Core Viewpoint - Goldman Sachs believes that despite the weak revenue growth in traditional telecommunications, Chinese telecom companies can drive consumption by offering more value-added services, particularly in areas such as data centers, computing power, and AI solutions, positioning them as major beneficiaries of AI development [1] Group 1: Financial Metrics and Performance - Goldman Sachs analyzed ten key indicators including capital expenditure, dividends, user numbers, cash cycle, free cash flow margin, average revenue per user (ARPU), EBITDA margin, new business synergies, internet data center performance, and valuation [1] - The report indicates that capital expenditure budgets of major telecom companies are shifting towards computing infrastructure to capitalize on the growing demand for AI in China [1] Group 2: Investment Outlook - Goldman Sachs maintains a "Buy" rating for China Mobile (00941), China Unicom (00762), and China Telecom (00728), expecting an increase in the contribution from new businesses and a steady rise in dividend payout ratios, which will provide ongoing returns for investors [1]