Deuttsche Bank--20090522-英文-19页-China s initial 3G
Discounting indeed broadening. Handset bottleneck emerging.
A week-long project of both on-line study and shop visitation leads us to shift
outward our anticipated subscriber surge for CT and CU, while we see incremental
improvement in CM's pursuit of 3m TD subscribers. Cautious industry view
maintained. CM preferred.