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） 持續關連交易 持續關連交易 董事會宣佈於2026年1月1日，本 公 司 與 中 國 移 動 通 信 集 團 簽 訂 了 以 下 函 件 及 協 議： 香港上市規則之含義 中 國 移 動 通 信 集 團 為 本 公 司 的 最 終 控 股 股 東，所 以 是 本 公 司 的 關 連 人 士。 因 此，根 據 香 港 上 市 規 則 第14A.25條，2026年 度 通 信 設 施 建 設 服 務 協 議、2026 年度動力配套等網絡資產資源租賃協議及2026年度電信業務和信息服務協 議 項 下 之 各 項 交 易 構 成 本 公 司 的 持 續 關 連 交 易。 – 1 – (i) 2026年 ...

Core Insights - The top three companies by stockholding ratio in the Hong Kong Stock Connect are China Telecom (71.90%), GCL-Poly Energy (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in stockholding over the last five trading days include SMIC (+1.092 billion), China Merchants Bank (+1.052 billion), and Hong Kong Exchanges and Clearing (+790 million) [1][2] - The companies with the largest decrease in stockholding over the last five trading days include China Mobile (-3.216 billion), Tencent Holdings (-1.107 billion), and the Tracker Fund of Hong Kong (-465 million) [1][2] Stockholding Ratios - China Telecom (00728) holds 99.79 million shares with a stockholding ratio of 71.90% [2] - GCL-Poly Energy (01330) holds 28.3 million shares with a stockholding ratio of 69.96% [2] - Da Zhong Public Utilities (01635) holds 36.7 million shares with a stockholding ratio of 68.75% [2] - Other notable companies in the top 20 include China Shenhua (66.39%) and China Merchants Energy (64.43%) [2] Recent Trading Activity - The top three companies with increased holdings in the last five trading days are: - SMIC (00981): +1.092 billion, +15.28 million shares [2][3] - China Merchants Bank (03968): +1.052 billion, +19.92 million shares [2][3] - Hong Kong Exchanges and Clearing (00388): +790 million, +1.93 million shares [2][3] - The top three companies with decreased holdings in the last five trading days are: - China Mobile (00941): -3.216 billion, -39.36 million shares [2][3] - Tencent Holdings (00700): -1.107 billion, -1.84 million shares [2][3] - Tracker Fund of Hong Kong (02800): -465 million, -18.01 million shares [2][3]

Core Viewpoint - The telecommunications sector is experiencing a general decline, with China Mobile's stock performance drawing significant attention due to its recent drop and technical indicators suggesting potential buying opportunities despite the overall weak fundamentals of the sector [1][3]. Group 1: China Mobile Performance - China Mobile's stock closed at 81.8 HKD, down 1.21% with a trading volume of 3.08 billion HKD [1]. - The stock is currently below its MA10 (83.95 HKD) and MA30 (85.87 HKD), but above MA60 (85.79 HKD) [1]. - The RSI indicator is at 24, indicating an oversold condition, while various oscillators show mixed signals, with a general summary suggesting a "buy" signal with a strength of 11 [1]. Group 2: Sector Performance - China Unicom closed at 7.99 HKD, down 2.08%, with an RSI of 16 indicating severe overselling [1]. - China Telecom closed at 5.42 HKD, down 1.99%, with an RSI of 30, nearing oversold levels [1]. - China Tower closed at 11.57 HKD, down 3.10%, with an RSI of 37, indicating a neutral position [1]. Group 3: Market Reaction and Derivative Products - As of the morning of the 30th, China Mobile's stock rose to 82.05 HKD, with resistance levels at 85 HKD and 88.3 HKD, and support levels at 75.3 HKD and 78.6 HKD [3]. - Recent performance of related warrants shows a clear leverage effect, with products like the UBS bear certificate rising significantly following a drop in China Mobile's stock [3][4]. - The relationship between the stock and its derivatives is influenced by factors such as the proximity of the exercise price to the current stock price and changes in implied volatility [3]. Group 4: Selected Derivative Products - Four selected products related to China Mobile are highlighted for investors: 1. China Bank Call Warrant (22167) with a leverage of 20.4 and an exercise price of 92.05 HKD, suitable for investors expecting a rebound [6]. 2. China Bank Put Warrant (21625) with a leverage of 17.8 and an exercise price of 75.83 HKD, ideal for those anticipating further adjustments [6]. 3. UBS Bull Certificate (63412) with a leverage of 9.7 and an exercise price of 72 HKD, suitable for investors looking for a rebound near support levels [6]. 4. HSBC Bear Certificate (56299) with a leverage of 4.9 and a redemption price of 98 HKD, appropriate for short-term bearish investors [7].

Core Insights - The conference held by China Mobile Guangxi Company focused on digital transformation and ecosystem development, emphasizing collaboration with partners to enhance network foundations and smart application projects [1][3] Group 1: Company Achievements - In the past year, China Mobile Guangxi has strengthened its cooperation ecosystem, optimizing channel layouts and achieving simultaneous improvements in business capacity and user satisfaction [3] - The company has established a robust rights ecosystem with over 2,800 partner merchants and more than 10,000 covered stores, laying a solid foundation for the launch of the "Mobile Love Purchase" digital life mall ecosystem alliance [4] - The company has seen rapid growth in key sectors such as education and cloud computing, with steady increases in revenue from visual internet services and a leading position in the DICT market [4] Group 2: Product Innovations - The conference showcased various new terminal products and smart solutions, including AI phones, eSIM devices, and cloud computers, which are designed to meet diverse consumer needs [7] - The AI phone features the "Lingxi" intelligent system for smart interaction and proactive services, while eSIM products enable convenient connectivity across multiple devices [7] - The cloud computer is tailored to support the HarmonyOS and various industry-specific applications, providing integrated high-performance solutions for digital transformation [7] Group 3: Future Directions - China Mobile Guangxi plans to align with the regional "Artificial Intelligence +" strategy, focusing on enhancing cooperation mechanisms and improving service response quality [9] - The company aims to contribute to the establishment of the China-ASEAN Artificial Intelligence Innovation Cooperation Center through collaborative efforts with partners [9]

据悉，通过持续创新突破，浙江移动已在5000个通信站点建成250MWh/22MW"储备一体"储能系统， 7932个通信局站的光伏、空调、储能、油机等分布式可调资源共同组建起30MW的通信网络虚拟电厂。 该虚拟电厂可基于调峰调频需求响应、用电需求预测和智能平衡调度，实现资源统筹联动，促进能源供 需平衡、能源利用率提升和节能降碳目标的协同实现。 此外，项目还推动了能源流、信息流、价值流的"三流融合"，在提升"信息通信+能源动力+数字技术"多 领域协同创新能力、构建低碳通信网络、助力新型电力系统建设等方面发挥了积极作用。 相关负责人表示，该项目填补了通信网络虚拟电厂在省级层面大规模应用的空白，并因此入选2025年信 息通信行业科技创新案例。2026年，在国家发展改革委支持下，浙江移动将围绕"通信网络场景下新型 电力系统关键技术与应用"开展进一步研究，推动成果在全国范围内推广应用。(黄建丰、邢志翀、陈 珊) 为破解通信网络节能难题，中国移动浙江公司创新试点开展"通信网络铅碳储能与虚拟电厂"方案，通过 能源智慧大脑实现通信能源一站式统筹调度，推动通信网络与电网柔性互动，构建通信网络虚拟电厂。 试点两年来，累计节省电费2 ...

Core Viewpoint - The launch of the "Bianjiang Zhizhou" artificial intelligence open platform by China Mobile Guangxi Chongzuo Branch and the Jiangzhou District People's Government marks the establishment of Guangxi's first county-level AI base, driving the digital transformation of the local economy and society [1][3]. Group 1: Platform Overview - The "Bianjiang Zhizhou" platform aims to create a smart support system tailored to local needs, promoting comprehensive development through an "integrated multi-wing (1+4+N)" model [3]. - The platform focuses on five core capabilities: AI computing power supply, data governance, model development, application integration, and industrial services, providing end-to-end empowerment from data to scenarios [3][4]. Group 2: Key Areas of Focus - The platform targets four critical areas: industrial upgrading, government services, urban governance, and public welfare, addressing real issues and demands in county development [3][4]. - Specific applications include smart agriculture, smart healthcare, and smart cultural tourism, forming a one-stop AI comprehensive solution to inject intelligent power into high-quality economic and social development [3][4]. Group 3: Implementation and Collaboration - The platform emphasizes practical implementation and shared benefits, enhancing urban governance through an integrated city operation service center for issues like city appearance management and illegal construction monitoring [4]. - A collaborative path has been established to support small and medium enterprises, promote industry-academia-research cooperation, and build a healthy ecosystem, with the "Bianjiang Zhizhou" AI Industry Ecosystem Alliance officially formed [4]. Group 4: Future Outlook - The platform aims to serve Guangxi and radiate to ASEAN through a three-step strategy focusing on digital talent cultivation, deepening all-scenario applications, and expanding cross-border cooperation [4].

Group 1 - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.90%), Gree Power Environmental (69.96%), and Da Zhong Public Utilities (68.75%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are SMIC (+1.108 billion), China Merchants Bank (+1.056 billion), and Hong Kong Exchanges (+0.792 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are China Mobile (-3.231 billion), Tencent Holdings (-1.109 billion), and Tracker Fund of Hong Kong (-0.469 billion) [1][4] Group 2 - The latest holding ratios for the top 20 companies in Hong Kong Stock Connect show that China Telecom has 9.979 billion shares, Gree Power Environmental has 0.283 billion shares, and Da Zhong Public Utilities has 0.367 billion shares [2] - The top 10 companies with the largest increase in holdings over the last five trading days include Xiaomi Group (+0.633 billion) and Alibaba Group (+0.530 billion) [2] - The top 10 companies with the largest decrease in holdings over the last five trading days include China Unicom (-0.445 billion) and XinDa Biologics (-0.432 billion) [4]

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with Alibaba-W, China Merchants Bank, and Hong Kong Stock Exchange leading in net inflows, while China Mobile, Tencent Holdings, and Yingfu Fund experienced the highest net outflows [1] Net Inflow Summary - Alibaba-W (09988) recorded a net inflow of 1.059 billion, representing a 25.01% increase in net inflow [2] - China Merchants Bank (03968) saw a net inflow of 733 million, with a net inflow ratio of 95.69% [2] - Hong Kong Stock Exchange (00388) had a net inflow of 628 million, with a net inflow ratio of 65.72% [2] - Other notable net inflows include Sanhua Intelligent Control (02050) with 512 million and a 134.47% increase, and Agricultural Bank of China (01288) with 462 million and a 59.75% increase [2] Net Outflow Summary - China Mobile (00941) experienced the highest net outflow of 2.670 billion, with a net outflow ratio of -161.19% [2] - Tencent Holdings (00700) had a net outflow of 1.696 billion, reflecting a -38.48% change [2] - Yingfu Fund (02800) saw a net outflow of 499 million, with a -10.76% change [2] - Other significant net outflows include China Unicom (00762) with -344 million and a -108.28% change, and Southern Hang Seng Technology (03033) with -337 million and a -14.19% change [2] Net Inflow Ratio Summary - Greentown Service (02869) led with a net inflow ratio of 398.47%, amounting to 9.1014 million [3] - Global Medical (02666) followed with a net inflow ratio of 233.81%, totaling 14.8444 million [3] - Kangzheng Pharmaceutical (00867) had a net inflow ratio of 226.50%, with a total of 17.8033 million [3] - Other notable mentions include COSCO Shipping Holdings (02866) with a 220.43% ratio and 10.6514 million [3] Net Outflow Ratio Summary - Poly Property (06049) had the highest net outflow ratio of -394.10%, with a total outflow of -35.1273 million [3] - Green Power Environmental (01330) followed with a net outflow ratio of -230.61%, totaling -1.3437 million [3] - China Merchants Port (00144) experienced a net outflow ratio of -223.97%, with an outflow of -24.5326 million [3] - Other significant outflows include NetDragon (00777) with -187.16% and -18.5209 million, and Huaneng International Power (00902) with -182.54% and -99.9457 million [3]

Market Overview - On December 30, the Hang Seng Index rose by 0.86%, closing at 25,854.60 points, while southbound funds through the Stock Connect recorded a net sell of HKD 3.845 billion [1][3] - The total trading volume for the Stock Connect on the same day was HKD 92.3 billion, with a net sell of HKD 3.845 billion [1][3] Trading Activity - In the Shanghai Stock Connect, the trading volume was HKD 59.138 billion with a net sell of HKD 1.327 billion, while in the Shenzhen Stock Connect, the trading volume was HKD 33.161 billion with a net sell of HKD 2.518 billion [1][3] Active Stocks - The most actively traded stock in the Shanghai Stock Connect was SMIC, with a trading volume of HKD 35.17 billion, followed by Alibaba-W and Tencent Holdings with trading volumes of HKD 30.32 billion and HKD 22.02 billion, respectively [1][2] - In terms of net buying, Industrial and Commercial Bank of China had the highest net buy amount of HKD 357 million, with its stock price increasing by 0.64% [1][2] - The stock with the highest net sell was the Tracker Fund of Hong Kong, with a net sell of HKD 1.612 billion, while its stock price rose by 0.93% [1][2] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, SMIC led with a trading volume of HKD 25.32 billion, followed by Alibaba-W and Tencent Holdings with HKD 23.47 billion and HKD 16.79 billion, respectively [2] - The highest net buy was also for SMIC, with a net buy of HKD 410 million, and its stock price increased by 4.24% [2] - Alibaba-W recorded the highest net sell in this segment, amounting to HKD 798 million, while its stock price rose by 0.84% [2]

Group 1 - The Hang Seng Index rose by 0.86% on December 30, with a total turnover of southbound funds amounting to HKD 923.00 billion, including buy transactions of HKD 442.28 billion and sell transactions of HKD 480.72 billion, resulting in a net sell of HKD 38.45 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total turnover of HKD 331.61 billion, with buy transactions of HKD 153.22 billion and sell transactions of HKD 178.40 billion, leading to a net sell of HKD 25.18 billion [1] - The southbound trading through Stock Connect (Shanghai) recorded a total turnover of HKD 591.38 billion, with buy transactions of HKD 289.06 billion and sell transactions of HKD 302.33 billion, resulting in a net sell of HKD 13.27 billion [1] Group 2 - Among the actively traded stocks, SMIC had the highest turnover with a total of HKD 60.49 billion and a net buy of HKD 7.59 billion, closing with a price increase of 4.24% [1][2] - CNOOC had a total turnover of HKD 21.87 billion with a net buy of HKD 4.61 billion, while ICBC recorded a net buy of HKD 3.57 billion [2] - Tencent Holdings had a total turnover of HKD 38.81 billion with a net sell of HKD 12.79 billion, and Alibaba-W had a turnover of HKD 53.79 billion with a net sell of HKD 4.93 billion [2] Group 3 - The stock with the longest consecutive net buy from southbound funds was Huahong Semiconductor, with a total net buy of HKD 5.45 billion over three days [2] - The stocks with the highest consecutive net sell included China Mobile, Tencent Holdings, and Alibaba-W, with total net sells of HKD 96.46 billion, HKD 32.97 billion, and HKD 18.05 billion respectively [2]