Goldman Sachs has issued a research report stating that China Mobile (00941) is currently trading at a reasonable valuation. The investment bank has lowered its target price for the stock from HK$105 to HK$88 and downgraded its rating from "Buy" to "Neutral." The firm indicated that it would turn more optimistic about the stock if certain conditions materialize in the future, including an improvement in 5G user average revenue per user (ARPU), stronger-than-expected growth in innovative businesses, or faster-than-expected progress in the commercial deployment of 6G telecom services. Goldman Sachs maintains a positive view on China Mobile's expansion from traditional telecom services into innovative business areas. However, growth in 5G telecom services continues to slow. According to the latest data, the number of new 5G base stations added in China's industry in December 2025 was 8,000 lower than the firm's forecast. Goldman Sachs expects the number of new 5G base stations to decline by 8% and 7% year-on-year in 2026 and 2027, respectively, reaching 540,000 and 500,000 units. In terms of innovative businesses, the bank anticipates sustained growth ahead, primarily driven by the ongoing expansion of hyperscale computing power and support from the AI ecosystem.