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Goldman Sachs released a research report stating that China Mobile's current valuation is reasonable, with the target price lowered from HK$105 to HK$88 and the rating adjusted from 'Buy' to 'Neutral'. Goldman Sachs will adopt a more positive view on China Mobile if ARPU for 5G users improves, growth in innovative businesses exceeds expectations, or the commercialization of 6G progresses faster than anticipated. Goldman Sachs is optimistic about China Mobile's expansion into innovative businesses but notes a continued slowdown in the growth of 5G telecom services, projecting an 8% and 7% year-on-year decline in the number of new 5G base stations for 2026 and 2027, respectively. Nevertheless, driven by the expansion of hyperscale computing power and the coverage of the AI ecosystem, innovative businesses are expected to sustain growth.
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