Zhongtong Finance APP learned that according to a research report released by Lyon, it believes that with the slowdown of depreciation and capital expenditure, the profit margin of Chinese telecom stocks can sustainably improve. It is expected that net income will increase by 5% to 10% year-on-year in the first half of the year, and dividends will also increase. The bank is optimistic about China Mobile (00941) with the highest dividend yield (7%), followed by China Telecom (00728) with a dividend yield of 6%, and maintains the rating of the three major Chinese telecom stocks as "outperforming the market".

The report pointed out that China Telecom has the potential bullish factor of dividend tax exemption, and its stock price has strong momentum this year. However, the bank believes that due to the government and enterprises reducing IT expenses in the weak economic situation, the performance of Chinese telecom stocks in the first half of this year will be relatively weak, and the total service revenue growth will slow down by 3% to 4%. The bank also expects that in the first half of the year, the growth of China Mobile's industrial internet revenue will slow down to about 10%, while the relevant revenue growth of China Telecom and China Unicom (00762) will slow down to single digits.