综上，该行表示在电信服务中看好中国移动（00941）、中国电信（00728）。数据中心看好万国数据-SW（09698）、世纪互联（VNET.US）。CICC released a research report stating that the mainland's telecommunications 5G has begun to enter a period of returns, with capital expenditures expected to decline, supporting free cash flow performance, and cost control also supporting profit stability. In this low interest rate environment, the valuation of the Telecommunication Services Sector is attractive.
The report indicates that regarding the tower sector, due to the significantly higher free cash flow compared to the dividend amount, it is believed that the catalysts are approaching, and there is considerable potential for an increase in dividends. Additionally, in the fourth quarter of 2025, the depreciation of existing towers will be completing, and profits are expected to rebound significantly, providing substantial returns for Shareholders.
In the Datacenter sector, although there has been a slight valuation correction this year, the report states that with the promotion of AI in 2025, a bullish outlook on the further strengthening of this sector's recovery trend is expected. Furthermore, rapid delivery engineering capabilities, Electrical Utilities, and location matching may become the core competitive factors for Datacenters.
In summary, the bank is bullish on CHINA MOBILE (00941) and CHINA TELECOM (00728) in the Telecommunication Services sector. The Datacenter sector is bullish on GDS-SW (09698) and 21Vianet (VNET.US).
