According to the Zhitong Finance APP, China International Capital Corporation has released a research report stating that the 5G telecommunication services in mainland China have begun to enter a return period, and capital expenditures are expected to decrease, supporting the performance of free cash flow, while cost control also supports profit stability. In the current low-interest-rate environment, the valuation of the Telecommunication Services Sector is attractive.

The report indicates that regarding the tower sector, due to the significantly higher free cash flow compared to the dividend amount, it is believed that the catalysts are approaching, and there is considerable potential for an increase in dividends. Additionally, in the fourth quarter of 2025, the depreciation of existing towers will be completing, and profits are expected to rebound significantly, providing substantial returns for Shareholders.

In the Datacenter sector, although there has been a slight valuation correction this year, the report states that with the promotion of AI in 2025, a bullish outlook on the further strengthening of this sector's recovery trend is expected. Furthermore, rapid delivery engineering capabilities, Electrical Utilities, and location matching may become the core competitive factors for Datacenters.

In summary, the report expresses a bullish outlook on CHINA MOBILE (00941) and CHINA TELECOM (00728) in the Telecommunication Services. For Datacenters, there is a bullish outlook on GDS-SW (09698) and 21Vianet (VNET.US).