$CHINA MOBILE(00941.HK)1. Traditional communication services face "pipeline" pressure: Traffic revenue growth has peaked, and under the pressure of operators' speed increase and fee reduction, market saturation, and fierce competition, the growth space and profit space of basic communication services continue to be limited.

2. The growth of emerging businesses is not yet sufficient to compensate for the decline in traditional businesses: Although significant investments are being made in cloud computing (Mobile Cloud), data centers, and other government and enterprise markets, there is still a significant gap in technology and ecosystem compared to leading internet cloud providers, and it will take time to achieve scale profitability.

3. High dividends and defensive characteristics become a disadvantage when market risk appetite increases: When the market shifts to chasing high-growth assets, its "bond-like" stability may be seen as lacking growth potential, leading to capital outflows and valuation pressure.