<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/01/bt-group.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/01/bt-group.jpeg"/></p>
<p>BT 的股价在过去几个月回落，抹去了今年早些时候的一些涨幅。目前交易价格为 182.40 便士，比今年八月的最高点下跌了 16%。这个价格仍然高于年初至今的最低点 133 便士。</p>
<h2>BT 集团面临重大挑战</h2>
<p>BT 集团的股价在过去几个月回落，因为公司持续面临重大挑战。其中一个挑战是在宽带行业，分析师预计未来几年该行业将继续放缓。</p>
<p>在最近的一份报告中，新街研究指出，今年支付固定宽带的客户数量将减少 25 万人。这个预测对 BT 来说尤为重要，因为它是该行业最具主导地位的参与者。</p>
<p>造成疲软的一个原因是客户正在缓慢转向其他渠道。他们通过移动提供商和像埃隆·马斯克的 Starlink 这样的卫星公司获得高速互联网连接。尤其是来自替代网络的竞争在今年持续增长。</p>
<h2>结果显示出更广泛的疲软</h2>
<p>最近的结果显示，BT 集团在上个季度失去了大量客户。它失去了 242,000 个宽带客户，远高于去年同期的 205,000 个。</p>
<p>结果显示公司的业务仍然面临压力。其收入下降了 3%，降至 98 亿英镑，而其盈利指标则更糟。</p>
<p>BT 集团的税前利润下降了 11%，降至 8.62 亿英镑，而税后利润下降了 14%，降至 6.51 亿英镑。每股收益下降了 14%，降至 6.54 便士。</p>
<p>仔细观察其各个业务板块显示，所有板块在上个季度均有所回落。消费者部门的收入下降了 3%，降至 48 亿英镑，而商业和国际收入分别下降了 2% 和 9%。其 OpenReach 业务的收入持平。</p>
<p>积极的一面是，随着其 OpenReach 解决方案几乎覆盖所有国家，公司预计将放缓资本支出。这一放缓意味着公司到 2030 年将把自由现金流提升至约 30 亿英镑。</p>
<p>因此，股票反弹的可能性很大，因为投资者预测即使业务放缓，其股息仍将持续增长。这一点很重要，因为该公司的股息收益率为 4.4%，高于其他公司。</p>
<h2>BT 股价技术分析</h2>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/BT-share-price-1024x579.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/BT-share-price-1024x579.png"/></p>
<p>BT 股票图表 | 来源：TradingView</p>
<p>日线图显示，BT 股价从 2024 年的低点 97.7 便士反弹至今年的高点 218 便士。现在回落至当前的 182.40 便士，因对其增长轨迹的担忧依然存在。</p>
<p>BT 股价在 174.10 便士触底后，缓慢回升至当前的 182.40 便士。现在正试图突破 50 日和 100 日指数移动平均线（EMA）。若突破该水平，将指向更多的涨幅，可能达到心理关口 200 便士。</p>
<p>然而，若跌破关键支撑位 174.10 便士，将使看涨前景失效。这种走势将指向更多的下行，可能到达 150 便士的关键支撑位。</p>
<p>BT 股价较年初至今的高点下跌 16%：现在买入是否安全？此文首发于 Invezz</p>

BT.A

<p>BT 集团的股价从 8 月份的高点下跌了 16%，目前交易价格为 182.40 便士，但仍高于年内低点 133 便士。该公司在宽带领域面临挑战，上个季度失去了 242,000 名客户，收入和利润均出现下降。尽管如此，BT 的股息收益率为 4.4%，技术分析表明如果股价突破关键的指数移动平均线（EMA），可能会有上涨空间，但如果跌破 174.10 便士，风险仍然存在</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/01/bt-group.jpeg" alt="" original-src="https://invezz.com/wp-content/uploads/2024/01/bt-group.jpeg"/></p>
<p>The BT share price has pulled back in the past few months, undoing some of the gains it made earlier this year. It was trading at 182.40p, down by 16% from its highest point in August this year. This price is still much higher than the year-to-date low of 133p.</p>
<div class="lb-trans"><p>BT 的股价在过去几个月回落，抹去了今年早些时候的一些涨幅。目前交易价格为 182.40 便士，比今年八月的最高点下跌了 16%。这个价格仍然高于年初至今的最低点 133 便士。</p>
</div><h2>BT Group is facing major headwinds</h2>
<div class="lb-trans"><h2>BT 集团面临重大挑战</h2>
</div><p>The BT Group stock price has retreated in the past few months as the company has continued facing major headwinds. One of these challenges is in the broadband industry, which analysts expect to keep slowing in the coming years.</p>
<div class="lb-trans"><p>BT 集团的股价在过去几个月回落，因为公司持续面临重大挑战。其中一个挑战是在宽带行业，分析师预计未来几年该行业将继续放缓。</p>
</div><p>In a recent note, a New Street Research report noted that the number of customers paying for fixed-line broadband would drop by 250,000 this year. This forecast was notable for BT since it is the most dominant player in the sector.</p>
<div class="lb-trans"><p>在最近的一份报告中，新街研究指出，今年支付固定宽带的客户数量将减少 25 万人。这个预测对 BT 来说尤为重要，因为它是该行业最具主导地位的参与者。</p>
</div><p>One reason for the weakness is that customers are slowly moving to other channels. They are receiving high-speed internet connection through mobile providers and satellite companies like Elon Musk’s Starlink. Competition in the industry, especially from alt nets, has continued growing this year.</p>
<div class="lb-trans"><p>造成疲软的一个原因是客户正在缓慢转向其他渠道。他们通过移动提供商和像埃隆·马斯克的 Starlink 这样的卫星公司获得高速互联网连接。尤其是来自替代网络的竞争在今年持续增长。</p>
</div><h2>Results pointed to broader weakness</h2>
<div class="lb-trans"><h2>结果显示出更广泛的疲软</h2>
</div><p>The most recent results showed that BT Group lost a significant number of customers in the last quarter. It shed 242,000 broadband customers, much higher than the 205,000 it lost in the same period last year.</p>
<div class="lb-trans"><p>最近的结果显示，BT 集团在上个季度失去了大量客户。它失去了 242,000 个宽带客户，远高于去年同期的 205,000 个。</p>
</div><p>The results showed that the company’s business remained under pressure. Its revenue dropped by 3% to £9.8 billion, while its profitability metrics were much worse.</p>
<div class="lb-trans"><p>结果显示公司的业务仍然面临压力。其收入下降了 3%，降至 98 亿英镑，而其盈利指标则更糟。</p>
</div><p>BT Group’s profit before tax dropped by 11% to £862 million, while the after-tax tax fell by 14% to £651 million. The earnings per share dropped by 14% to 6.54p.</p>
<div class="lb-trans"><p>BT 集团的税前利润下降了 11%，降至 8.62 亿英镑，而税后利润下降了 14%，降至 6.51 亿英镑。每股收益下降了 14%，降至 6.54 便士。</p>
</div><p>A closer look at its segments shows that they all retreated in the last quarter. The consumer division’s revenue dropped by 3% to £4.8 billion, while business and international revenue dropped by 2% and 9%. Revenue of its OpenReach business was flat.</p>
<div class="lb-trans"><p>仔细观察其各个业务板块显示，所有板块在上个季度均有所回落。消费者部门的收入下降了 3%，降至 48 亿英镑，而商业和国际收入分别下降了 2% 和 9%。其 OpenReach 业务的收入持平。</p>
</div><p>On the positive side, the company is expected to slow its capital expenditure now that its OpenReach solution has moved to nearly all countries. This slowdown means that the company will boost its free cash flow to about £3 billion by 2030.</p>
<div class="lb-trans"><p>积极的一面是，随着其 OpenReach 解决方案几乎覆盖所有国家，公司预计将放缓资本支出。这一放缓意味着公司到 2030 年将把自由现金流提升至约 30 亿英镑。</p>
</div><p>Therefore, there is a likelihood that the stock will rebound as investors predict that its dividends will keep growing even as it business slows. This is important as the company has a dividend yield of 4.4%, higher than other companies.</p>
<div class="lb-trans"><p>因此，股票反弹的可能性很大，因为投资者预测即使业务放缓，其股息仍将持续增长。这一点很重要，因为该公司的股息收益率为 4.4%，高于其他公司。</p>
</div><h2>BT share price technical analysis</h2>
<div class="lb-trans"><h2>BT 股价技术分析</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/12/BT-share-price-1024x579.png" alt="" original-src="https://invezz.com/wp-content/uploads/2025/12/BT-share-price-1024x579.png"/></p>
<p>BT stock chart | Source: TradingView</p>
<div class="lb-trans"><p>BT 股票图表 | 来源：TradingView</p>
</div><p>The daily timeframe chart shows that the BT stock price rebounded from the 2024 low of 97.7p to a high of 218p this year. It has now pulled back to the current 182.40 as concerns about its growth trajectory has remained.</p>
<div class="lb-trans"><p>日线图显示，BT 股价从 2024 年的低点 97.7 便士反弹至今年的高点 218 便士。现在回落至当前的 182.40 便士，因对其增长轨迹的担忧依然存在。</p>
</div><p>BT share price bottomed at 174.10 and then crawled back to the current 18.40. It is now attempting to move above the 50-day and 100-day Exponential Moving Averages (EMA). A move above that level will point to more gains, potentially to the psychological point at 200p.</p>
<div class="lb-trans"><p>BT 股价在 174.10 便士触底后，缓慢回升至当前的 182.40 便士。现在正试图突破 50 日和 100 日指数移动平均线（EMA）。若突破该水平，将指向更多的涨幅，可能达到心理关口 200 便士。</p>
</div><p>However, a drop below the key support at 174.10p will invalidate the bullish outlook. Such a move will point to more downside, potentially to the key support at 150p.</p>
<div class="lb-trans"><p>然而，若跌破关键支撑位 174.10 便士，将使看涨前景失效。这种走势将指向更多的下行，可能到达 150 便士的关键支撑位。</p>
</div><p>The post BT share price is down 16% from YTD high: is it safe to buy the dip? appeared first on Invezz</p>
<div class="lb-trans"><p>BT 股价较年初至今的高点下跌 16%：现在买入是否安全？此文首发于 Invezz</p>
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BT 的股价自年初至今的高点下跌了 16%：现在抄底是否安全？