Quick Note - China telecoms - NIFA takeaways – China Mobile and China Telecom

研报英文原文证据摘录

Quick Note - China telecoms - NIFA takeaways – China Mobile and China Telecom

Global Markets Research

5 June 2026China telecoms

EQUITY: TELECOMS

NIFA takeaways – China Mobile and China Telecom Research Analysts

China Telecoms

Bing Duan - NIHKQuick Note bing.duan1@nomura.com

+852 2252 2141ThemanagementteamsofChinaMobileandChinaTelecomattendedtheNomura

InvestorForumAsia(NIFA)2026.Thefollowingareourkeytakeaways. Ethan Zhang - NIHK

ethan.zhang@nomura.com

China Mobile (CM): Launched trial AI token packages in some provincial regions; +852 2252 2157

mobile cloud revenue to sustain robust growth; stable-to-rising dividend payout

ratio in FY26E

• AI token packages were launched in some provincial regions, such as Beijing,

Jiangsu, Guangdong and Shanghai, as part of the company’s trial packages.

• The competitive advantages of CM in the AI token market include its solid network

infrastructure, SOE background, and sales channel network across the nation.

• Cloud revenue should maintain the solid growth trajectory in 2026, partly owing to the

AI and computing power demand.

• Capex guidance for 2026E is CNY136.6bn, -9.5% y-y, of which CNY37.8bn is for

computing network (including AIDC and cloud infra); CNY8.9bn for AI network

(Agents, big data, LLM platform). The capex should still be on a declining trend next

year, while the portion of computing and AI will increase, according to management.

• Capex for fixed broadband network was CNY8.6bn in 2025, and is likely to reach

CNY5.2bn for 2026E. Management thinks the peak investment cycle for broadband

and mobile network is over.

• In terms of VAT impact, management expects this will continue but should not be

meaningfully back-end loaded.

• The company maintains stable-to-rising payout ratio, according to management.