本文以中国电信为案例，分析其“云改数转”战略下第二曲线业务的发展逻辑与效应。研究发现，该业务演进是内生绩效压力、外部制度引导与技术范式变革共同作用的结果。在价值创造方面，第二曲线业务改变了企业的经营特征：财务上，产业数字化收入占比提升优化了营收结构与现金流状况；运营上，AI等技术的应用降低了边际成本并提升了资源配置效率；治理上，云网融合的安全架构增强了企业的风险防御能力。研究表明，大型国企可通过战略响应与资源重组实现业务转型，为传统产业数字化发展提供参考。

Taking China Telecom as a case study, this paper analyzes the development logic and effects of its “second curve” business under the strategy of “Cloudification and Digital Transformation.” The study finds that the evolution of this business is the result of the combined effects of endogenous performance pressure, external institutional guidance, and technological paradigm shifts. In terms of value creation, the second curve business has altered the enterprise’s operational characteristics: financially, the increased proportion of industrial digitalization revenue has optimized the revenue structure and cash flow status; operationally, the application of technologies such as AI has reduced marginal costs and improved resource allocation efficiency; and in governance, the security architecture of cloud-network integration has enhanced the enterprise’s risk defense capabilities. The study indicates that large state-owned enterprises can achieve business transformation through strategic response and resource restructuring, providing a reference for the digital development of traditional industries.