天风证券：AI时代下的运营商有望迎来重估机会

Core Viewpoint - The three major telecom operators in China are actively investing in artificial intelligence (AI) to enhance their service capabilities and drive new business opportunities [1] Group 1: Company Initiatives - China Mobile is accelerating breakthroughs in AI innovation [1] - China Telecom is deeply engaging in "AI+" initiatives to create a new engine for productivity [1] - China Unicom is implementing the "Artificial Intelligence+" action to enhance its technological capabilities and promote AI integration across various industries [1] Group 2: Benefits of DeepSeek Integration - All three telecom operators are integrating DeepSeek, a high-performance AI model, which is expected to improve customer service systems, intelligent recommendations, and fault diagnosis [1] - The integration of DeepSeek will assist operators in developing new AI-driven businesses as traditional business growth approaches saturation [1] - DeepSeek's integration will facilitate the transformation of operators from traditional communication service providers to digital service providers, while also optimizing the utilization of idle cloud computing resources [1] Group 3: Market Opportunities - The utilization rates of cloud, IDC, and computing resources are expected to significantly increase in the AI era, leading to revaluation opportunities for the telecom operators [1] - Key investment targets recommended include China Mobile, China Telecom, and China Unicom [1]