《通信行業板塊24年總結：板塊穩健發展建議關注運營商、交換機板塊-250503（23頁）.pdf》由會員分享，可在線閱讀，更多相關《通信行業板塊24年總結：板塊穩健發展建議關注運營商、交換機板塊-250503（23頁）.pdf（23頁珍藏版）》請在三個皮匠報告上搜索。

1、張真楨2025年5月3日1通信板塊行情回顧通信板塊行情回顧23數據來源：Wind，國金證券研究所-20-15-10-5051015202025-01-022025-01-072025-01-102025-01-152025-01-202025-01-232025-02-052025-02-102025-02-132025-02-182025-02-212025-02-262025-03-032025-03-062025-03-112025-03-142025-03-192025-03-242025-03-272025-04-012025-04-072025-04-102025-04-15202

2、5-04-182025-04-232025-04-28滬深300累計漲跌幅SW通信累計漲跌幅(20)(15)(10)(5)05104數據來源：Wind，國金證券研究所01,0002,0003,0004,0005,0006,0000204060801001202015-05-082015-08-212015-12-042016-03-252016-07-082016-10-282017-02-102017-05-262017-09-082017-12-292018-04-132018-07-272018-11-162019-03-082019-06-212019-09-302020-01-172

3、020-05-082020-08-212020-12-042021-03-192021-07-022021-10-152022-01-282022-05-202022-09-022022-12-232023-04-142023-07-282023-11-172024-03-082024-06-212024-09-302025-01-172025-04-30分位點指數點位05001,0001,5002,0002,5003,0003,5004,0002022-05-062022-06-102022-07-152022-08-192022-09-232022-11-042022-12-092023-

4、01-132023-02-242023-03-312023-05-052023-06-092023-07-142023-08-182023-09-222023-11-032023-12-082024-01-122024-02-232024-03-292024-04-302024-06-072024-07-122024-08-162024-09-202024-10-252024-11-292025-01-032025-02-072025-03-142025-04-18收盤價24.10 x27.03x29.96x32.89x35.82x5數據來源：Wind，國金證券研究所序號代碼名稱持有基金數 持

5、股總量(萬股)季報持倉變動(萬股)持股占流通股比(%)持股總市值(萬元)持股市值占基金股票投資市值比(%)1600941.SH中國移動4176,847.46-1,401.717.59735,143.650.10622300502.SZ新易盛28612,263.49-5,646.4219.461,203,293.550.173830941.HK中國移動25417,697.88-1,997.280.821,369,323.260.19784300308.SZ中際旭創20110,507.00-7,748.899.561,036,410.880.14975601728.SH中國電信19546,451.

6、948,980.850.60364,647.720.05276000063.SZ中興通訊15314,365.23-12,313.003.57491,578.070.07107600522.SH中天科技13022,694.334,160.226.65330,429.410.04778300442.SZ潤澤科技1133,971.901,709.277.17226,954.420.03289600487.SH亨通光電10913,536.94-6,920.315.54225,254.670.032510600050.SH中國聯通9222,307.335,075.050.73124,028.760.01

7、79110762.HK中國聯通8160,520.7024,581.031.98485,339.600.070112300570.SZ太辰光641,730.60-48.159.00144,504.790.020913300394.SZ天孚通信622,792.60-1,911.615.05236,309.810.034114300383.SZ光環新網608,778.067,609.914.89146,769.190.0212150728.HK中國電信5243,184.306,210.520.47232,735.580.033616603236.SH移遠通信491,087.42-55.134.169

8、6,214.900.013917300627.SZ華測導航481,950.7399.584.3080,662.560.011718300628.SZ億聯網絡433,357.11159.374.64137,070.760.019819300738.SZ奧飛數據434,945.464,873.455.02119,976.890.017320002929.SZ潤建股份351,333.311,332.566.3372,052.010.0104通信板塊業績回顧通信板塊業績回顧67數據來源：Wind，國金證券研究所-20%0%20%40%60%80%100%05,00010,00015,00020,000

9、25,00030,000202020212022202320241Q2025-100%0%100%200%300%400%500%05001,0001,5002,0002,500202020212022202320241Q202501,0002,0003,0004,0005,0006,0007,000202020212022202320241Q20250%5%10%15%20%25%30%35%202020212022202320241Q20258數據來源：Wind，國金證券研究所注：運營商板塊公司為中國移動、中國電信、中國聯通注：運營商板塊公司為中國移動、中國電信、中國聯通0%5%10%15

10、%20%05,00010,00015,00020,00025,000202020212022202320241Q20250%5%10%15%20%25%30%35%202020212022202320241Q202505001000150020002500202020212022202320241Q20250%2%4%6%8%10%12%05001,0001,5002,000202020212022202320241Q20259數據來源：Wind，國金證券研究所注：通信設備商板塊公司為通信（申萬）行業分類中的通信設備商注：通信設備商板塊公司為通信（申萬）行業分類中的通信設備商0%5%10%15

11、%20%25%30%01,0002,0003,0004,0005,0006,0007,000202020212022202320241Q20250%5%10%15%20%25%30%35%202020212022202320241Q2025-50%0%50%100%150%200%250%300%350%400%050100150200250300202020212022202320241Q202510數據來源：Wind，國金證券研究所注：光模塊龍頭公司為注：光模塊龍頭公司為0%20%40%60%80%100%120%140%0100200300400202020212022202320241

12、Q20250%50%100%150%200%020406080100202020212022202320241Q20250%5%10%15%20%25%30%35%40%45%202020212022202320241Q202511數據來源：Wind，國金證券研究所注：物聯網板塊公司為移為通信、移遠通信、廣和通、美格智能、映翰通注：物聯網板塊公司為移為通信、移遠通信、廣和通、美格智能、映翰通0%20%40%60%80%050100150200250300350202020212022202320241Q20250%5%10%15%20%25%30%202020212022202320241Q2

13、025-40%-20%0%20%40%60%80%100%05101520202020212022202320241Q202512數據來源：Wind，國金證券研究所注：注：IDC板塊公司為奧飛數據、數據港、科華數據、光環新網、潤澤科技板塊公司為奧飛數據、數據港、科華數據、光環新網、潤澤科技-5%0%5%10%15%20%25%30%050100150200250202020212022202320241Q20250%5%10%15%20%25%30%35%202020212022202320241Q2025-100%-50%0%50%100%150%200%250%300%0510152025

14、3035202020212022202320241Q2025投資建議投資建議1314數據來源：Wind，國金證券研究所242503833100427957997211391633615106860200400600800100012002021202220232024移動云天翼云聯通云15數據來源：wind，智研咨詢，國金證券研究所-5%0%5%10%15%20%25%0501001502002503003504004505002019202020212022202316數據來源：Wind，華爾街見聞，每日經濟，環球市場播報，智算研究院，國金證券研究所19025933743455336.2%3

15、0.2%28.8%27.3%0%5%10%15%20%25%30%35%40%010020030040050060020242025E2026E2027E2028E中國AI服務市場規模（億美元）YoY17數據來源：Wind，國金證券研究所18數據來源：中研網，中商產業研究院，國金證券研究所184437850120614121530138%95%42%17%8%0%20%40%60%80%100%120%140%160%0200400600800100012001400160018002020202212022202320242025E中國AI芯片市場規模（億元）YoY服務器69.0%網絡設備1

16、1.0%安全設備9.0%存儲設備6.0%光模塊等5.0%19數據來源：IDC，科智咨詢，國金證券研究所010203040506070809010020222023E2024E2025E2026E2027E20數據來源：華豐科技投資者調研紀要，wind，智研瞻，國金證券研究所0%2%4%6%8%10%12%14%16%010020030040050060070020192020202120222023 2024E 2025E 2026E 2027E 2028E 2029E 2030E21注：中國移動、中國聯通、中際旭創、新易盛、中興通訊、工業富聯、廣和通、美格智能、英維克、同飛股份、意華股份為已

17、覆蓋標的，盈利預測采用最新研報預測，其余采用wind一致預期，其中菲菱科思2027年無wind一致預期代碼證券簡稱股價（元）EPSPE2023A2024A2025E2026E2027E2025E2026E2027E600941.SH中國移動112.256.166.436.737.057.3916.7716.0315.28600050.SH中國聯通5.320.260.280.340.380.4118.1316.3915.19300308.SZ中際旭創83.492.714.618.2110.2812.289.647.706.45300394.SZ天孚通信68.571.852.423.804.975

18、.9318.0713.8011.57300502.SZ新易盛89.790.974.007.6110.1012.9710.688.046.26300570.SZ太辰光69.340.691.151.792.523.3738.6827.5020.56300548.SZ博創科技45.750.300.250.680.911.1067.6250.4541.58688205.SH德科立59.700.940.821.502.123.5039.9028.1417.08601138.SH工業富聯18.061.061.171.501.782.0712.0310.168.73000063.SZ中興通訊31.941.9

19、51.761.952.132.2816.5815.1714.16000938.SZ紫光股份25.140.740.550.891.071.1528.3823.5621.92301165.SZ銳捷網絡73.810.711.011.331.621.9455.3845.5938.02301191.SZ菲菱科思82.722.081.692.753.53N/A30.0823.46N/A603118.SH共進股份9.160.08-0.100.160.240.3155.9638.6229.25002837.SZ英維克31.610.610.610.991.281.6434.9926.8920.96300990.SZ同飛股份46.201.080.911.712.633.6524.8816.1511.64002897.SZ意華股份41.220.720.641.602.012.4024.2419.3216.21688629.SH華豐科技59.430.17-0.040.530.751.09111.9279.2554.39300638.SZ廣和通25.420.740.870.841.041.3329.2023.7218.53002881.SZ美格智能49.150.250.520.791.101.3757.7541.4233.122223