Bear Stearns：中国电信服务及设备行业研究报告

BEAR, STEARNS & CO., INC. - CHINA TELECOM SERVICES AND EQUIPMENT - OFF-ROAD WIRELESS

MARCH 2, 2007，66 pages， 英文

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Executive Summary .............................................................................................................................4

Wireless Pricing Stronger Overall, but CDMA Breaking Away.............................................................9

GSM Pricing Rebounds, CDMA Pricing Drops....................................................................................10

Handset Survey: Trends Continue to Favor Major Players...................................................................22

Handset Pricing Analysis ......................................................................................................................23

China’s Handset Market: Forecasts and Driving Assumptions.............................................................30

Chinese Vendors: Fading to Black? .................................... ................................................................33

Foreign Vendors: Market Share Consolidation Continues ……………………………………….......35

City Notes…..........................................................................................................................................39

Companies ..................................................................................................................................... .......49

China Mobile: 3G Pushout: Delaying the Inevitable…….....................................................................50

China Unicom: CDMA Redux: One Step Forward Two Steps Back....................................................54

China Telecom Corp.: 3G Reality versus 3G Sentiment.......................................................................58