China Telecom's net profit attributable to shareholders in 2024 stands at 33.012 billion yuan, marking an 8.4% year-on-year growth. The company has witnessed a steady expansion in its core business, with user value remaining steadfast. China Telecom is actively venturing into new territories, including quantum secure messaging and direct satellite connectivity for mobile devices, while also introducing self-developed AI mobile phones and smart terminals. Furthermore, it has significantly strengthened its intelligent computing capabilities, achieving a computing power of 62 EFLOPS, positioning it at the forefront of the industry. This dual momentum from both its foundational business and industry digital endeavors has led to increased shareholder returns, decreased capital expenditures, and optimized cash flow. Additionally, the support from DeepSeek has propelled the development of its cloud computing business. Based on these factors, Zhongyuan Securities maintains a 'Buy' rating for China Telecom.