8月4日，香港宽频于港交所发布公告称，中国移动香港有限公司（要约人）与Twin Holding Ltd（卖 方）已达成购股协议。根据协议，中国移动香港将以每股5.075港元的价格，收购卖方持有的2.14亿股香 港宽频公司股份，这部分股份占总股本的14.44%，交易总价约为10.84亿港元。 交易完成后，卖方剩余持股比例将降至1.02%，而中国移动香港的持股量将增至4.42亿股，持股比例提 升至29.90%，正式成为香港宽频的第一大股东。 香港宽频作为香港第二大固网服务提供商，拥有成熟的固网基础设施和庞大的客户资源。此外，它还是 香港第二大互联网服务供应商，市场份额达到36.6%，仅次于占据45%市场份额的香港电讯HKT。 中国移动作为内地最大的电信运营商，其旗下的中国移动香港自2017年才进入香港家居宽带市场，缺乏 自有固网资源一直是其发展的短板。此次收购香港宽频，将使中国移动香港一举获得覆盖全港的固网基 础设施，从而弥补这一短板。 从财务数据来看，根据香港宽频截止2月28日为止的六个月中期业绩公告，香港宽频实现营业收入57.34 亿港元，同比下降1%；实现归母净利润1.08亿港元，同比增长约69倍。 回顾收 ...

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector [6] Core Insights - The global telecommunications industry is experiencing steady demand growth, driven by emerging markets and increasing ARPU in regions like North America. AI is expected to bring transformative opportunities to the industry by enhancing operational efficiency and customer insights [1][4][12] Summary by Sections Global Telecommunications Development - The global telecommunications industry achieved a total revenue of 8.8 trillion RMB in 2024, with a year-on-year growth of 3.0%. The net profit attributable to shareholders was 834.2 billion RMB, reflecting a decline of 8.4% [12] - Revenue by region includes: Europe (2.2 trillion RMB, +4.9%), North America (2.4 trillion RMB, +2.7%), China (1.95 trillion RMB, +3.4%), Asia-Pacific (1.6 trillion RMB, -0.2%), Africa and Middle East (0.7 trillion RMB, +4.9%) [12] Market Observations - In North America and Europe, leading telecom operators are seeing steady user growth, while mobile penetration rates are high, resulting in low single-digit growth rates. In contrast, regions like India and Africa are experiencing rapid growth [2][17] - Fiber business is a significant growth driver, with AT&T's fiber revenue growing by 19% year-on-year in Q1 2025 [2] Profitability Trends - Profitability varies across regions, with Middle Eastern and North American operators showing strong profitability. The average ROE for major global telecom operators in 2024 was 15.66% [3][17] - Domestic operators in China have slightly lower ROE compared to the global average, but as 5G investments enter the recovery phase, profitability is expected to improve [3][17] AI Impact on the Industry - AI is transforming the telecommunications sector by reducing operational costs and enhancing customer service capabilities. For instance, Deutsche Telekom uses AI to monitor network performance and improve fiber deployment efficiency [4][22] - Companies like T-Mobile are leveraging AI to predict customer needs and enhance service offerings, improving customer satisfaction [4][22] Domestic Telecommunications Dynamics - In China, the telecommunications business revenue for the first five months of 2025 reached 748.8 billion RMB, a year-on-year increase of 1.4%. The average mobile internet access traffic per user reached a record high of 21.3 GB/month, up 14.9% year-on-year [5][57] - The three major operators in China are expanding their intelligent computing capabilities, with China Mobile achieving a computing power scale of 43 EFLOPS [5] Key Recommendations - The report recommends focusing on major Chinese telecom operators: China Mobile, China Telecom, and China Unicom, all rated as "Buy" or "Overweight" [9]