On July 17th, Guosen Securities reported that JP Morgan expects the second-quarter revenue of mainland telecommunications stocks to be weak but profitable, while the revenue and profitability of ZTE and China Tower may remain stable. The bank raised its rating on ZTE H shares from "shareholding" to "neutral", believing that the performance of the company's government, enterprise, and consumer businesses may exceed expectations or offset the weakness of domestic base station business, thereby promoting stable growth in second-quarter revenue and profits. As for China Tower, the bank expects its second-quarter performance to remain stable, and the management guidance for financial arrangements after 2026 is expected to be minimal. The bank maintains its "neutral" rating on China Tower. The bank believes that as new digital businesses (such as cloud and data center (IDC) businesses) come under pressure, the service revenue growth of China's three major telecommunications companies, China Mobile, China Telecom, and China Unicom, is expected to slow down. From the year-on-year growth of 5%, 4%, and 3% in the first quarter, it slowed down to 2%, 3%, and 3% in the second quarter. The bank believes that telecommunications companies will offset the pressure of revenue growth through strict cost control. The bank expects the profit growth of China Mobile and China Unicom to remain stable at 5% and 10% year-on-year growth rates, respectively, but expects that China Telecom's net profit will slow down from the year-on-year growth of 8% in the first quarter to 6% in the second quarter. The bank reiterates its "shareholding" rating on the three major telecommunications stocks in the mainland, with China Mobile as its first choice, followed by China Unicom, and finally China Telecom.