UBS research report, citing data from the Ministry of Industry and Information Technology (MIIT) of China, said that the service revenue of China's telecom industry grew by 1.3% YoY in 2Q25, slightly faster than the 0.7% growth in 1Q25, but still below the 3.2% in 2024, mainly due to macro headwinds. Authorities continued to emphasize that the Chinese central SOEs should focus on shareholder returns and investment return rates. The broker expected that telecom operators will shift their focus to cost efficiency and net profit growth rather than revenue expansion, considering the telecom industry's valuation attractive, with dividend yields for Chinese telecoms expected to range between 6% and 7% in 2026. Related NewsHSBC Research Expects Rev. Growth Acceleration in CN Telecom Industry in 2Q; CHINA MOBILE Top PickUBS raised the target prices for CHINA TELECOM (00728.HK) +0.070 (+1.157%) Short selling $24.55M; Ratio 4.749% and CHINA UNICOM (00762.HK) -0.130 (-1.332%) Short selling $120.42M; Ratio 21.076% from HK$6.6 and HK$10.5 to HK$6.8 and HK$10.8, while maintaining the target prices for CHINA MOBILE (00941.HK) -0.200 (-0.232%) Short selling $179.06M; Ratio 17.175% and CHINA TOWER (00788.HK) -0.060 (-0.545%) Short selling $14.84M; Ratio 6.850% at HK$101 and HK$15, respectively, all with a Buy rating. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-01 16:25.)