瑞銀下調中移動目標價至81元：第二阻力位與大行看法關聯 截至2026年2月13日，中國移動（00941）股價78.05元，呈現窄幅待變格局。從市場新聞觀察，大行看法出現明顯分歧：野村於2月11日重申「買入」評級， 認為行業競爭加劇下中移動仍具防守優勢；惟瑞銀於2月8日將評級下調至「中性」，目標價大削至81元，直言股價缺乏重新估值催化劑，2025-2026年盈利 增長僅2-3%，股息率7-8%已充分反映在股價中。在「高股息」與「低增長」的論述角力下，技術位與衍生品條款的匹配，將是短線操作的關鍵依據。 技術分析與關鍵位置 2月13日的技術數據顯示，中移動呈現明確的「築底信號」與「均線壓制」並存格局。股價報78.1元，低於MA10（78.79元）、MA30（79.82元）及MA60 （82.61元），均線系統呈空頭排列。然而，多個震盪指標已發出強烈底部信號：RSI報42，處於中立偏超賣區間；CCI指標處於超賣區間並發出買入信號； VR成交比率指標顯示「嚴重超跌、可能築底」，買入信號明確。技術指標總結信號為「買入」，強度10，反映短線反彈動能正在積聚。 支持位方面，第一支持位看76.5元，此位置是2月上旬兩度下試的低 ...

Core Viewpoint - The Hong Kong stock market has experienced increased volatility, particularly among the three major telecom operators, due to a tax reform announcement. China Mobile (00941.HK) is at a critical technical level, with intense competition between bulls and bears around a key price range [1]. Technical Analysis - As of February 3, China Mobile's stock price closed at 78.3 HKD, showing a slight increase of 0.38%. However, the overall technical pattern indicates clear signs of adjustment and potential reversal. The stock price has fallen below key moving averages (10-day at 79.29 HKD, 30-day at 80.84 HKD, and 60-day at 83.77 HKD), indicating ongoing short- to medium-term adjustment pressure [2]. - The Relative Strength Index (RSI) has dropped to 40, entering the traditional oversold territory, suggesting that selling pressure may have been over-released. Additionally, momentum indicators are signaling "buy," indicating that bullish forces are accumulating [2]. Support and Resistance Analysis - **Support Levels**: The first significant support level is at 76.7 HKD, which aligns with a psychological barrier and the low point formed after market sell-offs on February 2 (approximately 75.85 HKD). If this level is breached, the market may test a stronger second support level at 74.9 HKD, which is seen as the last solid defense for bulls [4]. - **Resistance Levels**: For a rebound to occur, the stock must first challenge the resistance at 80.4 HKD, which is near the 10-day and 30-day moving averages. A more critical resistance level is at 82.1 HKD, which is close to the 60-day moving average and is essential for reversing the current downtrend [5]. Market Reaction to Tax Reform - The recent volatility in China Mobile's stock is primarily driven by a tax adjustment announcement, which will increase the value-added tax rate on telecom services from 6% to 9% starting February 1, 2026. This change is expected to raise operational costs for telecom operators, impacting their revenue and profits in the short term, leading to a collective adjustment in telecom stocks on February 2 [5]. Investor Sentiment and Product Analysis - Following the tax rate announcement, there was a notable adjustment in related stocks, but by February 3, the market began to stabilize. China Mobile's stock rebounded from around 75 HKD to approximately 78.5 HKD, indicating that some investors believe the short-term negative factors have been absorbed [7]. - Investors are primarily using call options (e.g., China Mobile call option 24413) to bet on a rebound, while bearish investors may consider put options (e.g., China Mobile put option 21625) as a strategy [8]. Product Strategy Recommendations - **Bullish Strategy**: For investors anticipating a rebound, options like China Mobile call option 24413, which offers about 10.6 times leverage with a strike price of 88.88 HKD, are recommended. This option is suitable for betting on upward challenges to resistance levels [11]. - **Bearish Strategy**: For those expecting continued downward pressure, put options or bear certificates are suggested. For instance, the China Mobile put option 21625 has a strike price of 75.83 HKD, close to the first support level [12].

Core Viewpoint - China Mobile (00941) is currently experiencing a period of short-term stability with a closing price of HKD 80.9, reflecting a market in a wait-and-see mode as it faces resistance from moving averages above and support below [1][2] Technical Analysis - The closing price of HKD 80.9 is above the 10-day moving average of HKD 79.55, indicating short-term support, while facing resistance from the 30-day moving average at HKD 81.40 and the 60-day moving average at HKD 84.18 [1] - The RSI indicator is at 47, within the neutral range of 40-60, confirming the current oscillating pattern with no clear advantage for either bulls or bears [1] - Overall technical indicators suggest a "buy" signal with a strength of 7, but moving averages indicate a "sell" signal, highlighting a divergence that often occurs at critical decision points [1] Market Performance - On January 29, the telecommunications sector showed stable performance with minor fluctuations: - China Telecom (00728) closed at HKD 5.42, remaining flat, similar to China Mobile's performance [1] - China Unicom (00762) showed slight strength, rising 0.12% to HKD 8.11, with its stock price above the 10-day and 30-day moving averages, indicating a more positive technical outlook [1] Support and Resistance Levels - As of January 30, China Mobile's latest price is HKD 79.75, down 1.42%. Key support levels are at HKD 77.7 (first-level support) and HKD 74.4 (second-level support), with resistance levels at HKD 84.1 (first-level resistance) and HKD 87.4 (second-level resistance) [4] Investment Opportunities - Recent recommendations for China Mobile's warrants have shown significant gains, with UBS call warrants (24989) rising 30% and HSBC call warrants (60502) and UBS call warrants (57221) both increasing by 18% [5] - Two selected warrants based on the current oscillating pattern: 1. Bank of China call warrant (24413) with a leverage of 10.3 times, suitable for investors expecting a breakout above resistance [8] 2. Bank of China put warrant (21625) with a leverage of 20.3 times, ideal for those anticipating a short-term decline towards support [8]

【窩輪透視】「強力買入」信號亮起，如何把握聯通的短線反彈？ 1月22日，三大中資電信股走勢略有分化，中國電信 (00728)表現相對強勢，單日上漲0.78%至5.17元；中國聯通 (00762.)小幅回升0.40%，收於7.62元；中國 移動 (00941)則微跌0.25%，收報79.00元。 溫馨提示：本文章不構成任何投資建議。 截至今日（23日）阻力位先看7.9元，突破後或測試8.25元。支撐位方面，首要關注7.42元，若跌破則可能進一步下探7.21元。需注意的是，目前仍處長期下 跌趨勢中，逆向博弈反彈需謹慎評估風險，控制倉位與止損至關重要。 結合聯通的技術走勢，精選一隻認購證產品供投資者參考： 中聯信證六七購A.C (24226)，槓桿比例8倍，行使價8.88元。該產品核心特點為引伸波幅最低，在股價出現短期反彈時，引伸波幅波動對產品價格的負面影 響相對較小，適合對聯通短線反彈有預期的投資者關注，需留意行使價距離當前股價的差距及到期時間。 | 相關資產 | 名稱 | 座前 | 複年 | 行使 | | --- | --- | --- | --- | --- | | 中國聯通(00762) | 信證認購證 | ...

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，概不對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。 有關 CK HUTCHISON GROUP TELECOM HOLDINGS LIMITED 季度最新交易資訊之海外監管公告 及內幕消息公告 本公告乃由長江和記實業有限公司（「本公司」）根據香港聯合交易所有限公司證券 上市規則第 13.09(2)(a) 條及第 13.10B 條，以及證券及期貨條例（香港法例第 571 章） 第 XIVA 部項下之內幕消息條文而刊發。 本公司董事會謹請其股東及潛在投資者注意隨附 2025 年第三季最新交易資訊簡報。 該簡報載有有關 CK Hutchison Group Telecom Holdings Limited（「CKHGT」，本公司 之間接全資附屬公司）及其附屬公司截至 2025 年 9 月 30 日止季度表現之若干未經審核 財務資料，並已於 2025 年 11 月 12 日分別由 CK Hutchison Group Telecom Finance S.A. （ ...

Group 1: Market Overview - The Hang Seng Index (HSI) has shown a bearish sentiment, with some investors predicting a drop to 25,800 points, while others are looking at call options with a strike price of 28,743 points [1][2] - The HSI closed at approximately 25,906 points, indicating a significant decline, and the support level is around 25,500 points, with a potential drop to 25,000 points if this level is breached [1][2] Group 2: AIA Group (01299.HK) - AIA Group's stock price increased today, reaching a high of 76.8 HKD, with a closing price of around 75.45 HKD, and investors are optimistic about it surpassing 77 HKD, potentially reaching 90 HKD in the long term [8] - The resistance level for AIA Group is at 78.7 HKD, and if it breaks this level, it could rise to 80.3 HKD [8] Group 3: China Mobile (00941.HK) - China Mobile's stock price experienced a decline, closing at 85.25 HKD, with a support level at 82.1 HKD, and a potential drop to 78.8 HKD if this level is broken [11][12] - Investors are considering call options with a strike price of 99.4 HKD, expiring in December, but there are concerns about time decay due to the short duration [12] Group 4: China Biologic Products (01177.HK) - The stock price of China Biologic Products has been relatively stable, closing at 7.07 HKD after a low of 6.74 HKD, with a support level at 6.73 HKD [18] - There are currently more buy signals (9) than sell signals (6), indicating a potential buying opportunity [18] Group 5: Baidu Group-SW (09888.HK) - Baidu's stock price closed at 117.6 HKD, with a support level at 113.4 HKD, and a potential drop to 108.8 HKD if this level is breached [20] - Investors are considering put options due to the significant decline in trading volume [20] Group 6: Tencent Holdings (00700.HK) - Tencent's stock price closed at 629 HKD, with a support level at 613 HKD, and a potential drop to 591 HKD if it falls below this level [27] - Investors are advised to choose options with strike prices close to the current price to avoid issues with price tracking [27][28]

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） 2025年三季度客戶數據 中國移動有限公司 楊 杰 董事長 香 港，2025年10月20日 – 1 – 前瞻性陳述 中國移動有限公司（「本公司」）董事會（「董事會」）宣 佈2025年三季度本公司及其 各附屬公司（「本集團」）的 客 戶 數 據，詳 情 如 下： 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 其 他 因 素，而 這 些 因 素 可 能 導 致 本 公 司 的 實 際 表 現、財 務 狀 況 或 經 營 業 績 與 這 ...

Core Viewpoint - China Mobile (00941) reported a slight decline in stock price, with a current price of 88 HKD, indicating a mixed market sentiment despite technical buy signals [1] Financial Performance - For the first half of the year, China Mobile achieved a revenue of 543.769 billion HKD, a year-on-year decrease of 0.5% - The main business revenue was 466.989 billion HKD, showing a year-on-year increase of 0.7% - Net profit attributable to shareholders was 84.235 billion HKD, reflecting a year-on-year increase of 5.0% [1] Market Sentiment and Analyst Insights - JPMorgan's report highlights that the top three telecom operators not only offer attractive dividend yields but also have growth potential in AI, which could drive cloud computing and AI data center revenues [1] - The report suggests a potential price increase of 11% to 95% for China Mobile, China Unicom, and China Telecom [1] Technical Analysis - The stock price is hovering around the 10-day moving average of 87.62 HKD, with a low volatility indicated by a 5-day amplitude of only 1.6% - The MACD and Bollinger Bands are signaling a buy, while the Williams %R indicates a sell signal, reflecting market divergence [1] - Immediate support levels are at 84.9 HKD and 81.6 HKD, with resistance levels at 91.2 HKD and 94.5 HKD [2] Derivative Products - Huatai's call option (29531) has a leverage of 34.5 times, with an exercise price of 96.66 HKD, suitable for aggressive investors expecting a breakout above 91.2 HKD [3] - For conservative investors, Bank of China’s call option (25695) offers a leverage of 14.5 times with an exercise price of 98.88 HKD [3] - UBS's bull certificate (64731) leads with a leverage of 11.4 times, ideal for capturing rebound opportunities [5]

Market Overview - The Hang Seng Index is expected to challenge the 26,000 point mark due to stable economic performance in mainland China and improved corporate earnings, particularly in heavyweight technology stocks [2] - The market is currently active with a positive risk appetite, as evidenced by the lively trading across various sectors [2] Macro Focus - The People's Bank of China conducted a reverse repurchase operation of 128.7 billion yuan, maintaining the interest rate at 1.4% [9] - The National Bureau of Statistics plans to deploy pilot projects for data industry clusters, indicating a focus on optimizing industrial layout and fostering new growth drivers [9] - The U.S. PPI for July rose by 3.3%, exceeding expectations, which may influence future interest rate decisions by the Federal Reserve [10] Corporate News - JD Group reported a 49% year-on-year decline in adjusted profit for Q2, attributed to losses in its food delivery business, although total revenue increased by 22.4% [11] - NetEase's Q2 revenue grew by 9%, with adjusted profit rising by 22%, but both figures fell short of market expectations [11] - China Telecom's net profit for the first half of the year increased by 6%, with an interim dividend up by 8% [11] - Geely's interim profit fell by 14%, but the company raised its annual sales target to 3 million vehicles [11] - CK Hutchison's basic profit increased by 11% in the interim period, while Cheung Kong Property's profit dropped by 27% [11] Sector Insights - Technology stocks are expected to see valuation improvements following better-than-expected earnings from leading companies [8] - The smartphone equipment sector anticipates the launch of the iPhone 17 by Apple on September 9 [8] - The biotech sector may benefit from adjustments to the commercial insurance catalog for innovative drugs, facilitating the market entry of high-value products [8] International Market Outlook - The U.S. Federal Reserve maintained interest rates in July, indicating a cautious approach towards future rate cuts amid economic uncertainties [5] - The trade war has slowed down oil demand growth, with OPEC+ increasing supply, which may limit the upward movement of international oil prices [5]

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） 2025年二季度客戶數據 楊 杰 董事長 香 港，2025年8月7日 – 1 – 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 其 他 因 素，而 這 些 因 素 可 能 導 致 本 公 司 的 實 際 表 現、財 務 狀 況 或 經 營 業 績 與 這 些 前 瞻 性 陳 述 中 所 暗 示 的 有 重 大 的 出 入。此 外，本 公 司 將 不 會 更 新 這 些 前 瞻 性 陳 述。投 資 者 應 避 免 過 於 ...