该行表示，中资电讯股仍具吸引力。中国电信(00728)及中国移动(00941)以10月7日香港收市价计算，分别维持5.7%及6.5%的股息率。另一方面，中兴通讯(00763)虽然短期表现优于大市，且2025财政年度的市盈率估值为11.2倍，相对吸引，但贝塔比率较高。CICC International stated that Chinese telecom stocks are still attractive.
According to the Securities Times app, CICC International released a research report stating that on September 25, the National Development and Reform Commission held a meeting, emphasizing the overall arrangement of 300 billion RMB long-term government bonds to support the trade-in of old for new consumer goods. The policy of supporting household appliances for trade-in of old for new has been fully implemented in all 31 provinces and regions, and was already implemented in early August at the local level.
The report believes that this will help boost consumer confidence. The bank points out that JD.com-SW(09618) and Alibaba-W(09988) are the preferred choices in the Chinese internet industry, and expects them to be the main beneficiaries of the policy on trade-in of old appliances and the increase in liquidity through the Shanghai-Hong Kong Stock Connect.
The bank stated that Chinese telecom stocks are still attractive. China Telecom (00728) and China Mobile (00941) have dividend yields of 5.7% and 6.5% respectively based on the Hong Kong closing prices on October 7. On the other hand, although ZTE (00763) has outperformed the market in the short term and has a PE ratio estimate of 11.2 times for the 2025 fiscal year, making it relatively attractive, its beta ratio is higher.
