CHINA UNICOM(762.HK)：CATCHING UP ON AI-CLOUD INVESTMENT：TAKEAWAYS FROM UNICOM REVERSE ROADSHOW

Reiterate BUY with target price unchanged at HK$15.02. We see improved valuation attractiveness compared to its telco peers, and expect higher cloud and AI service revenue growth with relatively lower base which will benefit from the expanded AI/Cloud investment in 2H25. Our current telco preference order changed to China Telecom, Unicom and China Mobile. 机构：中银国际 研究员：Michael MENG We attended China Unicom's NDR in Beijing and had a site visit to Tianjin Wuqing Intelligent Computing Centre. From the reverse r ...