Core Viewpoint - Spanish telecommunications companies are urging customers to limit mobile phone usage due to network strain following power outages [1] Group 1: Company Responses - Vodafone Spain reported that its network is operating at 70% capacity due to reliance on generators after power outages [1] - Orange has advised customers to use mobile phones only when necessary to prevent overwhelming the network [1]

证券研究报告 | 行业专题 | 通信 全年业绩低点已过，AI 算力增长加速 ——电信运营商行业点评报告 投资要点 ❑ 25Q1 行业增速较缓，或为年内低点，全年节奏有望前低后高 25Q1 行业增速放缓，或受基数高、主动精细化项目管理等因素影响。2025 年一 季度，电信业务收入累计完成 4469 亿元，同比增速约 0.7%。我们认为，行业增 速较缓主要系多因素综合影响：一是，2024 年同期基数相对较高，2024Q1 的行 业整体收入无论从绝对值角度还是同比增速角度，均处于相对高位。二是，今年 以来宏观环境依旧复杂多变，随着国内一系列政策陆续部署出台，内需修复的持 续性仍需巩固。三是，运营商进行精细化项目管理，对部分高风险项目主动进行 管控。 2024 年经营数据季度分布呈现 U 形走势，Q2、Q3 基数相对较低。具体来看， 2024 年 1-3 月、1-6 月、1-9 月、1-12 月，行业整体电信业务收入累计增速分别 为 4.5%、3.0%、2.6%、3.2%。拆分单季度数据来看，2024Q1、Q2、Q3、Q4， 行业整体电信业务收入单季度同比增速分别为 4.5%、1.6%、1.8%、5.1%。参照 我们 ...

Group 1: Fixed Income and Currency - The recent decline in the US dollar index indicates a weakening of its safe-haven attributes, influenced by multiple long-term and short-term factors, including tariff policies and economic recession concerns [2][3] - Gold is identified as a primary beneficiary of a weak dollar, although it is currently overbought and sensitive to negative news [2] - The report suggests that Eurozone assets may replace US dollar assets as a new safe haven, with potential opportunities in the Japanese yen and Japanese stocks [2] Group 2: Internet and Gaming Industry - The gaming industry shows resilience with new game launches, particularly from Tencent and NetEase, expected to enhance revenue streams [3][4] - In Q1, domestic iOS game revenue increased by 2.8% year-on-year, with significant growth during the Spring Festival for popular games [3] - The government is providing more policy support for the gaming industry, including initiatives to promote overseas expansion and the establishment of new educational programs [3] Group 3: Real Estate Sector - Public fund holdings in real estate stocks have decreased, while concentration has increased, indicating a mixed sentiment among institutional investors [5] - The report anticipates a potential increase in policy support for the real estate sector, driven by seasonal trends and external economic factors [5] Group 4: Pharmaceutical and Health Sector - The gene sequencing industry is entering a new era, with domestic companies expected to accelerate their market share due to recent government restrictions on foreign competitors [6] - Companies like BGI are positioned as leaders in the sequencing service market, with a comprehensive approach to health and disease prevention [6] Group 5: Telecommunications Industry - China Mobile reported a slight increase in revenue and a notable growth in net profit, driven by advancements in AI services [7][8] - The company is transitioning from cloud computing to AI-integrated services, which is expected to become a new revenue growth driver [7] Group 6: Consumer Goods and Retail - Pop Mart's Q1 performance exceeded expectations, with significant revenue growth attributed to both domestic and international markets [9] - The company is expanding its product offerings and optimizing its store formats to enhance customer engagement and sales [9] Group 7: Electric Equipment and New Energy - Dongfang Cable reported a substantial increase in revenue and net profit, driven by growth in high-margin export sales [10] - The company is well-positioned to benefit from the increasing demand for offshore wind projects and related cable installations [10] Group 8: Agriculture and Food Sector - Salted Fish's revenue and net profit showed strong growth, driven by an expanding product range and improved distribution channels [15] - The company is leveraging its diverse product offerings to capture market share and enhance profitability [15] Group 9: Financial Services - The internet finance sector is experiencing stable growth, with healthy loan quality and increasing profitability [6] - Regulatory changes are expected to positively impact leading platforms while potentially accelerating the exit of smaller players [6] Group 10: Materials and Chemicals - Feikai Materials reported significant growth in net profit, supported by new projects and a strong market position in the semiconductor sector [22] - The company is expected to continue benefiting from the demand for lithium battery materials, with improving profitability anticipated [22]

Core Viewpoint - The current economic uncertainty, driven by the Trump administration's tariff policy, raises concerns about a potential recession, but Verizon's business model is expected to remain resilient and its dividend stable amid these challenges [1][2]. Financial Performance - Verizon generated $33.5 billion in revenue in the first quarter of the year, reflecting a 1.5% increase, with wireless service revenue reaching $20.8 billion, up 2.7% [3]. - The company reported cash flow from operations of $7.8 billion in the first quarter, a $700 million increase from the previous year, allowing it to cover capital expenses of $4.1 billion and dividend payments of $2.9 billion, resulting in $700 million in excess free cash flow [4]. - Verizon produced $8.6 billion in excess free cash flow after capital expenses and dividend payments last year [4]. Balance Sheet Strength - The company ended the first quarter with a leverage ratio of 2.3, down from 2.6 a year ago, indicating a stronger balance sheet [5]. - Verizon's strong financial metrics support its bond ratings of A-/BBB+/Baa1 [5]. Dividend Stability and Growth - Verizon anticipates total wireless service growth of 2%-2.8% and adjusted earnings-per-share growth of up to 3% in 2025, projecting free cash flow of $17.5 billion-$18.5 billion after capital expenses, which comfortably covers its annual dividend outlay of approximately $11.6 billion [6]. - The company has a history of increasing its dividend for 18 consecutive years, demonstrating resilience even during economic downturns [9]. Strategic Initiatives - Verizon plans to use its excess free cash flow to strengthen its balance sheet ahead of a $20 billion all-cash acquisition of Frontier, expected to close next year, which will enhance its fiber network and generate at least $500 million in annual cost savings [7]. - The company has invested significantly in upgrading its networks to faster 5G and fiber technology, which is expected to help limit customer churn [8]. Market Position - Verizon is characterized as a recession-resistant business that generates substantial recurring cash flow, making it a safe investment for dividend income during uncertain economic times [10].

Market Overview - US stock index futures rose significantly before the market opened, with Dow futures up 1.69%, S&P 500 futures up 2.20%, and Nasdaq futures up 2.61% [1] - European indices also showed positive movement, with Germany's DAX up 2.34%, UK's FTSE 100 up 2.01%, France's CAC40 up 1.09%, and the Euro Stoxx 50 up 2.36% [2] Commodity Prices - WTI crude oil increased by 0.25% to $63.83 per barrel, while Brent crude oil rose by 0.22% to $67.59 per barrel [3] Corporate News - Boeing (BA.US) reported better-than-expected Q1 results, with free cash flow of $2.3 billion and an adjusted loss per share of $0.49, which was better than market expectations. The company plans to increase the production of the 737 MAX to 38 aircraft per month and aims for 42 by year-end [8] - Philip Morris (PM.US) exceeded Q1 earnings expectations, with net revenue up 15% year-over-year and a significant contribution from its smoke-free products, leading to a stock price surge of over 4% [9] - AT&T (T.US) attracted more wireless users than expected in Q1, adding 324,000 mobile users, surpassing analyst forecasts [10] - New Oriental (EDU.US) reported a slight increase in net profit for Q3, with a 2% decline in total revenue but a 21.2% increase in revenue excluding certain segments [11] - Tesla (TSLA.US) experienced a 40% drop in Q1 profits, with revenue of $19.335 billion, which was below analyst expectations [12] - Volvo (VLVLY.US) reported a 7% decline in Q1 revenue, attributing the drop to a weakened North American truck market [13] - SAP (SAP.US) demonstrated resilience with Q1 profits exceeding expectations, reporting total revenue of €9.013 billion, a 12% year-over-year increase [14] Economic Indicators - The US economy is facing a potential recession risk of nearly 50%, according to Pimco, due to supply chain disruptions and tariff impacts [7] - Concerns over US Treasury bonds have increased, with a significant rise in put option premiums indicating heightened fear in the market [6]

Financial Performance - Verizon Communications reported revenue of $33.49 billion for the quarter ended March 2025, reflecting a 1.5% increase year-over-year [1] - Earnings per share (EPS) for the quarter was $1.19, up from $1.15 in the same quarter last year, indicating a positive trend [1] - The reported revenue exceeded the Zacks Consensus Estimate of $33.33 billion by 0.48%, while the EPS also surpassed the consensus estimate of $1.15 by 3.48% [1] Key Metrics - Wireless Retail postpaid connections per account remained stable at 3, matching the average estimate [4] - The churn rate for Wireless Retail postpaid was 1.5%, consistent with analyst expectations [4] - Consumer Wireless Retail postpaid Average Revenue Per Account (ARPA) was $146.46, exceeding the average estimate of $143.87 [4] - Net subscriber additions for Retail postpaid phones were -356 thousand, worse than the estimated -207.89 thousand [4] - Business operating revenues were reported at $7.29 billion, slightly below the estimated $7.36 billion, representing a year-over-year decline of 1.2% [4] - Consumer operating revenues reached $25.62 billion, surpassing the estimate of $25.36 billion, with a year-over-year increase of 2.2% [4] - Business Markets and Other revenues were $3.31 billion, above the estimate of $3.24 billion, reflecting a 3.7% year-over-year increase [4] - Wholesale revenues were $515 million, below the estimate of $583.97 million, showing a significant year-over-year decline of 13.3% [4] - Enterprise and Public Sector revenues were $3.46 billion, slightly below the estimate of $3.54 billion, indicating a year-over-year decrease of 3.6% [4] - Consumer Wireless equipment revenues were $4.53 billion, exceeding the estimate of $4.47 billion, with a year-over-year increase of 0.9% [4] - Consumer service revenues reached $20.07 billion, surpassing the estimate of $19.68 billion, reflecting a year-over-year growth of 5.6% [4] - Wireless service revenue for consumers was $17.20 billion, exceeding the average estimate of $16.91 billion, with a year-over-year increase of 6.6% [4] Stock Performance - Verizon's shares have returned -1.5% over the past month, compared to a -8.9% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Investment Rating - The report maintains a positive outlook on the telecommunications industry, indicating an "Overweight" rating, suggesting that the industry is expected to outperform the overall market [3][4]. Core Insights - The report analyzes the annual performance of telecom operators from four perspectives: C-end business, government-enterprise business, computing power layout, and dividend allocation [4][5]. - The overall growth trend in communication consumption demand remains resilient, driven by the continuous strengthening of user base and scale effects [7][8]. - The telecom operators are positioned at the intersection of "big security," "central enterprise valuation system," and "digital economy," with significant growth potential in AI domestic computing power and industry customer digital transformation [16][26]. Summary by Sections C-end Business - China Mobile reported a personal market revenue of 483.7 billion yuan in 2024, a year-on-year decrease of 1.3%, while value-added services contributed positively [6][8]. - China Telecom's mobile communication service revenue reached 202.5 billion yuan, growing by 3.5% year-on-year, with a mobile user base of 425 million [6][8]. - China Unicom's internet communication business revenue was 261.3 billion yuan, with a year-on-year growth of 1.5% and a 5G penetration rate of 83% [6][8]. Government-Enterprise Business - China Mobile's government-enterprise market revenue reached 209.1 billion yuan, growing by 8.8% year-on-year, with cloud business revenue exceeding 100 billion yuan [9][10]. - China Telecom's digital industry revenue was 146.6 billion yuan, a year-on-year increase of 5.5%, with its cloud service revenue maintaining industry leadership [10][16]. - China Unicom's smart computing business achieved revenue of 82.5 billion yuan, growing by 9.6% year-on-year, with significant growth in cloud revenue [12][16]. Computing Power Layout - China Mobile plans to invest 37.3 billion yuan in computing power by 2025, accounting for 25% of its capital expenditure [17][19]. - China Telecom's self-developed computing platform has connected with 50 partners, with a total computing power of 62 EFLOPS [19][23]. - China Unicom's computing power layout is expected to grow by 28% in 2025, focusing on AI infrastructure and major projects [23][26]. Dividend Allocation - China Mobile proposed a dividend payout ratio of 73% for 2024, with a total dividend of 5.09 HKD per share, reflecting a year-on-year increase of 5.4% [27][28]. - China Telecom plans to distribute a dividend of 0.2598 yuan per share for 2024, with a payout ratio of 72% [27][28]. - China Unicom's total dividend for 2024 is expected to be 0.4043 yuan per share, with a payout ratio of 60% [27][28].

Group 1 - China Telecom reported a net profit of 33.01 billion yuan for 2024, an increase of 8.4% year-on-year, with total revenue of 523.57 billion yuan, up 3.1% [1] - Minfeng Special Paper achieved a net profit of 72 million yuan, a year-on-year increase of 54.09%, despite a revenue decline of 9.82% to 1.46 billion yuan [2] - Kuaiji Elevator's net profit decreased by 8.46% to 132 million yuan, with total revenue falling by 4.93% to 1.58 billion yuan [3] Group 2 - Zhongjian Technology reported a net profit of 356 million yuan, up 23.16% year-on-year, with total revenue of 812 million yuan, an increase of 45.39% [4] - China Communication Technology announced the resignation of Vice President Zhao Xiaodong due to work changes [6] - Honghua Digital received a warning letter from the Zhejiang Securities Regulatory Bureau for failing to disclose the use of idle raised funds in a timely manner [8] Group 3 - Huazhong Shuanghe received a drug registration certificate for Gadobutrol injection, applicable for MRI examinations [10] - Ruihe Co. reported overdue loans totaling 15.2 million yuan due to slow accounts receivable turnover caused by a major client's debt crisis [12] - Lubo Chemical received a dividend of 76.5 million yuan from its subsidiary [13] Group 4 - Sihai Visual plans to use up to 500 million yuan of idle funds to purchase low-risk, short-term financial products [14] - Binjiang Group won the land use rights for two plots at a total price of 7.742 billion yuan [16] - Canan Co. received a utility model patent certificate for a needle sheath feeding mechanism [18] Group 5 - David Medical's subsidiary's medical device registration application was accepted by the Zhejiang Provincial Drug Administration [20] - Rejing Bio obtained 30 overseas qualification certifications for various in vitro diagnostic reagents and instruments [22] - Jincheng Mining signed a contract worth approximately 21.5 million USD for infrastructure support at a Zambian mine [24] Group 6 - Baiyun Mountain's subsidiary received approval for clinical trials of a new herbal tea product [26] - Hunan Haili successfully acquired land use rights for two plots in Yongxing County [28] - Nanshan Aluminum's subsidiary was listed on the Hong Kong Stock Exchange [30] Group 7 - Jinghua New Materials' application for a simplified procedure to issue shares was accepted by the Shanghai Stock Exchange [32] - Ningbo Construction filed a lawsuit for overdue project payments totaling 112 million yuan [34] - Tiantong Co. received a government subsidy of 47.52 million yuan [36] Group 8 - Zhongqi Co. appointed Zhang Zipeng as the new general manager [38] - Ruihu Mold reported a net profit of 350 million yuan, up 73.20% year-on-year, with total revenue of 2.424 billion yuan [40] - Mega Chip reported a net profit of 211 million yuan, a year-on-year increase of 26.30%, with total revenue of 2.139 billion yuan [42] Group 9 - Shenhuo Co. reported a net profit of 4.307 billion yuan, a decrease of 27.07% year-on-year, with total revenue of 38.373 billion yuan [44] - Feikai Materials plans to acquire 100% of JNC Suzhou and related patents for a total consideration of 3.7 billion yuan [46] - Junpu Intelligent announced that its major shareholders committed not to reduce their holdings for 12 months [48] Group 10 - Yaxing Anchor Chain confirmed that its production and operations are normal amid market interest in marine economy concepts [50] - Guangzhou Development plans to invest 5.612 billion yuan in a coal power environmental replacement project [52] - Ruihu Mold intends to issue convertible bonds to raise up to 880 million yuan for various projects [54]

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） 海外監管公告 2024年年度報告摘要 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2024年年度報 告 摘 要》，僅 供 參 考。 承董事會命 中國移動有限公司 楊 杰 董事長 香 港，2025年3月20日 前瞻性陳述 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 ...

Investment Rating - The industry investment rating is "Maintain Buy" [7] Core Views - The three major telecom operators have fully integrated with DeepSeek, which is expected to enhance the valuation of the operators [12][27] - The EU has announced the AI Super Factory plan, which is anticipated to benefit the computing power sector [13][27] - Shandong province has initiated a pilot program for 10G optical networks, which is likely to benefit related sectors [14][28] Summary by Sections 1. Core Views and Investment Recommendations - Telecom operators are expected to benefit from the full integration with DeepSeek, enhancing their valuation [12][27] - The EU's InvestAI plan aims to mobilize €200 billion (approximately ¥1.5 trillion) for AI investments, with a new €20 billion (approximately ¥151.4 billion) fund to establish AI super factories [13][27] - Shandong's pilot program for 10G optical networks focuses on residential, industrial, and park applications, aiming for a robust digital infrastructure [14][28] 2. Market Review - The A-share Shenwan Communication Index rose by 3.01%, outperforming the CSI 300 Index by 1.82 percentage points [16] - The communication services sector saw a significant increase of 9.74%, while the communication equipment sector experienced a decline of 0.49% [18][21] 3. Investment Recommendations - Positive outlook for the optical module, telecom operator, and communication equipment sectors [15] - Recommended stocks include Zhongji Xuchuang, Tianfu Communication, and Xinyisheng for optical modules; China Mobile, China Telecom, and China Unicom for telecom operators; ZTE and Unisplendour for communication equipment [15] 4. Industry News - The three major telecom operators have fully integrated with DeepSeek, enhancing their capabilities in various applications [27] - The EU's InvestAI plan aims to create the largest public-private partnership for AI development [27] - Shandong's pilot for 10G optical networks is set to enhance digital infrastructure and economic integration [28] 5. Company Dynamics - China Unicom launched its 5G-A action plan, focusing on enhancing network capabilities and service innovations [29] - Zhaochi Co. has registered a subsidiary in Singapore, aiming to expand its global market presence [30] 6. Company Announcements - Dongguan Mingpu Optical Magnetic Co. obtained four invention patents [32] - Guanghe Communication completed the repurchase and cancellation of restricted stocks [32]