2025年第二季度運營數據 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的內容概不負責，對其準確性或完整性亦不發表任 何聲明，並明確表示，概不對因公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 CHINA UNICOM (HONG KONG) LIMITED 中國聯合網絡通信(香港)股份有限公司 （在香港註冊成立之有限公司） （股份代號：762） 中國聯合網絡通信（香港）股份有限公司（「本公司」）全面實施融合創新戰略，聚焦 網絡強國、數字中國主責，拓展聯網通信、算網數智主業，推進網絡向新、技術向新、 服務向新，努力在企業高質量發展上邁出更大步伐。 本公司董事會（「董事會」）宣佈2025年第二季度本公司及其附屬公司（統稱「本集團」） 的運營數據。 2025年第二季度的運營數據公佈如下： | | 截至 2025 | 年 6 月 | | --- | --- | --- | | 一、泛在智聯 | | | | 聯接用戶累計到達數 | 120,786.2 | 萬戶 | | 5G 網絡用戶累計到達數 | 21,351.3 | 萬戶 | | 物聯網終端連接累計到達數 | 68,510. ...

Core Viewpoint - The Hong Kong stock market is showing mixed performance, with investors adopting a cautious sentiment, particularly regarding China Mobile's stock amid concerns over the overall growth of the telecommunications industry [1]. Group 1: Company Performance - China Mobile (00941) closed at HKD 85.95, with a slight increase of 0.47% and a trading volume of HKD 1.864 billion, indicating relatively stable fluctuations with a 5-day volatility of 1.9% [1]. - As of 10:17 AM today, China Mobile's stock price rose to HKD 87.1, reflecting a 1.34% increase with a trading volume of HKD 755 million [1]. - There are rumors that China Mobile will increase its investment in 5G base station construction to enhance network coverage quality, providing some support for its stock price [1]. Group 2: Technical Analysis - Multiple technical indicators suggest a "sell" signal with a strength of 11, indicating potential pressure on the medium to long-term trend [3]. - The first support level is at HKD 82.8, with a deeper support level at HKD 79.5; resistance levels are at HKD 89.1 and HKD 92.4, placing the current stock price between support and resistance [3]. - The system assesses a 57% probability of upward movement, indicating some upward momentum despite the technical pressures [3]. Group 3: Derivative Products - For bullish investors, Huatai call option (29531) is recommended with a leverage of 27.4 times and an exercise price of HKD 96.66, offering high cost-effectiveness [5]. - For bearish investors, HSBC put option (19060) has a maximum leverage of 10.2 times with an exercise price of HKD 71.83, presenting a low implied volatility [6]. - The performance of related products shows significant leverage effects, with some options experiencing increases of 6% to 7% shortly after their issuance [3].

Market Performance - Hang Seng Index (HSI) fell by 278 points or 1.1%, closing at 25,388[1] - Shanghai Composite Index (SSE) decreased by 12 points or 0.3%, ending at 3,593[2] - S&P 500 rose by 25 points or 0.4%, reaching a new closing high of 6,388[2] Trading Volume - Total trading volume for Hong Kong stocks was 281.77 billion HKD[1] - Shanghai Stock Exchange's trading volume was 821.6 billion CNY, while Shenzhen Stock Exchange's was 965.7 billion CNY[2] Economic Indicators - People's Bank of China conducted a 789.3 billion CNY reverse repo operation at a rate of 1.4%[2] - Industrial profits for large-scale industrial enterprises in China fell by 1.8% year-on-year to 3.44 trillion CNY in the first half of the year[4] Corporate Earnings - China Duty Free Group reported a revenue of 28.151 billion CNY, down 9.96% year-on-year[4] - Lao Poo Gold expects net profit for the six months ending June to be between 2.23 billion to 2.28 billion CNY, a growth of 279%-288%[5]

Market Overview - The Hang Seng Index closed at 23,792 points, with bullish investors expecting a challenge of 24,000 points next week, noting an increase in bull certificate funding [1] - The index is close to its high, with a resistance level at 24,000 points, and if breached, it may test 24,500 points [1] Company Analysis 1. CSPC Pharmaceutical Group (01093.HK) - Closed at HKD 8.86, with investors questioning the potential for further gains [3] - The closing price has surpassed the upper band of the Bollinger Bands on the daily chart, with an intraday peak above HKD 9 [3] - The buying signal is "buy," with a short-term resistance level at HKD 9.8, but caution is advised due to potential technical adjustments on weekly and monthly charts [3] 2. Kingsoft Cloud Holdings (01548.HK) - Closed at HKD 14.62, with investors inquiring about a potential challenge of HKD 15 [5] - The stock price has risen since mid-May, surpassing the tops on both daily and weekly charts [5] - The buying signal is "buy," with resistance levels at HKD 15.4 and HKD 17, while the monthly chart indicates a top at HKD 19.26 [5] 3. China Unicom (00762.HK) - Closed at HKD 9.29, with investors asking about the possibility of reaching HKD 10 [8] - The stock is gradually moving along the upper band of the Bollinger Bands on the daily chart, with a positive sentiment [8] - The buying signal is "buy," with initial resistance at HKD 9.81 and further levels at HKD 9.74 and HKD 10.03 [8] 4. Trip.com Group Limited (09961.HK) - Closed at HKD 466.8, with investors concerned about a potential drop to HKD 450 after three consecutive days of decline [11] - The closing price has fallen below the lower band of the Bollinger Bands (HKD 471.3), indicating a less favorable trend [11] - The selling signal is "sell," with only 14 buy signals and no buy signals present [11] 5. Contemporary Amperex Technology Co., Limited (03750.HK) - Closed at HKD 305, with investors questioning the likelihood of a short-term breakout [14] - The stock has declined from a previous high of HKD 343, currently down by 10% [14] - The market is expected to remain in a narrow range without significant news or incentives, suggesting a wait-and-see approach [14]

Investment Rating - The report recommends a "Buy" rating for China Mobile (941.HK) with a target valuation of HKD 98 per share [5]. Core Insights - China Mobile is a leading global telecommunications and information service provider, with core businesses in mobile communication, home broadband, enterprise digital services, and emerging markets such as AI and cloud computing [5]. - The company has a strong economic scale effect, boasting 1 billion mobile users, which results in lower operating costs per user compared to competitors [5]. - Financial performance for the first quarter shows revenue of RMB 263.8 billion and net profit of RMB 30.6 billion, reflecting a year-on-year growth of 3.5% [5]. - The report anticipates an increase in the dividend payout ratio to 80%, with future dividends expected to grow at 2% [5][6]. Summary by Sections Company Overview - China Mobile operates in four main areas: mobile communication, home broadband, enterprise digital services, and emerging markets [5]. Financial Performance - The first quarter revenue was RMB 263.8 billion, with a net profit of RMB 30.6 billion, resulting in a profit margin of 11.6% and a return on equity (ROE) close to 10% [5]. Valuation - Using a dividend discount model, the estimated valuation is HKD 98 per share, indicating an upside potential of 11.3% from the current price of HKD 88.05 [5][7]. Investment Strategy - The report suggests that the company's stable growth in personal mobile communication and home broadband, along with rapid growth in enterprise digital services, supports the recommendation to buy at the current price [6].