On December 13, according to a research report from BOC International, the contribution of cloud business to revenue and profits continues to drive the growth of Chinese telecommunications companies. Cloud and AI services are becoming the only sustainable driving forces for the revenue and EBITDA of these companies. CHINA TELECOM and China United Network Communications recorded stable year-on-year growth in EBITDA profit margins for two quarters this year. The report expresses optimism that as state-owned enterprises and local governments gradually migrate their services to the cloud, the long-term support for the development of end-to-end proprietary cloud infrastructure services, due to improved security and regulatory requirements, will benefit telecommunications companies. At the same time, Chinese telecommunications stocks can offer attractive valuations and dividend returns, supporting their long-term performance. Therefore, it reiterates a "Buy" rating on Chinese telecommunications stocks, with a preference for CHINA TELECOM, followed by China United Network Communications and CHINA MOBILE.