每經AI快訊(xun)，中國銀河08月15日發布研報稱：給予通信設備推薦（維持）評級。

7月(yue)(yue)通信(xin)(xin)板(ban)(ban)(ban)塊(kuai)(kuai)指(zhi)數(shu)(shu)上(shang)漲(zhang)(zhang)，光(guang)器件(jian)(jian)、物(wu)(wu)聯(lian)網及5G應用等子板(ban)(ban)(ban)塊(kuai)(kuai)表(biao)現較(jiao)好：7月(yue)(yue)度上(shang)證指(zhi)數(shu)(shu)跌幅(fu)(fu)(fu)為4.28%；深證成指(zhi)跌幅(fu)(fu)(fu)為4.88%；創(chuang)(chuang)業板(ban)(ban)(ban)指(zhi)數(shu)(shu)跌幅(fu)(fu)(fu)為4.99%；一級(ji)行業指(zhi)數(shu)(shu)中(zhong)(zhong)，通信(xin)(xin)板(ban)(ban)(ban)塊(kuai)(kuai)漲(zhang)(zhang)幅(fu)(fu)(fu)為3.08%。通信(xin)(xin)板(ban)(ban)(ban)塊(kuai)(kuai)個股(gu)中(zhong)(zhong)，上(shang)漲(zhang)(zhang)、維持(chi)、下跌的個股(gu)占比分(fen)別(bie)為71.21%、0.76%和28.03%。其中(zhong)(zhong)，春(chun)興精工（+100.95%）、科信(xin)(xin)技術(shu)（+98.73%）、意華股(gu)份（+58.99%）漲(zhang)(zhang)幅(fu)(fu)(fu)分(fen)列前(qian)三(san)。本月(yue)(yue)通信(xin)(xin)子板(ban)(ban)(ban)塊(kuai)(kuai)基本成上(shang)漲(zhang)(zhang)態勢，根(gen)據(ju)我(wo)們對通信(xin)(xin)行業公(gong)司(si)劃分(fen)子板(ban)(ban)(ban)塊(kuai)(kuai)數(shu)(shu)據(ju)，光(guang)器件(jian)(jian)、物(wu)(wu)聯(lian)網及5G應用板(ban)(ban)(ban)塊(kuai)(kuai)相關標的表(biao)現相對較(jiao)好，板(ban)(ban)(ban)塊(kuai)(kuai)漲(zhang)(zhang)幅(fu)(fu)(fu)為9.14%、5.24%。隨著我(wo)國三(san)大運(yun)營商5G基站建設不斷推進(jin)，物(wu)(wu)聯(lian)網及5G應用不斷積累、創(chuang)(chuang)新，5G流量快速(su)增長態勢有望(wang)加速(su)，數(shu)(shu)字流量經濟發展有望(wang)超預期，通信(xin)(xin)估值有望(wang)企(qi)穩回升。

上半年(nian)通信(xin)(xin)(xin)整體(ti)經濟(ji)運行穩中(zhong)有升，新興業(ye)(ye)(ye)務(wu)(wu)增(zeng)(zeng)長貢(gong)獻收(shou)(shou)入(ru)動(dong)能(neng)(neng)增(zeng)(zeng)強(qiang)：根據工信(xin)(xin)(xin)部(bu)(bu)數據，截至22年(nian)上半年(nian)，電(dian)(dian)信(xin)(xin)(xin)業(ye)(ye)(ye)務(wu)(wu)總(zong)(zong)量(liang)累(lei)計(ji)完成(cheng)8430億(yi)(yi)(yi)元(yuan)(yuan)，同比(bi)(bi)增(zeng)(zeng)長22.7%，保持較高增(zeng)(zeng)幅(fu)；電(dian)(dian)信(xin)(xin)(xin)業(ye)(ye)(ye)務(wu)(wu)總(zong)(zong)收(shou)(shou)入(ru)累(lei)計(ji)完成(cheng)8158億(yi)(yi)(yi)元(yuan)(yuan)，同比(bi)(bi)增(zeng)(zeng)長8.3%，電(dian)(dian)信(xin)(xin)(xin)業(ye)(ye)(ye)務(wu)(wu)收(shou)(shou)入(ru)穩步(bu)(bu)增(zeng)(zeng)長。通信(xin)(xin)(xin)基建(jian)不斷推進，累(lei)計(ji)建(jian)成(cheng)并開通5G基站(zhan)185.4萬個，其(qi)(qi)中(zhong)東部(bu)(bu)地區5G建(jian)設和用戶(hu)普及率領先，中(zhong)部(bu)(bu)地區移動(dong)互聯(lian)網接入(ru)流量(liang)增(zeng)(zeng)速(su)領先，西部(bu)(bu)部(bu)(bu)分省份DOU值屢創(chuang)新高；光纜線路總(zong)(zong)長度穩步(bu)(bu)增(zeng)(zeng)加，千(qian)兆光網覆蓋和服(fu)務(wu)(wu)能(neng)(neng)力不斷提升。移動(dong)互聯(lian)網累(lei)計(ji)流量(liang)達1241億(yi)(yi)(yi)GB，同比(bi)(bi)增(zeng)(zeng)長20.2%，DOU值達14.89GB/戶(hu)·月，同比(bi)(bi)增(zeng)(zeng)長10.1%，比(bi)(bi)上年(nian)底高出0.17GB/戶(hu)·月。新興業(ye)(ye)(ye)務(wu)(wu)收(shou)(shou)入(ru)1624億(yi)(yi)(yi)元(yuan)(yuan)（占比(bi)(bi)19.9%），同比(bi)(bi)增(zeng)(zeng)長36.3%，拉動(dong)電(dian)(dian)信(xin)(xin)(xin)收(shou)(shou)入(ru)5.8個百分點，其(qi)(qi)中(zhong)云計(ji)算和大數據收(shou)(shou)入(ru)同比(bi)(bi)增(zeng)(zeng)速(su)分別達139.2%和56.4%，增(zeng)(zeng)速(su)突出。總(zong)(zong)體(ti)來說，上半年(nian)通信(xin)(xin)(xin)運營狀(zhuang)況平穩向好，通信(xin)(xin)(xin)行業(ye)(ye)(ye)發展新動(dong)能(neng)(neng)持續增(zeng)(zeng)強(qiang)。

投資建(jian)議：集中度(du)提升，優(you)選子行業(ye)景氣度(du)邊際(ji)(ji)改(gai)善(shan)的(de)(de)優(you)質標(biao)(biao)(biao)的(de)(de)：通(tong)(tong)(tong)(tong)信的(de)(de)子行業(ye)景氣度(du)邊際(ji)(ji)改(gai)善(shan)有利(li)于估值的(de)(de)企穩回升，中長期來看業(ye)績高增的(de)(de)確定性更(geng)強。建(jian)議關注標(biao)(biao)(biao)的(de)(de)：ICT相關標(biao)(biao)(biao)的(de)(de)星網銳捷（002396），天孚(fu)通(tong)(tong)(tong)(tong)信（300394），中際(ji)(ji)旭創（300308）光(guang)纖(xian)光(guang)纜標(biao)(biao)(biao)的(de)(de)長飛光(guang)纖(xian)（601869）。應用板塊的(de)(de)視頻會議標(biao)(biao)(biao)的(de)(de)億聯網絡（300628），衛星導航應用標(biao)(biao)(biao)的(de)(de)華測導航（300627），通(tong)(tong)(tong)(tong)信模組標(biao)(biao)(biao)的(de)(de)移(yi)遠通(tong)(tong)(tong)(tong)信（603236），廣和通(tong)(tong)(tong)(tong)（300638），美格智能（002881）。通(tong)(tong)(tong)(tong)信+新業(ye)務拓展突破的(de)(de)中天科(ke)技（600522），亨(heng)通(tong)(tong)(tong)(tong)光(guang)電(dian)（600487），潤建(jian)股份（002929）；關注運營(ying)商中國移(yi)動（600941）。

風險提示：原料價格上升(sheng)風險；全球疫情影(ying)響及國外(wai)政策環(huan)境不確(que)定性；5G規模(mo)化商(shang)用推進(jin)不及預期。

每經頭條（nbdtoutiao）——

(記者 蔡鼎)

免(mian)責聲明：本文內容與數據僅供參(can)考(kao)，不構成投(tou)資建(jian)議(yi)，使用前(qian)請(qing)核實(shi)。據此操作，風險自(zi)擔。