云业务收入占比高于阿里！AI基建不能忘了三大运营商，高盛全线上调目标价

Core Viewpoint - Goldman Sachs believes that the three major telecom operators in China are quietly becoming key beneficiaries of the AI wave, not only participating directly in cloud computing but also indirectly benefiting by providing infrastructure services to other cloud companies [2][3]. Group 1: Cloud Business and Profitability - The three major operators, China Mobile, China Telecom, and China Unicom, are benefiting from significant cost advantages in their cloud business compared to other cloud companies like Alibaba [6]. - Telecom operators have their own data centers (IDC) and do not rely on external IDC service providers, which lowers their cloud business costs [6]. - The bandwidth costs for telecom operators are significantly lower than those for other cloud companies, as they utilize their own network infrastructure [6][7]. Group 2: Government and Enterprise Opportunities - The state-owned nature of the three operators allows them to be the first to benefit from government initiatives like the "AI+" action plan, which encourages state-owned enterprises to accelerate AI development [8]. - Government-related clients account for approximately 30% of the telecom operators' cloud revenue, indicating a strong potential for growth as government agencies deploy AI solutions [8]. Group 3: Valuation and Market Performance - Despite stock price increases of 4%, 27%, and 36% for China Mobile, China Telecom, and China Unicom respectively this year, Goldman Sachs believes that current valuation levels do not fully reflect the potential of AI [9][10]. - The expected price-to-earnings ratios for the three operators in 2025 range from 12 to 17 times, while Alibaba's corresponding figures are higher, suggesting that telecom operators may be undervalued [10].