全球视野看中国核心资产的未来系列报告之一：酌古御今，从美国电塔看中国铁塔未来发展机遇及方向.docxVIP

US Stock Market Learn from Pioneers: Find the Development Opportunities and Directions for China Tower by Studying ATC ——Global Perspective on the Future of China’s Analyst Core Assets Series Report 1 ZHANG Yidong 07/02/2019 SAC: S0190510110012 SFC: BIS749 Highlights ContactJie Liu liujie91@ Contact Jie Liu liujie91@ SAC：S0190119030006 By large scale acquisition and merge, the sites scale increased rapidly and laid the foundation of the scale operation. From 1995 to 2001, ATC’s sites number increased rapidly due to the frequent and large-scale acquisition and merge. In 2001, ATC acquire