CICC(601995) 证券时报网·2024-12-31 01:11Group 1 - The core viewpoint is that the 5G sector is entering a phase of investment returns, with attractive valuations for telecom service stocks in a low-interest-rate environment [1] - Since the commercial launch of 5G in China in 2019, operators' capital expenditures are stabilizing and slightly decreasing, which supports free cash flow performance [1] - The external environment and the mid-to-late stage of technological iterations have led to a weakening of ARPU growth from 4G to 5G, while operators are focusing on quality control for toB projects, resulting in a normal slowdown in revenue growth [1] Group 2 - Telecom operators are expected to provide stable dividend returns, with technological transformation offering long-term growth momentum [3] - Tower business capital expenditures are stable, and there is a significant potential for increased dividends, especially as existing tower depreciation ends in Q4 2025, which may lead to substantial profit increases and enhanced shareholder returns [2][4]