信达证券：中国电信属较优质的派息股选择 评级为“买入”

Group 1 - The core viewpoint of the report indicates that China Telecom (00728) achieved moderate growth in both revenue and profit in the first three quarters of 2025, although the profit growth rate slightly slowed in the third quarter [1][8] - For the first three quarters of 2025, the group's revenue increased by 0.6% year-on-year, with service revenue growing by 0.9%; EBITDA rose by 4.2%, and profit attributable to shareholders increased by 5.0% [2][9] - In the third quarter alone, the group's revenue decreased by 0.9% year-on-year, while service revenue grew by 0.5%; EBITDA increased by 2.4%, and profit attributable to shareholders rose by 3.6%, with the slowdown attributed to macroeconomic factors [2][9] Group 2 - The Tianyi Cloud business is in a transitional phase, with revenue growth slowing; in the first half of 2025, Tianyi Cloud's revenue was 57.3 billion RMB, a year-on-year increase of 3.8%, which is a deceleration compared to previous periods [3][10] - Management noted that the global cloud computing industry is undergoing a critical transition, with a significant decline in growth for general computing cloud services, while demand for AI-driven intelligent computing is very strong [3][10] - In the first three quarters of 2025, the group's intelligent revenue, including AI and intelligent computing services, grew by 62.3% year-on-year [3][10] Group 3 - The government is expected to encourage the application of AI-related cloud computing technologies during the 14th Five-Year Plan period, which may benefit Tianyi Cloud's business [3][11] - A significant portion of the group's enterprise clients are government-related entities, which tend to be conservative in adopting AI-related cloud computing technologies due to high security requirements [11] - The recent "14th Five-Year Plan" emphasizes improving technological self-reliance and innovation-driven development, indicating a focus on promoting technological innovation in the coming years [11] Group 4 - The rise in Chinese government bond yields has somewhat affected the attractiveness of high-dividend stocks, but the expectation is that there is limited room for further increases in bond yields [4][6] - The group's traditional mobile services and fixed broadband business remain stable, combined with healthy free cash flow and potential growth from AI-related cloud computing, positioning the group as a quality dividend stock choice [6][11]