中国电信-一站式定制化云服务聚焦优质项目；自由现金流增长支撑股息发放；给予 “买入” 评级

We expect China Telecom to deliver steady FCF growth to support its dividend payout ratio, driven by improving margins and disciplined capex spending with a shifting focus towards computing infrastructure. The company's revenues were down 1% YoY to Rmb125.5bn in 3Q25 (vs. 2Q25 at 3% YoY), with continuous expansion of intelligent business, offset by muted growth of traditional 5G network business. We remain positive on China Telecom's integrated services to cover computing power, platform, data, AI model and ...