HU-CMOB@EC2612A

UNI HEALTH

QUANTGROUP

AE LOGISTICS

XUNCE

KINTOR PHARMA-B

XunZhong

ILUVATAR COREX

HP LIVING TECH

NANFANG COMM

ZHAOWEI

000063

00941

00763

ZTCOY

600941

ZTE and China Mobile have launched the Scale-Across (GSE-DCI) solution at MWC Barcelona 2026, aimed at enhancing data center interconnect links. This solution addresses issues related to transmission efficiency, resource utilization, and stability. It was verified on an 800G platform using ZTE's 800G chassis network equipment. The companies plan trial deployments at national computing hubs and will work on cross-vendor interoperability standards.

PUBT

CHINA MOBILE

ZTE Corporation

China Mobile

ZTE and China Mobile launch Scale-Across GSE-DCI solution at MWC Barcelona 2026

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515050

159695

159511

China Mobile (SEHK:941) is under scrutiny as it prepares for a discussion at Mobile World Congress 2026, focusing on its role in 5G and computing infrastructure. Despite a 116.52% five-year total shareholder return, its share price has declined by 8.36% over the last 90 days, currently trading at HK$78.95, which is 21.1% undervalued compared to a fair value estimate of HK$100.04. The company is pivoting towards cloud computing and digital services, which may enhance margins and earnings, but faces risks from rising transformation costs and saturated telecom demand. Investors are encouraged to explore additional opportunities in resilient and undervalued stocks.

Simplywall

Guotai CSI All Share Communications Equipment ETF

ChinaAMC CSI 5G Communication ETF

Harvest CNI Communication ETF

China Southern CSI Communication Service ETF

China Mobile (SEHK:941) Valuation Check As 5G Network Scale And Computing Push Gain Attention

601728

00728

Huawei won eight prestigious Global Mobile (GLOMO) Awards at MWC Barcelona 2026, including Best Mobile Network Infrastructure and Best AI-Powered Network Solution. These awards recognize significant contributions to mobile technology and innovation. Huawei's advancements in ultra-broadband solutions and AI-driven networks have set new industry standards. Collaborations with China Mobile and China Telecom have led to groundbreaking technologies, enhancing mobile connectivity and operational efficiency. The awards highlight Huawei's role in transforming mobile services and promoting financial inclusion through innovative platforms like Ziidi Wealth.

prnewswire

CHINA TELECOM

14:15 ETHuawei gana ocho premios GLOMO en el MWC Barcelona 2026

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Vietnam's state-owned telecom operator Mobifone is in talks with Chinese technology companies regarding new contracts to build parts of the country's 5G network, Reuters reports, citing sources.The plans are moving forward despite warnings from the United States about security risks associated with Chinese equipment from companies such as Huawei and ZTE. According to the sources, Chinese suppliers could play a significant role in the network's expansion, following similar 5G agreements signed last year by Viettel and VNPT with the same firms.

marketscreener

Fullgoal CSI Communication Equipment Thematic ETF

Vietnam Considers New 5G Deals with Chinese Firms - Reuters

00700

01024

09888

00762

As of noon, the three major indices of the Hong Kong stock market weakened, with the Hang Seng Index down 2.78% at 25,051.33 points, the Hang Seng Tech Index down 1.96% at 4,780.91 points, and the National Enterprises Index down 2.40% at 8,401.99 points. There is a clear divergence among sectors: the internet content and information sector declined due to the weakness of Chinese concept stocks, with Tencent down 1.57%, Kuaishou down 2.32%, and Baidu down 2.73%; the semiconductor manufacturers sector showed divergence, with Zhaoyi Innovation up 4.91%, while SMIC down 2.00% and Hua Hong Semiconductor down 1.82%; the telecommunications services defensive sector fell slightly. The market is focused on the impact of the Federal Reserve's interest rate cut expectations on HIBOR and the Hong Kong dollar, as well as the potential effects of recent PMI, retail and export performance, southbound capital, earnings season, real estate policies, and transaction factors on risk appetite and sector rotation

- As of noon, Hong Kong's three major indices declined, with the Hang Seng Index falling 2.78% to 25,051.33 points, and the Hang Seng Technology Index dropping 1.96% to 4,780.91 points.  
- The market is influenced by factors such as expectations of a U.S. Federal Reserve interest rate cut and the performance of recent PMI, retail, and export data.  
- Notably, leading tech stocks like Tencent and Alibaba showed significant declines, while some semiconductor stocks, like Zhaoyi Innovation, demonstrated strength amidst overall market volatility.

Market Heartbeat

TENCENT

KUAISHOU-W

BIDU-SW

GIGADEVICE

SMIC

HUA HONG SEMI

CHINA UNICOM

CNOOC

XIAOMI-W

Hong Kong Stock Market Midday Review | Hang Seng Index down 2.78%, Hang Seng Tech down 1.96%, Zhaoyi Innovation up 4.91%

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

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

China Unicom

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

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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

Tianhong CSI Computer Theme ETF

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%

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-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

CTG DUTY-FREE

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?

Conference Minutes

The following are the minutes of China Mobile's 2025 H1 financial report conference call organized by Dolphin Research. For financial report interpretation, please refer to China Mobile: Profitability Remains Strong, 'Cash Cow' Status Unchanged.1. $CHINA MOBILE(00941.HK) Financial Report Key Information Review1. Profitability: Net profit reached RMB 84.2 billion, a year-on-year increase of 5.0%, maintaining its leading position among global top-tier operators in terms of profitability. EBITDA reached RMB 186 billion, a year-on-year increase of 2.0%. The EBITDA margin was 34.2%, an increase of 0.9 percentage points year-on-year...

China Mobile (Minutes): Maintains guidance of 'steady revenue growth, good profit growth' unchanged

China Mobile (600941.SH/00941.HK) released its financial report for the second quarter of 2025 (ending June 2025) after the Hong Kong stock market closed on the evening of August 7, 2025, Beijing time. Key points are as follows: 1. Operating Data: Revenue remained flat, and profit steadily increased. $CHINA MOBILE(00941.HK) reported total revenue of RMB 280 billion for the second quarter of 2025, a year-on-year decrease of 1.1%. The company's telecommunications business remained flat year-on-year this quarter, with the decline in revenue mainly due to a decrease in product sales and other businesses. China Mobile's net profit for the second quarter of 2025 was RMB 53.6 billion...

China Mobile: Profitability remains strong, the 'cash cow' status unchanged

HU-CMOB@EC2612A(26815.HK)

ZTE and China Mobile launch Scale-Across GSE-DCI solution at MWC Barcelona 2026

China Mobile (SEHK:941) Valuation Check As 5G Network Scale And Computing Push Gain Attention

14:15 ETHuawei gana ocho premios GLOMO en el MWC Barcelona 2026

Vietnam Considers New 5G Deals with Chinese Firms - Reuters

Hong Kong Stock Market Midday Review | Hang Seng Index down 2.78%, Hang Seng Tech down 1.96%, Zhaoyi Innovation up 4.91%