中国三大电信运营商仍身处数据资费的激烈竞争之中，严格的资费监管也将对盈利构成压力，我们谨慎看待短期盈利增长前景。我们恢复对三大电信运营商的评级，并分析了我们所认为的以下行业四大催化剂。

PM Summary 1

5G is coming and will be different than 4G 6

China telco capex to turn positive in 2019 7

Financials: Decelerating growth and steady EBITDA margin 11

Valuation: Factoring in ROE and cash dividends 14

M&A framework 18

China Mobile (0941.HK): 5G and cash dividend expected to drive share price; reinstate at Buy 20

China Mobile Financials 21

China Telecom (0728.HK): ARPU under pressure; reinstate at Neutral 24

China Telecom Financials 25

China Unicom (0762.HK/600050.SS): Consensus optimistic on share incentive plan; reinstate at Neutral 28

China Unicom Financials 29

Appendix 32

信息披露附录33