--- title: "《大行》野村上調三大中資電訊股目標價 升聯通評級至「買入」" description: "野村上調三大中資電訊股目標價，並將聯通評級升至「買入」。報告指出，內地電訊業首季增長放緩，服務收入同比增長 0.7%。中移動、中電信及聯通分別增長 1.4%、0.3% 及 2.1%。儘管核心業務受壓，但 IDC 等新興業務保持健康增長。預計 2025 財政年度資本支出將持續下降，以維持現金流及股息上揚。" type: "news" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/243631576.md" published_at: "2025-06-09T03:50:50.000Z" --- # 《大行》野村上調三大中資電訊股目標價 升聯通評級至「買入」 > 野村上調三大中資電訊股目標價，並將聯通評級升至「買入」。報告指出，內地電訊業首季增長放緩，服務收入同比增長 0.7%。中移動、中電信及聯通分別增長 1.4%、0.3% 及 2.1%。儘管核心業務受壓，但 IDC 等新興業務保持健康增長。預計 2025 財政年度資本支出將持續下降，以維持現金流及股息上揚。 野村發表報告指，內地電訊業首季增長放緩，服務收入按年增長 0.7%，今年首四個月則按年增長 1%，中移動 (00941.HK)、中電信 (00728.HK) 及聯通 (00762.HK) 分別按年增長 1.4%、0.3% 及 2.1%。 野村認為，核心業務包括流動及寬頻繼續受壓，原因是消費市場飽和及競爭日趨激烈。由於 DeepSeek 的 LLM 和其他 Gen AI 應用速 AI 雲端應用，IDC 等新興業務保持健康增長。 中電信首季 IDC 收入達 95 億元人民幣 (下同)，按年增長 10.4%，而中聯通同期 IDC 收入按年增長 8.8% 至 72 億元。展望 2025 財政年度，該行料資本支出持續下降，以維持現金流及股息上揚。同時升聯通 H 股評級至「買入」，並上調三大中資電訊股目標價，詳見另表。 ### Related Stocks - [00762.HK - 中國聯通](https://longbridge.com/zh-HK/quote/00762.HK.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | China Mobile tax pain points to bigger risks | China Mobile's recent announcement of increased value-added tax (VAT) from 6% to 9% on some services signals potential r | [Link](https://longbridge.com/zh-HK/news/275258676.md) | | As the federal surge draws down, Minneapolis’ Muslim community is hopeful Ramadan will inspire its road to recovery | As Ramadan approaches, Basim Sabri, owner of Karmel Mall in Minneapolis, is determined to host the annual iftar feast fo | [Link](https://longbridge.com/zh-HK/news/276127253.md) | | Zero fintech group says unit loans HK$103 million to individual | Zero fintech group says unit loans HK$103 million to individual | [Link](https://longbridge.com/zh-HK/news/276050470.md) | | EXCLUSIVE-White House uses USAID funds for budget director Vought's security, documents show | The White House is using $15 million from USAID funds to cover the security detail of Russell Vought, the budget chief, | [Link](https://longbridge.com/zh-HK/news/275888708.md) | | 09:50 ET60% of Prospective Grad Students Unaware of the Upcoming Federal Student Loan Changes, New College Ave Survey Finds | A recent College Ave survey reveals that 60% of prospective graduate students are unaware of significant upcoming change | [Link](https://longbridge.com/zh-HK/news/276138760.md) | --- > **免責聲明**：本文內容僅供參考，不構成任何投資建議。