Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [4][7]. Core Insights - In January 2026, the communication industry index increased by 5.47%, outperforming the Shanghai Composite Index (+3.76%), CSI 300 Index (+1.65%), Shenzhen Component Index (+5.03%), and ChiNext Index (+4.47%) [3][13]. - The capital expenditure of the four major North American cloud providers is expected to grow significantly, with a projected increase of over 60% in 2026 [6][24]. - The procurement results for special optical cables by China Mobile indicate that eight manufacturers, including Tongding Interconnection and Yangtze Optical Fibre and Cable, have been selected, highlighting the focus on key sectors such as industrial manufacturing and digital government [6][7]. Summary by Sections Industry Performance - The communication industry index showed a strong performance in January 2026, with a 5.47% increase, outperforming major indices [3][13]. - Sub-sectors within the communication industry saw varied performance, with cable, other communication equipment, and system equipment rising by 19.70%, 10.72%, and 7.85% respectively [16]. Telecommunications Sector - In 2025, the telecommunications business revenue reached CNY 1.75 trillion, a year-on-year increase of 0.7% [6][45]. - By December 2025, 5G mobile phone users accounted for 65.9% of total mobile phone users, with a monthly data usage (DOU) of 23.04GB per user, reflecting a 17.0% year-on-year increase [6][45]. Cloud Infrastructure Investment - The combined capital expenditure of the four major North American cloud providers in Q4 2025 was USD 126 billion, marking a 62.0% year-on-year increase [24][25]. - For 2026, the total capital expenditure guidance for these providers exceeds USD 660 billion, with an expected growth of 61.0% [24][25]. AI and Smartphone Market - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [44]. - The global smartphone shipment is projected to grow by 2% in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market by 2025 [6][44]. Investment Recommendations - The report suggests focusing on companies involved in optical devices, optical chips, optical modules, and AI smartphones, including Tianfu Communication, ZTE, and China Mobile [7][6].

Core Viewpoint - UBS downgraded China Mobile's rating from "Buy" to "Neutral" and reduced the target price from HKD 100 to HKD 81, citing that the dividend outlook is already reflected in the stock price and a lack of valuation catalysts [1][2]. Group 1: Institutional Perspective - UBS's report indicates that China Mobile's dividend is stable, with an expected dividend yield of 7-8% for 2026, but the company lacks valuation catalysts and has a low annual compound growth rate of approximately 2% [2]. - The comprehensive target price set by institutions is CNY 125.00, but market sentiment remains neutral [2]. Group 2: Recent Stock Performance - As of February 13, 2026, China Mobile's A-shares closed at CNY 92.69, down 0.64% for the day and a cumulative decline of 2.54% over the past five days [3]. - There was a net outflow of CNY 90.64 million on February 12, reflecting short-term market divergence, with trading volume shrinking to CNY 802 million and a turnover rate of 0.95% [3]. Group 3: Recent Developments - On February 11, 2026, China Mobile initiated an organizational restructuring, elevating computing power services to a second core business and integrating the "Nine Sky Research Institute" with the "Digital Intelligence Department" to form the "Digital Intelligence Division," aiming to enhance synergy in AI and computing power business [4].

国家知识产权局信息显示，咪咕文化科技有限公司、中国移动通信集团有限公司取得一项名为"特征选 择方法、设备及可读存储介质"的专利，授权公告号CN114004279B，申请日期为2021年10月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，咪咕文化科技有限公司，成立于2014年，位于北京市，是一家以从事软件和信息技术 服务业为主的企业。企业注册资本1040000万人民币。通过天眼查大数据分析，咪咕文化科技有限公司 共对外投资了9家企业，参与招投标项目2585次，财产线索方面有商标信息982条，专利信息2961条，此 外企业还拥有行政许可10个。 中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息2207条，专利信息5000条， 此外企业还拥有行政许可50个。 ...

Core Insights - The Hong Kong stock market is experiencing two distinct but resonant waves of incremental capital from mainland China and South Korean retail investors, with mainland southbound funds achieving a record net purchase of 1.41 trillion HKD, establishing themselves as core builders of pricing power in the market [1][10] - Southbound funds are characterized by long-term value investment, while South Korean retail investors engage in high-frequency trading and narrative-driven investments, creating a diversified funding source and a layered pricing logic in the Hong Kong market [1][10] Funding Scale and Structure - Southbound funds have become the core incremental source and valuation system reshaper for the Hong Kong market, with a cumulative net inflow of 5.11 trillion HKD by the end of 2025, and a market value exceeding 6.3 trillion HKD, accounting for 12.7% of the total market [2] - South Korean retail investors, while having a smaller capital scale, exhibit concentrated trading behavior and significant leverage, particularly impacting specific sectors like new economy IPOs and the semiconductor industry [2][5] Industry Preferences - Southbound funds focus on financials and high-dividend utilities, with significant investments in major banks and state-owned enterprises driven by high dividend yields and low valuation levels, while South Korean investors show minimal interest in these sectors [3][5] - South Korean retail investors heavily invested in Xiaomi and MiniMax-WP, demonstrating a high turnover and narrative-driven trading approach, contrasting with the stable, long-term holdings of Southbound funds [5][8] Trading Behavior and Decision-Making - Southbound funds exhibit a decision-making anchor based on dividend yield, ROE stability, and free cash flow generation, characterized by continuous accumulation and stable holdings, as seen with significant net purchases in major banks [8][9] - South Korean retail investors, on the other hand, are driven by industry narrative strength and social media trends, with a high frequency of trading and a tendency to hold stocks for less than three months, reflecting a stark contrast to the long-term holding strategy of Southbound funds [9][10] Market Dynamics - The influx of South Korean retail investors into the Hong Kong market represents a diversification of the investor base, providing liquidity while also potentially increasing volatility during certain periods [9][10] - The interaction between Southbound funds and South Korean retail investors is creating a new normal in the Hong Kong market characterized by layered pricing and concurrent narratives, necessitating both stable investment strategies and agile trading approaches [10]

Group 1 - The board of directors of China Mobile Limited announced the resignation of Mr. He Biao as executive director, CEO, and member of the Sustainability Committee due to work relocation, effective from February 12, 2026 [1] - Mr. He Biao confirmed that there are no disagreements with the board regarding his resignation and no matters need to be notified to the company's shareholders [1] - The board expressed high appreciation and gratitude for Mr. He Biao's outstanding contributions to the company [1]

Core Viewpoint - China Mobile has announced the candidates for its centralized procurement project for special optical cables for 2026-2027, with Tongding Interconnection winning the highest bid share of 18.85% at a pre-tax bid price of 238 million yuan [1] Group 1: Procurement Details - The total procurement volume for the special optical cables is approximately 79,400 kilometers, equivalent to 3.131 million core kilometers [1] - The procurement includes five major categories of products: ordinary optical cables, flat optical cables, blown micro cables, optical-electrical composite cables, and self-supporting optical cables, along with various sub-products such as waterline cables, rodent-proof cables, and flame-retardant buried cables [1] Group 2: Company Performance - Tongding Interconnection has been recognized for its product stability, price competitiveness, and large-scale delivery capability, leading to its top bid share among eight candidates [1] - The company has established three production bases in Jiangsu, Anhui, and Sichuan, creating a full industry chain layout that covers everything from preform rods to optical fibers, optical cables, communication cables, power cables, and communication equipment [1] - This vertical integration from raw materials to end products provides a solid foundation for the efficient fulfillment of procurement orders [1]

证券日报网讯2月12日，启明星辰（002439）在互动平台回答投资者提问时表示，公司始终围绕网信安 全主责主业，为政府、企业等多领域客户群提供网络安全保障。与中国移动（600941）的战略协同是公 司业务升级的重要举措，旨在整合优势资源提升核心竞争力，开拓更广阔的市场空间。根据公司于2025 年11月21日披露的《关于2026年度日常关联交易预计的公告》，2025年1-9月来自中国移动集团及其控 制的其他企业的收入占公司2025年1-9月整体营业收入的26.6%。该类关联交易包含两部分：一是公司与 中国移动协同拓展的政企行业市场，是双方积极拓展增量市场的体现；二是中国移动自身的网安需求。 公司通过提升关联交易质量、优化成本结构及强化技术创新，为长期高质量发展打好基础。 ...

智通财经APP讯，中国移动(600941.SH)发布公告，公司董事会宣布，何飚先生因工作调动原因辞任公 司执行董事、首席执行官和可持续发展委员会委员的职务，自2026年2月12日起生效。 ...

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） 董事名單與其角色和職能 執行董事 薪酬委員會 董 事 會 設 有 四 個 董 事 委 員 會。董 事 委 員 會 的 組 成 如 下： 審核委員會 陳忠岳先生（董 事 長） 王利民先生 李榮華先生（財 務 總 監） 獨立非執行董事 姚建華先生 楊强博士 李嘉士先生 梁高美懿女士 – 1 – 中國移動有限公司董事會（「董事會」）成 員 載 列 如 下： 姚建華先生（主 席） 楊强博士 李嘉士先生 梁高美懿女士 – 2 – 姚建華先生（主 席） 楊强博士 李嘉士先生 梁高美懿女士 提名委員會 楊强博士（主 席） 姚建華先生 李嘉士先生 梁高美懿女士 可持續發展委員會 梁高美懿女士（主 席） 李榮華先生 李嘉士先生 香 港，2026年2月12日 ...

股票代码：600941 股票简称：中国移动 公告编号：2026-003 中国移动有限公司 关于执行董事兼首席执行官辞任的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国移动有限公司（以下简称"公司"）董事会宣布，何飚先生因工作调动 原因辞任公司执行董事、首席执行官和可持续发展委员会委员的职务，自 2026 年 2 月 12 日起生效。何飚先生已确认与董事会并无不同意见，而就其辞任一事， 亦无任何事项需要通知公司股东。 公司董事会谨就何飚先生对公司作出的突出贡献给予高度评价并深表谢意。 特此公告。 中国移动有限公司董事会 1 2026年2月12日 ...