November 6th, Gelonghui | CSC research reports pointed out that China Mobile (600941.SH) operations overall remain stable. In terms of the personal market, with the slowdown of data growth, the company strengthens integration of applications, equity, and terminal operations, striving to maintain stability in the personal market. In terms of the household market, while promoting continuous penetration of 1-gigabit broadband, it enhances 'smart home + content' driving to increase overall home broadband ARPU. In terms of the government and enterprise market, it continues to cultivate the industry, solidify core capabilities, and improve the profitability of B-end projects. The bank expects the company's net income attributable to shareholders for 2024-2026 to be 138.2 billion yuan, 143.1 billion yuan, and 146.4 billion yuan, corresponding to PE ratios of 15.8X, 15.3X, 14.9X, and PB ratios of 1.6X, 1.6X, 1.5X. Calculated based on a 71% dividend payout ratio, the company's current H-share dividend yield is still 7%, A shares about 4.5%, and dividend returns remain attractive, maintaining a 'buy' rating.