Core Viewpoint - The European Union (EU) has begun imposing tariffs on over 80 Chinese products, responding to pressure from the United States amid ongoing trade tensions initiated by President Trump [1][3]. Group 1: EU Actions - The EU has previously imposed tariffs on certain Chinese goods since January, citing "anti-dumping" measures, and the recent tariffs on mobile elevating work platforms add to this list [3]. - The EU claims that Chinese products benefit from unfair subsidies and are sold below normal prices, justifying the tariffs [3]. Group 2: Impact on China - The tariffs are expected to significantly reduce the competitiveness of Chinese products in the EU market, leading to a decrease in orders for affected companies [3]. - China's Ministry of Commerce has criticized the EU's actions as "selective enforcement," arguing that it creates trade barriers and violates World Trade Organization (WTO) rules [3]. Group 3: China's Response - China has indicated that it understands some countries may negotiate under pressure from the US, but any actions that harm Chinese interests will lead to reciprocal measures [5]. - A recent bilingual video released by China's Ministry of Foreign Affairs emphasized China's refusal to submit to US "bullying" tactics, asserting the need for a firm stance to protect national interests [5][7]. - China does not oppose countries aligning with the US, provided it does not come at the expense of Chinese interests, warning of potential retaliation if such boundaries are crossed [7].

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net buying from Northbound funds, totaling HKD 40.44 billion on May 9, with notable net purchases in semiconductor stocks and consumer brands [1][4]. Group 1: Northbound Fund Activity - Northbound funds recorded a net purchase of HKD 40.44 billion, with HKD 32.46 billion from the Shanghai Stock Connect and HKD 7.98 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Hua Hong Semiconductor (01347), Pop Mart (09992), and Meituan-W (03690) [1]. - The most sold stocks were Xiaomi Group-W (01810), Tencent (00700), and Shandong Molong (00568) [1]. Group 2: Individual Stock Performance - Hua Hong Semiconductor (01347) received a net inflow of HKD 5.16 billion, while SMIC (00981) saw a net inflow of HKD 2.01 billion [4]. - SMIC reported a net profit of HKD 1.356 billion for Q1 2025, a 166.5% year-on-year increase, but expects a revenue decline of 4% to 6% in Q2 [4]. - Pop Mart (09992) had a net inflow of HKD 2.8 billion, supported by strategic initiatives to enhance brand recognition and expand overseas [5]. - Alibaba-W (09988) experienced a net inflow of HKD 2.09 billion following a strategic partnership with Xiaohongshu [5]. - China Mobile (00941) saw a net inflow of HKD 1.75 billion, despite a slowdown in revenue and net profit growth [6]. Group 3: Selling Pressure on Certain Stocks - Xiaomi Group-W (01810) faced a net outflow of HKD 6.34 billion due to concerns over its automotive division's marketing practices [7]. - Tencent (00700) experienced a net outflow of HKD 4.38 billion, reflecting broader market sentiment [7]. - Shandong Molong (00568) had a net outflow of HKD 25.41 million following a significant share reduction by major shareholders [6].

Core Viewpoint - The company Yitong Century (300310) has won a bid for the China Mobile (600941) communication engineering construction service project for 2025-2026, with a total bid scale of 228 million yuan (including tax) [1] Summary by Sections - Bid Details - The company secured a total bid scale of 228 million yuan, which includes various segments across different regions [1] - Guangdong segment: 2 bids with a share of 4.50%, expected bid scale of 169 million yuan [1] - Hainan segment: 1 bid with a share of 7.00%, expected bid scale of 27.5973 million yuan [1] - Liaoning segment: 10 bids with a share of 32.00%, expected bid scale of 8.8944 million yuan [1] - Sichuan segment: 4 bids with a share of 4.80%, expected bid scale of 22.7718 million yuan [1] - Impact on Company - The successful bid aligns with the company's business development plan and is expected to have a positive impact on future performance if implemented smoothly [1]

5G又有重磅驱动！ 今日午后，A股5G概念股局部异动，武汉凡谷直线涨停，硕贝德涨超10%，创远信科直线拉涨超13%，硕贝德、广哈 通信、华脉科技、瀛通通讯等纷纷冲高。 据央视新闻报道，最近，不少北京移动和联通用户发现手机上出现了5G高级（下文称"5G-A"）信号。报道认为， 5G-A和5G相比，能够在容量、速率、时延、定位、可靠性等方面实现大幅提升，可以带来更快、更优质的通信体 验，并有望实现低成本千亿物联。 据业内专家介绍，中国电信运营商已在全国31个省区部署了5G-A试验网络，初期容量可支持5000万用户。该技术也 已在欧洲、拉美、中东等全球其他地区得到验证。中国移动表示，计划今年投资近100亿元人民币（约合14亿美 元），扩展其5G-A无线网络中基于人工智能的应用，并升级超过40万个基站。中国电信等其他运营商正在多个行业 试点5G-A解决方案。 与此同时，中国联通计划在39个重点城市和300多个城市应用区启动5G-A，覆盖物联网（IoT）、车联网（IoV）和 工业互联网等关键场景。目前，中国移动已公布100个支持5G-A网络的试点城市，并计划在今年年底前将覆盖范围 扩大到全国300多个城市。仅在北京，就 ...

Core Insights - The 2025 Youth Pump Track World Championship China Qualifiers successfully concluded in Yantai, attracting 435 young competitors and over 10,000 spectators, setting a historical record for peak attendance [1] - Shandong Mobile provided a robust communication support system based on "5G-A+ intelligent network," ensuring seamless live streaming and enhanced audience interaction, receiving high praise from organizers and participants [1] Group 1: Communication Infrastructure - Shandong Mobile established a dedicated support team to address the event's high concurrency communication needs, deploying 3 macro base stations and 12 micro stations, optimizing 15 4G cells and 18 5G cells, achieving a downlink speed of 4268 Mbps, nearly ten times faster than traditional 5G [3] - The "dual-frequency layered coverage" strategy was implemented, utilizing the 2.6GHz band for real-time live streaming and referee data transmission, while the 4.9GHz band catered to VR multi-angle viewing needs, ensuring smooth social interactions for thousands of spectators [3] Group 2: AI and Network Optimization - Shandong Mobile utilized AI models and historical data to predict event traffic and business demands, creating a "3+N" support plan focused on network expansion in critical areas such as start/finish lines and medical points [5] - An "AI smart network management platform" was employed to monitor network load in real-time and trigger expansion strategies dynamically, enhancing network capacity during peak times [6] Group 3: Economic Impact and Sustainability - The event served as a benchmark for the integration of sports and tourism in Yantai, with related activities boosting hotel and scenic area traffic by 40% and achieving over 500 million views through live streaming [8] - Shandong Mobile implemented energy-saving strategies during the event, achieving a 35% reduction in energy consumption per unit of traffic, aligning with green and low-carbon operational goals [8] Group 4: Future Developments - The successful application of predictive network adjustments and rapid fault response technologies in this event provides a reliable communication support framework for future large-scale activities [10] - Shandong Mobile aims to deepen the application of 5G-A technology in smart events and low-altitude economy, contributing to Yantai's vision of becoming an "International Sports Vitality City" [10]

Investment Rating - The report maintains a "Buy" rating for China Mobile, expecting the stock price to outperform the industry index by more than 15% in the next six months [4][15]. Core Views - China Mobile has demonstrated strong control over expenses, leading to impressive growth in non-recurring net profit. The company is expected to maintain its traditional business base while leveraging breakthroughs in government and enterprise sectors to drive growth [3][4]. - The company reported stable revenue in Q1 2025, with operating income at 263.8 billion yuan, flat year-on-year, and a net profit of 30.6 billion yuan, up 3.5% year-on-year. The non-recurring net profit grew by 10.8% year-on-year to 28.9 billion yuan [1][2]. Financial Performance Summary - **Revenue Growth**: Projected revenues for 2025-2027 are 1,084.47 billion yuan, 1,134.36 billion yuan, and 1,189.94 billion yuan, respectively, with growth rates of 4.2%, 4.6%, and 4.9% [1][3]. - **Net Profit**: Expected net profits for the same period are 146.06 billion yuan, 154.68 billion yuan, and 164.41 billion yuan, with year-on-year growth rates of 5.6%, 5.9%, and 6.3% [1][3]. - **Earnings Per Share (EPS)**: EPS is projected to be 6.77 yuan, 7.17 yuan, and 7.62 yuan for 2025, 2026, and 2027, respectively [1][3]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 17.5 in 2023 to 14.0 by 2027, while the price-to-book (P/B) ratio is projected to decline from 1.8 to 1.5 over the same period [1][3]. Business Segments Summary - **Mobile Services**: As of March 31, 2025, the total number of mobile customers reached 1.003 billion, with 5G customers at 578 million. The mobile average revenue per user (ARPU) was 46.9 yuan, and the data usage per user reached 16.1GB, up 8.0% year-on-year [2]. - **Fixed-line Services**: The company reported 320 million broadband customers, with a quarterly net increase of 5.48 million. The comprehensive ARPU for family customers was 40.8 yuan, reflecting a 2.3% year-on-year increase [2]. - **Government and Enterprise Business**: The revenue share from government and enterprise services has increased, driven by initiatives in AI and digital information technology [2].

Core Insights - China Mobile reported its Q1 2025 financial results, achieving operating revenue of 263.8 billion yuan, remaining flat year-on-year, and a net profit attributable to shareholders of 30.6 billion yuan, representing a 3.5% increase [1] - The company maintained a solid foundation in traditional business, with a total mobile customer base of 1.003 billion, including 578 million 5G network customers, and a mobile ARPU of 46.9 yuan [1] - The enterprise business revenue share has further increased, driven by the development of AI+DICT projects and the creation of standardized product solutions for the business market [1] Financial Performance - In Q1 2025, the company reported a non-GAAP net profit of 28.9 billion yuan, reflecting a 10.8% year-on-year growth [1] - Sales and management expenses were controlled well, with a decrease of 3.5% and 1.7% respectively, leading to a net profit margin increase of 0.4 percentage points to 11.6% [2] - The company forecasts revenue growth from 1,084.5 billion yuan in 2025 to 1,189.9 billion yuan in 2027, with net profit expected to rise from 146.1 billion yuan to 164.4 billion yuan over the same period [2] Customer Metrics - As of March 31, 2025, the company had 320 million fixed broadband customers, with a quarterly net increase of 5.48 million, and a total of 282 million household broadband customers, reflecting a net increase of 4.45 million [1] - The comprehensive ARPU for household customers was 40.8 yuan in Q1, showing a year-on-year growth of 2.3% [1] Strategic Initiatives - The company is focusing on leveraging new opportunities in information services and technology development, particularly in the enterprise sector, to enhance its market position [1] - The strategy includes replicating and scaling AI+DICT project standards and developing scenario-based product solutions for business clients [1]

Core Viewpoint - The successful implementation of 5G-A technology during Liu Ruoying's concert in Hohhot marks a significant milestone for China Mobile, showcasing the potential of advanced network capabilities in high-density user environments [1][7]. Group 1: Event Overview - The concert took place from April 25 to 27, 2023, and was the first large-scale application of 5G-A technology in Inner Mongolia [1]. - China Mobile Inner Mongolia deployed a 5G-A 3CC network, achieving a threefold increase in downlink speed compared to conventional 5G, with real-time data showing millisecond-level response times for core services [1][6]. Group 2: User Experience - Attendees reported a seamless experience, with live streaming of performances and instant video sharing that felt comparable to using Wi-Fi [2]. - The 5G-A network provided a lag-free experience for video streaming and internet browsing, enhancing the overall concert experience [2]. Group 3: Technical Innovations - China Mobile and Huawei implemented three key technical solutions: 1. An intelligent resource scheduling system that dynamically allocates spectrum resources using AI and 3D beamforming technology for comprehensive coverage [4]. 2. A tiered assurance mechanism that prioritizes VIP users for video and communication services [4]. 3. A visual service perception feature that allows users to see a "concert VIP" designation on their devices, enhancing service quality [4]. Group 4: Industry Implications - The deployment of 5G-A technology is a critical step towards the transition from 5G to 6G, supporting high-demand applications such as 4K streaming and cloud gaming, as well as foundational technologies for autonomous driving and telemedicine [6]. - The successful execution of this concert demonstrates the readiness of 5G-A for large-scale commercial use, signaling a new era in digital transformation for urban areas [7].

Core Viewpoint - The establishment of the "Ordos City Drone Supervision Platform" marks a significant advancement in the low-altitude economy in Inner Mongolia, integrating advanced technologies for comprehensive drone management [1][2]. Group 1: Platform Features - The platform integrates core technologies such as 5G sensing and Beidou high-precision positioning, creating a three-in-one low-altitude supervision system characterized by "full-domain perception, intelligent scheduling, and real-time early warning" [2]. - It utilizes China Mobile's self-developed cloud supervision platform, "Lingyun," which includes nine core functions such as wide-area real-time interconnection and intelligent route management [2]. - The platform has been operational at the Ordos Airport Low-altitude Intelligent Network Center, achieving a closed-loop management system for drones that is "visible, connectable, manageable, and controllable" [2]. Group 2: Operational Impact - During its trial operation, the platform has ensured the safe operation of over 1,000 drone flights [2]. - It provides essential services such as drone registration, route approval, and flight monitoring, while also offering innovative features like remote control and flight data storage [2]. - The platform is the first in the region to implement a "supervision + operation" dual-drive model, serving as an important demonstration project for the development of the low-altitude economy [3]. Group 3: Future Development - The platform is expected to expand its supervisory scope and improve operational efficiency, supporting daily management of over 1,000 drones through a "four-drives and two-wings" technical architecture [3]. - The integration of 5G and artificial intelligence technologies is propelling the low-altitude economy in Inner Mongolia from a "supervision-first" approach to a "coexistence of industry" phase [3]. - Continuous optimization of technology applications is anticipated to drive the development of low-altitude supervision services towards intelligence and standardization, providing new momentum for high-quality growth in the low-altitude economy [3].

User Growth - The scale of mobile internet users in China continues to expand, with active monthly users reaching 1.259 billion as of March 2025, reflecting a steady growth of 2.2% compared to the same period last year [1] - The age composition of users shows significant growth in the middle-aged and elderly demographic, with users aged 51 and above accounting for 26.8%, indicating the increasing importance of the internet in their daily lives [1] - The distribution of users by age reveals that young users under 24 years old represent 21.3%, while users aged 25 to 30 account for 12.7%, and those aged 31 to 35 make up 10.5% [1] Regional Distribution - From a regional perspective, mobile internet users in China are increasingly concentrated in first-tier cities, which account for 10.3% of the total user base, highlighting their role as core areas for internet development [3] - New first-tier cities follow closely with a user proportion of 19.0%, while second-tier cities represent 20.5%, indicating widespread internet application in these urban areas [3] - Notably, third-tier cities have the highest user proportion at 24.1%, showcasing the significant potential for internet growth in these regions [3] - Fourth-tier cities account for 17.5%, and fifth-tier and below cities represent 8.6%, suggesting that as internet infrastructure improves, user numbers in these areas are expected to grow [3] Market Implications - Overall, the continuous expansion of mobile internet users and the increasingly diverse user structure reflect the robust development of China's internet industry, providing a broader market space for various internet applications and services [3]