CSC Securities' research report on the telecommunications industry's third-quarter performance reveals that in Q3 2025, the telecom sector witnessed a year-on-year and quarter-on-quarter improvement in both revenue and net profit growth rates. Notably, the AI computing power segment demonstrated exceptional performance. Public funds and northbound capital (which refers to the investment from mainland China into the Hong Kong stock market) boosted their holdings in the telecom industry, with their market value proportions reaching 6.87% and 2.82%, respectively — both setting new records. Presently, the Shenwan Telecommunications PE-TTM (Price-to-Earnings Trailing Twelve Months) stands at 43.41, placing it at the 96.53rd percentile over the past five years and the 67.26th percentile over the past decade. Despite sector adjustments post-Q3 report releases, driven by expectation realization, CSC Securities maintains a bullish stance on the AI computing power segment, advocating for core enterprises within the North American and domestic computing power supply chains.