<p>一般来说，主动选股的目标是寻找能够提供超过市场平均回报的公司。购买被低估的企业是实现超额回报的一种途径。举例来说，中国移动的股价在五年内上涨了 62%，远远超过了市场回报的 0.1%（不考虑股息）。然而，最近的回报并没有那么令人印象深刻，过去一年该股票的回报仅为 16%，包括股息。</p>
<p>考虑到这一点，值得看看公司的基本面是否推动了长期表现，或者是否存在一些差异。</p>
<p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
<p>用本杰明·格雷厄姆的话来说：短期内市场是一个投票机，但长期来看它是一个称重机。评估公司情绪变化的一种有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。</p>
<p>在过去的五年中，中国移动实现了盈利。这通常被认为是一个真正的积极信号，因此投资者可能会期待股价的上涨。</p>
<p>公司的每股收益（随时间变化）在下图中显示（点击查看具体数字）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/368157-earnings-per-share-growth-1-dark-2/1768361390233?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1642" height="1040" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/368157-earnings-per-share-growth-1-dark-2/1768361390233"/></p>
<p>SEHK:941 每股收益增长 2026 年 1 月 14 日</p>
<p>我们很高兴地报告，首席执行官的薪酬比大多数同类公司更为适中。关注首席执行官的薪酬总是值得的，但更重要的问题是公司是否能够在未来几年内增长收益。如果您想进一步调查这只股票，这份关于中国移动收益、收入和现金流的 <strong>免费</strong> 互动报告是一个很好的起点。</p>
<h2>股息情况如何？</h2>
<p>考虑任何给定股票的总股东回报以及股价回报是很重要的。股价回报仅反映股价的变化，而总股东回报（TSR）则包括股息的价值（假设它们被再投资）以及任何折价融资或分拆的好处。可以说，TSR 提供了股票产生回报的更全面的图景。实际上，中国移动过去五年的 TSR 为 131%，超过了前面提到的股价回报。而且，毫无疑问，股息支付在很大程度上解释了这种差异！</p>
<h2>不同的视角</h2>
<p>中国移动的股东今年上涨了 16%（包括股息）。但这一回报低于市场。如果我们回顾过去五年，回报甚至更好，五年的年均回报为 18%。也许股价只是暂时喘息，而企业正在执行其增长战略。我发现从长期来看股价作为企业表现的代理非常有趣。但要真正获得洞察，我们还需要考虑其他信息。例如，投资风险的无处不在的阴影。<strong>我们发现了一个警告信号</strong> 与中国移动相关，理解这些信号应该是您投资过程的一部分。</p>
<p>如果您像我一样，那么您 <strong>不</strong> 想错过这份 <strong>免费</strong> 的被内部人士购买的被低估的小型股名单。</p>
<p><em>请注意，本文中引用的市场回报反映了目前在香港交易所交易的股票的市场加权平均回报。</em></p>

中国移动

<p>中国移动（HKG:941）在过去五年中实现了令人印象深刻的总股东回报率（TSR）为 131%，显著超过市场的 0.1% 回报。在此期间，股价上涨了 62%，但近期表现放缓，去年仅实现了 16% 的回报。公司的盈利能力和适度的首席执行官薪酬是未来增长的积极指标。然而，股票近期的表现可能表明其增长战略暂时停滞，投资者应注意潜在风险</p>

<p>Generally speaking the aim of active stock picking is to find companies that provide returns that are superior to the market average. Buying under-rated businesses is one path to excess returns. To wit, the China Mobile share price has climbed 62% in five years, easily topping the market return of 0.1% (ignoring dividends). However, more recent returns haven't been as impressive as that, with the stock returning just 16% in the last year, including dividends.</p>
<div class="lb-trans"><p>一般来说，主动选股的目标是寻找能够提供超过市场平均回报的公司。购买被低估的企业是实现超额回报的一种途径。举例来说，中国移动的股价在五年内上涨了 62%，远远超过了市场回报的 0.1%（不考虑股息）。然而，最近的回报并没有那么令人印象深刻，过去一年该股票的回报仅为 16%，包括股息。</p>
</div><p>With that in mind, it's worth seeing if the company's underlying fundamentals have been the driver of long term performance, or if there are some discrepancies.</p>
<div class="lb-trans"><p>考虑到这一点，值得看看公司的基本面是否推动了长期表现，或者是否存在一些差异。</p>
</div><p>This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality.</p>
<div class="lb-trans"><p>这项技术可能会取代计算机：发现 20 只正在努力使量子计算成为现实的股票。</p>
</div><p>To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. One flawed but reasonable way to assess how sentiment around a company has changed is to compare the earnings per share (EPS) with the share price.</p>
<div class="lb-trans"><p>用本杰明·格雷厄姆的话来说：短期内市场是一个投票机，但长期来看它是一个称重机。评估公司情绪变化的一种有缺陷但合理的方法是将每股收益（EPS）与股价进行比较。</p>
</div><p>During the last half decade, China Mobile became profitable. That's generally thought to be a genuine positive, so investors may expect to see an increasing share price.</p>
<div class="lb-trans"><p>在过去的五年中，中国移动实现了盈利。这通常被认为是一个真正的积极信号，因此投资者可能会期待股价的上涨。</p>
</div><p>The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers).</p>
<div class="lb-trans"><p>公司的每股收益（随时间变化）在下图中显示（点击查看具体数字）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/368157-earnings-per-share-growth-1-dark-2/1768361390233" alt="" original-src="https://images.simplywall.st/asset/chart/368157-earnings-per-share-growth-1-dark-2/1768361390233"/></p>
<p>SEHK:941 Earnings Per Share Growth January 14th 2026</p>
<div class="lb-trans"><p>SEHK:941 每股收益增长 2026 年 1 月 14 日</p>
</div><p>We're pleased to report that the CEO is remunerated more modestly than most CEOs at similarly capitalized companies. It's always worth keeping an eye on CEO pay, but a more important question is whether the company will grow earnings throughout the years. This <strong>free</strong> interactive report on China Mobile's earnings, revenue and cash flow is a great place to start, if you want to investigate the stock further.</p>
<div class="lb-trans"><p>我们很高兴地报告，首席执行官的薪酬比大多数同类公司更为适中。关注首席执行官的薪酬总是值得的，但更重要的问题是公司是否能够在未来几年内增长收益。如果您想进一步调查这只股票，这份关于中国移动收益、收入和现金流的 <strong>免费</strong> 互动报告是一个很好的起点。</p>
</div><h2>What About Dividends?</h2>
<div class="lb-trans"><h2>股息情况如何？</h2>
</div><p>It is important to consider the total shareholder return, as well as the share price return, for any given stock. Whereas the share price return only reflects the change in the share price, the TSR includes the value of dividends (assuming they were reinvested) and the benefit of any discounted capital raising or spin-off. Arguably, the TSR gives a more comprehensive picture of the return generated by a stock. As it happens, China Mobile's TSR for the last 5 years was 131%, which exceeds the share price return mentioned earlier. And there's no prize for guessing that the dividend payments largely explain the divergence!</p>
<div class="lb-trans"><p>考虑任何给定股票的总股东回报以及股价回报是很重要的。股价回报仅反映股价的变化，而总股东回报（TSR）则包括股息的价值（假设它们被再投资）以及任何折价融资或分拆的好处。可以说，TSR 提供了股票产生回报的更全面的图景。实际上，中国移动过去五年的 TSR 为 131%，超过了前面提到的股价回报。而且，毫无疑问，股息支付在很大程度上解释了这种差异！</p>
</div><h2>A Different Perspective</h2>
<div class="lb-trans"><h2>不同的视角</h2>
</div><p>China Mobile shareholders are up 16% for the year (even including dividends). But that return falls short of the market. If we look back over five years, the returns are even better, coming in at 18% per year for five years. Maybe the share price is just taking a breather while the business executes on its growth strategy. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. Consider for instance, the ever-present spectre of investment risk. <strong>We've identified 1 warning sign</strong> with China Mobile , and understanding them should be part of your investment process.</p>
<div class="lb-trans"><p>中国移动的股东今年上涨了 16%（包括股息）。但这一回报低于市场。如果我们回顾过去五年，回报甚至更好，五年的年均回报为 18%。也许股价只是暂时喘息，而企业正在执行其增长战略。我发现从长期来看股价作为企业表现的代理非常有趣。但要真正获得洞察，我们还需要考虑其他信息。例如，投资风险的无处不在的阴影。<strong>我们发现了一个警告信号</strong> 与中国移动相关，理解这些信号应该是您投资过程的一部分。</p>
</div><p>If you are like me, then you will <strong>not</strong> want to miss this <strong>free</strong> list of undervalued small caps that insiders are buying.</p>
<div class="lb-trans"><p>如果您像我一样，那么您 <strong>不</strong> 想错过这份 <strong>免费</strong> 的被内部人士购买的被低估的小型股名单。</p>
</div><p><em>Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on Hong Kong exchanges.</em></p>
<div class="lb-trans"><p><em>请注意，本文中引用的市场回报反映了目前在香港交易所交易的股票的市场加权平均回报。</em></p>
</div>

中国移动（HKG:941）的投资者对过去五年取得的令人瞩目的 131% 回报率感到满意