智通财经APP获悉，瑞银发布研报称，中国电信(00728)第二季服务收入1,244亿元人民币，较去年同期增加2.1%。得益于有效的成本控制，次季EBITDA利润率同比增长1个百分点。净利润为142亿元，较去年同期增加7.1%，高于该行和市场预测2%，增幅亦高于中国移动(00941)和中国联通(00762)。该行假设成本控制改善，上调中电信2025至2028年净利预测0%至2.5%。目标价由6.8港元升至7.4港元，意味着2026年股息率为4.4%，评级“买入”。
报告指，中电信业绩中最值得注意的地方是传统电信业务前景稳定。上半年移动ARPU为46元人民币，尽管面临宏观不利因素，但与去年同期比较大致持平。混合宽带ARPU为48.3元，与去年同期持平。管理层预期传统电信收入将维持稳定增长，ARPU值将在增值服务及人工智能升级的支持下保持稳定。
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