高盛在慕尼黑举办第15届德国企业大会，与德国电信、United Internet（UTDI）、1&1、Ionos、Freenet等电信运营商进行交流，并给出各家公司会议的要点总结。整体来看，德国消费移动市场的竞争理性程度略有改善，运营商对成本效率提升的预期趋于乐观，并对市场整合抱有期待。运营商淡化了卫星竞争和AI驱动价格重谈的风险，认为长期合约期限、主动重签流程及融合套餐等因素将限制冲击，但AI在客户服务、销售、网络运营及成本端的提效空间依然可观。具体而言，德国电信认为德国移动端价格竞争趋稳、定价压力基本稳定，TMUS运营保持正常，卫星风险被高估，AI是中期关键效率杠杆；United Internet各业务势头良好，1&1持续聚焦网络铺设，Ionos在AI产品上具备增长潜力并对中期利润率目标有信心。会议整体对上述运营商的买入评级构成支撑。
We hosted Deutsche Telekom, UTD1, 1&1, Ionos and Freenet at our 15th German Corporate Conference. The meetings highlighted a modest improvement in competitive intensity in Germany, increasingly bullish cost efficiency expectations across the operators and continued hope for market consolidation. Operators downplayed risks from both satellite competition and AI-driven price renegotiation, though we note that their understanding of the latter is still evolving. We found the meetings supportive for our Buy ratings on DT, United Internet, 1&1, Ionos and Vodafone. All companies noted that the largest operators have stabilised pricing in the last few months following price cuts over the previous couple of years, and operators are encouraged by signs of improving rationality. Investors remain concerned on the scope for agentic AI to re-base sector revenues and FCF in the near-term, but companies appeared to de-emphasise the risk, citing long average contract lengths, their own pro-active re-c