55.07%, 54.09%, and 53.58% respectively [1] Group 2 - The top ten stocks with the highest net inflow include Yingfu Fund (02800) at 6.292 billion, Hang Seng China Enterprises (02828) at 1.618 billion, and Southern Hang Seng Technology (03033) at 0.956 billion [2] - The top ten stocks with the highest net outflow include China Mobile (00941) at -0.289 billion, Jitu Express-W (01519) at -0.185 billion, and Horizon Robotics-W (09660) at -0.152 billion [2] - The top three stocks with the highest net inflow ratio are Anjii Food (02648) at 55.07%, Pacific Shipping (02343) at 54.09%, and Yuehai Investment (00270) at 53.58% [3]

Industry News - The People's Bank of China has increased its gold reserves for the ninth consecutive month, with reserves reaching 73.96 million ounces (approximately 2300.41 tons) as of the end of July, marking a month-on-month increase of 60,000 ounces (approximately 1.86 tons) [3] - The Ministry of Industry and Information Technology, along with six other departments, has released implementation opinions to promote innovation and development in the brain-computer interface industry, aiming for breakthroughs in key technologies by 2027 [3] - As of August 7, southbound funds have accumulated a net purchase of 894.528 billion Hong Kong dollars this year, exceeding the total for the entire year of 2024 by 111%, setting a new historical high [3] - The world's first fully integrated intelligent robot 4S store, Robot Mall, is set to officially open on August 8, providing functions similar to traditional car 4S stores, including sales, parts supply, after-sales service, and information feedback [3] Company News - Upwind New Materials announced a net profit of 29.9004 million yuan for the first half of the year, a year-on-year decrease of 32.91% [6] - SMIC reported second-quarter revenue of 2.21 billion USD, a year-on-year increase of 16%, and expects third-quarter revenue to grow by 5% to 7% quarter-on-quarter, with a gross margin between 18% and 20% [6] - Seres announced that its new energy vehicle sales in July reached 44,581 units, a year-on-year increase of 5.7% [12] - China Mobile reported a net profit of 84.2 billion yuan for the first half of the year, with an interim dividend of 2.75 Hong Kong dollars per share [12]

"目前我们从AI能够获得的直接收入，或者相关收入已经是几十亿元的量级。"中国移动董事长杨杰在8 月7日晚举办的业绩说明会上介绍，中国移动目前在AI方面的收入主要来自AI算力的提供、人工智能大 模型服务、数据加工和数据标注及各类AI应用四个方向。同时，中国移动将在未来积极拓宽AI的应用 场景，致力于成为AI的供给者、汇聚者、运营者。 半年报显示，截至2025年6月底，中国移动总智算规模达到61.3EFLOPS，其中自建智算规模达到 33.3EFLOPS，净增4.1EFLOPS。上台能力规模超1300项，上半年能力调用量超过8 000亿次。报告期 内，中国移动"九天"通专大模型矩阵全新升级到3.0，重点布局能源、交通、新型工业化、医疗、教育 等超50款行业大模型。数据领域，中国移动已打造超200款多模态数据标注治理工具，建成覆盖32个行 业、超3500TB通用高质量数据集。 生态建设方面，中国移动上线AI焕新社区，聚合央企和产业链力量，打造面向全社会的人工智能开源 开放创新载体，汇聚超200个通用及垂直行业大模型，覆盖13类行业近160个高质量数据集，首批开放来 自16个行业共计40个央企战略性高价值场景。此外， ...

Core Viewpoint - China Mobile reported a revenue of 543.8 billion yuan for the first half of 2025, with a net profit of 84.2 billion yuan, reflecting a year-on-year growth of 5.0% [2] Financial Performance - The company's main business revenue reached 467 billion yuan, a slight increase of 0.7% year-on-year [2] - The interim dividend declared is 2.75 HKD per share, marking a 5.8% increase from the previous year [2] Revenue Structure Improvement - Personal market revenue was 244.7 billion yuan, with a mobile customer base of 1.005 billion, adding 560,000 new users [4] - 5G network customers reached 599 million, with a penetration rate of 59.6% [4] - Family market revenue grew by 7.4% to 75 billion yuan, with 284 million broadband customers [4] - Government and enterprise market revenue was 118.2 billion yuan, up 5.6% year-on-year [4] - Emerging market revenue increased by 9.3% to 29.1 billion yuan, with international business revenue growing by 18.4% [5] Capital Expenditure Focus - Capital expenditure for the first half of 2025 was 58.4 billion yuan, with a full-year plan of 151.2 billion yuan [6] - Investment in 5G networks totaled 25.8 billion yuan, with over 2.599 million 5G base stations opened [6] - The focus of capital expenditure is on computing power, particularly in AI, with plans to increase investment in this area [7] AI Development and Monetization - AI-related revenue has reached several billion yuan, with significant growth expected through commercialization [9] - The company has established various AI initiatives, including the creation of a large-scale intelligent computing center and a data annotation base [8] - AI projects signed in the first half of the year reached 1,485, with nearly 200 million customers using AI products [8]

Major Events - Silver诺医药-B (02591) is set to conduct an IPO from August 7 to August 12, with an expected listing date of August 15 [1] - Boan Biotech (06955) plans to place 48 million shares at a discount of approximately 8.78%, aiming to raise about HKD 780 million [1] - Derin Holdings (01709) intends to raise HKD 653.3 million, focusing on the development of blockchain, RWA, and virtual asset businesses [1] - Fuhong Hanlin (02696) received FDA approval to initiate a Phase 1 clinical trial for HLX43, a PD-L1 targeted antibody-drug conjugate for thymic cancer treatment [1] - China Biopharmaceutical (01177) obtained NMPA approval for the Phase II clinical trial application of LM-24C5, a dual antibody targeting CEACAM5/4-1BB [1] Financial Reports - China Mobile (00941) reported a shareholder profit of HKD 84.235 billion, a year-on-year increase of 5.03% [1] - Manulife Financial-S (00945) announced a core profit of CAD 1.7 billion for the second quarter [1] - Swire Properties (01972) reported a basic profit attributable to shareholders of HKD 4.42 billion, a year-on-year growth of 15% [1] - Hutchison Whampoa (00013) posted a net profit of USD 455 million, a significant year-on-year increase of 1663.32% [1] - MGM China (02282) disclosed a net profit of HKD 2.383 billion, a year-on-year decrease of 11.25% [1] - SMIC (00981) reported a shareholder profit of USD 132 million for the second quarter, with a revenue guidance for the third quarter indicating a sequential growth of 5% to 7% [1] - Zai Lab (09688) achieved a total revenue of approximately USD 216 million for the first half of the year, reflecting a year-on-year growth of 15.35% [1] - Innovent Biologics (01801) reported total product revenue exceeding RMB 5.2 billion for the first half of the year, maintaining a strong growth rate of over 35% [1] - Pacific Basin Shipping (02343) announced a profit attributable to shareholders of USD 25.6 million, a year-on-year decrease of 56% [1] - Lee & Man Paper Manufacturing (02314) reported a net profit of HKD 811 million, a year-on-year increase of 0.7%, with an interim dividend of HKD 0.066 per share [1] - Swire Group reported a profit attributable to shareholders of HKD 815 million for the first half of the year, a year-on-year decrease of 79% [1] - Lee & Man Chemical Company (00746) reported a profit increase of 36.0% to HKD 327 million, with an interim dividend of HKD 0.195 per share [1] - Hua Hong Semiconductor (01347) reported a profit attributable to parent company owners of USD 7.952 million for the second quarter, a year-on-year increase of 19.2% [1] - Wharf Real Estate Investment (01997) reported a loss attributable to shareholders of HKD 2.406 billion, a year-on-year increase of 128.71%, with the first interim dividend of HKD 0.066 per share [1] - Dekang Agriculture (02419) issued a profit warning, expecting a year-on-year increase in fair value adjustments of biological assets to approximately RMB 1.1 billion to 1.4 billion [1] - Mongol Mining (00975) issued a profit warning, anticipating a net loss of approximately USD 15 million to 25 million for the first half of the year, marking a shift from profit to loss [1] - Dongfeng Motor Group (00489) issued a profit warning, expecting a decline in net profit attributable to the parent company of 90% to 95% for the first half of the year [1]