中银国际：重申中国移动 “买入” 评级 AI/云端 IaaS 需求增长将推动盈利

Bank of China International published a report stating that the increase in operating expenses due to the development of new AI cloud products and talent recruitment has led to an erosion of EBITDA and profit margins. However, China Mobile's profit in the third quarter still grew by 1.4% year-on-year. The bank expects that the demand for AI computing power from fully autonomous IP and hardware/software cloud services will thrive, driving telecom operators' profits for the remainder of 2025 and beyond. Bank of China International reiterated its "Buy" rating on China Mobile, with a target price of HKD 103.2. The bank's preference ranking for telecom operators remains unchanged, with China Telecom, China Mobile, and finally Unicom