According to Haitong Securities research report, China Mobile (600941.SH) has continuously improved its operational efficiency, and the scale of intelligent computation has exceeded the annual target. Despite the complex global external environment in the first half of the year, the overall effective demand is still insufficient, and the overall revenue growth rate of the company has slowed down compared to before. However, the company stated that it will make efforts to achieve steady growth in revenue and good profit growth for the whole year based on the first half of the year. At the same time, the company continues to increase its dividend payout, with a proposed dividend of 2.38 yuan for the first half of 2024, a year-on-year increase of 7%. The year-on-year dividend payout ratio for the whole year will further increase. The corresponding H-share/A-share dividend yield for 2024 is 7.1% and 4.5% respectively. Referring to the PB of major global telecom operators, a PB range of 1.7-1.9 times for 2024 is given, corresponding to a reasonable value range of 106.56 yuan to 119.09 yuan, and a "outperform the market" rating is given.