来源：环球网 12月30日，中国移动广西公司2025年合作伙伴大会暨泛终端订货会在广西南宁 举行。本次大会以"AI赋 能八桂兴，同心砥砺拓宏图"为主题，汇聚众多行业精英、合作伙伴及品牌厂商，共同探讨数字化转型 新路径，擘画数字生态发展新蓝图。中国移动广西公司副总经理朱锦亮、章敏出席活动。 活动中，优秀代理商和中移(杭州)信息技术有限公司、中移（苏州）软件技术有限公司分享了成功的合 作经验与创新成果，共同展示AI技术在广西教育、康养、娱乐、安防等领域的应用前景，彰显AI赋能 千行百业的无限可能。 下一步，中国移动广西公司将紧扣自治区"人工智能+"战略，坚持"以合作促发展、以共赢拓未来"理 念，持续优化合作机制，强化渠道赋能，提升服务响应速度和质量，携手合作伙伴为打造中国—东盟人 工智能创新合作中心贡献力量。 硕果累累，离不开合作伙伴的辛勤付出与鼎力支持。他们以敏锐的市场洞察、强大的技术实力和高效的 运营效率，与中国移动广西公司同频共振，成为服务客户、开拓市场的重要力量，更成为数字广西建设 中不可或缺的一部分。会上，广西移动对关键领域的优秀合作伙伴进行了隆重的表彰，感恩在数字生态 建设中的杰出贡献。 会场还集中展 ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [6][7]. Core Insights - The communication industry index outperformed the CSI 300 index in October 2025, with a 0.24% increase, while the Shanghai Composite Index rose by 1.85% [6][13]. - In the first nine months of 2025, China's telecom business revenue reached 1.327 trillion yuan, a year-on-year increase of 0.9% [6][40]. - The penetration rate of 5G mobile phone users reached 63.9% by September 2025, with a monthly average data usage (DOU) of 21.23GB per user, up 15.5% year-on-year [6][50]. - The report highlights the optimistic outlook for capital expenditures from major cloud vendors, with a total of $112.43 billion in capital expenditures in Q3 2025, a 76.9% year-on-year increase [6][24]. - The silicon photonics market is expected to grow significantly, with a projected CAGR of 46% from 2024 to 2030 [6][7]. Summary by Sections Market Review - The communication industry index increased by 0.24% in October 2025, outperforming the CSI 300 index [6][13]. - The telecom equipment retail sales in China grew by 16.2% year-on-year in September 2025 [6][39]. Industry Tracking - The report notes a recovery in global telecom equipment revenue, with significant growth in the AI smartphone market expected [6][7]. - The telecom business revenue in China showed a slight recovery, with a total of 1.327 trillion yuan in the first nine months of 2025 [6][40]. Investment Recommendations - The report suggests focusing on sectors such as optical communication, AI smartphones, and telecom operators, highlighting the potential for growth in these areas [6][7]. - Major cloud vendors are expected to continue increasing their capital expenditures, which will drive demand for optical devices [6][7].

Core Insights - China Mobile is committed to enhancing brand value and positioning itself as a world-class information service technology company, focusing on customer satisfaction, technological innovation, and establishing itself as a benchmark in the industry [2][3]. Group 1: Brand Development Strategy - The company aims to strengthen its brand by implementing a comprehensive brand-building system that includes enterprise, customer, and product brands, enhancing the reputation of its existing brands like Global通 and 动感地带 [3]. - China Mobile is focused on creating a brand operation mechanism that promotes collaboration internally and externally, enhancing brand creation, trademark protection, and storytelling to build competitive advantages [3][4]. - The company has launched the CMobile international brand to establish a global presence and lead the development of unified 5G international standards [4]. Group 2: Digital Transformation - China Mobile is embracing the AI+ era by upgrading its digital infrastructure and services, aiming to build the world's largest dual-gigabit network and achieve large-scale deployment of 5G-A networks [5]. - The company is innovating its product applications to meet diverse customer needs, introducing AI-driven services to enhance user experience across various sectors [5]. - A comprehensive service system has been established to ensure high-quality digital services, addressing the digital divide and improving customer satisfaction [5]. Group 3: Innovation and Technology - The company emphasizes the integration of technological and industrial innovation, focusing on developing new production capabilities and enhancing brand value through innovation [6]. - China Mobile is advancing its "BASIC6" innovation plan and has made significant strides in 6G technology, positioning itself as a leader in the future tech landscape [6]. - The company is fostering collaboration between academia and industry to enhance the effectiveness of its innovation ecosystem, ensuring that technological advancements translate into brand value [6]. Group 4: Brand Value Recognition - China Mobile's brand value has been recognized as the highest in its industry and second among central enterprises in the 2025 Central Enterprise Brand Value Report [6].

Core Viewpoint - China Mobile is committed to enhancing brand value and positioning itself as a world-class information service technology innovation company through strategic brand initiatives and digital transformation efforts [3][4][5]. Group 1: Brand Development Strategy - China Mobile emphasizes the importance of brand building as a strategic measure to enhance core competitiveness, focusing on delivering customer satisfaction and establishing itself as a world-class service benchmark [4]. - The company aims to create a robust brand ecosystem by integrating enterprise, customer, and product brands, enhancing the appeal of its various customer brands, and increasing the added value of its product brands [4]. - China Mobile is also focused on international brand development, launching the CMobile international brand and leading the formation of global 5G standards, while promoting its AI and digital products globally [4][5]. Group 2: Digital Transformation - The company is embracing the AI era by upgrading its digital infrastructure and services, aiming to build the world's largest dual-gigabit network and achieve large-scale deployment of 5G-A networks [5]. - China Mobile is committed to enhancing customer experience through comprehensive service initiatives, including the introduction of a large service system that addresses the digital divide and improves customer satisfaction [6]. - The company is also focused on aligning supply and demand in digital product applications, launching AI-driven services to meet diverse customer needs across various sectors [5][6]. Group 3: Innovation and Technology - China Mobile is integrating technological and industrial innovation to enhance brand value, focusing on key technology breakthroughs and original innovations, including the launch of a 6G technology framework [6]. - The company is actively developing new industries such as 6G, low-altitude economy, and quantum information, aiming to strengthen its global competitiveness in the modern digital industry [6]. - Collaborative innovation efforts are being emphasized through partnerships with academic and research institutions to enhance the overall effectiveness of its technology innovation system [6]. Group 4: Brand Value Recognition - The forum announced the second batch of achievements from the Central Enterprise Brand Leadership Action, with China Mobile's brands recognized among the top in the industry [7]. - China Mobile ranked first in the industry and second among central enterprises in the 2025 Central Enterprise Brand Value Report, highlighting its strong brand value [7].

Core Insights - Yang Jie has stepped down as Chairman of China Mobile after over six years, with Chen Zhongyue from China Unicom taking over [1] - Under Yang's leadership, China Mobile transitioned from a mobile operator focused on individual users to a more comprehensive information service provider, with significant growth in the government and enterprise market [2] - China Mobile's overall revenue surpassed 1 trillion yuan in 2023, marking a significant milestone for the company [2] Company Transition and Market Dynamics - Yang Jie initiated a restructuring of revenue sources into four segments: individual, family, government and enterprise, and emerging markets, emphasizing the importance of the government and enterprise sector [2] - Despite growth in the government and enterprise market, revenue growth rates have been declining since 2022, with projected growth rates of 22.6%, 14.2%, and 8.8% from 2022 to 2024 [3] - The revenue growth of mobile cloud services has also shown significant fluctuations, with growth rates of 59.3%, 353.8%, 114.4%, 108.1%, 65.6%, and 20.4% from 2019 to 2024 [3] Competitive Landscape - In the public cloud IaaS market, China Mobile holds a 13.1% market share, closely following China Telecom at 13.2% [4] - In the MaaS sector, China Mobile's market share is only 3.6%, significantly lower than competitors like Volcano Engine and Alibaba, which hold 37.5% and 21% respectively [4] - The company is focusing on AI and computing power as key growth areas, with plans to double its investment in AI by the end of 2028 [6] Financial Performance and Future Outlook - China Mobile's capital expenditure is projected to be approximately 151.2 billion yuan in 2025, aimed at infrastructure optimization and technological innovation [6] - The average revenue per user (ARPU) for mobile users has shown a slight decline over the past three years, indicating potential challenges in traditional communication business growth [7] - Analysts suggest that leadership changes may not significantly impact short-term performance, but different leadership styles could lead to strategic shifts in the long term [7]

Core Viewpoint - The company maintained stable revenue and good profit growth in the first three quarters of 2025, despite facing pressure in the personal market due to slowing traffic growth. The family market achieved good growth driven by gigabit upgrades and mobile family plans, while mobile cloud and 5G private network businesses continued to grow rapidly. With a continuous decline in capital expenditure, depreciation and amortization are expected to remain stable or decrease over the next three years. The company guides for steady revenue growth and good profit growth for the full year [1][6]. Financial Performance - In the first three quarters of 2025, the company's operating revenue was 794.7 billion yuan, a year-on-year increase of 0.4%. The main business revenue was 683.1 billion yuan, up 0.8%, and the net profit attributable to shareholders was 115.4 billion yuan, an increase of 4.0% [2][3]. - For Q3 2025, the operating revenue was 250.9 billion yuan, a year-on-year increase of 2.53%. The communication service revenue was 216.2 billion yuan, up 0.8%, and the net profit attributable to shareholders was 31.1 billion yuan, an increase of 1.43% [3]. Cash Flow - In the first three quarters of 2025, the net cash flow from operating activities was 161.0 billion yuan, a decrease of 28.13% year-on-year. For Q3 2025, the net cash flow from operating activities was 77.2 billion yuan, down 16.70% year-on-year. However, the decline in cash flow narrowed in Q3 as the company strengthened cash flow management [4]. Market Segments - In the personal market, as of September 30, 2025, the total number of mobile customers reached 1.009 billion, with 5G network customers at 622 million. In the first three quarters, mobile internet traffic grew by 8.3%, and mobile ARPU was 48.0 yuan, a decrease of 1.5 yuan year-on-year. Despite traffic growth, pricing pressure remains due to promotional activities and number portability [5]. - In the family market, as of September 30, 2025, the total number of fixed broadband customers reached 329 million, with a net increase of 14.2 million in the first three quarters. The comprehensive ARPU for family customers was 44.4 yuan [5]. Profitability Forecast - The company expects steady revenue growth and good profit growth for the full year. The forecast for net profit attributable to shareholders for 2025-2027 is 144.6 billion yuan, 149.8 billion yuan, and 154.8 billion yuan, corresponding to PE ratios of 15.88X, 15.33X, and 14.83X, respectively. The investment rating is maintained as "buy" [6].

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].

Core Insights - The "Yiqi Co-Creation" initiative by China Mobile aims to support small and medium enterprises (SMEs) in achieving intelligent upgrades through accessible computing power, distributing billions in dividends, and providing substantial resource support [1] Group 1: Initiative Overview - The "Yiqi Co-Creation" initiative was officially launched in the first half of this year, focusing on empowering SMEs to enhance their digital transformation [1] - The initiative includes a strategy to build an AI investment matrix, creating a platform for high-quality enterprises [1] Group 2: Financial and Operational Support - China Mobile is offering free trials and significant discounts to reduce cloud adoption costs, which can increase partner revenue shares up to 85% [1] - A dedicated technical service team and customized promotional plans are in place to support innovation and entrepreneurship, facilitating the digital transformation of industries [1] Group 3: Market Engagement - Since the launch of the initiative, numerous AI companies have actively registered, with several signing agreements to become channel agents for China Mobile [1] - The initiative fosters a mutually beneficial growth environment between partners and China Mobile, enhancing market expansion [1] Group 4: Strategic Integration - China Mobile plans to further integrate into Suzhou's "AI + City" strategy, embedding AI capabilities across various industries to assist enterprises in transitioning from digital transformation to quality enhancement [1]

Group 1 - The event "2025 Sichuan Province '5G + Industrial Internet' Hundred Cities Thousand Parks" was held in Chengdu, focusing on the development of industrial internet and electronic information industry in Sichuan [1][2] - The event released several key documents, including the "2025 Sichuan Province 5G + Industrial Internet Typical Case Collection" and the "2025 Sichuan Province Electronic Information Enterprises Digital Transformation Typical Case Collection" [1] - The "Supply and Demand Cooperation List of Electronic Information Enterprises in Sichuan Province" includes over 120 companies and 299 pieces of information covering categories such as smart terminals, electronic components, software, and information services [1] Group 2 - Sichuan has been implementing actions for intelligent transformation and digital upgrading in manufacturing, leveraging the role of industrial internet to strengthen key industrial chains and upgrade traditional industries [2] - The province has launched 20 operational nodes covering 17 major industry categories, including electronic equipment manufacturing and textiles, with a total identification resolution exceeding 30 billion times, ranking fourth nationwide [2]

Core Insights - The report highlights a significant growth in the AI sector, driven by macroeconomic factors such as the expectation of interest rate cuts in the US and supportive policies for AI investments from the Trump administration. This has led to increased investor interest in AI-related technologies and companies [5][6] - The liquid cooling industry is experiencing heightened attention due to accelerated deployments by overseas cloud service providers (CSPs) and positive performance indicators from key players in the sector. The report suggests that the liquid cooling market is transitioning from a conceptual phase to one of actual performance delivery [5][6] - The report emphasizes the importance of domestic supernodes and the expected growth in high-speed copper connections and optical modules, particularly following the recent Open Compute Project (OCP) conference [6][9] Industry Commentary - The communication sector is witnessing a rotation towards AI-related investments, with a focus on liquid cooling, optical circuit switching (OCS), and domestic supernodes. The report suggests that these areas are poised for growth due to technological advancements and market demand [5][6] - The report notes that the OCS market is expected to see significant commercial deployment in North America by 2026, with potential total addressable market (TAM) reaching $2 billion. This technology is becoming increasingly relevant for large CSP data center networks [9][10] Company Analysis - The report discusses the performance of China Mobile, which reported a slight decline in revenue but an increase in net profit for the first half of 2025. The company is focusing on transitioning its business model towards value-based operations, leveraging its extensive customer base [18][19] - The report highlights the strong performance of a specific company, which achieved a revenue of 12.354 billion yuan in the first half of 2025, marking a 251% year-on-year increase. The company is expanding its market presence both domestically and internationally [10][12] - Another company mentioned in the report experienced a revenue growth of 10.36% in the first half of 2025, despite facing challenges in profitability due to operational pressures from older factories and the ramp-up of new facilities [15][16]