Goldman Sachs stated in a report that the telecommunication services industry in China saw a recovery in revenue in July and August, with a growth rate of 2.3% year-on-year, exceeding expectations and higher than the second quarter of 2024. The bank believes that the data indicates signs of stabilization in industry growth, driven by steady growth in mobile data revenue.

The report indicates that the data trend from July to August outperformed Goldman Sachs' estimates for the third quarter of telecommunication companies. Therefore, the bank made slight adjustments to reflect a more stable revenue trend. The bank maintains a "buy" rating for China Mobile (00941), China Telecom (00728), and China United Network Communications H shares (00762), with target prices raised from HK$84 to HK$84.3, HK$5.4 to HK$5.41, and HK$7.6 to HK$7.8 respectively. China Tower (00788) is rated as "neutral" with the target price lowered from HK$1.2 to HK$1.15.