According to the CICC Research Report, the 2023 financial reports of the three major telecom operators show that the overall service revenue of the three operators will grow steadily in 2023, revenue related to industrial informatization will grow strongly, and the transformation of digitalization and informatization will accelerate. Structural changes on the business side are driving its investment to continue to increase in the direction of computing power networks. The total capital expenditure of the three major operators in 2023 was 353 billion yuan, up 0.3% year on year, basically in line with previous guidelines; China Mobile's computing power network investment increased 16.7% year on year. Looking ahead to 2024, the total capital expenditure guidelines of the three major operators fell 5.4% year on year to 340 billion yuan. The total investment scale showed an inflection point, but structural changes continued. Among them, China Mobile's computing power network investment increased 21.5% year over year, and China Telecom plans to invest 18 billion yuan in cloud/ computing power; while traditional mobile & fixed network construction has entered a period of high-quality and steady development. Furthermore, we expect 5G-A standards freeze in 2024, so it is recommended to focus on phased progress.