HU-CMOB@EP2702A

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

China Mobile Launches Intelligent Service Matrix and Embodied Intelligence Innovation Center

HINSANG GROUP

RIVERINE CHINA

PASHUN INT RTS

BRAINAURORA-B

SOFTMEDX

GOLDENPOWER

ZHONGKE GROUP

VISION SYNERGY

GEMILANG INTL

GHPC

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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.

AASTOCKS News

CHINA TELECOM

China Mobile

CHINA MOBILE

China Unicom

CHINA UNICOM

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

CN Mobile HK SDR 5to1

CHINA MOBILE-R

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

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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

Harvest CNI Communication ETF

ChinaAMC CSI 5G Communication ETF

Guotai CSI All Share Communications Equipment ETF

China Southern CSI Communication Service ETF

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.

Chagee

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.

Citigroup

CITIGROUP INC 6.250 NON CUM SER II PFD WI

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

AIYY

Kimi developer Moonshot AI is nearing a $2 billion funding round, valuing the company at over $20 billion. The round is led by Meituan’s Long-Z Fund, with participation from China Mobile and CPE. This follows three previous funding rounds in early 2023, totaling $1.9 billion, bringing the total raised to over $3.9 billion in less than six months, making it the most-funded startup among China's large model companies.

TechNode

YieldMax AI Option Income Strategy ETF

MEITUAN

MEITUAN-WR

Meituan

Meituan HK SDR 5to1

Kimi reportedly nears $2 billion funding round at over $20 billion valuation

Kimi is approaching a significant financing round, aiming to secure $2 billion at a post-investment valuation exceeding $20 billion. According to NS3.AI, Meituan Dragon Ball is spearheading the round, with participation from China Mobile and CPE.

CoinLive

Kimi Nears $2 Billion Financing Round Led by Meituan Dragon Ball

Today’s Key News Recap

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

NVIDIA

Micron Tech

CATL HK SDR 30to1

XL2CSOPHYNIX

DeepSeek

Samsung Electronics 

GraniteShares 2x Long NVDA Daily ETF

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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

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

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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

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Tencent HK SDR 10to1

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Tencent Holdings Limited

BOYD Gaming

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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

HU-CMOB@EP2702A(29454.HK)

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

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

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

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

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