民生证券给予中国联通推荐评级：经营效率提升，算网数智高质量发展

Group 1 - The core viewpoint of the report is that China Unicom (600050.SH) is given a recommended rating due to its stable growth in operating performance and continuous optimization of its business structure [2] - The company has shown improvements in operational efficiency, leading to enhanced profitability [2] Group 2 - The report highlights the risk of intensified competition in traditional businesses, which may lead to a decline in user ARPU (Average Revenue Per User) [2] - There is a concern regarding potential overspending on capital expenditures related to 5G [2]