Goldman Sachs issued a research report stating that after evaluating ten key metrics—including capital expenditures, dividends, subscriber numbers, cash conversion cycles, free cash flow margins, average revenue per user (ARPU), EBITDA margins, new business synergies, internet data center performance, and valuations—it concluded that while traditional telecom revenue growth remains sluggish, Chinese telecom operators can still drive consumption by offering more value-added services. New businesses, such as data centers, computing power, AI models, and application solutions, position them as key beneficiaries of AI development. Goldman Sachs reaffirmed its "Buy" ratings on CHINA MOBILE (00941), CHINA UNICOM (00762), and CHINA TELECOM (00728), anticipating that the three telecom giants will shift capital expenditure budgets toward computing infrastructure to capitalize on China's growing AI demand. With rising contributions from new businesses and steady dividend payout ratio growth, these stocks are expected to deliver sustained returns for investors.