中国电信运营商-资本开支转向算力基础设施，支撑 AI 与云增长；股息支付稳步提升-China Telcos_ Capex shift to computing infrastructure to support AI_ Cloud growth; dividend payout to steadily increase

1 December 2025 | 4:32PM HKT Equity Research China Telcos: Capex shift to computing infrastructure to support AI/ Cloud growth; dividend payout to steadily increase We review 10 key metrics of China telcos in this report: (1) capex spending, (2) Dividend, (3) Subscribers, (4) CCC days, (5) FCF margin, (6) ARPU, (7) EBITDA margin, (8) Synergy from new business (cloud/ digitalization), (9) IDC business, and (10) Valuation. Overall, despite the soft revenue growth of traditional telecom businesses, we see Chin ...