A recent research report by CICC reveals that the combined capital expenditure of China's three major telecom operators totaled RMB 318.9 billion in 2024, marking a 9.7% year-over-year decrease. Projections indicate that this expenditure will continue to fall, reaching an estimated RMB 288.9 billion in 2025, a further decline of 9.1%. From a structural perspective, operators are allocating more resources towards computing power networks, with China Mobile, China Telecom, and China Unicom witnessing growth rates of 0.5%, 22%, and 28% respectively in their computing power investments. Simultaneously, traditional mobile and fixed network infrastructure is transitioning towards high-quality development, and anticipated upgrades to 5G-Advanced (5G-A), 400G Optical Transport Network (OTN), and 50G Passive Optical Network (PON) are poised to fuel additional network investments.