The financial reports of the three major operators in the first half of the year have been released recently. Data shows that China Telecom’s revenue in the first half of the year was 193.8 billion yuan, an increase of 1.7%; and its net profit was 13.95 billion yuan, an increase of 0.3%. China Mobile’s operating revenue in the first half of the year was 389.9 billion yuan, up 0.1%; net profit was 55.8 billion yuan, down 0.5%. In the first half of the year, China Unicom’s revenue was 150.397 billion yuan, an increase of 3.8%; and its net profit was 3.344 billion yuan, up 10.9% year on year. < p > < p > in addition to the income statement, more attention is paid to the achievements of 5g construction. By the end of June this year, China Mobile had more than 70 million 5g subscribers, while China Telecom had 38 million 5g subscribers. In the semi annual report, China Unicom announced that its available 5g base stations reached 210000, but the number of users has not been announced. < / P > < p > in terms of the proportion of 5g users in the total number of users of the three major operators, it is still in the early stage of development, and the proportion is not too high. The development focus of the three operators is also laying 5g base station and supporting service network. However, 5g’s future growth space is worth looking forward to. For example, in the personal mobile market, China Mobile’s mobile business revenue reached 284.3 billion yuan in the first half of the year, a year-on-year decrease of 1.7%. Over the same period, the mobile ARPU (average income per user) was 50.3 yuan, a year-on-year decrease of 3.7%, and the mobile Internet access Dou (average monthly online traffic per user) increased by 39.7% to 8.6gb. < / P > < p > it can be seen from this group of data that users’ demand for Internet access is still increasing rapidly. However, once 5g drives a substantial improvement in the overall online experience and promotes the high traffic demand including long video, it will definitely give the three operators including China Mobile a new business growth pole, which is conducive to the rise of ARPU. < p > < p > 5g commercial market opportunities are expected, which will inevitably form the fierce competition of the three operators. According to the semi annual report data, under the co construction and sharing between China Telecom and China Unicom, the number of available base stations is close to 210000, while the number of 5g base stations of China Mobile is 188000. Telecom and China Unicom, the latecomers of 5g construction before, adopted the resource integration method to catch up with the number of China Mobile 5g base stations. However, from the current overall development point of view, China Mobile 5g has the fastest commercial speed and the largest number of users, which can also bring more income, thus promoting the subsequent 5g base station construction. In addition, China Mobile plans to spend 105 billion yuan on 5g construction in the whole year, which is higher than the sum of Unicom (35 billion yuan) and China Telecom (45.3 billion yuan). The number of 5g base stations is expected to continue to take the lead in the second half of the year. Compared with China Mobile and China Telecom, Unicom has been slow to release 5g users, reducing the total number of users by millions, which also shows that China Unicom lags behind the other two in 5g commercial transformation. However, Unicom currently has the largest number of 5g base stations, which will lay the foundation for its subsequent development. < / P > < p > in the second half of the year, what changes will happen to the network construction and user development among operators? Due to the huge investment in 5g base station construction, we can see that the three operators are looking for more construction partners in addition to self construction. < / P > < p > in addition, the three major operators have also started price competition on 5g, which is good for users, and of course it will also bring about the increase of their operating costs. However, compared with 4G, in addition to the upgrade increment of the individual user market, the enterprise service market also has enough room for development, such as industrial Internet construction and cloud construction, which can obtain more development opportunities through the solid foundation of 5g technology. This is what the three major operators are striving to promote. Next, whether China Mobile, China Telecom and China Unicom can develop more high value-added services and obtain more customers in the personal and enterprise service market at the same time, which will determine which of the three companies can further speed up in the 5g long-distance run.