每(mei)經(jing)AI快訊，中國銀河11月11日發布研報稱：給予通信設備推薦（維持）評級。

10月通(tong)(tong)(tong)(tong)信(xin)(xin)(xin)板(ban)塊(kuai)指數漲(zhang)幅(fu)(fu)靠前，云視頻、IDC、光器(qi)件(jian)等子(zi)(zi)板(ban)塊(kuai)表現較(jiao)好：本月上證指數跌(die)幅(fu)(fu)為(wei)(wei)4.33%；深證成(cheng)指跌(die)幅(fu)(fu)為(wei)(wei)3.54%；創業(ye)板(ban)指數跌(die)幅(fu)(fu)為(wei)(wei)1.04%；一級行(xing)(xing)業(ye)指數中(zhong)，通(tong)(tong)(tong)(tong)信(xin)(xin)(xin)板(ban)塊(kuai)漲(zhang)幅(fu)(fu)為(wei)(wei)5.54%。通(tong)(tong)(tong)(tong)信(xin)(xin)(xin)板(ban)塊(kuai)個股中(zhong)，上漲(zhang)、維持、下跌(die)的個股占比分(fen)別為(wei)(wei)85.60%、1.52%和(he)12.88%。根據我們對于通(tong)(tong)(tong)(tong)信(xin)(xin)(xin)行(xing)(xing)業(ye)公司(si)劃分(fen)子(zi)(zi)板(ban)塊(kuai)來看，本月通(tong)(tong)(tong)(tong)信(xin)(xin)(xin)子(zi)(zi)板(ban)塊(kuai)有所上漲(zhang)。其(qi)中(zhong)云視頻、IDC和(he)光器(qi)件(jian)子(zi)(zi)板(ban)塊(kuai)相關標的表現相對較(jiao)好，板(ban)塊(kuai)漲(zhang)幅(fu)(fu)為(wei)(wei)13.83%、13.69%和(he)13.63%。通(tong)(tong)(tong)(tong)信(xin)(xin)(xin)行(xing)(xing)業(ye)發(fa)(fa)展(zhan)新(xin)動能(neng)(neng)(neng)持續(xu)增強：雙碳(tan)背景下新(xin)基建+能(neng)(neng)(neng)源融合發(fa)(fa)展(zhan)、通(tong)(tong)(tong)(tong)信(xin)(xin)(xin)基建超預(yu)期賦能(neng)(neng)(neng)信(xin)(xin)(xin)創+，行(xing)(xing)業(ye)共振迎(ying)來廣(guang)闊天地(di)，產業(ye)創新(xin)拓(tuo)展(zhan)新(xin)應用助力通(tong)(tong)(tong)(tong)信(xin)(xin)(xin)行(xing)(xing)業(ye)企穩(wen)向上。

前(qian)(qian)三(san)季(ji)度(du)通(tong)(tong)(tong)信(xin)(xin)(xin)業(ye)(ye)(ye)經濟(ji)運行穩(wen)步增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)，行業(ye)(ye)(ye)發(fa)(fa)展(zhan)向好(hao)助(zhu)力產業(ye)(ye)(ye)鏈企穩(wen)：從通(tong)(tong)(tong)信(xin)(xin)(xin)業(ye)(ye)(ye)整體(ti)經濟(ji)運行情況來看，截至22年9月，前(qian)(qian)三(san)季(ji)度(du)電(dian)信(xin)(xin)(xin)業(ye)(ye)(ye)務(wu)(wu)總(zong)(zong)量(liang)(liang)累(lei)計(ji)(ji)(ji)完成12857億元(yuan)，同(tong)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)21.7%，保持較(jiao)高增(zeng)(zeng)(zeng)(zeng)幅；電(dian)信(xin)(xin)(xin)業(ye)(ye)(ye)務(wu)(wu)總(zong)(zong)收(shou)(shou)入(ru)累(lei)計(ji)(ji)(ji)完成11971億元(yuan)，同(tong)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)8.2%，電(dian)信(xin)(xin)(xin)業(ye)(ye)(ye)務(wu)(wu)收(shou)(shou)入(ru)穩(wen)中(zhong)有升(sheng)。通(tong)(tong)(tong)信(xin)(xin)(xin)基(ji)建(jian)建(jian)設(she)持續推進，目前(qian)(qian)累(lei)計(ji)(ji)(ji)建(jian)成并開通(tong)(tong)(tong)5G基(ji)站222萬(wan)個，占移動(dong)(dong)基(ji)站總(zong)(zong)數(shu)的20.7%，其(qi)中(zhong)東部(bu)地區5G建(jian)設(she)和(he)用戶(hu)(hu)滲透率(lv)領先。光纜線路總(zong)(zong)長(chang)(chang)度(du)穩(wen)步增(zeng)(zeng)(zeng)(zeng)加，三(san)家運營(ying)商固定(ding)寬帶(dai)(dai)接入(ru)用戶(hu)(hu)總(zong)(zong)數(shu)達(da)5.78億戶(hu)(hu)，其(qi)中(zhong)千兆(zhao)以上接入(ru)速率(lv)寬帶(dai)(dai)用戶(hu)(hu)達(da)7603萬(wan)戶(hu)(hu)，占總(zong)(zong)用戶(hu)(hu)數(shu)13.1%，千兆(zhao)光網(wang)(wang)覆蓋(gai)和(he)服務(wu)(wu)能(neng)力不(bu)斷提升(sheng)。移動(dong)(dong)互聯網(wang)(wang)累(lei)計(ji)(ji)(ji)流量(liang)(liang)達(da)1904億GB，同(tong)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)18.4%，DOU值(zhi)達(da)15.01GB/戶(hu)(hu)·月，同(tong)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)12.35%。新(xin)興(xing)業(ye)(ye)(ye)務(wu)(wu)收(shou)(shou)入(ru)2329億元(yuan)，同(tong)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)33.4%，在(zai)電(dian)信(xin)(xin)(xin)業(ye)(ye)(ye)務(wu)(wu)收(shou)(shou)入(ru)中(zhong)占比(bi)(bi)(bi)為19.5%，拉(la)動(dong)(dong)電(dian)信(xin)(xin)(xin)業(ye)(ye)(ye)務(wu)(wu)收(shou)(shou)入(ru)增(zeng)(zeng)(zeng)(zeng)長(chang)(chang)5.3個百(bai)分點。其(qi)中(zhong)云計(ji)(ji)(ji)算(suan)和(he)大數(shu)據收(shou)(shou)入(ru)同(tong)比(bi)(bi)(bi)增(zeng)(zeng)(zeng)(zeng)速分別達(da)127.6%和(he)62.6%，增(zeng)(zeng)(zeng)(zeng)幅相對較(jiao)快。總(zong)(zong)體(ti)來說(shuo)，通(tong)(tong)(tong)信(xin)(xin)(xin)行業(ye)(ye)(ye)在(zai)“新(xin)基(ji)建(jian)”等政(zheng)策推動(dong)(dong)下(xia)取(qu)得階段突破，未來通(tong)(tong)(tong)信(xin)(xin)(xin)業(ye)(ye)(ye)有望在(zai)政(zheng)策助(zhu)力下(xia)繼續蓬勃發(fa)(fa)展(zhan)，在(zai)空(kong)天一體(ti)化通(tong)(tong)(tong)信(xin)(xin)(xin)、量(liang)(liang)子通(tong)(tong)(tong)信(xin)(xin)(xin)、萬(wan)物互聯等領域攻克關鍵技術(shu)賦能(neng)下(xia)游應用創新(xin)，為建(jian)設(she)網(wang)(wang)絡(luo)強國(guo)(guo)、數(shu)字(zi)中(zhong)國(guo)(guo)貢獻力量(liang)(liang)。

投(tou)資建(jian)議：優選(xuan)子行業景(jing)氣(qi)度邊際(ji)改善的(de)優質標(biao)(biao)(biao)的(de)，估值低彈性大(da)：建(jian)議關注標(biao)(biao)(biao)的(de)：光(guang)模塊標(biao)(biao)(biao)的(de)中際(ji)旭創（300308），ICT標(biao)(biao)(biao)的(de)星網(wang)銳捷（002396），英維克(ke)（002837），科華(hua)數據(ju)（002335），應用類標(biao)(biao)(biao)的(de)美格智能(neng)（002881）。通(tong)信(xin)+新業務拓展突破的(de)亨通(tong)光(guang)電(dian)（600487），潤建(jian)股份(fen)（002929），共進股份(fen)（603118）。運營商相關標(biao)(biao)(biao)的(de)：中國移動、中國電(dian)信(xin)，中國聯(lian)通(tong)。

風險提示：原料價格上升(sheng)風險；全球疫情(qing)影響及國外政(zheng)策環境不確(que)定性；5G規模化商用及新(xin)基建推進不及預期。

每經(jing)頭條（nbdtoutiao）——

(記者 蔡鼎)

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