The three major Chinese telecom operators charted an overall net profit increment of about 5% YoY in 1H25, JPMorgan said in its research report. This growth was mainly underpinned by cost optimization. All three key operators uplifted their dividend payout ratios YoY for 1H25, demonstrating their commitment to enhancing shareholder returns.JPMorgan estimated that the dividend yield of H shares for the three telecom operators remains at an attractive level of 5-6%, with CHINA MOBILE (00941.HK) +0.400 (+0.447%) Short selling $169.38M; Ratio 9.294% being the highest at 6%. The report also took note that the annual growth rate of cloud revenue for the three telecom operators evidently slowed from 17-35% in 2024 to 5-10% in 1H25. This was attributable to the expanded market share of internet companies and the reduced digitalization demand from SOEs. Related NewsG Sachs: CHINA TELECOM (00728.HK) 2Q EBITDA & NP Beat; TP Lifted to $7.2The broker maintained a positive outlook on CHINA MOBILE, CHINA TELECOM (00728.HK) -0.090 (-1.435%) Short selling $12.73M; Ratio 4.410% , and CHINA UNICOM (00762.HK) +0.040 (+0.386%) Short selling $83.10M; Ratio 22.774% , assigning an Overweight rating to all, upbeat about their strong dividend yields, profit growth, and potential upward space for cloud revenue. JPMorgan continued to list CHINA TELECOM as its top pick given its highest proportion of cloud business and most resilient traditional mobile/ broadband service. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-08-22 16:25.)