Core Insights - The 2025 China Mobile Global Partner Conference was held in Guangzhou from October 10 to 12, focusing on the theme "Carbon-Silicon Symbiosis and Co-creating the AI+ Era" [1] - China Mobile showcased multiple innovative technological achievements and AI-enabled solutions across various fields, emphasizing the integration of carbon and silicon technologies [1] Group 1 - China Mobile's Chairman Yang Jie highlighted the accelerated integration of AI-driven digital technologies into the entire chain of the real economy, fostering innovation and economic transformation [2] - Yang Jie identified three accelerating integration trends in society moving towards the AI+ era, which are changing production, living, and governance methods, and creating new economic and social paradigms [2][4] - The fusion of carbon-based and silicon-based life forms is seen as a significant trend in human civilization development, driving the upgrade of economic models and societal structures [4] Group 2 - The future will see the integration of silicon and carbon values, with silicon-based entities evolving from tools to collaborative partners, leading to a shift towards "human-machine collaboration" [6] - The emergence of "super platforms" and "one-person companies" is expected to accelerate, alongside the formation of a "carbon-silicon symbiosis" culture, prompting systemic changes in organizational structures, ethical norms, and legal systems [6] - A new model of "human-machine co-governance" is anticipated to emerge globally, marking the beginning of a new era of information civilization characterized by "carbon-silicon symbiosis" [6]

Core Insights - China Mobile officially launched the upgraded "AI+" action plan and "AI+" ecological alliance, aiming to enhance the intelligent level of the economy and society, creating a new industrial ecosystem with a market scale of hundreds of billions [1][2] Group 1: Investment and Infrastructure - By the end of 2028, China Mobile plans to double its investment in artificial intelligence, establishing the largest and most advanced intelligent computing infrastructure in the country, with a target of exceeding 100 EFLOPS in national intelligent computing capacity [1][2] - The plan includes the construction of a 100,000-card intelligent computing cluster, which will serve as a "driving fuel" for the development of new productive forces [1] Group 2: AI Model and Data - The initiative aims to elevate the "Nine Sky" model to an internationally leading position, providing ubiquitous and inclusive "model as a service" to enhance economic and social efficiency [1][2] - China Mobile will strengthen the supply capacity of high-quality data sets across 15 industries, positioning itself as a "core mine" for intelligent ecological value extraction [1] Group 3: Application and Collaboration - The plan emphasizes deep integration of AI across various sectors, with a goal to implement over 3,000 AI+DICT projects, empowering industries such as new industrialization, government affairs, and agriculture [2][3] - China Mobile aims to accelerate the user base of its Lingxi intelligent system to over 200 million, creating a comprehensive intelligent service entry point [2] Group 4: Ecological Alliance and Global Outreach - The newly formed "AI+" ecological alliance focuses on resource sharing, capability co-construction, and value co-creation, with plans to expand over 1,000 high-value solution scenarios in collaboration with partners [3] - The initiative also aims to promote AI capabilities abroad, helping "Global South" countries share technological dividends and bridge the intelligence gap [2]

Investment Rating - The report maintains an "Outperform" rating for the company, projecting significant growth in revenue and net profit over the next few years [3][8]. Core Insights - The company is expected to achieve revenues of 1.08 trillion RMB, 1.13 trillion RMB, and 1.17 trillion RMB for the years 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of 145.6 billion RMB, 152.9 billion RMB, and 160.2 billion RMB during the same period [3][8]. - The report highlights a strong profitability trend, with a net profit of 84.2 billion RMB in H1 2025, reflecting a year-on-year increase of 5.0% [3][8]. - The company is expanding its AI capabilities, with self-built AI computing reaching 33.3 EFLOPS in H1 2025, contributing to rapid growth in AI-related revenues [3][8]. Financial Summary - Total revenue for 2023 is projected at 1,009.3 billion RMB, with a year-on-year growth of 7.7% [2]. - Net profit attributable to shareholders for 2023 is estimated at 131.8 billion RMB, reflecting a growth of 5.0% [2]. - The earnings per share (EPS) is expected to increase from 6.10 RMB in 2023 to 7.41 RMB by 2027 [2][3]. Revenue Breakdown - In H1 2025, the company's main business revenue was 467 billion RMB, showing a slight increase of 0.7% year-on-year [3][8]. - The personal market revenue was 244.7 billion RMB, down 4.1% year-on-year, while the government and enterprise market revenue grew by 5.6% to 118.2 billion RMB [3][8]. - Emerging market revenue reached 29.1 billion RMB, reflecting a year-on-year increase of 9.3% [3][8]. Profitability Metrics - The gross profit margin (GPM) for H1 2025 was reported at 31.62%, an increase of 0.80 percentage points year-on-year [3][8]. - The EBITDA margin stood at 39.8%, with a year-on-year increase of 0.5 percentage points [3][8]. - The net profit margin (NPM) was 15.5%, reflecting a year-on-year increase of 0.8 percentage points [3][8]. Capital Expenditure and Dividends - Capital expenditure for H1 2025 was 58.4 billion RMB, with expectations for acceleration in the second half of the year [3][8]. - The interim dividend per share was set at 2.75 HKD, representing a year-on-year increase of 5.8% [3][8].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 108.78 based on a 2025 PE of 80x [4][8]. Core Insights - The company's data center business has exceeded expectations, contributing significantly to revenue growth, with a 110% year-on-year increase in data center switch revenue [4][8]. - The overall revenue for 2025 is projected to be RMB 14.66 billion, with net profit attributable to shareholders expected to reach RMB 1.08 billion [4][8]. - The company has shown improved net profit margins and effective cost control, leading to a significant increase in net profit for 2025H1 [4][8]. Financial Summary - Total revenue for 2023A was RMB 11.54 billion, with projections of RMB 11.70 billion for 2024A, RMB 14.66 billion for 2025E, RMB 17.86 billion for 2026E, and RMB 21.27 billion for 2027E, reflecting a growth rate of 25.3% in 2025E [3][4]. - Net profit attributable to shareholders for 2023A was RMB 401 million, expected to rise to RMB 1.08 billion in 2025E, indicating an 88.4% increase [3][4]. - The gross profit margin (GPM) for the company is projected to be 33.19% in 2025, down 2.79 percentage points year-on-year, influenced by the product mix [4][8]. Revenue Breakdown - In 2025H1, the company reported revenue of RMB 6.65 billion, a 31.84% increase year-on-year, primarily driven by data center switches [4][8]. - Network equipment revenue reached RMB 5.84 billion, up 46.58% year-on-year, while network security product revenue increased by 19.14% to RMB 212 million [4][8]. - Cloud desktop revenue, however, saw a decline of 16.90% year-on-year, totaling RMB 189 million [4][8]. Profitability Metrics - The net profit margin (NPM) for 2025H1 was reported at 8.38%, nearing the quarterly high since the company's listing in 2022 [4][8]. - The company has successfully reduced its expense ratios across various categories, contributing to the improved profitability [4][8].

Core Viewpoint - The incident involving the late singer Li Wen's NetEase Cloud Music account being accessed by a new user highlights the risks associated with the reallocation of phone numbers by telecom operators, leading to potential privacy breaches and data security issues [1][7][12]. Group 1: Incident Overview - A new user reported logging into Li Wen's NetEase Cloud Music account after registering with a newly acquired phone number, which was previously linked to the singer's account [1]. - The account had 261,000 followers and two badges, indicating its popularity [4]. Group 2: Telecom Operators' Response - NetEase Cloud Music's customer service stated that the issue arose because the phone number linked to the artist's account was reallocated by the telecom operator [7]. - Telecom operators advised users to unlink their accounts from various apps before canceling their phone numbers to prevent such issues [8]. Group 3: Recommendations and Expert Opinions - Experts suggested extending the waiting period before reassigning phone numbers to reduce the likelihood of privacy issues [12]. - Recommendations included implementing a system where inactive accounts must be re-verified after a certain period to prevent unauthorized access to previously linked accounts [12]. Group 4: Media Commentary - Media commentary emphasized the need for better management of old user data and privacy protection in the context of number recycling, highlighting the responsibilities of both telecom operators and online platforms [12][13]. - The commentary pointed out that the current system often leads to user data being inadequately protected, resulting in potential security risks for new users [13].

据悉，心系天下三星W26搭载骁龙8至尊版移动平台（for Galaxy），NPU、CPU与GPU全面升级，同时 支持天通卫星通信，兼容卫星通话与短信服务。 本报讯 （记者李乔宇）10月11日，中国电信集团有限公司（以下简称"中国电信"）携手三星电子举办 心系天下三星W系列新品发布会，推出新一代高端商务智能手机——心系天下三星W26。 （文章来源：证券日报） ...

Core Viewpoint - China Mobile is set to enhance its "AI+" strategy and various innovation plans to drive economic benefits and social value through advanced AI capabilities and infrastructure [1][2]. Group 1: Infrastructure Upgrades - China Mobile will promote the upgrade of digital intelligence infrastructure, focusing on the construction of new information infrastructure to meet the demands of billions of intelligent devices [1]. - The company aims to explore the establishment of large-scale intelligent computing centers and quantum technology infrastructure, enhancing integrated computing power supply [1]. Group 2: Technology Innovations - China Mobile plans to advance AI technology innovation, accelerating breakthroughs in AI performance and driving frontier innovations [2]. - The integration of AI with 5G-A, 6G, and quantum technology will be prioritized to tackle key challenges in the fusion of sensing, computing, and intelligence [2]. Group 3: Application Enhancements - The company will enhance AI+ industry capabilities, promoting intelligent interconnectivity in manufacturing and digital transformation in agriculture [2]. - AI+ will be expanded in consumer applications, improving functional, experiential, and emotional value, while also enhancing AI-driven services in healthcare, education, and public safety [2]. Group 4: Security Upgrades - China Mobile will strengthen security capabilities to elevate the overall digital intelligence security level across the industry [3]. - The establishment of global standards for AI safety and ethical governance will be pursued to ensure compliance and trustworthiness in AI applications [3]. Group 5: Collaborative Ecosystem - The company will create platforms for technology research and application transformation, facilitating innovation through collaboration among academia, industry, and research [3]. - Focus will be placed on investment in cutting-edge fields such as new computing and intelligent systems, promoting a comprehensive investment strategy in AI [3].

Core Viewpoint - The chairman of China Mobile, Yang Jie, emphasizes the importance of AI and digital technology in transforming the economy and society, highlighting the need for collaboration and innovation in the AI+ era [2][4][6]. Group 1: AI and Digital Transformation - Yang Jie states that the year marks the conclusion of the "14th Five-Year Plan," during which China has accelerated the construction of intelligent digital infrastructure and enhanced the integration of information and communication technology into the real economy [4][6]. - The integration of AI-driven digital technologies into the entire chain of the real economy is seen as a core engine for new productive forces, driving economic upgrades and innovations [6]. Group 2: Trends in Technology Integration - Three accelerating integration trends are identified: 1. The fusion of digital technology and the real economy, leading to new economic models [6]. 2. The merging of the digital and physical worlds, creating a real-time interactive digital environment [6]. 3. The continuous release of scale effects from AI in terms of technological capabilities and economic benefits [6]. Group 3: Future Directions for China Mobile - China Mobile plans to enhance its AI capabilities by upgrading digital infrastructure, focusing on 5G-A and 6G technologies [6]. - The company aims to strengthen AI innovation by fostering cross-domain collaboration and addressing key technological challenges [6]. - There is a commitment to promote AI applications that empower economic and social development, emphasizing application-oriented and scenario-driven innovations [6]. - The company will also focus on enhancing AI safety and governance to ensure responsible development [6]. - Collaboration with global partners is prioritized to create an open ecosystem for AI development [6].

10月11-12日，2025中国移动全球合作伙伴大会主论坛在广州举行。 在大会展区，中国移动董事长杨杰提到的"碳基生命和硅基生命加速融合，推动文明范式革新重塑"正在进行之中，诸多中国移动"亲戚圈机器人"前来亮相。 "未来以传感器、处理器、存储器、控制器等物理硬件为躯体，以计算智能、感知智能、认知智能、运动智能为神经中枢的硅基生命将迎来群体性涌现。"杨 杰认为，当AI持续释放在技术能力、经济效益上的"两个规模效应"，将以前所未有的速度深度融入经济社会各领域，推动碳硅融合共生成为人类文明发展的 重要趋势之一。 多场景机器人集中亮相，展现碳硅融合实践 "本次大会机器人参展规模、创历届之最。"中国移动市场经营部副总经理刘扬说。 大会展区的入口处就有一家无人餐厅：这里有跑堂的"店小二"、倒茶的"茶博士"、能开冰柜门取物的"果奉仪"还有蒸包子的"点心郎"。从体验感上来说，单 看每一个提供服务的机器人都是先进科技的代表，但中国移动的目标并非单点突破，而是实现整体的调度——每个机器人的工作进度，整体订单完成都在数 字面板上清晰可见，所有工种自主协作。 "其实在一些省的省公司营业厅里，机器人已经在替代员工做一些服务的展示、产品 ...

Core Viewpoint - China Mobile has announced a "three upgrades" initiative during the 2025 Global Partner Conference, aiming to inject new momentum into Chinese enterprises going global through carbon-silicon integration [1] Group 1: AI and Infrastructure Upgrades - The first upgrade focuses on "AI+" cloud intelligence infrastructure, which will comprehensively cover network, cloud, computing power, and platform capabilities, establishing a new paradigm of "global intelligent computing, one network empowering" [1] - The second upgrade involves enhancements to "AI+" solutions, completing five major upgrades to the one-stop integration package and achieving a four-dimensional leap in eight typical industry solutions, driving intelligent development across various sectors with full-stack AI capabilities [1] Group 2: Ecosystem and Collaboration - The third upgrade pertains to the "AI+" integrated ecosystem, revitalizing the "Juxing Plan" operational mechanism, and establishing three major pillars: AI+ applications, pan-connection, and cloud intelligence computing power, alongside the release of 12 AI achievements [1] - China Mobile has introduced its self-developed auditing industry model "Mingming" and the engineering auditing professional model "Jianshun Qianxun," facilitating deep and large-scale applications of AI in various fields, including auditing [1] Group 3: Future Directions - Looking ahead, China Mobile aims to leverage an open technology foundation, a global computing power network, and full-stack AI capabilities to collaborate with over 500 ecosystem partners, promoting replicable and implementable "Chinese digital intelligence solutions" along the "Belt and Road" and beyond [1]