民生证券研报指出，中国移动上半年实现归母净利润842.35亿元，同比增长5.0%，公司经营业绩稳健， 各业务板块稳步发展。公司持续强化算力供给，当前总智算规模（FP16）达61.3EFLOPS，其中自建智 算规模（FP16）为33.3EFLOPS，对外服务IDC机架超66万架。大模型加速突破，全栈自主可控、行业 深度赋能、多模态领先、安全可信可靠的"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。打造多模型和智能体聚合服务引擎MoMA，实现大 小模型、不同模态、各类工具链与智能体的自主选择、最优匹配。大数据加速汇聚，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3,500TB通用高质量数据集。"AI+"应用方面，上半年公 司AI+DICT签约项目达到1485个，联合能源、水利、农业等行业央企共建行业大模型，赋能新型工业 化。面向千家万户，推动全量产品和服务嵌入AI，"AI化产品"客户合计近2亿户。发布AI智能助理灵犀 智能体2.0，月活跃客户突破6,000万户。联合行业龙头企业，发布AI智能终端、智能机器人、智能网联 汽车等首批信息消费" ...

从中证香港300通信服务指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300通信服务指数持仓样本的行业来看，数字媒体占比47.10%、电信运营服务占比30.30%、 文化娱乐占比15.78%、通信技术服务占比2.93%、数据中心占比2.03%、通信设备占比0.99%、营销与广 告占比0.86%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，其下属的行业指 数样本随之进行相应调整。在样本公司有特殊事件发生，导致其行业归属发生变更时，将对中证香港 300行业指数系列样本进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合 并、分拆等情形的处理，参照计算与维护细则处理。 本文源自：金融界 作者：行情君 金融界8月11日消息，上证指数上涨0.34%，中证香港300通信服务指数 (H300通信，L11228)报1578.18 点。 数据统计显示，中证香港300通 ...

证券研究报告 | 公司动态点评 2025 年 08 月 11 日 中国移动（600941.SH） 精益管理成效显著，AI+行动蹄疾步稳 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 1,009,309 | 1,040,759 | 1,059,493 | 1,093,396 | 1,125,105 | | 增长率 yoy（%） | 7.7 | 3.1 | 1.8 | 3.2 | 2.9 | | 归母净利润（百万元） | 131,766 | 138,373 | 146,748 | 156,219 | 165,453 | | 增长率 yoy（%） | 5.0 | 5.0 | 6.1 | 6.5 | 5.9 | | ROE（%） | 10.1 | 10.2 | 10.5 | 10.7 | 11.0 | | EPS 最新摊薄（元） | 6.10 | 6.40 | 6.79 | 7.23 | 7.66 | | P/E（倍） | 18.0 | 17.2 | 16.2 | ...

Group 1 - The A-share computing power industry chain is active, with a focus on optical modules, servers, and PCB leaders, as evidenced by the 5G Communication ETF (515050) rising over 2% in intraday trading [1] - China Mobile announced its 1H2025 performance, indicating a strategic investment increase in AI computing power, with capital expenditure of 58.4 billion yuan for the first half of 2025 and a full-year guidance of 151.2 billion yuan [1] - The total intelligent computing scale reached 61.3 EFLOPS in 1H2025, with self-built intelligent computing capacity at 33.3 EFLOPS and over 660,000 IDC racks for external services [1] Group 2 - The 5G Communication ETF (515050) tracks the CSI 5G Communication Theme Index, with a latest scale exceeding 6 billion yuan, focusing on the Nvidia, Apple, and Huawei supply chains [2] - The optical module CPO concept stocks account for 31% of the ETF's weight, while PCB circuit board concept stocks account for 15.95% [2] - The top ten weighted stocks include companies like Zhongji Xuchuang, Xinyi Sheng, and Lixun Precision, indicating a strong presence in the AI computing hardware and 6G industry chain [2]

Core Viewpoint - The competitive landscape in the telecommunications industry is intensifying, with the introduction of number portability leading to adverse competition rather than improved service options for customers [1][3]. Financial Performance - In the first half of 2025, the company reported revenue of 5437.69 billion RMB, a decrease of 0.5% year-on-year, while communication service revenue grew by 0.7% to 4669.89 billion RMB [2][4]. - Net profit for the same period reached 842.35 billion RMB, reflecting a 5% increase compared to the previous year, with a net profit margin of 15.5% [2][4]. - The company's brand value increased by 33.1% to 41.3 billion USD [1]. Market Segmentation - Personal market revenue declined by 4.1% to 2447.27 billion RMB, while enterprise market revenue grew by 5.6% to 1181.96 billion RMB [4][6]. - The number of mobile customers reached 1.005 billion, with a net increase of 560,000, and 5G network customers totaled 599 million, marking a net increase of 46.91 million [4][6]. - The average revenue per user (ARPU) remained industry-leading at 49.5 RMB [4]. Strategic Insights - The company is navigating a critical phase characterized by strategic opportunities, reform challenges, and a transition in growth drivers [5]. - The company anticipates significant growth in AI-related revenues, with current estimates in the tens of billions RMB range, driven by increased demand for computing power, models, data processing, and applications [7]. - The company has completed capital expenditures of 584 billion RMB in the first half of 2025, with over 2.59 million 5G base stations established [6]. Future Outlook - The company remains optimistic about achieving stable revenue growth and healthy profit increases for the full year [4]. - The integration of AI and digital technologies is expected to create new market opportunities and drive future revenue growth [5][7].

Group 1 - Industrial Fulian reported a record high revenue of 360.76 billion yuan for the first half of 2025, a year-on-year increase of 35.6%, with a net profit of 12.11 billion yuan, up 38.6% [2] - In Q2, the revenue exceeded 200 billion yuan for the first time, reaching 200.34 billion yuan, a 35.9% increase year-on-year, with a net profit of 6.88 billion yuan, up 51.1% [2] Group 2 - A-share indices collectively rose last week, with the Shanghai Composite Index hitting a new high for the year, up over 2% for the week [3] - The market is shifting from traditional cyclical sectors to technology sectors, with quality tech assets expected to yield significant excess returns in Q3 [3] Group 3 - Major foreign investment projects are progressing steadily, with new policies to encourage foreign investment being implemented [4] - Cities like Wenzhou, Dalian, and Xuzhou have GDP growth rates exceeding 6%, with potential to join the "trillion-dollar club" by year-end [4] Group 4 - In July, the consumer price index (CPI) in Guangdong turned positive, rising 0.5% month-on-month, while the producer price index (PPI) decreased by 0.2% [5] - Hong Kong saw a record number of registered local companies, exceeding 1.5 million, with significant direct investment and job creation [5] Group 5 - Nearly 50 A-share companies have disclosed interim dividend plans, with major firms like China Mobile announcing substantial dividends [6] - The Hong Kong Investment Management Company is focusing on nurturing local startups and investing in quality enterprises [7] Group 6 - The A-share market is expected to face some resistance in the short term but remains in a bull market, with industry rotation accelerating [8] - Southbound capital has seen a cumulative net inflow of 900.8 billion HKD, indicating a strong preference for Chinese concept stocks [8] Group 7 - The new science and technology bond policy has led to a significant issuance of 880.66 billion yuan in three months, with a low average coupon rate [21] - Gold futures prices reached a historical high, driven by geopolitical factors and central bank policies [22]

Core Viewpoint - China Mobile's financial performance in the first half of 2025 shows a slight decline in revenue but an increase in net profit, indicating resilience in its core business despite challenges in overall revenue growth [3][9]. Trading Information Summary - On August 8, 2025, China Mobile's stock closed at 109.99 yuan, up 1.99%, with a turnover rate of 2.55% and a trading volume of 230,100 shares, amounting to a total transaction value of 2.525 billion yuan [1]. - The capital flow on the same day indicated a net inflow of 268 million yuan from institutional investors, accounting for 10.6% of the total transaction value, while retail investors experienced a net outflow of 143 million yuan, representing 5.68% of the total [2][9]. Performance Disclosure Highlights - For the first half of 2025, China Mobile reported an operating revenue of 543,769 million yuan, a decrease of 0.5% compared to the same period in 2024. The main business revenue was 466,989 million yuan, showing a year-on-year growth of 0.7% [3]. - The total profit amounted to 107,073 million yuan, reflecting a year-on-year increase of 3.8%. The net profit attributable to shareholders was 84,235 million yuan, up 5.0% year-on-year [3][9]. - The net cash flow from operating activities was 83,832 million yuan, down 36.2% year-on-year. Total assets reached 2,092,440 million yuan, with a year-on-year growth of 0.9% [3]. Company Announcement Summary - China Mobile announced a mid-year profit distribution plan for 2025, declaring an interim dividend of 2.75 HKD per share (including tax), which is a 5.8% increase year-on-year. The total dividend payout amounts to approximately 59.43 billion HKD (including tax) [5][9]. - The company held its seventh board meeting on August 7, 2025, where it approved several resolutions, including the mid-year performance reports and interim dividend proposals [6]. Customer Data Announcement - As of the second quarter of 2025, China Mobile had a total customer base of 1,004.878 million, with a net increase of 1.499 million customers in the quarter. The number of 5G network customers reached 599.313 million [8]. - In the fixed broadband segment, the total customer count was 323.229 million, with a net increase of 3.181 million customers during the same period [8].

Core Insights - The introduction of robots "Lingxi" and robot dog "Xiaobai" at the Shandong Jinan Bayi Interchange Hall marks a significant step in integrating technology with service, enhancing the smart service system into a new phase of "human-machine collaboration" [1] Group 1: Robot "Lingxi" - "Lingxi" is an advanced guide robot that utilizes multi-modal human-machine interaction technology, environmental perception learning, anthropomorphic interaction design, and data-driven services [5] - It assists customers by guiding them through the service process, providing explanations of products in the "Aijia Experience Zone," and facilitating a deeper understanding of health-related offerings [7] - "Lingxi" has a robust knowledge base to accurately answer inquiries about packages and services, continuously optimizing service strategies for an immersive experience [9] Group 2: Robot Dog "Xiaobai" - "Xiaobai" is China's first consumer-grade quadruped robot, equipped with a self-developed AI engine and bionic movement system, capable of adapting to various terrains [9] - In the hall, "Xiaobai" engages customers with welcoming gestures and fun interactions, enhancing the customer experience during wait times [10] - It serves multiple roles in family settings, acting as a health manager for the elderly and a learning companion for children, thus evolving from a mere tool to an intelligent family member [10] Group 3: Service Efficiency and Experience - The integration of robots and robot dogs has optimized the entire service chain, reducing wait times by 25% during peak hours and increasing product inquiry rates by 50% through engaging demonstrations [12] - Interactive activities, such as dance performances by "Xiaobai," further enhance customer engagement during specific time slots [12] Group 4: Future Implications - The pilot implementation of these robots signifies a breakthrough in traditional service models, creating a new service ecosystem that combines technological advancement with human-centric design [14] - The future application of robots and robot dogs is expected to permeate various life scenarios, promoting a harmonious coexistence of technology and daily life [14]

"数字新员工"履职：智能与温度双在线 机器人"灵犀"凭借智慧引导系统成为营业厅的"精准向导"。客户入厅时，它主动上前，以流畅动作配合清晰语音完 成取号流程。 在爱家体验区，"灵犀"转型为专业讲解员，详解移动爱家产品亮点，现场指导客户免费体验血压、体脂等健康监测 服务，并展示健康数据实时同步，实现"检测-分析-服务推荐"闭环响应，让科技赋能生活的便捷性直观可感。 根据客户需求"灵犀"可以精准引导至业务办理区域，沿途同步介绍功能分区，让客户快速熟悉厅内布局。 技术底座：硬核实力支撑智慧服务 2025年8月9日，山东移动在济南八一旗舰营业厅率先启动"数字新员工"上岗计划。导览机器人"灵犀"与四足机器 狗"小白"正式入驻，以多模态交互、情感化服务、全流程智能引导为核心技术支撑，重塑营业厅服务生态，标志着 山东移动营业厅智慧服务迈入人机协同新阶段。 两位"新员工"的背后，是中国移动强大的技术研发实力。机器人"灵犀"融合多模态人机交互、环境感知学习、拟人 化交互设计及数据驱动服务等前沿科技，是集强感知记忆、超拟人互动、新智慧运营于一体的智能伙伴。它能够快 速感知环境、响应客户行为与需求，带来如同与真人交流般的自然体验；此 ...

Core Viewpoint - China Mobile's 2025 interim report shows stable operating performance with a focus on AI+ initiatives, leading to a buy rating from Minsheng Securities [1][5]. Financial Performance - In the first half of 2025, China Mobile achieved revenue of 543.77 billion yuan, a year-on-year decrease of 0.5%, while net profit attributable to shareholders was 84.24 billion yuan, an increase of 5.0% [2]. - The company's net profit excluding non-recurring items reached 78.37 billion yuan, up 7.3% year-on-year [2]. Business Segments - Personal Market: Revenue of 244.73 billion yuan, down 4.1%, accounting for 52.4% of main business income; 5G network customers reached 599 million with a penetration rate of 59.6% [3]. - Home Market: Revenue of 74.99 billion yuan, up 7.4%, accounting for 16.1% of main business income; broadband revenue was 55.94 billion yuan, up 9.3% [3]. - Government and Enterprise Market: Revenue of 118.2 billion yuan, up 5.6%, accounting for 25.3% of main business income; mobile cloud revenue reached 56.1 billion yuan, up 11.3% [3]. - Emerging Markets: Revenue of 29.08 billion yuan, up 9.3%, accounting for 6.2% of main business income [3]. Dividend and Capital Expenditure - The interim dividend for 2025 is set at 2.75 HKD per share, an increase of 5.8% [3]. - Capital expenditure for the first half of 2025 was 58.4 billion yuan, with a full-year plan not exceeding 151.2 billion yuan [3]. AI+ Initiatives - China Mobile is enhancing its AI capabilities, with total computing power reaching 61.3 EFLOPS, and self-built computing power at 33.3 EFLOPS [4]. - The company has signed 1,485 AI+DICT projects and is collaborating with state-owned enterprises to develop industry-specific models [4]. - The AI intelligent assistant "Lingxi" has over 60 million monthly active users [4]. Investment Outlook - Projected net profits for 2025, 2026, and 2027 are 145.84 billion yuan, 153.95 billion yuan, and 162.68 billion yuan, respectively, with corresponding P/E ratios of 16x, 15x, and 15x [5].