JP-CMOB@EC2611A

Guangdong Mobile Launches Three AI Speed-up Actions, Plans to Invest Over 5 Billion Yuan in 2026 to Build 300,000 5G Base Stations

Migu Officially Announces as 2026 USA-Canada-Mexico World Cup Rights Holder

CMHK to Sign Agreement with Kazakhstan for Integrated Communication and Logistics Solution During Next Month's Visit

Southern Power Grid Guangxi and China Mobile Guangxi Conduct First Test of Computing-Power Synergy Response

China Mobile Launches Nationwide Token Plan, Unifying Compute Dimensions and Integrating Cloud Products

Moonshot AI Completes $2 Billion D-Round Financing, Valuation Reaches $20 Billion

China Mobile Hubei's Shiyan Intelligent Computing Center to Officially Commence Operations in June

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

JOLIMARK

TIMES UNI GP

APEX ACE HLDG

VPOWER GROUP

GW TIANDI

FUJING HOLDINGS

TEAMWAY INTL GP

SFSY NEW MAT

FDB HOLDINGS

KEEN OCEAN

600050

00941

00728

600941

00762

601728

China's three major telecom operators are transitioning from data traffic sales to offering Token packages and AI services, aiming to become AI computing power gateways. Despite a rise in stock prices following the launch, the market acceptance of these Token plans remains uncertain, as users struggle to understand their value compared to traditional data services.

CoinLive

China Unicom

CHINA MOBILE

CHINA TELECOM

China Mobile

CHINA UNICOM

Chagee

CN Mobile HK SDR 5to1

CHINA MOBILE-R

The three major telecom operators have found a new narrative, but the tokens aren't selling so well.

China Mobile International plans to connect Central Asia's terrestrial cables to Hong Kong's submarine network, enhancing data transmission efficiency. The initiative aims to support mainland Chinese firms entering the region, leveraging Hong Kong's dense submarine cable infrastructure. An additional route through Kazakhstan and Uzbekistan is in development, creating a secure digital bridge between Asia and Europe. The project responds to rising digitalisation demands in Central Asia, where 5G services were recently launched. China Mobile will also assist Chinese enterprises with global expansion through comprehensive solutions.

SCMP

China Mobile plans fresh Central Asia link to Hong Kong submarine cable network

03773

515880

Yesterday's closing, YS DIGIFAVOR's stock price rose slightly by 1.48%, with a trading volume of approximately HKD 620,000, showing overall stable performance and low volatility. The daily MACD formed a golden cross signal above the zero axis, indicating a bullish mid-term trend direction, but there is a lack of significant volume breakout in the short term. The current stock price is operating near the short-term moving average, with a temporary balance between bullish and bearish forces, placing the market at a critical stage of directional choice. The low trading volume suggests that market attention has not significantly increased, and signal confirmation still requires subsequent volume support. From the industry background, the telecommunications service sector has recently benefited from the ongoing expansion of AI infrastructure construction. NVIDIA's latest financial report shows that its data center business has nearly doubled, and the explosion in global computing power demand has directly driven investment in communication networks and data transmission infrastructure. China Mobile fell slightly by 0.58% yesterday, but its trading volume exceeded HKD 1.5 billion, with the sector leader maintaining a high-level oscillation pattern, indicating that there is still a willingness to allocate funds to telecommunications infrastructure. Although YS DIGIFAVOR is relatively small in size, its layout in the digital service field is expected to benefit from the overall growth trend of the industry. From a technical perspective, the appearance of the golden cross signal above the zero axis provides a bullish reference for the mid-term direction, but the current core contradiction lies in insufficient volume. The daily trading volume of only HKD 620,000 makes it difficult for the stock price to exhibit significant trend movements. If there is a subsequent volume breakout that doubles to over a million, the effectiveness of the golden cross signal will be greatly enhanced. Conversely, continued shrinking volume may lead to the stock price remaining in a long-term sideways range within the current interval

Technical Forecast

YS DIGIFAVOR

Guotai CSI All Share Communications Equipment ETF

NVIDIA

NVIDIA Corporation

Pre-market trend | YS DIGIFAVOR (3773.HK) slightly rose 1.5% on 5/21 with reduced volume consolidation, are telecom stocks building momentum for a change?

09868

XPEV

SPCK

TSLA

80941

HCMD

09999

NTES

000725

200725

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80700

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TCEHY

TCTZF

0521 | Dolphin Research Focus: Stock 1, $SpaceX(SPCX.US). SpaceX has formally filed an S-1 with the SEC to list on Nasdaq (ticker SPCX).The implied valuation range is $1.75–2.0tn, and the deal could raise up to $75bn, potentially the largest IPO on record. Q1 2026 revenue was $4.69bn, with a net loss of $4.28bn.Its AI biz remains in the investment phase. The company will adopt a dual-class share structure, with Elon Musk holding Class B shares...

SpaceX Files Prospectus; TSLA's Supervised FSD to Enter China | Daily News Recap

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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 Southern CSI Communication Service ETF

Harvest CNI Communication ETF

ChinaAMC CSI 5G Communication ETF

Citigroup

CITIGROUP INC 6.250 NON CUM SER II PFD WI

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

TENCENT

Tencent

BABA-W

Alibaba

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

BABA-WR

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

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

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.

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

Today’s Key News Recap

Sorry noob question - what does 'token-based compute plans' mean for China Mobile? Is this like cloud computing?

beta-one

XPENG-W

XPeng

SPAC and New Issue ETF

Tesla

Taiwan Semiconductor

NTES-S

NetEase

Micron Tech

BOE VARITRONIX

0421 | Dolphin Research Watchlist: 🐬 Macro/Industry. US Vice President Vance is expected to depart for Islamabad on the morning of Apr 21 ET (evening Beijing time) to push a new round of US–Iran ceasefire talks.The current two‑week truce expires on Apr 22. Iran had wavered but agreed to attend after mediation, with talks focused on extending the ceasefire and maritime blockades.Easing Middle East tensions would benefit global energy supply chains and shipping stability. In the near term, it should curb oil price volatility.🐬 Single stocks. $Apple(AAPL.US) officially announced...

Traeger

Amazon

Apple Group

Apple

Rivian Automotive

Terns Pharmaceuticals

AAPL pivots from the 'Cook era' to a hardware-first play; AMZN adds $5bn, doubling down on Anthropic | Daily News Recap

Financial Analysis

China Mobile (600941.SH/00941.HK) released its Q1 2026 results after the HK close on Apr 20 (Beijing time), for the quarter ended Mar 2026. Highlights: 1) Operating metrics — revenue held up.Total revenue was RMB 266.4bn (+1% YoY). The company’s telecom service revenue dipped slightly YoY this quarter.Product sales and other businesses posted double-digit YoY growth for a second consecutive quarter. Operating profit was RMB 29.0bn (-11% YoY)...

China Mobile: Tax Reform Skimming? Payouts Need to Be More Generous

China Mobile Q1 2026 First Take: revenue grew at a low single-digit pace, while profit declined on GPM compression and higher costs. With capex cut sharply in the quarter, after-tax cash operating profit still rose about 5%. Connectivity remains the core biz., accounting for nearly 90% of revenue. Mobile subscribers increased by 3.76 mn QoQ in the quarter. As the leading domestic operator, the QoQ add underscores its competitive position. Behind China Mobile's steady print, the market is focused on three areas. They are: a) capex, b) dividends, and c) the VAT policy shift. a) Capex: Q1 capex was RMB 30.4bn, down RMB 6bn YoY. Given the full-year plan of RMB 136.6bn, the remaining three quarters imply ~RMB 106.4bn in total, or ~RMB 35.2bn per quarter. As the 5G heavy investment cycle winds down, capex continues to contract. b) Dividends: The company paid RMB 19.7bn in Q1. Payouts are typically concentrated in Q2–Q3. Assuming a RMB 35.0bn dividend in Q2, the payout ratio would remain around 76%. c) VAT change: Effective Jan 1, 2026, data, SMS and MMS will be reclassified from 'value-added telecom services' to 'basic telecom services'. The applicable VAT rate will rise from 6% to 9%. Overall, revenue and subscriber counts continue to grow, with capex trimmed and a high payout maintained. While there are limited near-term growth drivers, it remains a solid dividend play. $CHINA MOBILE(00941.HK) $China Mobile(600941.SH) $CHINA MOBILE-R(80941.HK)

Apr 20 ｜ Dolphin Research Focus: 🐬 Macro/Industry. 1) Ibrahim Azizi, chair of Iran's Islamic Consultative Assembly Committee on National Security and Foreign Policy, told Al Jazeera that Iran will continue talks with the U.S., but stressed it is 'not at any cost' and will not accept arbitrary U.S. demands.The current U.S.-Iran temporary ceasefire expires on Apr 22. The two sides held a first round in Oman earlier, and the region sits at an inflection point between war and peace.The restart signals a pragmatic stance by Tehran. Yet core differences remain, leaving limited room for maneuver...

Bio-Techne

CATL

CATL HK SDR 30to1

XL2CSOPHYNIX

DeepSeek

Samsung Electronics 

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

MU debuts 24Gb GDDR7 memory; DeepSeek's first external round sparks AI capital frenzy | Daily News Recap

0327 | Dolphin Research Focus: 🐬 Macro/Industry. Trump said on Thu, Mar 26 on social media that, at Iran's request, planned strikes on Iran's energy facilities would be pushed back 10 days to 8pm ET on Apr 6.He had earlier moved the 48-hour ultimatum issued on Mar 21 out by five days to Mar 27. Iran denied making a direct request, saying there had only been indirect information exchanges, per today's headlines.Given the current setup, a substantive agreement before Apr 6 looks unlikely. Even after the extension, military escalation could still resume, and the geopolitical risk premium has not fully cleared...

Costco Wholesale

Meta Platforms

Unity Software

ByteDance

MetLife

METLIFE INC PRF SERIE 'A' FLOATING RATE USD25

METLIFE INC 5.625% NON CUM PRD STK SER E

METLIFE INC 4.75% DEP SHS EA REP NN CUM PFD ST SER F

MEITUAN

MEITUAN-WR

Meituan HK SDR 5to1

Meituan

Netflix

Midea Group

MIDEA GROUP

GUMING

U Surges on Strong Results; META Doubles Down on AI Race | Daily News Recap

China Mobile (600941.SH/00941.HK) released its 2025 annual report and Q4 results (to Dec 2025) after hours in Hong Kong on Mar 26, 2026. Key takeaway (1) operating metrics: revenue saw a slight uptick, while OP continued to trend higher.$CHINA MOBILE(00941.HK) reported Q4 2025 revenue of RMB 255.5bn, up 2.5% YoY. Telecom service revenue edged higher YoY this quarter, while product sales and related businesses grew about 14% YoY for the second straight quarter...

China Mobile: Tax Revamp Hit, Div. Still Intact?

China Mobile 4Q25 First Take: Results were broadly in line with expectations, with revenue growth driven mainly by product sales while the core connectivity business posted a modest increase. Profit pulled back sharply on swings in other gains, while OP rose 8% YoY. By segment: 1) Data traffic kept the 'price cuts to drive usage' strategy, with Avg. unit price down 13% in H2 and mobile subs continuing to edge up. 2) Broadband grew around 8% in H2, with both subs and ARPU moving higher. 3) In other lines such as info services and product sales, growth was mainly driven by compute power services. Beyond the steady operating metrics, the market is focused on the following. Key watch items are: a) Capex: Quarterly capex was RMB 39.8bn, roughly flat YoY. Management guides 2026 capex at RMB 136.6bn, down 9.5% YoY. Within that, the company plans to trim communications network capex and keep increasing spend on the compute network (Approx. RMB 37.8bn). b) Dividend: The company typically pays in Q2/Q3. Total dividends for 2025 are around RMB 103.4bn, implying a payout ratio above 70%. Overall, China Mobile’s operating trends remained stable this quarter, while the decline in net profit was mainly due to other gains/losses. From 2026, a VAT policy change will reclassify data, SMS and MMS from 'value-added telecom services' to 'basic telecom services', lifting VAT from 6% to 9%. With peak 5G investment behind, capex is on a downward trend and ROE is steadily improving, with the payout ratio staying above 70%. The higher VAT will weigh on near-term earnings, but over the medium to long term it remains a high-dividend pick. For more details, follow Dolphin Research. $CHINA MOBILE(00941.HK) $China Mobile(600941.SH)

0326 | Dolphin Research Focus: 🐬 Macro/Industry 1) Data show U.S. import prices rose 1.3% MoM in Feb, beating the 0.5% consensus and marking the biggest increase since 2022, driven by higher fuel and rising import costs for AI-related semiconductors and computers. The print signals a clear pickup in imported inflation, with signs of a second leg up, and higher import costs are likely to pass through to consumer prices. On the same day, Fed Governor Michael Barr said rates will stay on hold until there is sustained progress toward 2% inflation...

Alphabet

CureVac BV

Alphabet - C

POP MART

POP MART HK SDR 20to1

Intel

INTEL-T

BYD COMPANY

BYD COMPANY-R

BYD HK SDR 10to1

BYD Company Limited

BYD Company

SpaceX IPO Push: Latest Update; GOOGL Unveils AI Memory-Compression Game-Changer | Daily 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

BOYD Gaming

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

JP-CMOB@EC2611A(29520.HK)

The three major telecom operators have found a new narrative, but the tokens aren't selling so well.

China Mobile plans fresh Central Asia link to Hong Kong submarine cable network

Pre-market trend | YS DIGIFAVOR (3773.HK) slightly rose 1.5% on 5/21 with reduced volume consolidation, are telecom stocks building momentum for a change?

SpaceX Files Prospectus; TSLA's Supervised FSD to Enter China | Daily News Recap

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