1 December 2025 | 7:32PM HKT Equity Research China Unicom (0762.HK): Rising AI Capex with wide IDC coverage; Integrated telecom users in expansion; Buy We view China Unicom as one of the key beneficiaries of the rising AI trend in China, supported by continuous Capex spending on AI computing infrastructure and its wide coverage of IDC cabinets across China. The company's 3Q25 revenues remained flattish at Rmb92.8bn (vs. -1% YoY in 2Q25), and Unicom Cloud delivered double digit YoY growth in 3Q25. Despite mu ...