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].

Core Viewpoint - China Mobile announced that Guangdong Mobile will exercise its conversion rights to convert a total face value of RMB 1.484 billion of SPDB A-share convertible bonds into approximately 119 million shares of SPDB A-shares at a conversion price of RMB 12.51 per share, effective on October 24, 2025 [1] Group 1 - The total face value of the convertible bonds being converted is RMB 1.484 billion [1] - The conversion price set for the SPDB A-shares is RMB 12.51 per share [1] - The number of SPDB A-shares to be converted is approximately 119 million shares, subject to potential variations due to settlement and clearing reasons [1]

浦发银行表示，该行可转债"浦发转债"已于2020年5月4日进入转股期。截至2025年10月17日，该行总股 本为326.93亿股，中国移动持有该行股份为59.35亿股，持股比例为18.15%。随浦发银行可转债持有人 持续转股，截至2025年10月23日，该行总股本增加至331.87亿股，中国移动持股比例被动稀释至 17.88%。2025年10月24日，中国移动将其持有的1483.83万张可转债转为公司普通股1.19亿股。转股 后，中国移动持股比例由17.88%增加至18.18%，触及1%的整数倍。 北京商报讯（记者 孟凡霞 周义力）10月24日，浦发银行发布公告称，该行收到中国移动通信集团广东 有限公司（以下简称"中国移动"）的通知，获悉中国移动通过可转债转股形式增持该行普通股股份。 ...

Investment Rating - The report maintains an "Outperform" rating for the company [1][9]. Core Insights - The company is projected to achieve revenues of 1.08 trillion RMB, 1.13 trillion RMB, and 1.17 trillion RMB for the years 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of 145.6 billion RMB, 153 billion RMB, and 160.2 billion RMB for the same years [1][9]. - The earnings per share (EPS) are expected to be 6.73 RMB, 7.07 RMB, and 7.41 RMB for 2025, 2026, and 2027 respectively [1][9]. - A valuation premium is assigned based on the company's superior asset structure and leading return on equity (ROE), with a projected price-to-book (PB) ratio of 1.9x for 2025 and a target price of 127.17 RMB [1][9]. Financial Summary - For the first three quarters of 2025, the company's total revenue was 794.7 billion RMB, reflecting a year-on-year increase of 0.4%, while the main business revenue was 683.1 billion RMB, up 0.8% year-on-year [3][10]. - The gross profit margin (GPM) stood at 31.1%, an increase of 0.3 percentage points year-on-year, and the net profit attributable to shareholders was 115.4 billion RMB, up 4.0% year-on-year [3][10]. - The net cash flow from operating activities was 161 billion RMB, down 28.1% year-on-year, but the decline has narrowed compared to the first half of the year [12]. Market Performance - In the personal market, the mobile average revenue per user (ARPU) was 48.0 RMB, down 3% year-on-year, while the comprehensive ARPU for household customers was stable at 44.4 RMB [11]. - The company continues to advance its AI and DICT business, with DICT revenue showing good growth and AI direct revenue experiencing rapid growth [11].

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 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 24 日，廣東移動行使換股權將其持有的合計面值人民 幣 1,483,828,000 元（約合 1,626,095,056 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 118,611,350 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 118,611,350 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. ...

Core Viewpoint - China Mobile will exercise its conversion rights to convert its holdings of SPDB's convertible bonds into approximately 119 million shares of SPDB A-shares at a conversion price of RMB 12.51 per share, effective on October 24, 2025 [1] Summary by Relevant Sections - **Company Actions** - China Mobile is set to convert a total of RMB 1.484 billion in SPDB convertible bonds into A-shares [1] - The actual number of shares converted may vary due to settlement and clearing reasons [1] - **Financial Details** - The conversion price is set at RMB 12.51 per share, leading to an estimated conversion of about 119 million shares [1]

格隆汇10月24日丨中国移动(00941.HK)公告，于2025年10月24日，广东移动行使换股权将其持有的合计 面值人民币1,483,828,000元(约合1,626,095,056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)转股价转为约118,611,350股浦发银行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。 ...

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 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 緊接轉換前，本集團合計持有 5,934,854,845 股之浦發銀行 A 股，約佔浦發銀行已發行 股本的約 17.88%。緊隨轉換後，本集團合計持有 6,053,466,195 股之浦發銀行 A 股（可 能會因清算及交收原因而有所調整），約佔浦發銀行擴大後已發行股本的約 18.18%。 根據《商業銀行股權管理暫行辦法》規定，轉換完成後，廣東移動自轉換之日起五年 內不得轉讓新轉換的浦發銀行 A 股。 進一步轉換浦發銀行 A 股可轉債 董事會宣佈，於 2025 年 10 月 24 日，廣東移動行使換股權將其持有的合計面值人民 幣 1,483,828,000 元（約合 1,626,095,056 港元）浦發 ...

Core Viewpoint - The launch of the first domestic eSIM-enabled phone, iPhone Air, has been met with operational challenges, particularly regarding age restrictions for eSIM activation, which may hinder access for older users [1][3]. Group 1: eSIM Activation Challenges - A user reported being denied eSIM activation due to being over 60 years old, as the current policy requires users to be between 18 and 60 years old [3]. - China Telecom confirmed the age restriction for eSIM activation, which is part of the trial phase of the eSIM service [5]. - In contrast, China Unicom and China Mobile have set lower age limits, with Unicom requiring users to be at least 16 years old and Mobile requiring 18 [5]. Group 2: Complexity of eSIM Process - The eSIM activation process is described as cumbersome, requiring users to visit physical stores with identification and devices, as online activation is not available during the commercial phase [5]. - Users must return to their number's original location for eSIM conversion, as cross-province conversions are not supported [5]. - A user managed to convert a physical SIM to eSIM by falsely claiming to have lost their SIM card, highlighting potential loopholes in the system [6]. Group 3: Security and Future Developments - The restrictions on eSIM services are attributed to risk management and technical security concerns, particularly regarding the potential for remote anonymous account creation and telecom fraud [8]. - The three major operators had previously suspended eSIM services, with a planned resumption in June 2025 under strict conditions, including offline real-name activation and security certificate requirements [8]. - Future advancements in remote real-name authentication technology and system upgrades are expected to simplify the eSIM activation process, allowing users to complete it online without visiting physical stores [8].

| 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 98.63亿股 | 71.06% | | 中远海能(01138) | 9.16亿股 | 70.70% | | 绿色动力环保(01330) | 2.82亿股 | 69.65% | | 中国神华(01088) | 22.88亿股 | 67.73% | | 凯盛新能(01108) | 1.69亿股 | 67.65% | | 大眾公用(01635) | 3.53亿股 | 66.07% | | 新天绿色能源(00956) | 12.02亿股 | 65.37% | | 天津创业环保股份(01065) | 2.21亿股 | 64.94% | | 康龙化成(03759) | 1.90亿股 | 63.06% | | 弘业期货(03678) | 1.56亿股 | 62.63% | | 南方恆生科技(03033) | 76.51亿股 | 60.87% | | 白云山(00874) | 1.34亿股 | 60.85% | | 中州证券(01375) | 7.25亿股 | 60.65% | | 山东墨龙(00568 ...