智通财经APP获悉，摩根大通发布研报称，中国电讯业营运商的股价在2019年至2024年间表现超过恒指，差距达到双位数，而本年迄今的表现优于市场。该行指出，前三大电信营运商不仅提供具吸引力的股息收益率，还是具AI增长潜力的成长型公司。
小摩表示，良性竞争、改善投资回报率和资本开支优化，应能带动2026至27年行业利润复合年增长率达5%; 中国电信运营商对企业数字化有相当大的曝光，而这领域的增长速度远超传统电信服务。该行认为，中国AI和DeepSeek的崛起或会驱动云计算和人工智能数据中心收入的重新加速，并进一步提升估值，预计中国移动(00941)、中国联通(00762)、中国电信(00728)目前的股价或再有11至95%的潜在上涨空间。
三大电讯商中，该行首选中国电信，因为该公司拥有三大运营商中最大的云平台，预计其在中国AI主题下最为受惠，并迎来估值重估和云计算业务增长，其后则依次为中国联通及中国移动。该行续指，虽然予三大营运商的A股“增持”评级，但更加偏好H股，因为H股的交易价格比A股有29至35%折让。
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