Group 1 - China Mobile's stock price fell by 0.64% to 92.07 CNY per share, with a trading volume of 1.397 billion CNY and a turnover rate of 1.68%, resulting in a total market capitalization of 1,992.819 billion CNY. The stock has experienced a cumulative decline of 5.06% over the past three days [1] - The company's main business includes personal market services, family market services, government and enterprise market services, and emerging market services. The revenue composition is as follows: wireless internet services 35.95%, application and information services 25.13%, other services 14.12%, wired broadband services 12.61%, voice services 6.29%, SMS and MMS services 2.96%, and other 2.93% [1] Group 2 - Morgan Fund has a significant holding in China Mobile, with the Morgan Anyu Return Mixed A Fund (004823) increasing its position by 1,589 shares to a total of 4,700 shares, representing 0.99% of the fund's net value, ranking as the sixth-largest holding. The fund has incurred a floating loss of approximately 2,773 CNY today and a total floating loss of 23,100 CNY during the three-day decline [2] - The Morgan Anyu Return Mixed A Fund was established on September 13, 2018, with a current size of 26.9591 million CNY. Year-to-date returns are 0.23%, ranking 7,146 out of 8,874 in its category, while the one-year return is 4.02%, ranking 7,295 out of 8,124. Since inception, the fund has achieved a return of 52.8% [2]

天眼查资料显示，中移（上海）信息通信科技有限公司，成立于2018年，位于上海市，是一家以从事科 技推广和应用服务业为主的企业。企业注册资本200000万人民币。通过天眼查大数据分析，中移（上 海）信息通信科技有限公司参与招投标项目2020次，财产线索方面有商标信息34条，专利信息953条， 此外企业还拥有行政许可6个。 中移智行网络科技有限公司，成立于2015年，位于上海市，是一家以从事软件和信息技术服务业为主的 企业。企业注册资本100000万人民币。通过天眼查大数据分析，中移智行网络科技有限公司参与招投标 项目705次，财产线索方面有商标信息106条，专利信息861条，此外企业还拥有行政许可8个。 中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息2211条，专利信息5000条， 此外企业还拥有行政许可50个。 国家知识产权局信息显示，中移（上海）信息通信科技有限公司;中移智行网络科技有限公 ...

来源：市场资讯 中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息2211条，专利信息5000条， 此外企业还拥有行政许可50个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 国家知识产权局信息显示，中移(苏州)软件技术有限公司、中国移动通信集团有限公司取得一项名 为"一种分配方法、装置、网络设备和计算机存储介质"的专利，授权公告号CN115843111B，申请日期 为2021年9月。 天眼查资料显示，中移(苏州)软件技术有限公司，成立于2014年，位于苏州市，是一家以从事软件和信 息技术服务业为主的企业。企业注册资本317200万人民币。通过天眼查大数据分析，中移(苏州)软件技 术有限公司参与招投标项目5000次，财产线索方面有商标信息112条，专利信息2689条，此外企业还拥 有行政许可28个。 ...

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息2211条，专利信息5000条， 此外企业还拥有行政许可50个。 国家知识产权局信息显示，中移（成都）信息通信科技有限公司、中国移动通信集团有限公司取得一项 名为"一种违章审核方法、装置及存储介质"的专利，授权公告号CN116091989B，申请日期为2021年10 月。 天眼查资料显示，中移（成都）信息通信科技有限公司，成立于2018年，位于成都市，是一家以从事软 件和信息技术服务业为主的企业。企业注册资本200000万人民币。通过天眼查大数据分析，中移（成 都）信息通信科技有限公司参与招投标项目2486次，财产线索方面有商标信息260条，专利信息847条， 此外企业还拥有行政许可6个。 ...

Core Insights - Yunnan is focusing on building a strong cultural and tourism province, implementing ten major projects for cultural strength and six actions for high-quality tourism development, aiming to enhance the brand "A Life Called Yunnan" and establish itself as a world-class tourist destination [1] Group 1: Cultural and Tourism Development - The "Heart is Home, Intangible Cultural Heritage is Life" event was organized to promote the "Travel and Stay in Yunnan" brand, leveraging intangible cultural heritage [1] - The rise of slow travel and wellness tourism in Yunnan is attracting more visitors who wish to deeply experience local life [1] Group 2: Innovative Solutions for Travelers - China Mobile Yunnan Company has launched the "Smart Travel Broadband" service for short-term travelers, offering flexible billing options and ensuring high-quality internet connectivity [1] - The service has already established 150,000 travel broadband connections across the province, providing high-speed internet to 150,000 travel accommodations and clients [1] Group 3: Elderly Care and Services - The "An e Elderly Care" service platform was introduced, focusing on health care, safety, and travel for elderly residents, integrating various local resources to meet their needs [2] - The platform includes features for emergency alerts and access to home care, nursing, and other essential services for seniors [2] Group 4: Local Products and E-commerce - The event showcased local Yunnan specialties, allowing visitors to purchase authentic products directly through the "Three Rural Communications" platform, enhancing the sales channels for Yunnan's agricultural products [2] - The e-commerce initiative has strengthened the promotion of high-quality agricultural products from Yunnan [2] Group 5: Future Development Goals - China Mobile Yunnan aims to integrate its communication services with local development strategies, supporting the construction of a "Digital Yunnan" through infrastructure, smart elderly care systems, and agricultural sales platforms [3] - The company plans to continue enhancing its network and platform advantages to support the development of a high-quality travel destination in Yunnan [3]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，中移（苏州）软件技术有限公司，成立于2014年，位于苏州市，是一家以从事软件和 信息技术服务业为主的企业。企业注册资本317200万人民币。通过天眼查大数据分析，中移（苏州）软 件技术有限公司参与招投标项目5000次，财产线索方面有商标信息112条，专利信息2689条，此外企业 还拥有行政许可28个。 中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息2211条，专利信息5000条， 此外企业还拥有行政许可50个。 国家知识产权局信息显示，中移（苏州）软件技术有限公司、中国移动通信集团有限公司取得一项名 为"数据分片管理方法、系统及计算设备"的专利，授权公告号CN120780758B，申请日期为2025年9月。 ...

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector, indicating an expectation that the sector will outperform the benchmark index [6]. Core Viewpoints - The adjustment of the VAT category for telecommunications services from value-added telecommunications services to basic telecommunications services, with a corresponding increase in VAT rate from 6% to 9%, is expected to have a short-term impact on the revenue and profits of the three major telecom operators [1][4]. - Despite the VAT adjustment, the operators are actively pursuing technological transformation and upgrading, which is expected to optimize their revenue structure in the long term [1][3]. - The impact on profits may be less severe than initially calculated due to several factors, including past experiences with tax adjustments, the shift towards technology-driven services, and cost reductions through AI-driven operational efficiencies [3][22]. Revenue Impact - The estimated impact of the VAT adjustment on total revenue is approximately 1.3% to 1.4% for the three major operators, with specific estimates of 1.4% for China Mobile, 1.3% for China Telecom, and 1.3% for China Unicom [2][18]. - The affected services primarily include SMS, mobile data services, and internet broadband access, which account for 52%, 48%, and 46% of total revenues for China Mobile, China Telecom, and China Unicom, respectively [2][9]. Profit Impact - Direct calculations suggest that the absolute revenue impact for 2026 would be approximately 15.3 billion for China Telecom, 54 billion for China Unicom, and 153 billion for China Mobile, representing 8.2%, 15.3%, and 19.3% of their respective total profits [3][19]. - However, the report suggests that the final impact on profits may be lower than these direct estimates due to historical precedents and ongoing strategic shifts towards technology services [3][22]. Investment Conclusion - Overall, while the VAT adjustment will have some short-term effects on performance, the stable profitability and cash flow of the telecom operators, along with attractive dividends and the long-term growth potential of their digital businesses, remain intact [4][26]. - The report recommends focusing on China Mobile, China Telecom, and China Unicom as attractive investment opportunities [4][25].

Core Viewpoint - Morgan Stanley's report indicates that the three major telecom operators in mainland China will adjust their value-added tax rates from 6% to 9%, which is expected to impact net profits for China Mobile, China Telecom, and China Unicom by 7.1%, 12.6%, and 11.9% respectively [1] Group 1: Tax Adjustment Impact - The tax adjustment will affect mobile data, SMS/MMS, and internet broadband services [1] - China Mobile is expected to experience the smallest impact among the three operators due to its higher gross margins [1] - The actual profit impact may be milder than estimated, as the telecom operators are undergoing state-owned enterprise reforms with financial KPIs set by authorities [1] Group 2: Mitigation Measures - Telecom operators are expected to offset the impact of the tax adjustment through various measures, including optimizing operating expenses, price increases, and controlling capital expenditures [1] Group 3: Market Performance and Dividend Yield - The stock prices of the three major telecom operators have significantly declined since the fourth quarter of last year, primarily due to capital rotation towards AI-themed stocks and concerns over slowing growth in traditional telecom services [1] - Expected dividend yields for China Mobile, China Telecom, and China Unicom in 2026 are 7%, 5.7%, and 6.8% respectively, which remain attractive compared to the Hang Seng Index [1] - The report maintains an "overweight" rating for all three telecom operators [1]

国家知识产权局信息显示，中移(苏州)软件技术有限公司、中国移动通信集团有限公司取得一项名 为"一种文本分类方法、装置、电子设备及存储介质"的专利，授权公告号CN115248858B，申请日期为 2021年4月。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 天眼查资料显示，中移(苏州)软件技术有限公司，成立于2014年，位于苏州市，是一家以从事软件和信 息技术服务业为主的企业。企业注册资本317200万人民币。通过天眼查大数据分析，中移(苏州)软件技 术有限公司参与招投标项目5000次，财产线索方面有商标信息112条，专利信息2689条，此外企业还拥 有行政许可28个。 中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息2211条，专利信息5000条， 此外企业还拥有行政许可50个。 ...

中国移动通信集团有限公司，成立于1999年，位于北京市，是一家以从事电信、广播电视和卫星传输服 务为主的企业。企业注册资本30000000万人民币。通过天眼查大数据分析，中国移动通信集团有限公司 共对外投资了55家企业，参与招投标项目5000次，财产线索方面有商标信息2211条，专利信息5000条， 此外企业还拥有行政许可50个。 国家知识产权局信息显示，中移（上海）信息通信科技有限公司、中移智行网络科技有限公司、中国移 动通信集团有限公司取得一项名为"一种数据库集群管理方法、装置及网络设备"的专利，授权公告号 CN116069583B，申请日期为2021年11月。 天眼查资料显示，中移（上海）信息通信科技有限公司，成立于2018年，位于上海市，是一家以从事科 技推广和应用服务业为主的企业。企业注册资本200000万人民币。通过天眼查大数据分析，中移（上 海）信息通信科技有限公司参与招投标项目2020次，财产线索方面有商标信息34条，专利信息953条， 此外企业还拥有行政许可6个。 中移智行网络科技有限公司，成立于2015年，位于上海市，是一家以从事软件和信息技术服务业为主的 企业。企业注册资本100000万 ...