金吾财讯 | 三大电信运营商逆市上扬，中国联通（00762）涨1.73%，中国电信（00728）涨1.54%，中国移动（00941）涨0.25%。中国银河证券表示，运营商动能转换阵痛期，AI算力收入加速增长：近日，三大运营商半年度业绩报告已全部披露。中国移动营收5380亿元，同比下降1.1%；净利润789亿元，同比下降6.3%。中国电信营收2590亿元，同比下降3.9%；净利润196亿元，同比下降14.9%。中国联通营收2014亿元，同比提升0.6%；净利润95亿元，同比下降34.6%。传统通信业务承压，叠加算力投入加大、增值税率上调、利润上缴比例提高等成本端压力，三大运营商业绩有所下滑。但与此同时，业绩报告显示，三家现金流快速增长，AI业务、国际业务和Token经营成果显现，在资本开支方面集体向算力倾斜，呈现出动能向新、结构向优的发展态势。
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