HU-CMOB@EP2702A

Yangtze Computing Wins China Mobile Server Project Bid, Amount Exceeding 1.9 Billion Yuan

China Mobile's 5G Base Stations Exceed 2.84 Million, Leading Global Coverage and Scale

China Mobile Announces Winning Bidders for 2026-2027 CPE OTN Equipment Procurement: Risun and Five Others Selected

Henan Mobile Launches 5G-A Experience 2.0 Exclusive Service, Opening New Era of Smart Interaction

China Mobile Unveils Computing Power Network Innovation System, Establishing Token Certainty as Key

China Mobile Shanghai Unveils Four Core Results and AI Upgrade Plan to Boost Digital Capital Construction

China Mobile: To Promote Evolution from 'Dual Gigabit' to 'Dual 10-Gigabit' Facing the '15th Five-Year Plan'

Goldman Sachs Upgrades China Mobile's Profit Forecast and Target Price

China Mobile Announces Tender Results for 2026 Green Multiband Base Station Antenna Product Concentrated Procurement Project

China Mobile Releases Its Self-developed Nine Heavens 35B General Model

China Mobile Vice President Elaborates on AI Trends and Emphasizes Trustworthiness

Former Senior Executive of China Mobile Guangdong Branch Under Investigation for Serious Disciplinary and Legal Violations

Citibank Sees Positive Outlook for China Mobile's Strategic Transformation at 2026 Cloud Conference

iFLYTEK and China Mobile Jointly Launch 'Xinxi Xinghuo Smart Box'

China Mobile Launches Mobile Model Service Platform MoMA

China Mobile Announces the Construction of a Value Chain Linking Computing Power and Tokens

China Mobile Chairman Chen Zhongyue Delivers Keynote Speech at the 2026 Mobile Cloud Conference

China Mobile to Advance Nationwide Integrated Computing Power Network Construction

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Citi's report highlights a significant shift among China's major telecom operators—China Telecom, China Mobile, and China Unicom—toward AI Token plans, moving from traditional billing to a utility-like AI subscription model. This transition could lead to a valuation re-rating as telecoms leverage their networks and data centers for AI applications. However, the success of this model hinges on user adoption and the competitiveness of their proprietary AI models.

AASTOCKS News

CHINA MOBILE

China Mobile

China Unicom

CHINA TELECOM

CHINA UNICOM

China Southern CSI Communication Service ETF

Harvest CNI Communication ETF

Guotai CSI All Share Communications Equipment ETF

ChinaAMC CSI 5G Communication ETF

Citigroup

Chagee

CITIGROUP INC 6.250 NON CUM SER II PFD WI

CN Mobile HK SDR 5to1

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Citi: "Telecom Big Three" Shift Toward Foundational AI Infrastructure Suppliers, Ushering in Potential Valuation Re-rating

China's telecom giants, China Telecom, China Mobile, and China Unicom, are transitioning to the AI token economy by launching token-based service plans. This shift marks a departure from traditional pricing models, focusing on monetizing AI services and tokenized consumption. China Telecom has introduced various token packages, while China Mobile and China Unicom are developing regional partnerships and AI-driven offerings. The surge in token usage, from 100 billion to 140 trillion daily, highlights the industry's pivot towards token operations as a new growth strategy.

TechNode

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Tencent

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Alibaba

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Tencent HK SDR 10to1

Tencent Holdings Limited

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Alibaba HK SDR 5to1

China’s three telecom giants race into the AI token economy

JPMorgan has rated the three major Chinese telecom stocks—CHINA MOBILE, CHINA TELECOM, and CHINA UNICOM—as Overweight, following a rise in H-share prices due to AI Token packages targeting SMEs and retail users. CHINA MOBILE is the top pick, while CHINA TELECOM is seen as a proxy for the AI Token theme, with expectations of significant revenue growth from its cloud business. The bank anticipates ARPU growth resuming in 2026 and earnings recovery in 2027, despite VAT adjustments impacting 2026.

JPMorgan Chase

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JPMorgan Chase & Co.

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JPM: CHINA TELECOM  Proxy for AI Token Theme; Three Major Telecoms Rated Overweight, CHINA MOBILE Top Pick

UBS reports that China Telecom, China Unicom, and China Mobile have launched Token packages for customers, enhancing AI adoption. China Telecom leads with nationwide rollout, while the others pilot regionally. This move is seen as a step towards standardizing AI consumption in China, potentially transforming Token usage into a subscription model. Despite muted stock performance, UBS views these packages as a new growth driver, assigning a 'Neutral' rating to the telecom stocks.

UBS Group AG

UBS: 3 Key CN Telecoms Launch Token Packages, Providing New Growth Drivers

China's telecom giants are introducing AI token plans to monetize the AI boom, moving away from traditional gigabyte billing. China Telecom launched nationwide token-based pricing packages for consumers and businesses, with prices ranging from 9.9 yuan for 10 million tokens to 299.9 yuan for 250 million tokens. Other carriers like China Unicom and China Mobile are also adopting similar strategies. The demand for AI tokens has surged, with over 140 trillion token calls recorded daily in March.

SCMP

KNOWLEDGE ATLAS

Forget cellular data: China’s telecoms giants are selling AI token plans

CHINA TELECOM has launched trial commercial Token plans starting from RMB9.9 per month for individual customers and RMB39.9 for developers. The plans offer integrated services including Token, connectivity, and security, supporting various applications like AI programming and content creation. Additionally, the company will introduce Tianyi Token Coin for customer rewards and expand Token benefits through partnerships with AI ecosystem partners.

CHINA TELECOM Unrolls Commercial Token Plans with Monthly Fee Starting from RMB9.9

CHINA MOBILE plans to enhance its R&D in key technologies for 5G-A, 6G, and satellite internet, as stated by Deputy General Manager Chen Huaida at the recent World Telecommunication and Information Society Day Conference. The company aims to strengthen its network capabilities and improve security measures while transitioning to 'Dual-10-Gigabit' networks during the '15th Five-Year Plan' period.

CHINA MOBILE Fortifies R&D in Key Core Techs for 5G-A, 6G, Satellite Internet

G Sachs has raised its target price for CHINA MOBILEfrom HKD88 to HKD94, maintaining a Neutral rating. The company reported a 1% YoY increase in 1Q26 operating revenue to RMB266.5 billion, driven by mobile subscriber growth and AI services. However, EBITDA fell 5% YoY, missing forecasts. Despite short-term pressures on telecommunications services and weak 5G base station deployment, G Sachs remains optimistic about CHINA MOBILE's computing services and has increased its net profit forecasts for 2026-2027 by 2%.

Goldman Sachs

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G Sachs Raises CHINA MOBILE  TP to HKD94, Rating Neutral

Citi's report on CHINA MOBILEindicates potential short-term pressure during its transformation into a technology service provider. The recent Mobile Cloud Conference highlighted a shift towards a tokenized business model for monetizing computing power and AI applications. Despite short-term challenges, Citi maintains a Buy rating with a target price of HKD105.1, suggesting long-term growth opportunities driven by autonomous Agents and token consumption.

Citi: CHINA MOBILE May Face ST Pressure During Transformation, Ride on Tokenized Business Model in LT

Chen Zhongyue, Chairman of CHINA MOBILE, announced at the "China Mobile 2026 Mobile Cloud Conference" that the company will advance a nationwide integrated computing power network. This initiative aims to provide accessible computing services and enhance high-speed connections between hub nodes. CHINA MOBILE will also launch a trillion-Token service trial package as part of its "New Computing Power Momentum Initiative" to foster cooperation in resource development and computing interconnection.

Chairman Chen Zhongyue: CHINA MOBILE To Advance Nationwide Integrated Computing Power Network, Launch Trillion-Token Service Trial Package

HU-CMOB@EP2702A(29454.HK)