Telecommunication Services

China Unicom

China Unicom Releases 2025 Annual Report, Emphasizes 5G-A Deployment and Revenue Growth

China Unicom Launches Digital Intelligence Employee Platform UniClaw

BOC International Cuts Profit Forecast for China Unicom But Maintains Buy Rating

China Unicom reports Q1 net profit of 2.137 billion yuan, down 18% year-over-year

China Unicom reports Q1 2026 revenue and profit decline but growth in computing and security business

China Unicom released FY2026 Q1 earnings during market hours on April 21 (BJT), with actual revenue of CNY 102.82 B and actual EPS of CNY 0.068 (forecast EPS was CNY 0.08)

China Unicom to Release FY2026 Q1 Earnings on April 22 During-Market (BJT)

Jefferies Analyst Maintains Buy Rating for China Unicom (Hong Kong)

Morningstar Downgrades China Unicom's Fair Value Estimate and Maintains 'No Economic Moat' Rating

CLSA cuts profit forecasts and target price for China Unicom

BOC International Downgrades China Unicom's Target Price But Maintains Buy Rating

China Unicom Estimates Capex at 50 Billion Yuan This Year with Over 35% on Computing Power

China Unicom Reports User Growth in the Regular Quarter

China Unicom's Full Year 2025 Revenue Grew by 0.7% to RMB 392.22 Billion

China Unicom released FY2025 Q4 earnings on March 19 During-Market (BJT), actual revenue CNY 99.24 B (forecast CNY 103.41 B), actual EPS CNY 0.0072

China Unicom released FY2025 earnings on March 19 During-Market (BJT), actual revenue CNY 392.22 B (forecast CNY 399.62 B), actual EPS CNY 0.292 (forecast CNY 0.3053)

China Unicom to Release FY2025 Earnings on March 20 During-Market (BJT), Forecast Revenue CNY 399.38 B, EPS CNY 0.3056

Huawei and China Unicom jointly launch the Universe ecosystem open platform

China Unicom Cloud Launches Full-scenario Deployment Solutions for Major Models Before the Spring Festival

Reform Structuring Fund Reduced Shares of China Unicom

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Citi's report highlights a significant shift among China's major telecom operators—China Telecom, China Mobile, and China Unicom—toward AI Token plans, moving from traditional billing to a utility-like AI subscription model. This transition could lead to a valuation re-rating as telecoms leverage their networks and data centers for AI applications. However, the success of this model hinges on user adoption and the competitiveness of their proprietary AI models.

AASTOCKS News

CHINA MOBILE

China Mobile

CHINA TELECOM

CHINA UNICOM

China Southern CSI Communication Service ETF

Harvest CNI Communication ETF

Guotai CSI All Share Communications Equipment ETF

ChinaAMC CSI 5G Communication ETF

Citigroup

Chagee

CITIGROUP INC 6.250 NON CUM SER II PFD WI

CN Mobile HK SDR 5to1

CHINA MOBILE-R

Citi: "Telecom Big Three" Shift Toward Foundational AI Infrastructure Suppliers, Ushering in Potential Valuation Re-rating

China's telecom giants, China Telecom, China Mobile, and China Unicom, are transitioning to the AI token economy by launching token-based service plans. This shift marks a departure from traditional pricing models, focusing on monetizing AI services and tokenized consumption. China Telecom has introduced various token packages, while China Mobile and China Unicom are developing regional partnerships and AI-driven offerings. The surge in token usage, from 100 billion to 140 trillion daily, highlights the industry's pivot towards token operations as a new growth strategy.

TechNode

TENCENT

Tencent

BABA-W

Alibaba

TENCENT-R

Tencent HK SDR 10to1

Tencent Holdings Limited

BABA-WR

Alibaba HK SDR 5to1

China’s three telecom giants race into the AI token economy

JPMorgan has rated the three major Chinese telecom stocks—CHINA MOBILE, CHINA TELECOM, and CHINA UNICOM—as Overweight, following a rise in H-share prices due to AI Token packages targeting SMEs and retail users. CHINA MOBILE is the top pick, while CHINA TELECOM is seen as a proxy for the AI Token theme, with expectations of significant revenue growth from its cloud business. The bank anticipates ARPU growth resuming in 2026 and earnings recovery in 2027, despite VAT adjustments impacting 2026.

JPMorgan Chase

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

JPM: CHINA TELECOM  Proxy for AI Token Theme; Three Major Telecoms Rated Overweight, CHINA MOBILE Top Pick

UBS reports that China Telecom, China Unicom, and China Mobile have launched Token packages for customers, enhancing AI adoption. China Telecom leads with nationwide rollout, while the others pilot regionally. This move is seen as a step towards standardizing AI consumption in China, potentially transforming Token usage into a subscription model. Despite muted stock performance, UBS views these packages as a new growth driver, assigning a 'Neutral' rating to the telecom stocks.

UBS Group AG

UBS: 3 Key CN Telecoms Launch Token Packages, Providing New Growth Drivers

China's telecom giants are introducing AI token plans to monetize the AI boom, moving away from traditional gigabyte billing. China Telecom launched nationwide token-based pricing packages for consumers and businesses, with prices ranging from 9.9 yuan for 10 million tokens to 299.9 yuan for 250 million tokens. Other carriers like China Unicom and China Mobile are also adopting similar strategies. The demand for AI tokens has surged, with over 140 trillion token calls recorded daily in March.

SCMP

KNOWLEDGE ATLAS

Forget cellular data: China’s telecoms giants are selling AI token plans

CHINA TELECOM has launched trial commercial Token plans starting from RMB9.9 per month for individual customers and RMB39.9 for developers. The plans offer integrated services including Token, connectivity, and security, supporting various applications like AI programming and content creation. Additionally, the company will introduce Tianyi Token Coin for customer rewards and expand Token benefits through partnerships with AI ecosystem partners.

CHINA TELECOM Unrolls Commercial Token Plans with Monthly Fee Starting from RMB9.9

China is enhancing its national computing network to support AI infrastructure as token usage surges, likening it to a public utility. Daily token calls exceeded 140 trillion in March, prompting telecoms to pivot from traditional revenue sources. The State Council plans to invest over 7 trillion yuan in this infrastructure, aiming to connect data centers and supercomputing facilities. Telecoms like Shanghai Telecom and Unicom are launching token-based AI services, offering packages that integrate AI tokens with existing services.

China ramps up building national computing power network as AI token use surges

In 1Q26, China's telecom service revenue fell by 1.8% year-on-year to RMB439.4 billion, according to the Ministry of Industry and Information Technology (MIIT). However, the total telecom business volume rose by 8.3% year-on-year when adjusted for constant prices. By the end of March, the total number of mobile subscribers reached 1.836 billion, with 5G subscribers accounting for 1.254 billion, representing 68.3% of the total and a net increase of 49.53 million from the previous year.

MIIT: 1Q26 Telecom Service Revenue Down 1.8% YoY; Total Telecom Business Volume Up 8.3% YoY

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The Ministry of Industry and Information Technology released data showing that as of the end of March, the total number of 5G base stations reached 4.958 million, a net increase of 120,000 compared to year-end, accounting for 38.2% of the total mobile base stations, with the proportion rising by 0.6 percentage points from year-end

Wallstreetcn

Yinhua CSI 5G Communication Theme ETF

CSOP CSI 5G

MIIT: Total Number of 5G Base Stations Reached 4.958 Million by End of March, Net Increase of 120,000 from Year-End

China Unicom A-Share: First quarter net profit of 2.137 billion yuan, down 18% year-on-year. Risk Warning and Disclaimer The market involves risks; invest with caution. This article does not constitute personal investment advice and has not considered the specific investment objectives, financial status, or needs of individual users. Users should consider whether any opinions, viewpoints, or conclusions in this article align with their specific circumstances. Investments made based on this content are at the user's own risk

China Unicom A-Share: First Quarter net profit of 2.137 billion yuan, down 18% year-on-year

China Unicom(600050.SH)