【出版时间及名称】：2010年2月中国电信行业研究报告
        【作者】：野村证券
        【文件格式】：pdf
        【页数】：46
        【目录或简介】：
Contents
Key themes for the next six months 3
Our views on China telecom operators 3
Investment conclusion 4
Why do we prefer China Telecom? 5
Battlefield: Tariffs → handset subsidies 7
What is the Chinese telecom operators’ latest stance towards handset subsidies? 8
Will China Mobile change its stance towards handset subsidies with the launch of
OPhone? 10
Sensitivity analysis of handset subsidies on EBITDA margin 11
Last miles become much more important 13
Network quality is one vital determinant for brand image 13
Implications of network quality as determinant for brand image 15
Latest company views
China Mobile Limited 17
China Telecom 23
China Unicom 29
Appendices
Appendix I: Shareholding structure of Chinese telcos 35
Appendix II: Mobile penetration in China 36
Appendix III: Key publications 37
Appendix IV: Nomura’s Asia telco coverage 38