According to a report published by BOCI, the Ministry of Industry and Information Technology announced that total revenue growth of telecom services stabilized at 2.1% year-on-year in October, while new business grew 4.2% year-on-year. The bank upgraded the telecom services industry's rating from “neutral” to “overweight,” even though the price-earnings ratio of all major telecom companies is at +1 standard deviation due to the predictability of telecom companies' profit growth and stable dividend rates, which is ideal in current market conditions; policy efforts to reduce local government debt will help reignite cloud/ AI infrastructure spending and validate telecom companies' leadership in the growing AI infrastructure market in China.