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<Research>UBS: 3 Key CN Telecoms Launch Token Packages, Providing New Growth Drivers
Recommend 15 Positive 24 Negative 17 |
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CHINA TELECOM (00728.HK), CHINA UNICOM (00762.HK) and CHINA MOBILE (00941.HK) have recently launched Token packages, offering individual and enterprise customers access to multiple mainstream LLMs, UBS said in its report. Among them, CHINA TELECOM has made the fastest progress with the rollout of nationwide Token packages, while CHINA UNICOM and CHINA MOBILE are gradually introducing the services through regional pilots and provincial cloud platforms. The report noted that Chinese telecom operators had already announced plans to expand Token services at their March results briefings. The broker believed the launch of Token packages marks a pivotal step toward standardizing AI consumption in China and is expected to further accelerate Token usage growth. Leveraging their nationwide customer base and extensive distribution networks, telecom operators can expand AI adoption from hyperscale cloud providers and large enterprises to small and medium-sized enterprises as well as individual users. Year to date, telecom stocks have been muted, owing to limited organic business growth and the negative impact of higher VAT on traditional telecom services. The broker viewed Token packages as a new growth driver. If telecom operators achieve accelerated recovery in revenue and net profit and are increasingly regarded by the market as AI infrastructure plays, this could bring re-rating opportunities. UBS assigned a Neutral rating to the three major Chinese telecoms. Auto-translated by AI This article was automatically translated by AI, the original language version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. More Details
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