From 'Data Traffic Fees' to 'Token Fees': Which of the Big Three Telecom Operators is the Biggest AI Winner?

The share prices of the three major telecom operators surged collectively for two consecutive days, as the intensive implementation of Token packages is reshaping the market's valuation logic for this sector — the narrative of the telecommunications industry transitioning from a traffic economy to a Token economy is being rapidly priced in by the capital markets. In terms of market performance, on May 18, China Telecom's A-shares once rose more than 7% during intraday trading, hitting the upper limit at its peak, and closed with a significant increase of 7.74%; China Unicom rose over 5.5%, and China Mobile increased by 2.43%. Entering May 19, the three major operators continued their upward trend, with China Telecom's shares rising over 8% again, while both China Unicom and China Mobile rose more than 2%. The H-share market also responded accordingly.

wallstreetcnMay 19 15:51

CITIC Securities: Token factories and operators are driving a revaluation of the industrial chain, with leading computing power leasing providers exhibiting pronounced strategic positioning advantages.

CITIC Securities published a research report stating that Token factories are being progressively implemented, and Token services are becoming standardized.

Zhitong Finance08:22

Citi: 'Telecom Triumvirate' Transitioning Toward Foundational AI Infrastructure Suppliers, Paving the Way for Potential Valuation Re-rating

Citi published a report noting that China Telecom (00728.HK), China Mobile (00941.HK), and China Unicom (00762.HK) have recently launched AI token packages. The bank views this industry development as marking a significant shift in the business models of mainland Chinese telecom operators. These operators are actively transitioning from traditional mobile data billing toward standardized, utility-like AI subscription models. Citi stated that telecom operators can leverage their extensive, deeply entrenched nationwide networks to expand AI applications beyond large hyperscale cloud service providers to directly reach small and medium-sized enterprises and retail consumers.

AASTOCKS57minutes ago

Express News | China's Three Major Telecom Operators Launch Token Packages, Delivering Dual Benefits for Consumers and Industry

BreakingsMay 19 19:54

Fund Flows | Southbound capital aggressively bought Alibaba shares worth over HK$1.1 billion, and has added to its Tencent position for four consecutive days.

Track the latest developments of southbound capital flows.

Gelonghui FinanceMay 19 19:45

Zhito HK Connect Active Trading | May 19

Stock Connect Active Trading | May 19, 2026

Zhitong FinanceMay 19 19:00