Major bank rating｜CITI: Upgraded the Target Price for the three major Chinese telecom companies, with CHINA TELECOM as the top choice.

On June 16th, GLONGHUI reported that Citibank released a report on the CHINA TELECOM Industry. Amid increasing macroeconomic uncertainty and geopolitical risks, the CHINA TELECOM Industry has demonstrated strong resilience due to its high dividend yields and robust profitability. The bank's investment preference ranking for the three major Chinese telecom companies is CHINA TELECOM > CHINA MOBILE > China United Network Communications. Among them, CHINA TELECOM has the greatest growth potential due to its leading advantages in AI and cloud business; CHINA MOBILE attracts income-focused investors with its high dividend yield, while exercising caution regarding China United Network Communications' high valuation risk in the A-share market. Citibank raised the Target Price for CHINA MOBILE from HKD 82.3 to HKD 105.1, maintaining the 'Buy' rating, as its approximately 6.4% dividend yield makes it a solid income investment choice. The Target Price for CHINA TELECOM was raised from HKD 5.1 to HKD 7.1, also maintaining a 'Buy' rating, supported by its leading scale in the cloud business for long-term growth. The Target Price for China United Network Communications was raised from HKD 6.9 to HKD 11.2, keeping the 'Buy' rating, with a forecasted dividend yield of approximately 5.4%.