MB-CMOB@EC2608A

CCOE

ASIAPAC FIN INV

RUICHANG INTL

CH INNOVATION

STARCOIN GROUP

MAINLAND HOLD

DRINDA

MEGAIN

RMH HOLDINGS

WAI HUNG GROUP

00941

01310

The local broadband market launched a price war during the Lunar New Year, with service providers offering limited-time promotions targeting public housing and subsidized housing users, with the monthly fee for 1000M fiber broadband dropping to as low as HKD 75. Several operators are offering plans with monthly fees of HKD 98 or below, along with gifts such as routers, memberships, or cash vouchers. Companies like Hong Kong Broadband, HKT, HGC, and China Mobile Hong Kong have all introduced various promotions, leading to intense competition, with some plans having significant room for negotiation

Stheadline

CHINA MOBILE

HKBN

The local broadband market has exploded into a new spring price war, offering routers and cash vouchers at prices "lower than the official prices."

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With the Lunar New Year holiday approaching, Hong Kong telecom operators have launched various overseas data offers to meet the travel needs of citizens. 3 Hong Kong has introduced a 5G data sharing monthly plan for Hong Kong, Macau, and mainland China, starting at HKD 143; Smartone offers roaming data bundled with family services, including complimentary global travel insurance; csl and China Mobile Hong Kong have launched short-distance data passes, providing unlimited data and fixed data packages. The travel platform Trip.com has also launched eSIM products and New Year discounts, making the competition fierce

SMARTONE TELE

HUTCHTEL HK

HKT-SS

Inventory of Internet Access Plans for Traveling Abroad in China, Japan, South Korea, and Taiwan: Telecom Operators Focus on Data Sharing eSIM for Japan Travel Starting from 36 Yuan for 8 Days

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515880

600050

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Measures also include proposed bans on US businesses of TP-LINK, China Unicom and China Mobile-sources

marketscreener

CHINA UNICOM

Guotai CSI All Share Communications Equipment ETF

China Unicom

Harvest CNI Communication ETF

Measures also include proposed bans on US businesses of TP-LINK, China Unicom and China Mobile-sources

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159511

515050

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Nomura released a research report, pointing out that the telecommunications industry in mainland China is facing challenges, with service revenue growth expected to decline from 3.2% to 0.7% by 2025. Mobile service revenue decreased by 3.1% year-on-year, reaching RMB 609.7 billion. Due to market saturation, intensified competition, and a weak macro environment, the industry's outlook is not optimistic. The firm downgraded China Telecom and China Unicom to "Neutral," adjusting their target prices to HKD 5.5 and HKD 8, respectively, while maintaining a "Buy" rating for China Mobile, with a target price lowered to HKD 96

AASTOCKS

CHINA TELECOM

China Southern CSI Communication Service ETF

ChinaAMC CSI 5G Communication ETF

Tianhong CSI Computer Theme ETF

China Mobile

Nomura: The outlook for the mainland telecommunications industry is challenging this year, downgrading China Telecom and China Unicom ratings to "Neutral"

China Mobile signed a procurement agreement worth $22 million with Huawei to introduce Ascend 910B training cards and Atlas 800 training servers, aiming to build provincial intelligent computing centers and 5G-A core network AI inference nodes. The procurement includes approximately 1,800 Ascend 910B chips and 200 Atlas 800 servers, primarily used for network traffic prediction, base station intelligent energy saving, and edge AI inference. Huawei has committed to completing the delivery this season and providing support for the migration of the MindSpore framework

China Mobile spends USD 22 million to purchase Huawei AI chips

HKT's Managing Director, Xu Hanqing, stated that the group has established a new AI machine building and R&D center in the He Tao District to promote cross-border connectivity and data flow, as well as strengthen cooperation with research institutions. She is optimistic about the business outlook for this year, believing that AI will drive the development of the telecommunications industry while remaining prudent and reducing debt levels when necessary. In the face of market competition from China Mobile Hong Kong's launch of affordable 5G packages, the group will continue to respect market competition

HKT: Advance deployment in He Tao District and Bei Du, strengthen cooperation with research institutions to transform results into practice

AsiaPhos in Tie-Up Talks with China Mobile International; Shares Zoom 13%

AsiaPhos

AsiaPhos in Tie-Up Talks with China Mobile International; Shares Zoom 13%

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KNOWLEDGE ATLAS(02513) rose 36.22%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 138.2%. MINIMAX-WP(00100) rose 11.71%, with a trading turnover 796.5 Million HKD, and a year-to-date rose 212.1%. EASTROC(09980) fell 3.87%, with a trading turnover 206.3 Million HKD, and a year-to-date rose 4%. CHINA TELECOM(00728) fell 2.96%, with a trading turnover 587.4 Million HKD, and a year-to-date fell 8.7%.

- The Hang Seng Index increased by 1.76%, with a year-to-date gain of 5.4%, while the Hang Seng Tech Index rose 1.34%, but has seen a 1.8% decline this year.  
- Zhipu (02513) surged by 36.22% with a trading volume of 1.16 billion HKD, marking a year-to-date increase of 138.2%.  
- In contrast, Dongpeng Beverage (09980) dropped by 3.87% with a trading volume of 210 million HKD, showing a 4% rise for the year, while China Telecom (00728) fell 2.96%, impacting its year-to-date loss of 8.7%.

Top Gainers & Losers

KNOWLEDGE ATLAS

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EASTROC

KUAISHOU-W

POWER ASSETS

Top 5 HK Stock Gainers/Losers (>100B) (2.9)

China Mobile Guangdong has secured a 155 million yuan ($22 million) contract to develop a computing power service support platform. The project will utilize Huawei’s Ascend 910C computing cards and aims to achieve a computing performance of 160 exaFLOPS (FP16). It will integrate a high-performance storage system based on OceanStor A800 and a high-capacity tier using OceanStor Pacific 9550, highlighting advancements in domestic computing power technologies.

动点科技英文源

China Mobile signs 155 million yuan deal for its compute platform with Huawei Ascend

Goldman Sachs downgraded China Mobile (941) to "Neutral," lowering the target price from HKD 105 to HKD 88, with a potential upside of about 9.7%. The main reasons include a slowdown in the growth of 5G base stations, with only 8,000 new base stations expected to be added in 2025, a year-on-year decrease of 87%; the increase in the value-added tax rate to 9% will impact revenue and profit margins; and earnings forecasts have been revised down, with revenue and net profit for 2026/27 lowered by 1%/2% and 2%/2%, respectively. Nevertheless, innovative businesses such as cloud computing and ICT projects will continue to grow, and long-term ARPU is expected to improve

Tasty Money

Goldman Sachs: Concerned that China Mobile (941) 5G base station growth slowdown will affect user and ARPU growth, overall business growth has also slowed, lowering target price and rating to "Neutral" - 20260209

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According to China Space and Time Information Group, recently, China Space and Time has partnered with the three major telecommunications operators to launch the Beidou SMS service. Based on the service capabilities of China Space and Time, China Mobile, China Telecom, and China Unicom all support the Beidou SMS service. (CCTV)

Wallstreetcn

Fullgoal CSI Communication Equipment Thematic ETF

China Space and Time collaborates with operators to launch Beidou SMS services

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The three major A-share indices rebounded throughout the day, with the Shanghai Composite Index rising 1.3% to 4,067 points, the Shenzhen Component Index rising 2.2% to 14,127 points, and the ChiNext Index rising 1.9% to 3,224 points. The central parity rate of the RMB against the US dollar was adjusted to 6.9608. The People's Bank of China conducted a reverse repurchase operation of 105.5 billion yuan, with a net withdrawal of 296.5 billion yuan for the day. Aerospace and military stocks performed strongly, with XI'AN TRIANGLE DEFENSE and others rising by 18%. Telecommunications stocks fell against the market trend, with China Mobile and others declining between 0.4% and 1.4%

XI'AN TRIANGLE DEFENSE

The three major A-share indices of Shanghai and Shenzhen rebounded throughout the day by 1.3% to 2.2%, with aerospace and military stocks strengthening, while the three major telecommunications companies continued to weaken against the trend

On February 1st, China Mobile, China Unicom, and China Telecom announced that the value-added tax rate would be adjusted from 6% to 9%, which will affect the company's revenue and profits. As a result of this news, on February 2nd, the stock prices of the three major operators collectively fell, with a total market value decrease of over 100 billion yuan. Analysts pointed out that the tax rate increase may compress post-tax net profits, thereby affecting dividends and shaking the valuation foundation of the operators

- On February 1, China’s three major telecom operators announced a change in the value-added tax (VAT) rate from 6% to 9%, affecting their revenues and profits.  
- Following the announcement, stock prices for China Mobile, China Unicom, and China Telecom dropped significantly, with market values decreasing by over 1,000 billion yuan.  
- Experts predict that the VAT adjustment could reduce net profits by 9% for China Mobile, 17.9% for China Telecom, and 18.2% for China Unicom, though operational adjustments may mitigate some impacts in the long term.

Will the increase in VAT rates lead to price hikes for China Mobile, China Unicom, and China Telecom?

CICC's report points out that due to the increase in value-added tax on telecommunications services by the Ministry of Finance and the State Administration of Taxation, the stock prices of Chinese telecommunications companies may be under pressure in the short term. Assuming operators do not pass the tax burden onto customers, the decrease in after-tax revenue will affect profits. CICC has lowered its revenue and net profit forecasts for China Mobile and China Telecom for 2026, while maintaining its estimates for 2025. In the short term, the market needs to digest the changes in tax policy and profit outlook, and the target price has been adjusted downward

In "The Big Banks," CITIC Securities expects that the stock prices of Chinese telecommunications companies will be under pressure in the short term

Today’s Key News Recap

0202 | Dolphin Research Focus: 🐬 Macro/Industry 1) International precious metals have sold off sharply since the weekend, with gold and silver down materially on a hawkish Fed chair nominee, a stronger USD and higher UST yields, concentrated profit-taking, and deleveraging by levered funds. The violent swings highlight fragile risk sentiment; near term, the market likely chops in a consolidation range with elevated vol risk.2) EV startups posted their first Jan delivery prints with wide divergence in YoY growth, and Leapmotor led the pack with 32,059 units. ...

LEAPMOTOR

BYD COMPANY

BYD Company

BYD Company Limited

BYD COMPANY-R

Alphabet - C

Alphabet

TENCENT

TENCENT-R

Tencent HK SDR 10to1

Tencent

Tencent Holdings Limited

POP MART

POP MART HK SDR 20to1

CHINA MOBILE-R

CN Mobile HK SDR 5to1

Unity Software

BYD HK SDR 10to1

BOYD Gaming

BABA-W

Allianzim US Large Cap Buffer10 Mar ETF

Gold and silver slump, cooling the market; BABA's Qwen adds RMB 3 bn for Lunar New Year | Daily News Recap

1021 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. U.S. President Trump and Australian Prime Minister Albanese signed a critical minerals agreement at the White House. The core of the agreement includes each party investing $1 billion within six months to support mining and processing projects, establishing a price floor mechanism, and introducing indirect participation from Japan. The focus is on resources such as rare earths, gallium, and graphite, aiming to counter China's influence in the rare metals sector. This move is a key step for the West in restructuring the resource supply chain, attempting to break China's dominant advantage in the smelting and processing stages. However, Australia's shortcomings in processing technology and high costs are difficult to resolve in the short term...

BILIBILI-W

Amazon

Netflix

Coca Cola

CATL

Bilibili

Direxion Daily AMZN Bull 2X Shares

Rydx S&P500 Pure Grw

CATL HK SDR 30to1

Game Boosts Bilibili's Surge; Amazon AWS Services Experience Major Outage | Today's Important News Recap

Financial Analysis

China Mobile (600941.SH/00941.HK) released its financial report for the third quarter of 2025 (ending September 2025) after the Hong Kong stock market closed on the evening of October 20, 2025, Beijing time. Key points are as follows: 1. Operating data: Revenue &amp; profit remain stable. $CHINA MOBILE(00941.HK) reported a total revenue of RMB 250.9 billion for the third quarter of 2025, an increase of 2.5% year-on-year. The company's telecommunications business saw a slight year-on-year increase this quarter, with revenue growth mainly driven by product sales and other businesses...

China Mobile: Steady as a 'ballast', the cash cow doesn't 'drop the chain'!

China Mobile Quick Interpretation: The company's operations remained stable this quarter, with revenue and profit maintaining low single-digit growth. Among various expenses, selling expenses and depreciation &amp; amortization expenses have declined, while employee expenses remained stable. The company's business is mainly divided into two parts: communication services and product sales &amp; others. Communication services revenue remained flat this quarter, with growth primarily driven by product sales &amp; others. The number of mobile users increased by approximately 4 million quarter-on-quarter, reaching 1.009 billion, maintaining its position as the largest mobile operator in China. Behind China Mobile's 'stable' performance, the market is more focused on capital expenditure and dividend repurchase situations. ① In terms of capital expenditure, the company spent RMB 41.6 billion this quarter, a decrease of RMB 1.8 billion year-on-year, continuing the trend of capital expenditure reduction;② Dividend situation: The company distributed dividends of RMB 54 billion this quarter, with a dividend payout ratio maintained above 70%. Overall, the investment in China Mobile is more focused on its stable performance and high dividend characteristics, and this financial report once again confirms the company's investment logic. With stable operations, the reduction in capital expenditure is conducive to enhancing the company's profitability. A high dividend payout ratio will continue to attract investors who prefer high dividends. For more detailed information, please follow Dolphin Research's subsequent specific commentary. $CHINA MOBILE(00941.HK) $China Mobile(600941.SH)

1020 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. In the latest interview, Trump continued to release signals of easing and hinted that the door is still open. Additionally, according to media reports, the Trump administration is quietly relaxing several tariff policies. This statement temporarily alleviated market concerns about the escalation of trade friction and is expected to boost risk asset sentiment. However, caution is needed regarding the repetitiveness of his strategy, and subsequent developments need to be observed for detailed implementation and continuity of execution. 2. Data released by the National Bureau of Statistics shows that the domestic gross domestic product for the first three quarters of 2025 was 101.5 trillion yuan, calculated at constant prices...

Taiwan Semiconductor

NVIDIA

HIKVISION

GraniteShares 2x Long NVDA Daily ETF

XL2CSOPNVDA

XI2CSOPNVDA

YieldMax NVDA Option Income Strategy ETF

Direxion Daily NVDA Bear 1X ETF

T-Rex 2X Long NVIDIA Daily Target ETF

T-Rex 2X Inverse NVIDIA Daily Target ETF

Phunware

Trump Media & Tech

American Bitcoin

Trump Media & Tech - CW28

Nvidia's Blackwell chip is about to be mass-produced in the United States; tariff easing signals continue to be released | Today's important news review

1017 | Dolphin Research Focus: 🐬 Macro/Industry 1. Shares of two U.S. regional banks plummeted due to loan fraud and bad debt issues, with the regional bank index posting its worst performance since April. Risk aversion sentiment pushed up U.S. Treasury and gold prices. The event highlights potential risks in the credit market, and concerns about 'more risk points' will suppress sentiment in financial stocks, while reinforcing expectations for the Federal Reserve to maintain an accommodative stance. 🐬 Individual Stocks 1. $Micron Tech(MU.US) Micron Technology's U.S. stock fell in after-hours trading. According to reports, Micron will stop selling server chips to Chinese data centers...

Morgan Stanley

Micron Tech

Charles Schwab

Pro Ultr Silver

iShares Silver Tr

Meta Platforms

Financial Select Sector SPDR Fund

LENOVO GROUP

LENOVO GROUP-R

Lenovo Group

SCHWAB(CHARLES)CORP 5.95% DEP SHS REP 1/40 NON CUM PERP PF D

MORGAN STANLEY DEP SHS REPS 1/1000 PFD SER 'A'

MORGAN STANLEY DEP SHS REPS 1/1000 7.125% PFD E

MORGAN STANLEY DEP SHS REPR 1/1000TH INT PFD SER 'F' FX

MORGAN STANLEY NON-CUM DEP SH REP 1/1000 PFD SER I

MORGAN STANLEY DEP SHS REP 1/1000 NON-CUM PFD STK SER K

MORGAN STANLEY 4.875 DEP SHS REP 1/1000 NCUM PFD SR L

MORGAN STANLEY DEP SHS EA REP 1/1000 SHS NON CUM PFD O

MORGAN STANLEY 6.5%DEP SHS REPSTG 1/1000 NON CUM SER P

MORGAN STANLEY DEP SHS REPSTG 1/1000TH PFD SER Q

SCHWAB(CHARLES)CORP 4.450% DEP SHS REP 1/40TH N-CUM PFD SERJ

Micron to Stop Selling Server Chips to Chinese Data Centers; Meta Plans to Raise $30 Billion to Build Data Centers | Today's Important News Recap

Strategy Report

Hot topic

Originally, in the mid-September Madrid negotiations, the U.S.-China talks resolved the long-standing major conflict over TikTok. However, Trump's emotional essay on a 100% tariff seemed to have set back the bilateral relations overnight. But following Trump's press inquiries, Vance's statements, and press conferences from China's Ministry of Commerce, the TACO transaction became almost a consensus expectation. In this article, Dolphin Research will elaborate more on how this TACO transaction differs from previous ones and what other insights can be drawn besides TACO. 1. This TACO...

ByteDance

Berto Acquisition

Rumble

Midea Group

Allstate

Outfront Media

Disney

Microsoft

NTES-S

NETEASE MUSIC

Costco Wholesale

Vipshops

Berto Acquisition - Unit

BERTO ACQUISITION CORP C/WTS 01/05/2030(TO PUR COM)

RUMBLE INC C/WTS 16/09/2027 (TO PUR COM)

MIDEA GROUP

ALLSTATE CORP 5.1% PREF 15/01/2053

ALLSTATE CORP DEP SHS REP 1/1000 NON CUM PER PRF SER H

ALLSTATE CORP 4.750% DEP SHS REP 1/1000TH PRP PFD SR I

ALLSTATE CORP DEP SHS REPSTG 1/1000TH NON PERP PFD SER

NetEase

Trump 'Breaks Defense': Not Just TACO, Will There Be a Revaluation of Chinese Assets?

MB-CMOB@EC2608A(25583.HK)

The local broadband market has exploded into a new spring price war, offering routers and cash vouchers at prices "lower than the official prices."

Inventory of Internet Access Plans for Traveling Abroad in China, Japan, South Korea, and Taiwan: Telecom Operators Focus on Data Sharing eSIM for Japan Travel Starting from 36 Yuan for 8 Days

Measures also include proposed bans on US businesses of TP-LINK, China Unicom and China Mobile-sources

Nomura: The outlook for the mainland telecommunications industry is challenging this year, downgrading China Telecom and China Unicom ratings to "Neutral"

China Mobile spends USD 22 million to purchase Huawei AI chips