高盛近期发布最新研究报告表示，鉴于中国移动第二季度营收增长疲软及现金流同比下降，市场可能会 对此做出负面反应。但认为积极因素包括：1）尽管营收表现疲软，2025 年净利润仍实现了 6% 的同比 增长；2）公司股息每股（DPS）保持稳定增长（2025 年上半年同比增长 5.8%）。净利润增长主要由运 营成本降低推动，但通过降低运营成本来推动利润增长的可持续性仍存疑问；管理层重申了 2025 年营 收趋势稳定及利润健康增长的指引。高盛认为，鉴于中国移动股票主要被视为股息收益标的，公司长期 实现股息增长的能力和意愿应能缓解市场对近期增长压力的担忧。维持买入评级，但将评估和 12 个月 目标价下调至 93 港元（此前为 98 港元）。 指引及要点如下： 营收疲软：管理层承认存在增长压力：1）传统电信服务需求饱和，包括用户人均数据使用量停滞不前 以及智能手机普及率已处于较高水平；2）人口下降；3）携号转网带来的激烈竞争。这些因素导致用户 增长乏力及每用户平均收入（ARPU）下降（2025 年上半年移动 ARPU 同比下降 3%）。在此背景下， 公司将重点关注更具盈利能力和现金流的营收 / 项目。 人工智能：管理层指出， ...

融券方面，当日融券卖出0.93万股，净买入1.19万股。 8月8日，沪深两融数据显示，中国移动获融资买入额1.11亿元，居两市第148位，当日融资偿还额2.58亿 元，净卖出14692.16万元。 最近三个交易日，6日-8日，中国移动分别获融资买入0.97亿元、1.58亿元、1.11亿元。 ...

近期中国移动（600941）发布2025年中报，证券之星财报模型分析如下： 营收与利润 根据中国移动（600941）发布的2025年中报，截至报告期末，公司营业总收入为5437.69亿元，同比下 降0.54%。尽管营收略有下降，但归母净利润达到了842.35亿元，同比上升5.03%。扣非净利润为783.66 亿元，同比上升7.29%。这表明公司在控制成本和提高盈利能力方面取得了一定成效。 从单季度数据来看，第二季度营业总收入为2800.09亿元，同比下降1.07%，但归母净利润为536.04亿 元，同比上升5.95%。扣非净利润为494.51亿元，同比上升5.35%。 盈利能力 本报告期内，中国移动的盈利能力有所提升。毛利率为31.62%，同比增加了2.61%；净利率为15.5%， 同比增加了5.58%。三费（销售费用、管理费用、财务费用）占营收比为10.0%，同比下降了1.68%，显 示出公司在费用控制方面的改进。 主营业务收入构成 在主营业务收入方面，无线上网业务收入为1954.89亿元，占总收入的35.95%；应用及信息服务收入为 1366.74亿元，占总收入的25.13%；有线宽带业务收入为685.6 ...

| 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 5467.44 Z | 5437.69 Z | -0.54% | | 归母净利润(元) | 802.01亿 | 842.35 Z | 5.03% | | 扣非净利润(元) | 730.38亿 | 783.66 Z | 7.29% | | 货币资金(元) | 1728.91亿 | 1902.62 乙 | 10.05% | | 应收账款(元) | 843.42亿 | 1058.22 亿 | 25.47% | | 有息负债 (元) | 334.48亿 | 374.95亿 | 12.10% | | 毛利率 | 30.81% | 31.62% | 2.61% | | 净利率 | 14.68% | 15.50% | 5.58% | | 三费占营收比 | 10.17% | 10.00% | -1.68% | | 每股净资产 (元) | 62.69 | 64.52 | 2.92% | | 每股收益(元) | 3.75 | 3.9 | 4.00% | | 每股经营性现金流(元) | ...

Core Insights - A-share companies are increasingly announcing mid-term dividend plans alongside their 2025 semi-annual reports, with 48 out of 178 companies proposing cash dividends [1][3] Group 1: Dividend Announcements - China Mobile announced a mid-term dividend of HKD 2.75 per share, translating to approximately CNY 541.99 billion, reflecting a commitment to enhance shareholder value [1] - CATL reported a revenue of approximately CNY 1788.86 billion for the first half of 2025, with a net profit of about CNY 304.85 billion, marking a 33.33% year-on-year increase [1][2] - Oriental Yuhong plans to distribute CNY 9.25 per 10 shares, totaling around CNY 22.1 billion, despite a 40.16% decline in net profit [3] Group 2: Market Confidence - Many companies believe that mid-term dividends can convey confidence to the market, as seen in Oriental Yuhong's statement about sharing operational results with investors [3] - The cash dividends are intended to shorten the return cycle for investors and demonstrate the companies' commitment to their financial health and growth potential [3] Group 3: Implementation of Dividend Plans - Sujiao Technology announced a cash dividend of CNY 0.2 per 10 shares, with the record date set for August 11, 2025 [4] - Zhongpet Co. disclosed a cash dividend of CNY 2 per 10 shares, with the record date on August 13, 2025, maintaining a consistent distribution policy [4]

Group 1 - The Supreme People's Court of China issued guidelines to implement the Private Economy Promotion Law, aiming to refine adjudication rules and improve work mechanisms to address practical issues [2][7] - China Mobile reported a net profit of 84.2 billion yuan for the first half of 2025, with total revenue of 543.8 billion yuan, a 0.7% year-on-year increase, and a digital transformation revenue of 156.9 billion yuan, up 6.6% year-on-year [9][7] - A new company, Xinjiang Railway Co., Ltd., was established with a registered capital of 95 billion yuan, focusing on various services including construction, railway transportation, and real estate [9][7] Group 2 - The 2025 World Robot Conference opened in Beijing, featuring over 1,500 exhibits from more than 200 companies, including over 100 new products and 50 humanoid robot manufacturers, marking a record for similar events [6][7] - The Chinese shipbuilding industry set a new record with the delivery of the 9,000-car capacity automobile carrier "GRANDE TIANJIN," built in just 179 days [5][7] - OpenAI launched GPT-5, a new AI model that significantly outperforms previous versions in various fields including coding, mathematics, writing, health, and visual perception [10][7] Group 3 - International gold prices reached a new intraday high of $3,534.1 per ounce, with the U.S. imposing tariffs on gold imports, affecting major products like 1-kilogram and 100-ounce gold bars [11][7] - Toyota Motor Corporation projected a significant drop in net profit to 2.66 trillion yen for the 2025 fiscal year, a decrease of approximately 44% due to U.S. tariff policies and yen appreciation [13][7]

Group 1 - The core index, the Chinese Hong Kong Stock Connect Preferred 50 Index (CESP50), experienced a decline of 0.98%, closing at 3086.14 points with a trading volume of 62.037 billion [1] - Over the past month, the CESP50 index has increased by 2.28%, by 7.44% over the last three months, and has risen 23.06% year-to-date [1] - The CESP50 index is compiled by the China Securities Index Co., Ltd. and aims to reflect the overall performance of the top 50 blue-chip securities listed on the Hong Kong Stock Exchange [1] Group 2 - The top ten holdings of the CESP50 index include Tencent Holdings (10.61%), HSBC Holdings (10.25%), Alibaba-W (9.71%), and others, indicating a concentration in major companies [1] - The index's holdings are entirely composed of stocks from the Hong Kong Stock Exchange, with financials making up 39.91%, consumer discretionary 23.36%, and communication services 17.08% among other sectors [2]

数据统计显示，中华交易服务中国香港内地指数近一个月上涨1.47%，近三个月上涨5.41%，年至今上 涨19.71%。 从中华交易服务中国香港内地指数持仓样本的行业来看，可选消费占比30.40%、通信服务占比 23.13%、金融占比22.31%、信息技术占比10.50%、能源占比6.03%、医药卫生占比2.95%、房地产占比 2.36%、主要消费占比1.13%、工业占比0.66%、原材料占比0.53%。 据了解，中华交易服务中国跨境指数系列为一系列证券价格指数，由中华交易服务中国 120 指数(中华 120)、中华交易服务中国 A80 指数(中华 A80)、中华交易服务中国香港内地指数(中华香港内地指数)以 及中华交易服务中国 280 指数(中华 280)组成，以综合反映沪深港三地上市中国大、中盘证券的整体表 现。该指数以2004年12月31日为基日，以2000.0点为基点。 从指数持仓来看，中华交易服务中国香港内地指数十大权重分别为：腾讯控股（10.76%）、阿里巴巴- W（9.85%）、建设银行（7.97%）、小米集团-W（7.77%）、美团-W（6.16%）、中国移动 （4.48%）、工商银行（4.46% ...

Core Insights - China Mobile reported a mid-year operating revenue of RMB 543.8 billion for 2025, with a slight decline of 0.5% compared to the previous year [2][3] - The communication service revenue reached RMB 467 billion, showing a year-on-year growth of 0.7% [2][3] - The company achieved a net profit of RMB 84.2 billion, reflecting a 5.0% increase year-on-year, maintaining a leading position among international operators [2][3] Financial Performance - Operating revenue for 1H2024 was RMB 5467.44 billion, while for 1H2025 it was RMB 5437.69 billion, indicating a decrease of 0.5% [3] - EBITDA for 1H2025 was RMB 1859.58 billion, up 2.0% from RMB 1822.70 billion in 1H2024, with an EBITDA margin of 34.2%, an increase of 0.9 percentage points [3] - Basic earnings per share rose to RMB 3.90 in 1H2025, a 4.0% increase from RMB 3.75 in 1H2024 [3] Market Segments - The personal market generated revenue of RMB 244.7 billion, with mobile customers reaching 1.005 billion, a net increase of 560,000 [4] - The family market revenue was RMB 75 billion, growing by 7.4%, with broadband customers increasing to 284 million [4] - The enterprise market revenue reached RMB 118.2 billion, a 5.6% increase, with the number of enterprise customers growing to 34.84 million [4] Digital Transformation and Innovation - Digital transformation revenue amounted to RMB 156.9 billion, a 6.6% increase, accounting for 33.6% of communication service revenue [2][4] - The company is focusing on "AI+" initiatives, with significant growth in AI-related services and products, including a user base of over 60 million for its AI services [5] - The international business segment reported revenue of RMB 14 billion, an 18.4% increase, highlighting the company's strategy to leverage both domestic and international markets [5] Strategic Direction - The chairman emphasized the importance of digital transformation and strategic initiatives to navigate complex external challenges and enhance operational efficiency [4][6] - The company aims to build a world-class information service technology innovation company, focusing on creating greater value for shareholders and customers [6]

Core Insights - China Mobile reported operating revenue of 543.8 billion yuan for the first half of 2025, with communication service revenue reaching 467 billion yuan, a year-on-year increase of 0.7% [2] - The chairman of China Mobile, Yang Jie, highlighted that the traditional communication demand is nearing saturation and the demographic dividend is gradually diminishing, leading to a complex situation in the communication industry [2] - The implementation of the number portability policy, originally intended to enhance market competition and service quality, has deviated from its initial purpose and has evolved into a means of malicious competition [2] Industry Overview - The Ministry of Industry and Information Technology reported that the growth rate of the communication industry in the first half of this year was only 1%, significantly lower than GDP growth, contrasting sharply with previous years' rapid growth [3] - Malicious competition is consuming the development momentum of the industry, resulting in a state of stagnation in growth for the communication sector [3] - The original intention of the number portability policy was to promote healthy development in the communication industry and improve overall service quality; however, operators are urged to return to the policy's original goals and focus on enhancing their core competitiveness [3]