$CHINA UNICOM(00762.HK)1. Weak growth in traditional businesses and fierce "price wars": Growth in individual mobile and fixed-line subscribers has basically peaked. In the competition for market share among the three major telecom operators, price concessions are often required to maintain market share, putting pressure on revenue.

2. The innovative business segment is still small and faces strong competition: Although the industrial internet (cloud computing, big data) revenue is growing rapidly, its base is much smaller than traditional businesses. It also faces dual pressure from telecom peers and top tech companies, making it difficult to quickly become a profit pillar.

3. As a state-owned enterprise with high dividends, its valuation flexibility is at a disadvantage when the market is optimistic: When macroeconomic expectations shift and market risk appetite increases, capital may favor growth assets more, leading to relatively weaker stock performance.