Ge Long Hui·2025-10-15 06:28Core Viewpoint - Morgan Stanley's research report indicates that Chinese telecom companies are expected to have a lackluster performance in Q3, with only a slight year-on-year increase in industry service revenue, reflecting a slowdown compared to Q2 due to potential US-China tariff impacts [1] Industry Summary - The overall performance of Chinese telecom companies in Q3 is projected to be mediocre, with service revenue growth slowing down compared to the previous quarter [1] - The outlook for Q4 appears uncertain, as traditional business segments continue to face deflationary pressures and weak macroeconomic conditions [1] - AI-related business has not yet significantly contributed to new growth momentum within the industry [1] Company Summary - China Mobile's target price remains at HKD 90, maintaining an "Overweight" rating [1] - China Telecom's target price has been lowered from HKD 6.5 to HKD 6, while still holding an "Overweight" rating [1] - China Unicom's target price is maintained at HKD 9.5, with an "Overweight" rating [1] - China Tower's target price remains at HKD 12, also with an "Overweight" rating [1]