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<P>南华证券中国电信(728)研究报告070111<o:p></o:p></P>
<P><B><FONT face="Times New Roman">pdf </FONT></B><B>英文</B><B><FONT face="Times New Roman"> </FONT></B><B>共</B><B><FONT face="Times New Roman">4</FONT></B><B>页</B><B><o:p></o:p></B></P>
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<P><FONT face=Tahoma><B>Re-rated ahead of 3G</B><B> </B><o:p></o:p></FONT></P>
<P> <FONT face=Tahoma>• Recent share price rally indicates market re-rating ahead of 3G <o:p></o:p></FONT></P>
<P> <FONT face=Tahoma>• 3G will be a future growth driver but short-term uncertainties exist <o:p></o:p></FONT></P>
<P> <FONT face=Tahoma>• Less financial and execution risks with China Telecom than China Netcom <o:p></o:p></FONT></P>
<P> <FONT face=Tahoma>• Mobile substitution continued to slow subscriber growth in 2H06 <o:p></o:p></FONT></P>
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[此贴子已经被vbbill于2007-1-14 16:16:45编辑过]