From October 20-22 along the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference returns once again. Nobel and Turing Award winners will take the stage to discuss the future and trends of technology, and the internet-famous professors who "rescue" people from anxiety and the era of involution — Macfarlane and Xiang Biao — will hold a live dialogue!
Limited spots available, first come first served. Let us journey together toward a sustainable future! [Click to register] Article by Wang Liulu, Sina Finance Hong Kong Bureau
Citi noted in a research report that in the third quarter of 2026, revenue for China's telecommunications sector may continue to face pressure. From the perspective of investment value, Citi believes H-share valuations are highly attractive, with an average dividend yield of around 7%. The bank maintains a "Buy" rating on China Mobile (941.HK), China Telecom (728.HK) and China Unicom (762.HK).
Regarding price targets, Citi raised its target price for China Mobile by 5.1%, from HK$97 to HK$102, while significantly raising its target price for China Unicom by 18.6%, from HK$7 to HK$8.3; China Telecom's target price was maintained unchanged at HK$5.7.
The report stated that in the first eight months of this year, industry revenue declined 2.2% year-on-year, which was mainly due to a base reset brought about by value-added tax (VAT) policy adjustments, and did not represent an equivalent deterioration in underlying demand. Citi believes this slowdown expectation has already been fully digested in market valuations, and market funds are refocusing on the monetization capability of AI infrastructure and strong dividend returns.
Although the three major operators have generally tightened overall capital expenditure, more than one-third of investment in 2026 will be tilted toward computing infrastructure. The bank expects that by 2028, the total data center capacity of the three major operators will double from 8.7 gigawatts (GW) in 2024 to 17.5 gigawatts.
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