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<Research>JPM: CHINA TELECOM Is Proxy for AI Token Theme; 3 Key Telecoms Rated Overweight; CHINA MOBILE Top Pick
The three major Chinese telecom stocks saw their H-share prices escalate yesterday (18th) after launching AI Token packages targeting SMEs and retail users, reflecting investors...
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<Research>JPM: CHINA TELECOM Is Proxy for AI Token Theme; 3 Key Telecoms Rated Overweight; CHINA MOBILE Top Pick
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The three major Chinese telecom stocks saw their H-share prices escalate yesterday (18th) after launching AI Token packages targeting SMEs and retail users, reflecting investors' optimism that telecom operators will become "bricks-and-mortar" beneficiaries of AI monetization, JP Morgan said in its report.

The broker upheld its positive view on CHINA MOBILE (00941.HK)  -0.550 (-0.639%)    Short selling $334.82M; Ratio 20.438%   , CHINA TELECOM (00728.HK)  -0.080 (-1.463%)    Short selling $36.08M; Ratio 9.540%   and CHINA UNICOM (00762.HK)  +0.090 (+1.149%)    Short selling $37.78M; Ratio 18.544%   , assigning all three an Overweight rating. It believed AI monetization and improving competition dynamics in telecom services are expected to drive ARPU growth to resume from 2026 and earnings growth to recover from 2027, while 2026 will be impacted by VAT adjustment.

Related News UBS: Three Major Telecoms Launch Token Packages, Providing New Growth Drivers
Among the three telecoms, JP Morgan's top H-share pick remained CHINA MOBILE, followed by CHINA TELECOM and CHINA UNICOM. The broker said CHINA TELECOM serves as a proxy for the AI Token theme and is best positioned to benefit from positive sentiment surrounding China's AI Token theme and the launch of DeepSeek V4, as its cloud business revenue is expected to make up of 25% of service revenue in 2025, above 12% for CHINA MOBILE and 21% for CHINA UNICOM. CHINA TELECOM's Token packages have begun pilot commercialization, targeting individual/ household users, developers and SMEs, integrating its proprietary Xingchen large model, Zhipu GLM5 and other mainstream domestic models.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-22 16:25.)

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