投资建议：伴随公司基本盘经营稳健推进高质量发展，"AI+"行动取得突破、卫星业务有效拓 展、"5G+"物联网产业化进程加速，有效赋能国家新质生产力转型升级，公司兼具进攻与防守性质。结 合公司最新业绩情况，给予公司 2025-2027年归母净利润预测值为1445.64亿元、1522.69亿元、1612.06 亿元，对应EPS为6.70元、7.05元、7.47元，对应PE为16.49倍、15.66倍、 14.79倍，维持"推荐"评级。 事件：近日，中国移动发布2025Q1业绩报告，公司实现总营收2,637.60亿元/+0.02%。其中，主营业务 收入2,224亿元/+1.4%；利润总额达393.12亿元/+2.44%；实现归母净利润306.31亿元/+3.45%；实现扣非 后归母净利润 289.0亿元/+10.8%通信基本盘持续稳固，内生良性循环，政企等市场创收占比进一步增 加。个人市场方面，截止25Q1，公司移动客户达10.03亿户，其中5G客户数达 5.78亿户，手机上网流量 同比增长7.7%，DOU值达16.1GB/+8.0%，移动 ARPU为46.9元。公司持续打造智慧家庭服务生态和服务 体系，家庭宽带客 ...

Core Insights - On April 25, Sunac China made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 32.19 billion, accounting for 37.35% of the day's total trading amount, with a net sell amount of HKD 3.74 billion [2] - Tencent Holdings led the trading volume with HKD 5.39 billion, followed by Xiaomi Group-W and Alibaba-W with HKD 5.11 billion and HKD 4.79 billion respectively [2] Trading Activity Summary - The active stocks on April 25 included Tencent Holdings, Xiaomi Group-W, Alibaba-W, and others, with Alibaba-W and Tencent Holdings being the most frequently listed stocks in the past month, each appearing 20 times [2] - Sunac China recorded a trading volume of HKD 2.46 billion and a net buying amount of HKD 0.17 billion, despite a closing price drop of 6.63% on that day [2] Individual Stock Performance - Tencent Holdings: Trading amount of HKD 5.39 billion, net sell of HKD 1.49 billion, 20 appearances in the last month, closing price at HKD 478.20, daily change of +1.53% [2] - Xiaomi Group-W: Trading amount of HKD 5.11 billion, net sell of HKD 0.17 billion, 20 appearances in the last month, closing price at HKD 47.70, daily change of -1.04% [2] - Alibaba-W: Trading amount of HKD 4.79 billion, net sell of HKD 0.89 billion, 20 appearances in the last month, closing price at HKD 115.60, daily change of +1.58% [2] - Sunac China: Trading amount of HKD 2.46 billion, net buy of HKD 0.17 billion, first appearance in nearly a month, closing price drop of 6.63% [2]

Summary of Key Points Core Viewpoint - On April 25, the Hang Seng Index rose by 0.32%, with southbound funds recording a total transaction amount of HKD 861.88 billion, resulting in a net sell of HKD 70.19 billion [1]. Southbound Fund Transactions - The total transaction amount for southbound funds was HKD 861.88 billion, with buy transactions at HKD 395.84 billion and sell transactions at HKD 466.03 billion, leading to a net sell of HKD 70.19 billion [1]. - The breakdown of transactions showed that the Hong Kong Stock Connect (Shenzhen) had a total transaction amount of HKD 341.67 billion, with net selling of HKD 48.61 billion, while the Hong Kong Stock Connect (Shanghai) had a total transaction amount of HKD 520.21 billion, with net selling of HKD 21.59 billion [1]. Active Stocks - Tencent Holdings had the highest transaction amount among active stocks, totaling HKD 53.89 billion, followed by Xiaomi Group-W at HKD 51.11 billion and Alibaba-W at HKD 47.94 billion [1]. - The stocks with the highest net buying included Meituan-W with a net buying amount of HKD 7.45 billion, followed by Sunac China with HKD 1.70 billion and Chifeng Jilong Gold Mining with HKD 22.19 million [1]. - Conversely, Tencent Holdings experienced the largest net selling at HKD 14.89 billion, while Alibaba-W and Pop Mart faced net selling of HKD 8.95 billion and HKD 6.52 billion, respectively [1]. Continuous Net Buying and Selling - Two stocks, Chifeng Jilong Gold Mining and Meituan-W, saw continuous net buying for 7 days and 3 days, respectively, with Meituan-W having the highest net buying amount of HKD 26.15 billion [2]. - Four stocks experienced continuous net selling, with Xiaomi Group-W, China Mobile, and Tencent Holdings leading in net selling amounts of HKD 48.57 billion, HKD 22.89 billion, and HKD 20.92 billion, respectively [2].

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling 70.19 billion HKD, with notable net selling in major stocks like Tencent and Alibaba, while Meituan and Sunac China saw net buying [1][2]. Group 1: Northbound Capital Flow - Northbound capital recorded a net selling of 70.19 billion HKD, with 21.59 billion HKD from the Shanghai Stock Connect and 48.61 billion HKD from the Shenzhen Stock Connect [1]. - The stocks with the highest net buying included Meituan (03690), Sunac China (01918), and Chifeng Jilong Gold Mining (06693) [1]. - The stocks with the highest net selling included Tencent (00700), Alibaba (09988), and China Mobile (00941) [1]. Group 2: Individual Stock Performance - Meituan (03690) received a net buying of 7.45 billion HKD, supported by a report from Citigroup indicating no risk of ADR delisting and stable business income [4]. - Sunac China (01918) saw a net buying of 1.69 billion HKD, as the company is actively seeking support for its debt restructuring plan, with significant progress reported [5]. - Chifeng Jilong Gold Mining (06693) achieved a net buying of 221.9 million HKD, reporting a 29.85% increase in revenue and a 141.10% increase in net profit year-on-year [5]. Group 3: Sector-Specific Trends - Semiconductor stocks like Hua Hong Semiconductor (01347) and SMIC (00981) faced net selling of 1.79 billion HKD and 5 billion HKD, respectively, amid changes in import tariffs for certain semiconductor products [6]. - China National Offshore Oil Corporation (00883) experienced a net selling of 2.81 billion HKD, influenced by OPEC+ countries' discussions on increasing production [6]. - China Mobile (00941) had a net selling of 5.09 billion HKD, with a slight revenue growth of 0.02% in Q1, indicating a slowdown in the telecom sector [7].

活动中，结合中国移动企业学培定制的 "AI 荐书 + 线上共读" 创新模式带来的丰富学习体验，屡屡获得 企业员工 "文化滋养与职业成长并重" 的高度评价。这一系列实践不仅印证了 "文化浸润式学习" 的独特 魅力，更为中国移动探索 "文化 IP + 数智学习" 的商业模式提供了标杆案例。 作为全球最大电信运营商旗下的专业知识服务平台，中国移动企业学培始终将 "以文化人，以文兴业" 融入发展基因，推出 "多元化内容 + 数智化产品 + 一站式服务" 的信息化解决方案，携手权威出版社、 专业培训机构、优质知识 IP、头部师资名家等上下游合作伙伴 2000 余家，构建涵盖 "纸电音视课" 等 超百万内容品类的 "知识底座"；依托 5G+AI 技术构建的智慧学习中枢，不仅实现 "千人千面" 的知识推 送，更通过 "文化大咖课"、"数智书房" 等新型载体，让传统文化与匠造精神穿越时空，浸润百万企业 员工的职业成长。 此次与单霁翔的深度携手，标志着中国移动企业学培正式开启 "技术为体、文化为魂" 的生态化进阶 —— 传统与未来在当下交汇，来自故宫的百年回响亦可转化为千行百业文化建设的砖瓦。在全民阅读 连续 12 年写入政府 ...

本次展会旨在推动区域数字经济合作。多家中国企业首次参展，展示了具身AI、智能制造等最新成 果。 宇树科技带来的人形机器人和仿生四足机器人在主舞台表演，吸引众多观众。 在会展上还可以看到科大讯飞、中国电信、中国移动、阿里云在内的多家中资科技企业亮相。科大讯飞 展位设计前卫，展示AI翻译、语音交互等多项技术应用。中国电信主打"全球数字信息基础设施"概念， 展位互动频繁。中国移动则以"AI驱动，未来启发"为主题，呈现数据中心与AI应用场景，吸引大量观众 驻足体验。 转自：新华财经 新华财经新加坡4月25日电（记者刘春涛）全球科技盛会海湾信息技术展（GITEX）首次登陆亚洲。 GITEX Asia 2025于23日至25日在新加坡滨海湾金沙会展中心举行，吸引来自70多个国家和地区的700余 家企业参展，聚焦人工智能、机器人、网络安全、智慧城市等领域。 据世界经济论坛预测，到2030年，东南亚数字经济规模有望达到1万亿美元。 编辑：罗浩 来自中国香港的AT-VIBE Technology展示智慧工业监控系统，服务客户包括中国银行（香港）、 Manulife、香港特区政府多部门。电竞硬件厂商七彩虹展出与巴塞罗那俱乐部联名 ...

Core Viewpoint - The Fourth National Reading Conference and the Second Forum on the Development of Online Literature and Micro-Short Dramas were held in Taiyuan, Shanxi, focusing on promoting a reading culture and advancing the digital cultural strategy of the country [1][11]. Group 1: Event Overview - The Fourth National Reading Conference took place from April 23 to 25, with the theme "Cultivating a Reading Culture and Building a Culturally Strong Nation" [1]. - The Second Forum on the Development of Online Literature and Micro-Short Dramas was hosted by China Mobile Migu on April 24, aiming to foster a positive ecosystem for online literature and micro-short dramas [1][11]. Group 2: "Yue Du Good Book List - Spring Edition" - The "Yue Du Good Book List - Spring Edition" was officially launched during the forum, featuring six representative works selected based on data analysis and expert evaluations [3][6]. - The selection process involved a team of top domestic experts from the Yangtze River Delta Network Literature Review Center, ensuring a high-quality and potential-focused list [6][11]. Group 3: Selected Works - The selected works include: - "Zhan Chen Yuan" by Yi Ran, which intertwines fantasy and suspense with a narrative of fate [4]. - "The Whole Family is Eavesdropping on My Heart" by Xia Shengsheng, which has been successfully adapted into a short drama [4]. - "Little Surprise" by Mai Su, exploring the struggles of immigrant families [4]. - "Lan Liu Guang" by Que Shang Xin Tou, focusing on personal emotions against a backdrop of national destiny [4]. - "The Young Lady Always Fails to Strive" by Yan Xiao Mo, blending familial and national themes with Daoist philosophy [4]. - "Jue Se Sheng Jiao" by Sha Mo, combining elements of intrigue and growth in a historical context [4]. Group 4: Industry Impact and Future Directions - The "Yue Du Good Book List" serves as a benchmark and creative engine for the online literature industry, reflecting trends in content iteration and audience expansion [11][12]. - The list aims to capture new ideas and trends among younger audiences, focusing on various genres and themes relevant to contemporary society [12]. - Future initiatives will include innovative promotion strategies across multiple platforms to enhance the reach of quality literary content and foster a reading culture [14].

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of 33.87 billion HKD on April 24, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Stock Performance - Alibaba-W (09988) saw a net buy of 16.1 billion HKD, driven by positive news regarding the cancellation of "refund only" policies across multiple e-commerce platforms, which is expected to enhance competition [4]. - Meituan-W (03690) received a net buy of 13.12 billion HKD, supported by Citigroup's report indicating no risk of ADR delisting and a stable revenue outlook, with UBS predicting a 10% growth in food delivery orders this year [5]. - Xpeng Motors-W (09868) had a net buy of 2.56 billion HKD, following the launch of its new P7+ model and the introduction of its humanoid robot, which is set for mass production by 2026 [5]. - China Mobile (00941) faced a net sell of 3.57 billion HKD, with a slight revenue growth of 0.02% in Q1, indicating a slowdown in the telecom sector [7]. - CNOOC (00883) experienced a net sell of 2.83 billion HKD, attributed to a significant drop in international oil prices and concerns over OPEC+ production increases [6]. Group 2: Market Trends - The overall northbound trading activity reflects a shift in investor sentiment, with notable buying interest in technology and e-commerce sectors while traditional sectors like telecommunications and energy face challenges [1][6]. - The cancellation of "refund only" policies in e-commerce is expected to lead to healthier competition among platforms, potentially benefiting companies like Alibaba [4]. - The outlook for gold-related stocks, such as Chifeng Jilong Gold Mining (06693), remains optimistic due to anticipated production growth and lower costs, despite fluctuations in gold prices [6].

4月24日，第四届全民阅读大会期间，以"AI引领 智构未来"为主题的2025企业数字化学习创新论坛在山西太原成功举办。论坛由中国移动主办，汇聚行业专 家、企业代表等数百位嘉宾和生态合作伙伴，共同探讨AI技术驱动下的企业学习新模式、新路径，发布多项创新成果，擘画产业数智化转型蓝图。 论坛上，咪咕数字传媒有限公司正式发布《中国移动企业学培3.0》解决方案，揭牌中国移动数智赋能中心"AI悦读数智赋能中心"，与多个行业代表共同宣 布成立"AI创新学习企业发展联盟"，携手知识内容生态合作伙伴共同发出"'AI+学习'内容生态共建"的倡议。中国文物学会专家委员会主任、故宫博物院学 术委员会主任单霁翔更是以"中国移动企业学培悦读大使"身份，云端亮相AI创新学习内容生态共建启动仪式。 AI+时代 ，企业数字化学习迎来系统性变革 当下，以数智化为核心特征的新一轮科技革命和产业变革正在持续深入推进，"AI+"的崭新时代正在加速到来。"AI+"时代的到来，加速了信息消费升级， 重塑数智生活方式；加速了产业体系变革，重塑生产运营模式；加速了新兴技术突破，重塑科技创新范式。具体来说，在企业学习领域，传统的知识生产模 式、知识整合模式、知 ...

南向资金今日净买入33.87亿元。港股通（沪）方面，阿里巴巴-W、美团-W分别获净买入14.45亿港 元、8.5亿港元；中国移动净卖出额居首，金额为3.96亿港元；港股通（深）方面，美团-W、小米集团- W分别获净买入4.62亿港元、1.67亿港元；中国海洋石油净卖出额居首，金额为4.88亿港元。 ...