智通财经APP获悉，高盛发布研报称，中国移动(00941)目前估值处于合理水平。目标价从105港元下调至88港元，评级从“买入”下调至“中性”。若未来出现以下情况，对该股看法将转为更乐观，包括5G用户ARPU改善、创新业务增长超预期，或6G电信服务商用进展快于预期。
该行对中国移动从传统电信服务向创新业务的拓展保持正面看法，然而5G电信服务增长持续放缓，根据最新数据，2025年12月中国行业新增5G基站数量较该行预估低8,000个，该行预计2026年及2027年新增5G基站数将分别同比下降8%及7%，达到54万个及50万个。在创新业务方面，该行预期未来将持续实现增长，主要受超大规模算力持续扩张，以及AI生态覆盖的支持。
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