<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 的股價在過去幾個月回落，抹去了今年早些時候的一些漲幅。目前交易價格為 182.40 便士，比今年八月的最高點下跌了 16%。這個價格仍然高於年初至今的最低點 133 便士。</p>
<h2>BT 集團面臨重大挑戰</h2>
<p>BT 集團的股價在過去幾個月回落，因為公司持續面臨重大挑戰。其中一個挑戰是在寬帶行業，分析師預計未來幾年該行業將繼續放緩。</p>
<p>在最近的一份報告中，新街研究指出，今年支付固定寬帶的客户數量將減少 25 萬人。這個預測對 BT 來説尤為重要，因為它是該行業最具主導地位的參與者。</p>
<p>造成疲軟的一個原因是客户正在緩慢轉向其他渠道。他們通過移動提供商和像埃隆·馬斯克的 Starlink 這樣的衞星公司獲得高速互聯網連接。尤其是來自替代網絡的競爭在今年持續增長。</p>
<h2>結果顯示出更廣泛的疲軟</h2>
<p>最近的結果顯示，BT 集團在上個季度失去了大量客户。它失去了 242,000 個寬帶客户，遠高於去年同期的 205,000 個。</p>
<p>結果顯示公司的業務仍然面臨壓力。其收入下降了 3%，降至 98 億英鎊，而其盈利指標則更糟。</p>
<p>BT 集團的税前利潤下降了 11%，降至 8.62 億英鎊，而税後利潤下降了 14%，降至 6.51 億英鎊。每股收益下降了 14%，降至 6.54 便士。</p>
<p>仔細觀察其各個業務板塊顯示，所有板塊在上個季度均有所回落。消費者部門的收入下降了 3%，降至 48 億英鎊，而商業和國際收入分別下降了 2% 和 9%。其 OpenReach 業務的收入持平。</p>
<p>積極的一面是，隨着其 OpenReach 解決方案几乎覆蓋所有國家，公司預計將放緩資本支出。這一放緩意味着公司到 2030 年將把自由現金流提升至約 30 億英鎊。</p>
<p>因此，股票反彈的可能性很大，因為投資者預測即使業務放緩，其股息仍將持續增長。這一點很重要，因為該公司的股息收益率為 4.4%，高於其他公司。</p>
<h2>BT 股價技術分析</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 股票圖表 | 來源：TradingView</p>
<p>日線圖顯示，BT 股價從 2024 年的低點 97.7 便士反彈至今年的高點 218 便士。現在回落至當前的 182.40 便士，因對其增長軌跡的擔憂依然存在。</p>
<p>BT 股價在 174.10 便士觸底後，緩慢回升至當前的 182.40 便士。現在正試圖突破 50 日和 100 日指數移動平均線（EMA）。若突破該水平，將指向更多的漲幅，可能達到心理關口 200 便士。</p>
<p>然而，若跌破關鍵支撐位 174.10 便士，將使看漲前景失效。這種走勢將指向更多的下行，可能到達 150 便士的關鍵支撐位。</p>
<p>BT 股價較年初至今的高點下跌 16%：現在買入是否安全？此文首發於 Invezz</p>

BT.A

<p>BT 集團的股價從 8 月份的高點下跌了 16%，目前交易價格為 182.40 便士，但仍高於年內低點 133 便士。該公司在寬帶領域面臨挑戰，上個季度失去了 242,000 名客户，收入和利潤均出現下降。儘管如此，BT 的股息收益率為 4.4%，技術分析表明如果股價突破關鍵的指數移動平均線（EMA），可能會有上漲空間，但如果跌破 174.10 便士，風險仍然存在</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 的股價在過去幾個月回落，抹去了今年早些時候的一些漲幅。目前交易價格為 182.40 便士，比今年八月的最高點下跌了 16%。這個價格仍然高於年初至今的最低點 133 便士。</p>
</div><h2>BT Group is facing major headwinds</h2>
<div class="lb-trans"><h2>BT 集團面臨重大挑戰</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 集團的股價在過去幾個月回落，因為公司持續面臨重大挑戰。其中一個挑戰是在寬帶行業，分析師預計未來幾年該行業將繼續放緩。</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>在最近的一份報告中，新街研究指出，今年支付固定寬帶的客户數量將減少 25 萬人。這個預測對 BT 來説尤為重要，因為它是該行業最具主導地位的參與者。</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>造成疲軟的一個原因是客户正在緩慢轉向其他渠道。他們通過移動提供商和像埃隆·馬斯克的 Starlink 這樣的衞星公司獲得高速互聯網連接。尤其是來自替代網絡的競爭在今年持續增長。</p>
</div><h2>Results pointed to broader weakness</h2>
<div class="lb-trans"><h2>結果顯示出更廣泛的疲軟</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>最近的結果顯示，BT 集團在上個季度失去了大量客户。它失去了 242,000 個寬帶客户，遠高於去年同期的 205,000 個。</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>結果顯示公司的業務仍然面臨壓力。其收入下降了 3%，降至 98 億英鎊，而其盈利指標則更糟。</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 集團的税前利潤下降了 11%，降至 8.62 億英鎊，而税後利潤下降了 14%，降至 6.51 億英鎊。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>仔細觀察其各個業務板塊顯示，所有板塊在上個季度均有所回落。消費者部門的收入下降了 3%，降至 48 億英鎊，而商業和國際收入分別下降了 2% 和 9%。其 OpenReach 業務的收入持平。</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>積極的一面是，隨着其 OpenReach 解決方案几乎覆蓋所有國家，公司預計將放緩資本支出。這一放緩意味着公司到 2030 年將把自由現金流提升至約 30 億英鎊。</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，股票反彈的可能性很大，因為投資者預測即使業務放緩，其股息仍將持續增長。這一點很重要，因為該公司的股息收益率為 4.4%，高於其他公司。</p>
</div><h2>BT share price technical analysis</h2>
<div class="lb-trans"><h2>BT 股價技術分析</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 股票圖表 | 來源：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>日線圖顯示，BT 股價從 2024 年的低點 97.7 便士反彈至今年的高點 218 便士。現在回落至當前的 182.40 便士，因對其增長軌跡的擔憂依然存在。</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 股價在 174.10 便士觸底後，緩慢回升至當前的 182.40 便士。現在正試圖突破 50 日和 100 日指數移動平均線（EMA）。若突破該水平，將指向更多的漲幅，可能達到心理關口 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，若跌破關鍵支撐位 174.10 便士，將使看漲前景失效。這種走勢將指向更多的下行，可能到達 150 便士的關鍵支撐位。</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 股價較年初至今的高點下跌 16%：現在買入是否安全？此文首發於 Invezz</p>
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BT 的股價自年初至今的高點下跌了 16%：現在抄底是否安全？