瑞银:中国电信股2024 年第四季度业绩,有何期待?

智通财经
15 Mar

中国电信运营商将于下周公布 2024 年业绩。在阿里巴巴公布激进的资本支出计划后,投资者想知道电信公司是否会在 2025 年大幅提升资本支出指引。我们认为提升净资产收益率(ROE)仍是电信公司的首要任务,这意味着它们的资本支出将由需求或新订单驱动。我们认为上行风险在于总资本支出可控,因为 5G 资本支出的下降可能会被数据中心 / 云服务资本支出的增加所抵消。中国移动此前在 5G 方面的资本支出占比...

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