摩根大通：预计明年将是欧洲电信业的"行业整合之年"

Core Viewpoint - JPMorgan predicts that 2026 will be a year of "industry consolidation" for the European telecom sector, with increased M&A activity expected to drive potential stock price increases despite sluggish revenue growth [1] Revenue Trends - In Q3 2025, revenue for the European telecom industry declined by 0.7%, indicating a challenging revenue environment [1] Profitability Outlook - Analysts expect profitability growth through cost reductions and lower capital intensity, suggesting a focus on operational efficiency within the industry [1]