智通财经网·2026-01-08 09:41Group 1 - The core viewpoint of the article is that Goldman Sachs has a positive outlook on the shift of capital expenditure from traditional telecom networks to AI computing infrastructure and new business expansions in Chinese telecom companies, but notes that short-term growth in service and innovative businesses is under pressure [2][3] Group 2 - In terms of telecom services, future growth is expected to stagnate due to the slowdown in 5G applications affecting both paying users and average revenue per user (ARPU) growth, although there is a positive outlook on value-added services [3] - The expansion of ARPU is believed to depend on breakthroughs in AI applications and functionalities to drive user traffic [3] - For innovative businesses, there is a long-term positive view on the revenue contribution from AI-related solutions and growth in computing capital expenditure, but macroeconomic uncertainties may lead enterprises to prioritize quality projects, potentially impacting short-term growth [3] Group 3 - Goldman Sachs has 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 need for a longer time frame for innovative business acceleration [3] - The target price for China Telecom has been reduced from HKD 7.9 to HKD 6, while the target price for China Unicom has been lowered from HKD 11.5 to HKD 8.8 [3] - The firm has also cut its earnings forecasts for both companies for the next two years by 6% to 7% [3]