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 中國移動有限公司 陳忠岳 （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） 海外監管公告 召 開2025年度業績說明會 本公告乃中國移動有限公司（「本公司」）根 據《香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則》第13.10B條 而 作 出。 茲提述本公司在上海證券交易所網站刊登的《中 國 移 動 有 限 公 司 關 於 召 開2025 年 度 業 績 說 明 會 的 公 告》，僅 供 參 考。 承董事會命 董事長 本 公 告 中 所 包 含 的 前 瞻 性 陳 述 不 構 成 亦 不 應 視 為 本 公 司 作 出 的 承 諾。這 些 前 瞻 性 陳 述 涉 及 已 知 和 未 知 的 風 險、不 確 定 性 以 及 ...

股票代码：600941 股票简称：中国移动 公告编号：2026-004 中国移动有限公司 本次业绩说明会以现场交流和网络直播形式召开，公司将针对 2025 年度的 经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露规则 允许的范围内就投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点 1 会议召开时间：2026 年 3 月 26 日（星期四）19:00-20:15。 网 络 直 播 地 址 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （https://roadshow.sseinfo.com/）。 会议召开方式：现场交流、上证路演中心网络直播。 投资者可于 2026 年 3 月 19 日（星期四）起至 2026 年 3 月 25 日（星期 三）16:00 前登录上证路演中心网站首页，点击"提问预征集"栏目 （ https://roadshow.sseinfo.com/preCallQa ） 或 通 过 公 司 邮 箱 zqswb@chinamobile.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 （一）会议召开时间：2026 年 3 月 26 日（ ...

Investment Rating - The report maintains an "Overweight" rating for the communication sector and communication equipment manufacturing [8]. Core Insights - The upcoming GTC and OFC conferences are expected to catalyze developments in the communication sector, particularly in areas such as optical modules, liquid cooling technologies, fiber optics, and copper connections [1][2][11]. - The report emphasizes the importance of AI computing chain investment opportunities, suggesting a focus on companies that are well-positioned in this space [1][2]. Summary by Sections Market Overview - The communication index fell by 0.12% last week, while the Shanghai Composite Index decreased by 0.70%, and the Shenzhen Component Index increased by 0.76% [1][11]. Key Companies and Dynamics - The report identifies a primary investment theme in the communication industry as the AI computing chain, recommending companies such as Zhongji Xuchuang, Xinyi Sheng, and others. It also highlights two secondary themes: core assets (China Mobile, China Telecom) and new productive forces (commercial aerospace, low-altitude economy) [3]. - Specific companies recommended for investment include: - Wolong Huacai (002130 CH) with a target price of 43.21 and a "Buy" rating [34]. - China Telecom (601728 CH) with a target price of 9.11 and a "Buy" rating [34]. - China Mobile (600941 CH) with a target price of 126.20 and a "Buy" rating [34]. - Xinyu Sheng (300502 CH) with a target price of 476.71 and a "Buy" rating [34]. - Arista Networks (ANET US) with a target price of 166.30 and a "Buy" rating [34]. - Zhongji Xuchuang (300308 CH) with a target price of 626.68 and a "Buy" rating [34]. - Ruijie Network (301165 CH) with a target price of 102.51 and a "Buy" rating [34]. - Guanghuan Xinwang (300383 CH) with a target price of 18.87 and an "Overweight" rating [34]. Upcoming Events and Focus Areas - The report suggests monitoring developments in the following areas during the GTC and OFC conferences: 1. Optical modules: Focus on Nvidia's statements regarding CPO technology and the performance of NPO and XPO prototypes [2][12]. 2. Liquid cooling: Attention to advancements in the Feynman generation technology and domestic supply chain progress [2][13]. 3. Fiber optics: Updates on the commercialization of hollow-core fiber technology [2][14]. 4. Copper connections: The potential impact of LPU cabinet forms on the market perception of copper cable lifecycles [2][14].

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） 董事會會議召開日期 於 本 公 告 之 日，本 公 司 董 事 會 由 陳 忠 岳 先 生、王 利 民 先 生 和 李 榮 華 先 生 擔 任 執 行 董 事；由 姚 建 華 先 生、楊 强 博 士、李 嘉 士 先 生 和 梁 高 美 懿 女 士 擔 任 獨 立 非 執 行 董 事。 中國移動有限公司（「本公司」）董事會（「董事會」）宣 佈，本 公 司 將 於2026年3月26日 （星 期 四）在 本 公 司 註 冊 辦 事 處 舉 行 董 事 會 會 議，藉 以（其 中 包 括）批准宣佈本公 司及其附屬公司截至2025年12月31日止財政年度的年度業績及考慮派發末期 股 息。 承董事會命 ...

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。 公司秘書 香 港，2026年3月16日 CHINA MOBILE LIMITED 中國移動有限公司 於 本 公 告 之 日，本 公 司 董 事 會 由 陳 忠 岳 先 生、王 利 民 先 生 和 李 榮 華 先 生 擔 任 執 行 董 事；由 姚 建 華 先 生、楊 强 博 士、李 嘉 士 先 生 和 梁 高 美 懿 女 士 擔 任 獨 立 非 執 行 董 事。 中國移動有限公司（「本公司」）董事會（「董事會」）宣 佈，本 公 司 將 於2026年3月26日 （星 期 四）在 本 公 司 註 冊 辦 事 處 舉 行 董 事 會 會 議，藉 以（其 中 包 括）批准宣佈本公 司及其附屬公司截至2025年12月31日止財政年度的年度業績及考慮派發末期 股 息。 承董事會命 中國移動有限公司 黃蕙蘭 （根據公司條例在香港註冊成立之有限公司） 股份代號：9 ...

Investment Rating - The report does not explicitly provide an investment rating for the telecommunications industry Core Insights - The global telecommunications industry in 2026 is characterized by robust revenue growth, infrastructure-driven competition, and a rapid shift towards digital services [25] - Traditional voice and SMS revenues are declining, but operators are compensating through increased mobile data consumption, fiber broadband promotion, enterprise connectivity, and value-added digital services [25] - 5G has become mainstream in developed markets, with emerging economies also expanding coverage, leading operators to focus on commercialization and new service models [26] - The total brand value of the top 150 telecommunications brands globally reached $741.8 billion, with the US brands contributing 24% of this total [29] - Emerging markets in Africa, South Asia, and parts of Latin America continue to present strong long-term growth opportunities due to rising smartphone penetration and mobile broadband adoption [30] Summary by Sections Industry Overview - The telecommunications industry is experiencing a significant transformation with a focus on digital services and infrastructure [25][26] - Operators are positioning themselves as comprehensive technology providers rather than just connectivity providers [27] Valuation Analysis - Deutsche Telekom retains its position as the most valuable telecommunications brand globally, with a brand value of $96.02 billion, reflecting a growth of over 141% since 2020 [36] - Verizon and AT&T follow as the second and third most valuable brands, with brand values of $73 billion and $53.91 billion respectively [36] - Notable growth in brand value is observed in China Mobile and NTT Group, with increases of 5% and 13% respectively [38] Brand Focus - Yas, owned by AXIAN Telecom, is recognized as a "brand to watch" with a brand value of $277 million, marking a significant transformation in the African telecommunications sector [50] - Viettel is noted as the strongest telecommunications brand with a Brand Strength Index (BSI) score of 89.9/100 [56] - Zain has surpassed $4 billion in brand value for the first time, reflecting its leadership in mobile and ICT innovation [127] Telecommunications Infrastructure - Huawei remains the most valuable telecommunications infrastructure brand with a value of $35.01 billion, showcasing resilience amid geopolitical pressures [68] - Cisco and Qualcomm follow with brand values of $32.2 billion and $8.7 billion respectively, with Cisco experiencing a 17% growth [70] - Starlink has seen its brand value more than double to $52 billion, driven by explosive user growth [72]

Core Insights - The 2026 AWE showcased a significant shift towards robotics and AI in the home appliance sector, with major brands like Haier, Midea, and TCL prominently featuring these technologies [2][4][10] - A new standard for smart home interoperability was introduced, aiming to unify communication between devices from different brands, addressing a major pain point in the industry [3][14][15] Group 1: Robotics and AI Innovations - The AWE featured over 60 robot models from various companies, indicating a growing trend of traditional appliance manufacturers entering the robotics space [2][5] - Notable products included the "Eight Realms" robot from Ecovacs, which integrates AI capabilities for task planning, and Haier's "Havva" series of household service robots [4][5] - AI is being integrated into traditional appliances, such as TCL's flagship TV that uses AI for automatic picture adjustments and air conditioners that monitor sleep patterns [10][12] Group 2: Industry Standards and Interoperability - The GIIC alliance announced the OneConnect standard, which aims to facilitate device interoperability across different brands, addressing the current lack of cross-brand communication [14][15] - The standard includes specifications for device access, control interfaces, and safety requirements, covering nearly 200 product categories [16][15] - The push for these standards is driven by both government initiatives and the recognition among companies that collaboration is essential for industry growth [18][19] Group 3: Market Trends and Future Directions - The home appliance industry is at a transformative point, with AI becoming a core driver of innovation, as highlighted by industry leaders during the AWE [19] - The focus is shifting from merely adding smart features to creating products that address consumer pain points and enhance value [10][19] - The establishment of the OneConnect standard is expected to lead to a more cohesive smart home ecosystem, enhancing user experience and driving market growth [17][18]

Investment Rating - The communication industry is rated as "Cautious" with expectations of moderate performance in the coming months [48]. Core Insights - The communication sector outperformed the CSI 300 index by 1.8 percentage points during the review period, with a 0.73% increase from March 2 to March 6, 2026 [2][12]. - The sector's cumulative increase for the year 2026 stands at 5.84%, ranking 14th among 30 sectors [2][12]. - The report highlights the government's focus on developing a new intelligent economy, emphasizing the importance of AI, satellite internet, and 6G technology as key growth areas for the communication industry [3][5][40]. Summary by Sections Market Review - The communication sector includes 119 listed companies, with 30 experiencing price increases and 88 seeing declines during the review period [12][13]. - The top three gainers were Huagong Technology, Sega Technology, and Xinyi Technology, while the largest decliners were Jinglun Electronics, Tianfu Communication, and Feiling Kesi [13][16]. - As of March 6, 2026, the sector's PE TTM was 27.53, placing it in the 38.62 percentile [14]. Industry News - The government work report emphasizes the need for new infrastructure projects, including large-scale intelligent computing clusters and the development of satellite internet [20][21]. - The GSMA report predicts that mobile technology will create $7.6 trillion in economic value by 2025, with significant growth expected in 5G and AI-driven services [21][22]. - The semiconductor industry saw a 46.1% year-on-year increase in sales in January 2026, driven by AI demand [22]. Investment Recommendations - The report suggests focusing on operators with sustained profit growth and network value enhancement, particularly in the "5G + Industrial Internet" and satellite internet sectors [5][45]. - Companies that continuously invest in technological innovation and possess strong competitive advantages are also recommended for investment [5][45].

Core Viewpoint - The article emphasizes the significant growth and transformation of the mobile internet landscape in China by 2025, driven by advancements in AI technology and changing user demographics, leading to new competitive dynamics among major internet companies. Group 1: Mobile Internet Growth - By December 2025, the monthly active user (MAU) count for mobile internet reached 1.276 billion, with average daily usage time increasing to 7.96 hours, reflecting a year-on-year growth of 6% [4][18] - The user engagement metrics, including daily usage frequency of 112.9 times, also saw a year-on-year increase of 2.1% [4][18] - The growth is attributed to improved user quality, with 73.3% of users coming from tier-three cities and above, and significant increases in specific sectors like AIGC and audiobooks, which saw usage time growth of 176.7% and 64.4% respectively [4][5] Group 2: User Demographics and Spending Power - The user base is segmented into three age groups: 21.2% under 24 years, 51% between 25 to 50 years, and 27.8% over 51 years, indicating a strong consumer potential among the 25 to 50 age group [5] - The proportion of users with a spending capacity of over 1,000 yuan reached 72.4%, while those in the mid-to-high price segment (over 2,000 yuan) accounted for 70.2% [5] - The aging population trend is leading to an increase in the "silver economy," with older users becoming a significant consumer group [5] Group 3: Competitive Landscape - The competition among major internet companies has intensified, with Tencent, Douyin, and Alibaba leading the user base, each exceeding 1.2 billion MAUs [7][27] - Tencent remains the largest player with 1.275 billion users, while Douyin and Alibaba are rapidly closing the gap with growth rates of 11.9% and 3.7% respectively [7] - The competition has shifted from merely acquiring users to leveraging AI technologies for deeper user engagement and ecosystem development [27][30] Group 4: AI Integration and Application - By December 2025, the overall scale of AI on mobile platforms reached 722 million, with AI-native apps showing a significant increase in user engagement, averaging 143.2 minutes per user [6][30] - AI applications are increasingly replacing traditional apps, with user time on AI-native apps growing by 22.3% from January to December 2025 [6] - Major companies are investing heavily in AI-native applications, with the top 50 AI apps dominated by Alibaba, Baidu, Douyin, and Tencent, which collectively account for 64% of the user base [6][30] Group 5: Marketing and Advertising Trends - The internet advertising market in China reached 793.08 billion yuan in 2025, growing by 4.6% year-on-year, driven by AI marketing and emotional marketing strategies [50] - The advertising strategies are evolving, with a focus on emotional and experiential marketing, particularly in sectors like tourism and lifestyle [50][61] - The integration of online and offline marketing channels is becoming increasingly important, with brands leveraging local consumption scenarios to enhance engagement [75][79]

Core Viewpoint - China Mobile is strategically positioning itself in the embodied intelligence sector, focusing on technological innovation and ecosystem collaboration to enhance its market presence and investor confidence [7][12][13]. Market Performance - On March 5, China Mobile's stock rose by 1.27%, closing at 95.61, with a trading volume of 116,800 lots and a turnover rate of 1.29% [5][6]. - The stock has seen a 3-day increase of 1.38% and a 5-day increase of 1.46%, with a total market capitalization of 2.07 trillion [6]. Event Analysis - The event related to China Mobile's strategic focus on embodied intelligence generated a total of 21,795 online public opinion messages, with 70.1% being positive [8][10]. - The primary communication channel for this event was WeChat, accounting for 23.66% of the total messages [10]. Impact Analysis - The speech by Vice President Zhang Dong at the World Mobile Communications Conference is expected to boost investor confidence and positively influence stock prices due to the company's strategic initiatives in embodied intelligence [12]. - Emphasis on technological innovation indicates ongoing R&D investments, likely attracting tech-focused investors [12]. - Plans to enhance service offerings suggest potential revenue growth, positively impacting stock performance [12]. - The commitment to industry collaboration may strengthen market positioning and enhance competitive advantages in the robotics sector [12]. Long-term Outlook - In the short term, the positive market sentiment from the conference is likely to attract investor attention and support stock price growth [13]. - Long-term success in the embodied intelligence sector is anticipated through sustained innovation, service expansion, and competitive positioning [13].