港股三大電信運營商股走強 中國電信(0728.HK)漲超5%
格隆匯1月4日丨港股三大電信運營商股明顯走強,其中,中國電信一度漲超5%,中國移動漲超2%,中國聯通漲近2%。需要注意的是,中國移動將於明日在上交所上市,此次上市最高融資560億元,成為A股史上第五大IPO。對於電信運營商行業,中信證券最新研報表示,運營商龍頭是兼具科技與消費屬性的優質核心資產,5G時代增長邏輯重構,極具配置價值。在收入端,行業的“提速降費”政策吿一段落,進入“高質量發展”的十四五階段,ARPU值有望合理回升。在成本端,5G投資回報週期拉長、疊加共建共享,預計運營商的資本開支不會急劇增長。並且,運營商的雲計算、IDC、物聯網等新興業務有望持續快速拓展,將帶來新的增長動能和價值重估機會。我們看好運營商龍頭的ROE和分紅提升,而當前估值處於底部區域,長期配置價值凸顯。

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