34 页报告， 概要：

Telco preference ladder: CM, CU (upgraded to Hold), CT – We forecast 3G subs of 107m at end-2011 (vs. 47m in 2010), raising 3G market penetration to 11% (from 6%). CM remains our top telco pick, closing its gap in 3G handsets and improving longer-term positioning via its early planned investment in 4G.
We upgrade CU to Hold. We expect CU will significantly increase marketing efforts and 3G subs targets in 2011 to capitalize on its technology advantage, with WCDMA, and revive its long-term potential in mobile Internet. CT remains a Hold due to fixed-line drag and reduced mobile momentum.