Core Viewpoint - Morgan Stanley's report indicates that China Mobile's Q3 service revenue reached 216 billion RMB, reflecting a year-on-year growth of 0.8%, which is 0.7 percentage points higher than the bank's expectations [1] Financial Performance - EBITDA decreased by 1.7% year-on-year to 79 billion RMB, which is 2.8 percentage points lower than Morgan Stanley's forecast, primarily due to higher-than-expected other operating expenses [1] - The service profit margin for China Mobile declined by 0.9 percentage points year-on-year to 36.8% [1] - Net profit increased by 1.4% year-on-year to 31 billion RMB, which is 1.2% below the bank's expectations, partially offset by better non-recurring items [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating on China Mobile with a target price of 90 HKD [1]

Core Viewpoint - Morgan Stanley reports that China Mobile's Q3 service revenue reached 216 billion RMB, reflecting a year-on-year growth of 0.8%, which is 0.7 percentage points higher than the firm's expectations [1] Financial Performance - EBITDA decreased by 1.7% year-on-year to 79 billion RMB, falling short of Morgan Stanley's expectations by 2.8 percentage points due to higher-than-expected operating expenses [1] - The service profit margin for China Mobile declined by 0.9 percentage points year-on-year to 36.8% [1] - Net profit increased by 1.4% year-on-year to 31 billion RMB, which was 1.2% lower than the firm's expectations, partially offset by better non-recurring items [1] Investment Rating - Morgan Stanley maintains an "Overweight" rating on China Mobile with a target price of 90 HKD [1]

Core Insights - The China Telecom Quantum Research Institute team has made significant progress in the field of optical communication by successfully achieving over 80 kilometers of classical optical signal and quantum key distribution co-fiber transmission in a real network experiment [1] - The transmission rate exceeded 10 Tb/s, showcasing advanced capabilities in quantum communication technology [1] - This achievement has been officially recognized by the international journal "Journal Of Lightwave Technology," indicating China's technological strength in the quantum communication sector [1]

Core Insights - Swedish telecom operator Telia reported third-quarter core earnings slightly above market expectations [1] - The growth was driven by profitable service revenue growth and lower operational expenses across most of its markets [1] Financial Performance - Core earnings exceeded market expectations, indicating strong financial performance in the third quarter [1] - The increase in service revenue contributed significantly to the overall earnings growth [1] - Operational expenses were reduced across most markets, enhancing profitability [1]

Group 1: Spin-off Announcement - China Unicom announced plans to spin off its subsidiary, Unicom Smart Network Technology Co., Ltd. (Smart Network Technology), for an independent listing on the Shenzhen Stock Exchange's ChiNext board [1][3] - The spin-off aims to enhance the long-term development of Smart Network Technology, allowing it to expand its financing channels and improve its operational capabilities [3][8] - Smart Network Technology, established in August 2015, focuses on automotive digital operation services and has three main business segments: vehicle networking connection, operation, and innovative applications [3][5] Group 2: Shareholding Structure - China Unicom holds 68.88% of Smart Network Technology, with other significant shareholders including FAW Equity Investment (Tianjin) Co., Ltd. and Dongfeng Asset Management Co., Ltd. [6][7] - The shareholding structure indicates a diverse group of investors, primarily from the automotive sector, which is relatively uncommon in the telecommunications industry [6][5] Group 3: Financial Performance - For the first three quarters of 2025, China Unicom reported revenues of approximately RMB 293 billion, a year-on-year increase of 1.0%, with service revenue accounting for over 90% of total revenue [10][11] - The company achieved a pre-tax profit of RMB 24.7 billion, with net profit attributable to shareholders reaching RMB 20 billion, reflecting a 5.1% increase year-on-year [10][11] - The report highlighted a significant reduction in depreciation and amortization expenses, which decreased from RMB 632 billion to RMB 605 billion [11] Group 4: Cloud and Data Center Growth - China Unicom's cloud revenue reached RMB 52.9 billion, marking a significant milestone in its growth trajectory [11][14] - The data center segment generated RMB 21.4 billion, showing an 8.9% year-on-year increase, indicating strong demand for cloud and data services [14] - The company is focusing on integrating 5G, AI, and industrial internet technologies to enhance its service capabilities and drive digital transformation across various industries [14] Group 5: Future Outlook and Investments - China Unicom plans to increase its investment in key technologies such as next-generation internet, artificial intelligence, and network security, with R&D expenses rising by 5.9% [14] - The company is also upgrading its mobile network from 5G to 5G-A and broadband from gigabit to ten-gigabit, aiming to improve user experience and prepare for future digital applications [14]

Core Viewpoint - Morgan Stanley's research report indicates that China Telecom's service revenue growth in Q3 was 0.5% year-on-year, a slowdown from 2.1% in Q2, while net profit growth also decelerated from 7.1% in Q2 to 3.6% in Q3 [1] Summary by Category Financial Performance - China Telecom's service revenue growth of 0.5% in Q3 was slightly lower than its competitor China Mobile's growth of 0.8% [1] - The net profit growth of China Telecom at 3.6% was faster than China Mobile's 1.9% [1] Market Expectations - The slowdown in communication service revenue growth aligns with market expectations, according to Morgan Stanley [1] - The firm maintains an "overweight" rating on China Telecom, highlighting it as a quality value stock in the market [1] Future Outlook - Morgan Stanley anticipates that for China Telecom's stock performance to improve, there will need to be a resurgence in cloud and IDC revenue growth driven by industrial digitalization [1] - A target price of HKD 7.5 has been set for China Telecom's stock [1]

Core Viewpoint - UBS reports that China Telecom's service revenue for Q3 increased by 0.5% year-on-year to 117.2 billion yuan, which is 2% lower than market expectations, attributed to macroeconomic impacts [1] Financial Performance - EBITDA for the period grew by 2.4% year-on-year to 35 billion yuan, while net profit increased by 3.6% to 7.7 billion yuan, showing a slowdown compared to the 5.5% growth in the first half of the year [1] - The growth in IDC revenue accelerated in Q3, reaching 12.7%, surpassing the 7.4% growth in the first half and 7.3% from the previous year, indicating strong AI-driven computing demand benefiting the IDC sector [1] Forecast Adjustments - Based on the latest performance, UBS has revised its revenue and net profit forecasts for China Telecom for 2025 to 2027 down by 1% to 4% to reflect the slowdown in growth [1] - The target price for China Telecom has been adjusted from 7.4 HKD to 7.2 HKD [1]

Core Viewpoint - The report from Zhongyin International indicates that the operational expenses of China Mobile have increased due to new product development and talent recruitment in AI cloud, which has eroded EBITDA and profit margins. However, the company's profit still grew by 1.4% year-on-year in the third quarter [1]. Group 1: Financial Performance - China Mobile's profit increased by 1.4% year-on-year in Q3 [1]. Group 2: Future Outlook - The demand for AI computing power in cloud services, driven by fully autonomous IP and hardware/software, is expected to significantly boost telecom operators' profitability from the remainder of 2025 and beyond [1]. Group 3: Investment Rating - Zhongyin International maintains a "Buy" rating for China Mobile, with a target price set at HKD 103.2 [1]. - The preference ranking for telecom operators remains unchanged, with China Telecom, China Mobile, and lastly, Unicom [1].

在数字化浪潮下，政企业务加速上云、数据资产价值飙升，但网络攻击、数据泄露等安全威胁也如影随 形，安全已成为数字化转型路上的"必答题"。山东移动立足国家网络强国战略，践行《网络安全法》等 政策要求，推出云安全资源池解决方案，以体系化、战略化的安全能力，为政企客户网络安全保驾护 航。 "1+23"防护体系 破解行业安全难题 山东移动深耕云计算技术与安全领域，推出云安全资源池。构建"1+23"安全防护体系，以统一管理平台 为核心，集成23项专业安全产品组件，形成具备弹性扩容、按需分配、能力完善的网络安全防御体系。 通过安全组件灵活配置，精准匹配不同场景安全需求，一站式破解公有云、私有云、IDC数据中心、互 联网专线全场景安全防护难题，让政企云上安全更省心、更高效。 深化应用实践 提升云端安全保障 山东移动聚焦菏泽某智慧停车项目安全保障需求，以"智慧停车系统云安全"为关键着力点，建设智慧停 车系统并将其部署于移动云平台，结合等保三级套餐与等保测评服务，打造多级联动、纵深防御的安全 防护体系，有效抵御网络扫描、暴力破解、数据泄露等安全威胁，切实保障海量用户信息及车辆数据安 全，为项目合规与用户信任保驾护航。 数字化时代 ...

Investment Rating - The report maintains an "Accumulate" rating for A-shares and a "Buy" rating for H-shares with target prices of RMB 7.56 and HKD 15.57 respectively [6][12]. Core Views - The company has shown improvement in operational efficiency and is accelerating its digital transformation, benefiting from the growth in AI applications which enhance revenue from cloud computing and data center services [1][5]. - Traditional business segments remain stable with a positive growth trend, as evidenced by the increase in mobile users to 356 million and broadband users to 129 million [2]. - The company is enhancing its network capabilities, with cloud revenue growing by 20.6% year-on-year and data center revenue increasing by 8.9% [3][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of RMB 292.99 billion, a year-on-year increase of 0.99%, and a net profit attributable to shareholders of RMB 8.772 billion, up 5.20% [1][11]. - The third quarter alone saw revenue of RMB 92.78 billion, with a net profit of RMB 2.423 billion, reflecting a 5.4% increase year-on-year [1]. User Growth - As of the end of Q3 2025, the company had 356 million mobile users, a net increase of 12.48 million, and 129 million broadband users, with a net increase of 6.79 million [2]. Network and Technology Development - The company is advancing its network from 5G to 5G-A and upgrading broadband from gigabit to 10-gigabit, which is expected to enhance user experience [3]. - The cloud business achieved revenue of RMB 52.9 billion, while the data center business generated RMB 21.4 billion, both showing strong growth [3]. Profitability and Efficiency - The company's return on equity (ROE) improved by 0.09 percentage points to 5.10%, and the net profit margin increased by 0.26 percentage points to 6.8% due to enhanced operational efficiency and cost control [4]. - The company plans to spin off its subsidiary, Unicom Smart Technology, for listing on the ChiNext board, which is expected to support its long-term growth strategy [4]. Future Outlook - The report anticipates continued growth in revenue and profit driven by the development of AI applications, maintaining profit forecasts for 2025-2027 at RMB 9.602 billion, RMB 10.124 billion, and RMB 10.643 billion respectively [5][10].