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。 （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） 須予披露的交易 進一步轉換浦發銀行 A 股可轉債 進一步轉換浦發銀行 A 股可轉債 董事會宣佈，於 2025 年 10 月 27 日，廣東移動行使換股權將其持有的合計面值人民 幣 366,000 元（約合 401,091 港元）浦發銀行 A 股可轉債按照每股人民幣 12.51 元 （約合 13.71 港元）之轉股價轉為約 29,256 股之浦發銀行 A 股。實際轉換的浦發銀 行 A 股股數可能會因清算及交收原因而有所差異。 香港上市規則之含義 就香港上市規則而言，本集團將被視為收購約 29,256 股之浦發銀行 A 股。由於就轉 換（與過去 12 個月內收購浦發銀行 A 股合併計算）根據香港上市規則第 14.07 條之 規定所計算之最高適用百分比率超過 5%但低於 25%，故此根據香港上市規則第十四 章，轉換 ...

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 就香港上市規則而言，本集團將被視為收購約 29,256 股之浦發銀行 A 股。由於就轉 換（與過去 12 個月內收購浦發銀行 A 股合併計算）根據香港上市規則第 14.07 條之 規定所計算之最高適用百分比率超過 5%但低於 25%，故此根據香港上市規則第十四 章，轉換構成本公司一項須予披露的交易，須遵守香港上市規則項下的通知和公告 之規定。 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） 須予披露的交易 進一步轉換浦發銀行 A 股可轉債 進一步轉換浦發銀行 A 股可轉債 董事會宣佈，於 2025 年 10 月 27 日，廣東移動行使換股權將其持有的合計面值人民 幣 366,000 元（約合 401,091 港元）浦發銀行 A 股可轉債按照每股人民幣 12.51 元 （約合 13.71 港元）之轉 ...

Market Overview - The Shanghai Composite Index rose by 1.18% on October 27, with 28 out of 31 sectors experiencing gains, led by the communication and electronics sectors, which increased by 3.22% and 2.96% respectively [1] - The media, food and beverage, and real estate sectors saw declines of 0.95%, 0.20%, and 0.11% respectively [1] Capital Flow Analysis - The main capital flow showed a net outflow of 136 million yuan across the two markets, with 12 sectors experiencing net inflows [1] - The electronics sector had the highest net inflow of 6.112 billion yuan, followed by the non-ferrous metals sector with a net inflow of 2.529 billion yuan [1] Communication Sector Performance - The communication sector saw a significant increase of 3.22%, with a net inflow of 2.433 billion yuan [2] - Out of 125 stocks in the communication sector, 75 stocks rose, including one that hit the daily limit, while 42 stocks declined [2] - The top three stocks with the highest net inflow in the communication sector were Hengbao Co. with 953 million yuan, followed by Xinyi Technology and Cambridge Technology with 632 million yuan and 500 million yuan respectively [2] Communication Sector Capital Outflow - The communication sector also had stocks with notable capital outflows, with the highest outflow from Hengtong Optic-Electric at 202.51 million yuan, followed by Supercom and China Mobile with outflows of 164.83 million yuan and 135.68 million yuan respectively [4]

Investment Rating - The report maintains a "Buy" rating for several key companies in the telecommunications sector, including ZTE Corporation, China Telecom, Ruijie Networks, Hengtong Optic-Electric, Huace Navigation, China Mobile, and Xinyi Technology, while China Unicom is rated as "Hold" [9][49]. Core Insights - The commercial aerospace sector is experiencing a triple inflection point in policy, performance, and technology, with the 14th Five-Year Plan highlighting the goal of building a strong aerospace nation, which is expected to elevate the focus on commercial aerospace and related industries [2][3][12]. - Performance-wise, China Star Network has accelerated its satellite launch schedule, and Shanghai Yanjin has resumed launches, which is anticipated to boost the performance of upstream satellite manufacturing and related sectors [3][13][18]. - Technologically, domestic commercial rocket companies are speeding up their IPO processes, with significant progress made on new rockets like Zhuque-3 and Tianlong-3, indicating advancements in reusable rocket technology [3][15][18]. Summary by Sections Policy Perspective - The 14th Five-Year Plan has officially introduced the goal of building a strong aerospace nation, marking a significant elevation of the aerospace industry to a core national strategy [13][14]. - The Ministry of Industry and Information Technology has granted satellite mobile communication business licenses to major operators, enabling them to legally conduct satellite direct connection services [13][14]. Performance Perspective - China Star Network has completed its ninth launch of the year, with plans to deploy approximately 1,300 satellites by the end of 2029, achieving 10% of its overall deployment goal within the next five years [14][18]. - Shanghai Yanjin's "Qianfan Constellation" successfully launched 18 satellites, bringing the total number of satellites in orbit to 108, marking a significant milestone in its network deployment [14][18]. Technology Perspective - The IPO process for domestic rocket companies is accelerating, with Zhuque-3 completing key tests and preparations for its launch, showcasing advancements in reusable rocket technology [15][18]. - Multiple types of reusable rockets are currently undergoing validation, indicating imminent advancements in rocket recovery technology [15][18].

Investment Rating - The report provides a positive outlook on the TMT industry, particularly focusing on AI applications, suggesting a strong investment opportunity in this sector [1]. Core Insights - The TMT sector outperformed the Shanghai and Shenzhen 300 index, with significant weekly gains in sub-industries such as communication network equipment (17.85%) and printed circuit boards (14.05%) [3][5]. - OpenAI launched its first AI-native browser, ChatGPT Atlas, which integrates browsing, chatting, and task automation, aiming to enhance user engagement and expand commercial applications [3][18]. - Huawei's HarmonyOS 6 was released with AI as a core feature, showing improved performance and enhanced user experience, indicating a growing penetration of AI applications in mobile devices [3][18]. Market Weekly Review - The TMT sector's performance from October 20 to October 24 showed significant gains across various sub-industries, with communication leading the way [3][5]. - The overall TMT sector outperformed the broader market, indicating strong investor interest and potential for growth [3][5]. Industry News and Key Company Announcements - OpenAI's new browser and Huawei's HarmonyOS 6 release highlight the rapid advancements in AI applications, suggesting a competitive landscape among tech giants [3][18]. - The report notes various strategic partnerships and product launches in the AI space, indicating a robust ecosystem developing around AI technologies [3][17][21].

Group 1 - The core viewpoint of the news is the performance and changes in the top holdings of the Yinhua Xinyi Flexible Allocation Mixed Fund, which reported a net value growth rate of 23.93% over the past year [1] - The fund has added new top holdings including HSBC Holdings, Standard Chartered Group, Bank of China Hong Kong, Luzhou Laojiao, ZTO Express, Wuliangye, and Shenzhou International [1] - China Mobile remains the largest holding with an increase of 22.35 million shares, while other previous top holdings such as SMIC, Xiaomi Group, CATL, Tencent Holdings, and others have exited the top ten holdings [1] Group 2 - The fund's top ten holdings now include significant investments in HSBC Holdings with 2.68 billion yuan, Standard Chartered Group with 2.48 billion yuan, and Bank of China Hong Kong with 2.47 billion yuan [1] - The fund has increased its stake in China Mobile by 6.04%, holding 3.03 billion yuan worth of shares, while it has reduced its position in Focus Media by 34.09% [1] - The overall changes in the fund's portfolio reflect a strategic shift towards financial and consumer sectors, indicating potential investment opportunities in these areas [1]

Core Points - The total cash dividends from 320 companies in the Shanghai market have exceeded 278 billion yuan as of October 24, with over 90 companies set to distribute an additional 280 billion yuan in cash dividends [1][2] - A record high of 414 companies have announced profit distribution plans, totaling over 560 billion yuan in cash dividends [1] - Major companies such as China Mobile and China Telecom have completed their cash distributions, amounting to 54.1 billion yuan and 16.6 billion yuan respectively, while the "Big Three" oil companies have distributed approximately 82.5 billion yuan in total [1] Company-Specific Summaries - China Petroleum has announced a cash dividend of 2.2 yuan per share, totaling 40.265 billion yuan, with 35.623 billion yuan allocated to A-share dividends [1] - Jagex has declared a cash dividend of 6.6 yuan per share, amounting to 474 million yuan, which represents 73.46% of its net profit for the period [2] - Guotai Junan plans to distribute 0.15 yuan per share, totaling 2.627 billion yuan, making it one of the leading brokerages in terms of dividend distribution [2] - Guodian Power intends to distribute 1 yuan per share, totaling 1.784 billion yuan, which is 48.38% of its net profit for the period [2] Upcoming Distributions - From October 27 to October 31, 20 companies will distribute a total of 9 billion yuan in cash dividends, including 京沪高铁 (19 billion yuan), 国泰海通 (26 billion yuan), and 国电电力 (18 billion yuan) [1][2] - There are still 74 companies that have not yet announced their dividend distribution plans, with a total amount exceeding 275 billion yuan expected to be distributed in the future [2]

Core Viewpoint - The mid-year dividend distribution in the Shanghai Stock Exchange has reached a historical high, with a total of over 560 billion yuan distributed among 414 companies, reflecting a significant increase in the "cash red envelope" distribution rate [3][4]. Group 1: Dividend Distribution Overview - As of October 24, 320 companies in the Shanghai Stock Exchange have distributed a total of over 278 billion yuan in mid-year dividends, with an additional 90 companies set to distribute over 280 billion yuan [3]. - The total amount of mid-year dividends has increased compared to the end of August, with notable contributions from major companies such as China Mobile and China Telecom, which distributed 54.1 billion yuan and 16.6 billion yuan respectively [3][4]. - A total of 414 companies have announced their profit distribution plans, marking a record high in both the number of companies and the total amount distributed [3]. Group 2: Upcoming Dividend Payments - More than 90 companies are yet to distribute their dividends, with 20 companies confirming payment dates between October 27 and October 31, amounting to 9 billion yuan [4]. - Specific companies like Beijing-Shanghai High-Speed Railway, Guotai Junan, and State Power Investment Corporation are scheduled to distribute dividends of 1.9 billion yuan, 2.6 billion yuan, and 1.8 billion yuan respectively within the next three days [4]. Group 3: Dividend Yield Analysis - As of October 24, 290 companies in the Shanghai Stock Exchange have a dividend yield exceeding 3%, with 81 companies yielding over 5% [5]. - The average dividend yield for the 320 companies that have implemented mid-year dividends stands at 2.53%, with 102 companies exceeding 3% and 40 companies surpassing 5% [5]. Group 4: Future Expectations - With the opening of the third quarter dividend window, it is anticipated that the "high dividend" sector will continue to grow [6].

Core Points - The mid-term dividends from 20 companies, including Beijing-Shanghai High-Speed Railway Co., Ltd., Guotai Junan Securities Co., Ltd., and State Power Development Co., Ltd., will exceed 9 billion yuan from October 27 to October 31 [1] - As of October 24, 320 companies in the Shanghai market have distributed over 278 billion yuan in mid-term dividends, with an additional 90 companies expected to distribute over 280 billion yuan [1][2] - The total mid-term dividend amount for 414 companies has reached over 560 billion yuan, setting a historical high [1] Company-Specific Information - Major dividend payers include China Mobile and China Telecom, with cash distributions of 54.1 billion yuan and 16.6 billion yuan, respectively, while the "Big Three" oil companies have collectively distributed approximately 82.5 billion yuan [2] - Companies like Xiamen Gibit Network Technology Co., Ltd. and Jiangsu Shuoshi Biotechnology Co., Ltd. have reported per-share dividends exceeding 2 yuan, with Gibit reaching 6.6 yuan per share [2] Dividend Yield Insights - The dividend yield for 290 companies in the Shanghai market exceeds 3%, with 81 companies yielding over 5% [3] - Among the 320 companies that have implemented mid-term dividends, the average yield is 2.53%, with 102 companies exceeding 3% and 40 companies surpassing 5% [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [6][68]. Core Views - The global computing power remains in a high prosperity phase, with significant developments in China's commercial aerospace sector and the need for breakthroughs in private rocket technology [1][3]. - The report highlights the rapid growth of domestic optical module companies, with notable increases in net profits and gross margins, indicating a sustained high prosperity in the industry [3][22][26]. - The performance of the communication sector is strong, with the communication index rising by 11.55%, outperforming the Shanghai and Shenzhen 300 index [4][55]. Summary by Sections Industry News Tracking - The successful completion of the first phase of the Zhuque-3 rocket flight test marks a significant step in China's commercial aerospace development [2][13]. - The Chinese government emphasizes the importance of artificial intelligence and is committed to fostering a conducive innovation ecosystem [2][17]. - Domestic optical module companies report significant year-on-year growth in Q3 2025, validating the high prosperity of the sector [22]. - Q3 2025 data shows a 9.04% increase in optical cable exports, reflecting ongoing industry prosperity [30]. Market Performance Review - The communication index has outperformed other sectors, with a relative return of 8.30% [4][55]. - The optical module, industrial communication, and optical fiber cable sectors have shown strong performance, with respective increases of 16.53%, 7.53%, and 6.01% [58]. Investment Recommendations - Continuous attention is recommended for the development of AI computing power infrastructure, with specific focus on optical devices and modules, communication equipment, and liquid cooling technologies [5][65]. - The three major telecom operators are highlighted as important assets for dividend allocation, with stable operations and increasing dividend ratios [5][65]. - The report specifically recommends Chinese Mobile and Zhongji Xuchuang as key investment targets for the upcoming week [5][65]. Key Company Earnings Forecasts and Investment Ratings - The report provides earnings forecasts and investment ratings for key companies, including China Mobile, Zhongji Xuchuang, and ZTE, all rated as "Outperform the Market" [6][62].