机构：中银国际 研究员：Michael MENG EBIT declined 1% YoY for the quarter to RMB32.1bn as a result of the 2.1% YoYsavings from depreciation and amortisation which offset the 4.6% YoY increasein operating expenses. Key Risks for Rating 3Q earnings increased 1.4% YoY despite EBITDA and margin erosiondue to rising OPEX from new product development and talentrecruitment for AI Cloud in our view. We expect booming demand forAI calculating power for cloud service with full domestic IP andhardware/software will drive telco ea ...