新华财经北京10月21日电（崔凯）机构调查显示，韩国央行将在本周召开的货币政策会议上，大概率维 持基准利率于2.50%不变。 《华尔街日报》对28位分析师的调查显示，所有受访者一致预期10月不会降息，部分机构已将首次降息 时点推迟至11月或更晚。路透同期调查亦显示，在35位受访经济学家中，33位认为10月利率将维持不 变；而在31位对11月政策作出预判的专家中，25位预期将降息25个基点至2.25%。 韩国央行今年5月底将基准利率下调至2.5%，此后的几次货币政策会议将基准利率冻结在该水平。 韩国央行行长李昌镛多次强调政策立场的谨慎性。9月中旬，李昌镛提出将正试点引入"有条件前瞻性指 引"（conditional forward guidance）机制。具体而言，央行在发布经济增长与通胀预测的同时，将同步 公布货币政策委员会成员对"短期利率路径"的个体预期，形成被称为"韩国版点阵图"（K-dotplot）的可 视化工具。 李昌镛指出，此举旨在提升货币政策透明度与市场沟通效率，尤其在政策利率接近"有效下限"、传统降 息空间受限的环境下，有助于引导市场预期、增强政策传导效果。该试点被视为韩国央行在低利率时代 探索 ...

Core Insights - China Mobile reported a total revenue of 250.9 billion yuan for Q3 2025, reflecting a year-on-year growth of 2.5% [1][11] - The net profit for the same period was 31.2 billion yuan, showing a year-on-year increase of 1.4% [2][20] - The company maintained a high dividend payout ratio of approximately 73% [7][9] Revenue and Profitability - The revenue from telecommunications services was 216.2 billion yuan, with a slight increase of 0.8% year-on-year, while product sales and other revenues reached 34.7 billion yuan, growing by 14.8% [11] - The gross margin for Q3 2025 was 60.1%, down by 1.5 percentage points compared to the previous year [16] - The operating profit margin was stable, supported by a reduction in operating expenses [20] Business Segments - Mobile business revenue declined by 2.7% year-on-year, despite an increase in mobile users to 1.009 billion, which grew by approximately 4 million users quarter-on-quarter [2][13] - Broadband business continued to grow, with user numbers reaching 329 million, an increase of 5.8 million users quarter-on-quarter [3][4] Capital Expenditure and Cash Flow - Capital expenditure for Q3 2025 was approximately 41.6 billion yuan, a decrease of 1.8 billion yuan year-on-year [5] - The company expects a total capital expenditure of 151.2 billion yuan for the year, with an estimated 35 billion yuan for Q4 [5] - The tax-adjusted cash operating profit for the quarter was 29.7 billion yuan, reflecting a year-on-year increase of 2% [5][20] Dividend and Shareholder Returns - The company repurchased shares and distributed dividends totaling 54.1 billion yuan in Q3 2025, aligning closely with previous expectations [7] - The static dividend yield is approximately 6%, which is attractive compared to declining bank interest rates [9][10] Market Position and Valuation - China Mobile's market position remains strong, with a significant user base and stable performance in a competitive environment [4][9] - The current market capitalization is 1.7 trillion yuan, with a projected price-to-earnings ratio of around 11 times for 2026 [9]

Core Insights - Croatia's consumer price index (CPI) increased by 4.1% year-on-year in August, with a slight month-on-month rise of 0.1% [1] - The largest price increases were observed in housing, water, electricity, gas, and other fuels, which rose by 8.1% year-on-year, followed by restaurants and hotel accommodation (+7.5%) and non-alcoholic beverages (+6.3%) [1] - The harmonized index of consumer prices (HICP) in Croatia rose by 4.6% year-on-year in August, with an average month-on-month increase of 0.2% [1] Price Changes by Category - Housing, water, electricity, gas, and other fuels: +8.1% year-on-year [1] - Restaurants and hotel accommodation: +7.5% year-on-year [1] - Non-alcoholic beverages: +6.3% year-on-year [1] - Education: +5.9% year-on-year [1] - Medical services: +5.1% year-on-year [1] - Transportation: -1.3% year-on-year [1] - Clothing and footwear: -0.6% year-on-year [1] - Communication services: -0.4% year-on-year [1] Additional Insights - Service prices increased by 6.4% year-on-year in August [1] - Food, alcoholic beverages, and tobacco products saw a year-on-year price increase of 6.2% [1] - Energy prices rose by 2.5% year-on-year, while non-food industrial goods (excluding energy) increased by 0.5% year-on-year [1]

1.经营数据：收入基本持平，利润稳步提升 。 中国移动2025年第一季度总营收为2638亿元，同比基本持平。 公司本季度通讯业务的增长，与产品销售等业务的下 滑基本相抵消。 中国移动2025年第一季度净利润为306亿元，同比增长3.4%。 在收入不增的情况下，利润端的增长来自于毛利率的提升和费用端的回落； 中国移动（600941.SH/00941.HK）于北京时间 2025年4月22日晚的港股盘后发布了2025年第一季度财报（截止2025年3月），要点如下： 2.核心业务表现：个人通讯业务有所回落 。本季度通讯业务的增长，主要是受家庭和政企通讯业务的带动。而公司最大的个人通讯业务，本季度是略有下滑的。 具体来看， 移动用户数同比增长0.8%；而移动用户的单月资费为46.9元，同比下滑2.1% ； 3.资本开支：虽有增加，但全年目标是收缩的。 中国移动2025年第一季度的资本开支大约为364亿元，同比增长5.5%。 但结合公司全年目标看，公司预期2025年资 本开支为1512亿元，同比下滑7.8%，公司后面三个季度将对资本开支继续缩减。 | | | | | | China Mobile (600941.SH/0 ...