Telecom stocks extended their gains. As of writing, CHINA TELECOM (00728) rose 5.1% to HK$5.36; CHINA UNICOM (00762) increased 4.79% to HK$8.1; and CHINA MOBILE (00941) climbed 2.93% to HK$80.8. On the news front, on January 28, Lin Qingmiao, Director of the Reform Bureau of the State-owned Assets Supervision and Administration Commission (SASAC), stated at a press conference held by the State Council Information Office that efforts will be made to solidly advance the establishment of new central state-owned enterprises and carry out strategic reorganizations. Pang Xiaogang, Vice Chairman of SASAC, added that state-owned central enterprises will intensify efforts to promote the "AI+" special action, effectively serving as key suppliers of intelligent computing infrastructure, important solvers for empowering various industries with artificial intelligence, and key organizers for the systematic layout of industrial systems. Zheshang Securities released a research report earlier this month, noting that the central government's emphasis on preventing internal competition among state-owned enterprises is conducive to stabilizing and recovering the Average Revenue Per User (ARPU) for telecom operators. Furthermore, the reduction in risk factors for insurance capital favors allocations to the dividend sector. The brokerage believes that at current levels, the dividend investment value of the telecom operator sector is prominent. Against the backdrop of a complex macroeconomic environment, the telecom operator sector overall possesses strong profit resilience and high dividend attributes, which build a safety margin. Zheshang Securities recommends CHINA MOBILE, CHINA TELECOM, CHINA UNICOM, China Tower, and China Communications Services.