According to CICC's research report, the telecommunications services sector is poised to offer attractive valuations by 2025 amidst a low-interest rate environment. The market's focus has shifted from revenue to the sector's cash flow and profitability. As 5G technology embarks on its maturity phase, capital expenditures are anticipated to decline, bolstering robust free cash flow performance, while cost control measures will uphold stable profits. Within the tower business segment, free cash flow substantially surpasses dividends, hinting at substantial potential for dividend hikes. Once depreciation on existing towers concludes, profits will be unleashed. For the data center sector, CICC anticipates room for valuation improvement. With cloud vendors' capital expenditures rebounding, data center performance is forecast to recover by 2025. Swift delivery engineering capabilities, reliable power supply, and strategic location will emerge as key competitive advantages.