According to the Wisdom Financial APP, the telecommunication sector collectively declined. As of the time of writing, China Telecom (00728) fell by 3.79% to HKD 4.31; China United Network Communications (00762) fell by 3.64% to HKD 6.1; China Mobile (00941) fell by 1.6% to HKD 70.85.

JPMorgan previously released research reports stating that the telecommunication sector's second-quarter performance was mixed. Macro weakness led to a decline in average revenue per user for mobile communications and continued slowing of cloud business, resulting in slower revenue growth. Accounts receivable and cash flow deteriorated due to delayed project payments by enterprises. On the positive side, benefited from strict cost control, the three major telecommunications companies still maintained profitability and sustained dividend guidance under reduced capital expenditure. The bank lowered the target prices of the three major telecommunications stocks, reflecting increased business uncertainty, and also advised investors to pay attention to the trends in average revenue per user, accounts receivable, and cash flow of the telecommunications industry in the second half of this year and next year.

Tianfeng Securities previously pointed out that in the long term, there may be two types of conditions for a high dividend yield to reverse: first, the long-term central point of the national bond interest rate will no longer decline, and second, the high dividend yield sector's dividend yield will be further hindered from increasing. Long-term style switching requires patience to wait for more right-side signals, and assets with monopolistic and scarcity characteristics of high dividend yield are expected to be revalued.