On December 31, China International Capital Corporation (CICC) issued a research report detailing the prospects for the telecommunications services and data center sectors in 2025. The report highlights that amidst a low-interest-rate environment, the telecommunications services sector presents an attractive valuation. Currently, the market is focusing more on the sector's cash flow and profitability rather than revenue metrics. As 5G transitions into its return phase, capital expenditures are anticipated to decrease, bolstering free cash flow performance, while effective cost control will further stabilize profits. Regarding the tower business, free cash flow significantly surpasses dividend payouts, pointing to substantial potential for dividend hikes. Additionally, profits are poised to materialize following the completion of depreciation on existing towers. In the data center sector, CICC believes there is ample room for valuation enhancement. With the resurgence of cloud vendor capital expenditures, the report forecasts a recovery in data center performance by 2025. Rapid deployment capabilities, reliable power supply, and strategic location compatibility are projected to emerge as the core competitive advantages for data centers.