Core Viewpoint - Morgan Stanley maintains an "Overweight" rating on China Mobile, with a target price of HKD 110 for H-shares and CNY 130 for A-shares [1] Financial Performance - In Q3, China Mobile's service revenue increased by 0.8% year-on-year, while net profit rose by 1.9%, which is 3% lower than market expectations [1] - The growth rate has slowed from 6% in the previous quarter, attributed to rising hardware sales costs [1] - Mobile users grew by 0.5% year-on-year to 1.01 billion, but average revenue per user (ARPU) declined by 3.2% to CNY 45.5 [1] - Mobile revenue decreased by 3%, while fixed broadband revenue increased by 8%, supported by a 5% rise in broadband users [1] Business Segments - The DICT business revenue has maintained a good growth rate in the first three quarters of the year, with AI direct revenue experiencing very rapid growth [1] Capital Expenditure - Capital expenditure for the first three quarters was CNY 117 billion, remaining flat year-on-year, while the company previously guided for a full-year capital expenditure decrease of 8% to CNY 151 billion [1] Dividend and Profit Outlook - Despite potential short-term pressure on traditional telecom service revenue and a need for several quarters for cloud revenue to accelerate, the annual dividend yield for China Mobile's H-shares is approximately 6.2%, which remains attractive [1] - The company is expected to achieve positive growth in annual profits [1]

华西证券研报指出，中国移动2025年前三季度实现归母净利润1,153.5亿元，同比增长4.0%；Q3单季实 现归母净利润311.2亿元，同比增长1.4%。经营业绩稳健增长，个人、家庭用户实现净增。新兴市场方 面，前三季度国际业务收入保持快速增长，重点客户规模实现稳健增长。公司业务稳定转型，积极推动 算力与能力中台升级，看好算力及卫星相关业务拓展，维持盈利预测，维持"增持"评级。 ...

Core Viewpoint - The official launch of iPhone Air and the complete transition to eSIM technology marks the beginning of a cardless era, which is expected to transform user connectivity and drive the telecommunications industry towards greater intelligence and cloud integration [1][3]. Company Summary - China Mobile has successfully completed the comprehensive upgrade and service deployment of its eSIM system, enabling users to process eSIM services at its outlets with valid identification and compatible devices [3]. - The company has introduced a "P+E parallel strategy" to balance technological upgrades with user experience, allowing for both eSIM and traditional SIM card support in new devices, thus providing users with more choices and a smoother transition [3]. - China Mobile has invested three years in developing core technologies for eSIM, establishing a self-controlled technical system that supports the commercial use of eSIM and the development of 5G and 6G ecosystems [3]. Industry Summary - The widespread adoption of eSIM technology is expected to reshape the telecommunications industry chain, leading to upgrades in terminal manufacturing, chip development, system design, and service operations [4]. - China Mobile is collaborating with industry partners to launch more eSIM-compatible smart devices across various applications, including smartphones, wearables, and IoT, thereby unlocking growth potential in the telecommunications sector [4]. - The commercial rollout of eSIM is a significant step for China Mobile in building an integrated ecosystem of "connectivity + computing power + services," which enhances its strategic positioning in the market and signals growth opportunities for investors [4].

Core Insights - The article discusses the growth and production statistics of China's mobile communication base station equipment, highlighting significant increases in production and market trends for the industry [1]. Industry Overview - According to the National Bureau of Statistics, the production of mobile communication base station equipment in China reached 420,000 RF modules in August 2025, representing a year-on-year growth of 48.9% [1]. - From January to August 2025, the cumulative production of mobile communication base station equipment totaled 3.194 million RF modules, with a cumulative growth of 3.3% [1]. Company Insights - Listed companies in the sector include ZTE Corporation (000063), Datang Telecom (600198), XinKe Mobile (688387), FiberHome Technologies (600498), Shenglu Communication (002446), *ST Rihai (002313), and Chaoxun Communication (603322) [1]. - The report by Zhiyan Consulting provides insights into the market trends and forecasts for the Chinese communication equipment industry from 2025 to 2031 [1].

齐鲁晚报.齐鲁壹点记者张洁清 当前数字化浪潮席卷全球，企业通信效率成为制约发展的关键因素。近日，记者从山东移动济南分公司 获悉，该公司已完成又一MAS入云案例——凭借创新的云原生架构与丰富多元的功能矩阵，这一成果 不仅为金融行业保驾护航，更成为实时风控的"神经末梢"。 谈及金融行业应用，负责人在采访中提到，风险管控对金融行业而言犹如与时间赛跑，每一秒延迟都可 能带来巨大损失。"以往，账户动账通知、交易预警等信息传递不够及时，传统方案下用户接收延迟高 达30秒，这30秒的时间差，可能让不法分子有机可乘，导致银行和客户遭受损失。"而云MAS的出现彻 底改变了这一局面，负责人表示："它通过加密通道实时推送关键信息，用户接收延迟大幅缩短至5秒， 相当于为银行风险防控体系装上'加速器'，风险交易拦截效率也提升了40%，能有效将风险遏制在萌芽 状态。" 关于项目实施细节，记者从采访中了解到，山东移动济南分公司本次充分利旧客户侧原有CE设备(支持 三层路由功能的路由器)，额外新增1条双路由PTN线路接入至济南落地云PE，再通过云专网对接云 MAS平台，最终实现客户业务的专网传输。 采访最后，负责人还向记者透露，目前山东移动 ...

Core Viewpoint - China Mobile's revenue for the first three quarters of this year grew by 0.4% year-on-year, while net profit increased by 4%, indicating stable performance despite macroeconomic uncertainties [1] Financial Performance - Revenue for the third quarter increased by 2.5% year-on-year, and net profit rose by 1.4% year-on-year, aligning with market expectations [1] - The main communication service revenue grew by 0.8% year-on-year, meeting market forecasts [1] Adjustments to Forecasts - Due to unclear macroeconomic conditions impacting personal customer business, the service revenue forecasts for the next two years have been revised down by 0.8% and 1.4% to 898.5 billion and 907.3 billion respectively [1] - Profit forecasts for the next two years have also been adjusted down by 0.5% and 1.3% to 144.6 billion and 150.4 billion, factoring in credit impairment losses [1] Rating and Target Price - The company maintains a "outperforming the industry" rating, with a target price for H-shares set at 107 HKD [1]

格隆汇10月22日｜摩根士丹利发表报告指，中国移动第三季服务收入2160亿元，按年增长0.8%，较该 行预期高出0.7个百分点；EBITDA按年下降1.7%至790亿元，较该行预期低2.8个百分点，主因其他营运 支出超出预期；净利润年增1.4%至310亿元，低于该行预期1.2%，部分被更佳的非经常性项目所抵销。 该行维持对中国移动"增持"评级及目标价90港元。 ...

Core Insights - As of October 21, 140 A-share listed companies have disclosed their Q3 reports, with 117 companies reporting profits, representing over 80% of the total [1] - The total operating revenue of these companies reached 2.16 trillion yuan, a year-on-year increase of 5.73%, while the net profit attributable to shareholders amounted to 274.05 billion yuan, showing a significant year-on-year growth of 21.22% [1] Main Board Performance - Among the 82 companies on the Main Board that disclosed results, the total net profit reached 226.66 billion yuan, accounting for 82.7% of the total disclosed profits, despite these companies representing only 63.5% of the market [1] - Key contributors to profitability include the energy, finance, and high-end manufacturing sectors, with China Mobile reporting a net profit of 115.35 billion yuan, which constitutes 50.9% of the Main Board's total net profit [1] - China Mobile's Q3 revenue was 250.9 billion yuan, reflecting a year-on-year growth of 2.5%, while its net profit for the same period was 31.1 billion yuan, up 1.4% year-on-year [1] Growth in the ChiNext Board - The ChiNext Board saw 40 companies report a combined net profit of 20.88 billion yuan, marking a year-on-year increase of 28.76%, driven by high demand in sectors like new energy materials and pharmaceuticals [2] - CATL reported a net profit of 18.5 billion yuan in Q3, a 41% increase year-on-year, with revenues of 104.19 billion yuan, up 12.9% [2] Performance of the Sci-Tech Innovation Board - The Sci-Tech Innovation Board reported a total net profit of 20.20 billion yuan, with a remarkable growth rate of 91.94%, primarily driven by advancements in AI computing power [3] - Cambrian's Q3 revenue reached 4.61 billion yuan, a staggering year-on-year increase of 2386.38%, with a net profit of 567 million yuan, marking a turnaround from losses [3] - Cambrian's stock price has surged from 645.62 yuan per share at the beginning of the year to 1247.68 yuan by October 17 [3] Dividend Announcements - Six A-share companies have announced dividend plans for Q3 2025, with Industrial Fulian proposing a cash dividend of 3.3 yuan per 10 shares, totaling approximately 6.55 billion yuan, which represents 54% of its net profit [4] - Other companies, including Sanhe Tree and Zhongrui Shares, have also disclosed dividend plans, with Sanhe Tree proposing a cash dividend of 5 yuan per 10 shares, amounting to 369 million yuan, which is 49.61% of its net profit [4] Upcoming Disclosure Expectations - A significant number of companies are expected to disclose their Q3 reports on October 30 and 31, with 1194 companies scheduled for October 30 and 1158 for October 31, together accounting for nearly 43% of the total market [4][5] - The concentration of disclosures is attributed to lengthy internal audit processes for large Main Board companies and the need for companies with poor performance to negotiate with auditors [5]

Core Viewpoint - The article highlights concerns regarding telecom operators targeting elderly consumers with confusing mobile plans, leading to unintended subscriptions and difficulties in cancellation [1] Group 1: Consumer Behavior - Elderly individuals are reportedly subscribing to mobile plans they do not understand, often without their consent or knowledge [1] - Family members express frustration as they confirm with the elderly that no such subscriptions were made, yet telecom customer service insists that the subscriptions were authorized by the account holder [1] Group 2: Telecom Operators - The article mentions major telecom operators such as China Unicom, China Mobile, and China Telecom in the context of these practices [1] - There is an implication that these operators may be exploiting the lack of digital literacy among older consumers to increase their subscription numbers [1]

Core Viewpoint - The announcement of interim dividend plans by major companies like Foxconn Industrial Internet and Beijing Yanjing Beer marks a significant shift in the A-share market towards a more investor-friendly environment, promoting long-term value investment and enhancing market confidence [1][2][3]. Group 1: Company Actions - Foxconn Industrial Internet and Beijing Yanjing Beer have both disclosed their first interim dividend plans, proposing cash dividends of 6.551 billion yuan and 282 million yuan respectively [1]. - Major companies such as China CRRC and Hengli Petrochemical have also joined the trend of announcing interim dividends, reflecting strong profitability and cash flow [2]. - The stock prices of companies announcing interim dividends have seen positive movements, with Foxconn's stock rising by 9.57% and China CRRC's by 3.39% following their announcements [2]. Group 2: Market Trends - A total of 843 A-share companies have announced 850 interim dividend plans this year, with a total proposed dividend amount of 662.026 billion yuan, indicating a growing trend in interim dividends [1][4]. - The number of companies planning to distribute over 1 billion yuan in interim dividends has increased, with 79 companies involved, and 14 of them exceeding 10 billion yuan [4]. - The trend of high interim dividends is seen as a sign of the A-share market's transition towards a more balanced approach between financing and shareholder returns [3][4]. Group 3: Economic Implications - The total revenue of the 843 companies for the first half of 2025 reached 14.26 trillion yuan, with a year-on-year growth of 0.8%, while net profit grew by 3.63% to 1.94 trillion yuan [4]. - The increase in interim dividends is attributed to improved corporate earnings and effective regulatory policies that encourage companies to prioritize shareholder returns [4][5]. - The new "National Nine Articles" policy aims to enhance the stability and predictability of dividends, promoting multiple dividend distributions within a year [5]. Group 4: Investor Sentiment - The rise in dividend frequency is expected to attract long-term capital into the market, enhancing market resilience and optimizing resource allocation [5]. - Companies that implement multiple dividend distributions signal operational stability and provide investors with quicker returns, which is crucial for attracting long-term investments [5].