Zhi Tong Cai Jing·2026-01-08 09:35Group 1 - The core viewpoint of the article indicates a stagnation in future growth for telecommunications services due to a slowdown in 5G applications affecting both paid user growth and average revenue per user (ARPU) [1] - Goldman Sachs expresses a positive outlook on the shift of capital expenditure from traditional telecom networks to artificial intelligence (AI) computing infrastructure and new business expansions, although short-term growth in service and innovative businesses is expected to be under pressure [1] - The article highlights a positive view on the long-term revenue contribution from AI-related solutions and the growth of computing capital expenditure, but macroeconomic uncertainties may lead companies to prioritize quality projects, potentially impacting short-term growth [1] Group 2 - Goldman Sachs downgraded the investment ratings for China Telecom (00728) and China Unicom (00762) from "Buy" to "Neutral" due to stagnation in telecom service growth and the longer time required for innovative businesses to accelerate [1] - The target price for China Telecom was reduced from HKD 7.9 to HKD 6, while the target price for China Unicom was lowered from HKD 11.5 to HKD 8.8 [1] - The firm also revised down its earnings forecasts for both companies for the next two years by 6% to 7% [1]