Citi: Maintains positive view on three major Chinese telecommunication stocks, top pick is China Mobile.

JPMorgan Chase released a report stating that the stock prices of the three major Chinese telecommunications companies rose yesterday due to the launch of AI Token packages targeting small and medium enterprises and retail customers, reflecting investors' optimism about telecom operators benefiting from AI monetization as a tangible economy. The bank maintains a positive outlook on China Mobile, China Telecom, and China Unicom, all rated as "overweight". The bank believes that improvements in AI monetization and telecommunications services will drive ARPU to resume growth from 2026 and profit to recover growth from 2027, with the exception of the impact of value-added tax adjustments in 2026. Among the three major telecommunications companies, JPMorgan Chase's top choice for H-shares remains China Mobile, followed by China Telecom and China Unicom.