UBS Group published a report expressing optimism about the three major Chinese telecommunications stocks Listed in Hong Kong, as the interest rate environment in the USA and China has peaked or declined. The report believes that a total ROI of over 10% in the telecommunications Industry remains attractive, including a dividend yield of 6% to 7% this year plus earnings growth of 3% to 10%. UBS Group projects that this year, service revenue in the domestic telecommunications industry will grow by 2% year-on-year, lower than last year's 2.5%, due to bearish macroeconomic factors and telecom operators focusing on profitability. For CHINA MOBILE, CHINA TELECOM, and China United Network Communications, service revenues are expected to grow by 1.9%, 2.2%, and 2.3% year-on-year, while net profits are expected to grow by 3.3%, 6.6%, and 12% respectively. The payout ratio will increase to 74.5%, 73%, and 60%, compared to last year's 73%, 71.5%, and 58%, which means that this year's dividend yields will be 7%, 6.1%, and 6.7% respectively. Among the three major Chinese telecommunications stocks in the mainland, UBS Group’s top choice remains CHINA TELECOM, due to fixed or mobile bundled service products increasing market share and balanced income contributions from both Consumer and enterprise Business, resulting in stable profit margins and relatively small earnings pressure.