Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration of the People's Republic of China regarding the adjustment of VAT rates and tax categories for telecommunications services will impact the revenue and profit of China Mobile starting January 1, 2026 [1] Group 1: Tax Changes - The tax category for services such as mobile data, SMS, MMS, and internet broadband access will change from value-added telecommunications services to basic telecommunications services [1] - The VAT rate for these services will increase from 6% to 9% [1] Group 2: Company Strategy - China Mobile aims to strengthen its core business in communication services, computing power services, and intelligent services [1] - The company is committed to enhancing its network foundation, promoting full-stack innovation, and deepening lean management to improve quality and efficiency [1] - China Mobile plans to accelerate the construction of a world-class technology service enterprise [1]

此次税目适用范围调整，将对公司收入及利润产生影响。公司将坚守主责主业，努力做强做优做大通信 服务、算力服务、智能服务，坚持网络强基、推进全栈创新，深化精益管理和提质增效，加快建设世界 一流科技服务企业。 格隆汇2月1日丨中国移动(600941.SH)公告，近日，中华人民共和国财政部、国家税务总局发布了《关 于增值税征税具体范围有关事项的公告》(财政部税务总局公告2026年第9号)，规定自2026年1月1日 起，在中华人民共和国境内，利用固网、移动网、卫星、互联网，提供手机流量服务、短信和彩信服 务、互联网宽带接入服务的业务活动适用的税目由增值电信服务调整为基础电信服务，对应增值税税率 由6%调整为9%。 ...

中国移动公告称，财政部、税务总局规定，自2026年起，境内提供手机流量等服务的业务活动适用税目 由增值电信服务调整为基础电信服务，对应增值税税率由6%调至9%。此次调整将对公司收入及利润产 生影响，公司将深化精益管理和提质增效，加快建设世界一流科技服务企业。 ...

中国移动(600941.SH)公告称，近日，中华人民共和国财政部、国家税务总局发布了《关于增值税征税 具体范围有关事项的公告》（财政部 税务总局公告2026年第9号），规定自2026年1月1日起，在中华人 民共和国境内，利用固网、移动网、卫星、互联网，提供手机流量服务、短信和彩信服务、互联网宽带 接入服务的业务活动适用的税目由增值电信服务调整为基础电信服务，对应增值税税率由6%调整为 9%。此次税目适用范围调整，将对公司收入及利润产生影响。 原文如下： ...

中国移动有限公司董事会 2026年2月1日 1 中国移动有限公司 关于电信服务增值税税目适用范围调整的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，中华人民共和国财政部、国家税务总局发布了《关于增值税征税具体 范围有关事项的公告》（财政部 税务总局公告 2026 年第 9 号），规定自 2026 年 1 月 1 日起，在中华人民共和国境内，利用固网、移动网、卫星、互联网，提供 手机流量服务、短信和彩信服务、互联网宽带接入服务的业务活动适用的税目由 增值电信服务调整为基础电信服务，对应增值税税率由 6%调整为 9%。 此次税目适用范围调整，将对公司收入及利润产生影响。公司将坚守主责主 业，努力做强做优做大通信服务、算力服务、智能服务，坚持网络强基、推进全 栈创新，深化精益管理和提质增效，加快建设世界一流科技服务企业。 特此公告。 股票代码：600941 股票简称：中国移动 公告编号：2026-002 ...

此次税目适用范围调整，将对公司收入及利润产生影响。公司将坚守主责主业，努力做强做优做大通信 服务、算力服务、智能服务，坚持网络强基、推进全栈创新，深化精益管理和提质增效，加快建设世界 一流科技服务企业。 格隆汇2月1日丨中国移动(600941.SH)公告，近日，中华人民共和国财政部、国家税务总局发布了《关 于增值税征税具体范围有关事项的公告》(财政部税务总局公告2026年第9号)，规定自2026年1月1日 起，在中华人民共和国境内，利用固网、移动网、卫星、互联网，提供手机流量服务、短信和彩信服 务、互联网宽带接入服务的业务活动适用的税目由增值电信服务调整为基础电信服务，对应增值税税率 由6%调整为9%。 ...

Group 1 - The State Intellectual Property Office of China has granted a patent for a "knowledge graph construction method, device, and storage medium" to China Mobile (Suzhou) Software Technology Co., Ltd. and China Mobile Communications Group Co., Ltd. The patent authorization announcement number is CN115374222B, with an application date of May 2021 [1] - China Mobile (Suzhou) Software Technology Co., Ltd. was established in 2014 and is located in Suzhou. The company primarily engages in software and information technology services, with a registered capital of 3.172 billion RMB. It has participated in 5,000 bidding projects, holds 112 trademark records, and has 2,689 patent records, along with 28 administrative licenses [1] - China Mobile Communications Group Co., Ltd. was founded in 1999 and is based in Beijing. The company focuses on telecommunications, broadcasting, and satellite transmission services, with a registered capital of 30 billion RMB. It has invested in 55 companies, participated in 5,000 bidding projects, holds 2,211 trademark records, and has 5,000 patent records, in addition to 50 administrative licenses [1]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息2211条，专利信息5000条， 此外企业还拥有行政许可50个。 国家知识产权局信息显示，咪咕文化科技有限公司、中国移动通信集团有限公司取得一项名为"脚本生 成方法、装置、设备及计算机程序产品"的专利，授权公告号CN113868123B，申请日期为2021年9月。 天眼查资料显示，咪咕文化科技有限公司，成立于2014年，位于北京市，是一家以从事软件和信息技术 服务业为主的企业。企业注册资本1040000万人民币。通过天眼查大数据分析，咪咕文化科技有限公司 共对外投资了9家企业，参与招投标项目2579次，财产线索方面有商标信息982条，专利信息2886条，此 外企业还拥有行政许可10个。 来源：市场资讯 ...

Core Insights - The Chinese telecommunications industry is at a crossroads as the 2025 statistics reveal a mixed performance, with total telecom business volume growing by 9.1% year-on-year, significantly outpacing GDP growth by 4.1 percentage points, contributing positively to economic growth [2] - However, telecom business revenue growth has declined to only 0.7% in 2025, a drop of 2.5 percentage points from 2024, indicating a trend of stagnation in revenue growth despite overall market improvements [3][4] Group 1: Industry Performance - By the end of 2025, the number of 5G base stations reached 4.838 million, accounting for 37.6% of mobile phone base stations, with an average of 34.4 5G base stations per 10,000 people, exceeding the "14th Five-Year Plan" target [2] - The number of mobile phone users in China reached 1.827 billion, with a penetration rate of 130 devices per 100 people, surpassing the global average by 22.5 percentage points [2] - The number of 5G mobile phone users reached 1.204 billion, with a net increase of 190 million users, representing over 65.9% of total mobile phone users, which is 2.1 times the global average [2] Group 2: Revenue Trends - Telecom business revenue for 2025 was 1.75 trillion yuan, with a growth rate of only 0.7%, down from 3.2% in 2024, and significantly lower than the 6.2% and 8% growth rates in 2023 and 2022, respectively [3][4] - Traditional business revenues, including mobile data and voice services, are declining due to competition from OTT services and pricing pressures, with traditional business revenue down by 0.5% in 2025 [4] Group 3: Emerging Business Growth - New emerging businesses, including cloud computing, big data, and IoT, accounted for 25.7% of telecom industry revenue in 2025, growing by 4.7% year-on-year and contributing 1.2 percentage points to overall revenue growth [6] - Big data business revenue grew by 69.2% year-on-year, driven by demand from enterprise clients for data governance and intelligent applications [6] - The number of IoT terminal users reached 2.888 billion, significantly exceeding the number of mobile phone users, indicating a shift from low-value connections to revenue-generating opportunities [7] Group 4: Transition Challenges - The growth rate of cloud computing revenue slowed to 2.9% in 2025, a significant drop from nearly 30% in 2023, highlighting challenges in the sector [8] - Operators face difficulties in the cloud business due to pricing structures and competition from major cloud providers, which limits their market share in high-end cloud services [9] - Continued investment in data centers and computing networks is squeezing profit margins for operators, with China Mobile's computing network investment reaching 37.3 billion yuan in 2025 [9] Group 5: Future Outlook - The ability of emerging businesses to transition from volume growth to high-quality monetization will depend on the industry's execution in building capabilities, ecosystem cooperation, and capital efficiency [10] - If operators can effectively integrate network advantages with computing services into scalable products, emerging businesses may become a sustainable profit driver for the telecommunications industry [10]

Core Viewpoint - China Mobile (00941) is currently experiencing a period of short-term stability with a closing price of HKD 80.9, reflecting a market in a wait-and-see mode as it faces resistance from moving averages above and support below [1][2] Technical Analysis - The closing price of HKD 80.9 is above the 10-day moving average of HKD 79.55, indicating short-term support, while facing resistance from the 30-day moving average at HKD 81.40 and the 60-day moving average at HKD 84.18 [1] - The RSI indicator is at 47, within the neutral range of 40-60, confirming the current oscillating pattern with no clear advantage for either bulls or bears [1] - Overall technical indicators suggest a "buy" signal with a strength of 7, but moving averages indicate a "sell" signal, highlighting a divergence that often occurs at critical decision points [1] Market Performance - On January 29, the telecommunications sector showed stable performance with minor fluctuations: - China Telecom (00728) closed at HKD 5.42, remaining flat, similar to China Mobile's performance [1] - China Unicom (00762) showed slight strength, rising 0.12% to HKD 8.11, with its stock price above the 10-day and 30-day moving averages, indicating a more positive technical outlook [1] Support and Resistance Levels - As of January 30, China Mobile's latest price is HKD 79.75, down 1.42%. Key support levels are at HKD 77.7 (first-level support) and HKD 74.4 (second-level support), with resistance levels at HKD 84.1 (first-level resistance) and HKD 87.4 (second-level resistance) [4] Investment Opportunities - Recent recommendations for China Mobile's warrants have shown significant gains, with UBS call warrants (24989) rising 30% and HSBC call warrants (60502) and UBS call warrants (57221) both increasing by 18% [5] - Two selected warrants based on the current oscillating pattern: 1. Bank of China call warrant (24413) with a leverage of 10.3 times, suitable for investors expecting a breakout above resistance [8] 2. Bank of China put warrant (21625) with a leverage of 20.3 times, ideal for those anticipating a short-term decline towards support [8]