Core Viewpoint - The report from Nomura indicates that the telecommunications industry in mainland China is expected to show weak performance by 2025, with service revenue growth slowing from 3.2% to 0.7% year-on-year, primarily due to market saturation, slowing growth in emerging businesses, intensified competition, and a weak macroeconomic environment [1] Industry Summary - The mobile user penetration rate has reached 130%, which is 22.5 percentage points higher than the global average of 107.5% [1] - Competition among the three major telecom operators is becoming increasingly fierce, presenting challenges for the industry outlook this year [1] Company Summary - The target price for China Mobile has been reduced from HKD 106 to HKD 96, while maintaining a "Buy" rating [1] - The target price for China Telecom has been lowered from HKD 7.2 to HKD 5.5 [1] - The target price for China Unicom has been decreased from HKD 11.7 to HKD 8, with the rating downgraded to "Neutral" [1]
大行评级丨野村：下调三大电信运营商港股目标价，今年展望具挑战性
Ge Long Hui·2026-02-12 05:33