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大行評級|瑞銀:中資電訊股爲AI資本支出和需求激增受益者 中國電信最受惠
格隆匯 02-24 15:07

瑞銀報告指,阿里巴巴早前公佈業績,指引未來三年資本開支將超逾過去十年總和,意味每年資本開支約1000億元,較對上一年增逾倍。報告指,受惠於網絡資源,電訊公司爲超大規模雲及互聯網公司的主要數據中心供應商。該行相信電訊公司互聯網數據中心收入,包括對超大規模企業頻寬銷售,或租予外間客戶。在DeepSeek公佈模型,顯著減少推理成本及可於私人雲部署下,相信電訊公司雲客戶,尤其是國企及政府機構,或加快應用人工智能。

該行表示,在三大中資電訊商中,中國電信在雲及數據中心有最高的服務收入敞口,佔20%,中國移動及聯通爲12%至13%。該行認爲電訊股資本開支上升風險可控,當中中移動5G資本開支組合最高,相信其資本開支或自由現金流在人工智能資本開支增長下最具防守性。

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