China Unicom: Maintain "overweight" rating

The company released December 2010 operating data, 3G new users up to 1.284 million, in the first two months after the consolidation, and then innovative high, 3G total number of users accumulated up to 14.06 million households.　　3G new users this month in line with our previous expectations, the gradual improvement of sales channels and 3G tariff adjustment so that unicom WCDMA more attractive users, we believe that the future of the company's new monthly number of 3G users are expected to continue to increase steadily, and is expected to reach 1.5 million at the end of the quarter. China Unicom Group in early January to purchase 7 cost-effective WCDMA terminals, the total reached about 5 million, the batch of 3G mobile phones will be listed on January 15, 2011.　　With this batch of cost-effective terminals listed, plus the package subsidy sales strategy, 3G entry threshold will be further reduced, is expected to increase the speed of 3G new users. We believe that the number of new users in 3G this month to go to the next level, indicating that users of China Unicom 3G recognition. The company's investment value will be gradually reflected with the growth of 3G users, we forecast the company 2010-2011-year earnings per share of 0.06 yuan and 0.14 yuan, to maintain the "overweight" rating. (Everbright Securities)