Goldman Sachs·2026-02-10 09:40Investment Rating - The investment rating for China Mobile has been downgraded from "Buy" to "Neutral" [1] Core Insights - Goldman Sachs states that China Mobile's current valuation is at a reasonable level, with the target price reduced from HKD 105 to HKD 88 [1] - The firm maintains a positive outlook on China Mobile's expansion from traditional telecom services to innovative businesses, despite a continuous slowdown in 5G telecom service growth [1] - Future optimism regarding the stock may arise from improvements in 5G user ARPU, better-than-expected growth in innovative businesses, or faster-than-expected progress in 6G telecom services [1] Summary by Relevant Sections - 5G Service Growth: The latest data indicates that the number of new 5G base stations in China will be 8,000 lower than Goldman Sachs' previous estimates by December 2025. The firm expects a year-on-year decline in new 5G base stations of 8% and 7% for 2026 and 2027, respectively, reaching 540,000 and 500,000 [1] - Innovative Business Growth: The firm anticipates continued growth in innovative businesses, primarily supported by the expansion of large-scale computing power and the coverage of AI ecosystems [1]