Analysts are optimistic about the potential for AI monetization in the telecom sector, particularly after the launch of AI Token packages aimed at SMEs and retail users. JP Morgan maintains an Overweight rating on CHINA MOBILE, CHINA TELECOM, and CHINA UNICOM, anticipating that ARPU growth will resume by 2026 and earnings growth will recover by 2027, despite a VAT adjustment impacting 2026. CHINA TELECOM is highlighted as the best positioned to benefit from the AI Token theme.