Investment Rating - The report maintains a positive investment rating for the telecommunications industry, highlighting the robust performance of major operators [3]. Core Insights - The telecommunications operators in 2024 demonstrated steady revenue growth and enhanced profitability, with net profit growth outpacing revenue growth. China Mobile, China Unicom, and China Telecom achieved revenues of CNY 10,407.59 billion (+3.12%), CNY 3,895.89 billion (+4.56%), and CNY 5,235.69 billion (+3.10%) respectively, with net profits of CNY 1,383.73 billion (+5.01%), CNY 90.3 billion (+10.49%), and CNY 330.12 billion (+8.43%) [1][7][9]. Summary by Sections Section 1: Revenue and Profitability - The operators maintained a relatively stable growth trajectory in 2024, with net profit growth consistently exceeding revenue growth. The overall performance aligns with market expectations, showcasing resilience amid macroeconomic fluctuations [7][9]. Section 2: CAPEX Trends - Capital expenditures (CAPEX) for the operators are shifting towards computing power, with total CAPEX for 2024 being CNY 1,640 billion (-9.0%) for China Mobile, CNY 614 billion (-17.0%) for China Unicom, and CNY 935 billion (-5.4%) for China Telecom. The CAPEX as a percentage of total revenue stands at 15.8%, 15.8%, and 17.9% respectively [1][24][30]. Section 3: Cloud Business Growth - The cloud business is experiencing significant growth, with revenues reaching CNY 1,139 billion (+17.1%) for Tianyi Cloud, CNY 1,004 billion (+20.4%) for Mobile Cloud, and CNY 686 billion (+17.1%) for Unicom Cloud. The cloud business contributes significantly to the operators' second curve revenue, accounting for 64.57% of their total second curve income [2][44][45]. Section 4: Investment Recommendations - The report suggests a focus on the operators' strong performance and potential for continued growth, particularly in the context of their computing power infrastructure and cloud services. It recommends attention to China Mobile (A+H), China Telecom (A+H), and China Unicom (A+H) for long-term investment [5][60].