每(mei)經AI快訊(xun)，中(zhong)金公司研報稱(cheng)，復盤2022年(nian)(nian)(nian)(nian)(nian)下(xia)(xia)半年(nian)(nian)(nian)(nian)(nian)至(zhi)(zhi)2023年(nian)(nian)(nian)(nian)(nian)上(shang)(shang)半年(nian)(nian)(nian)(nian)(nian)，AI迎來質變時刻，通(tong)信(xin)設(she)(she)備產(chan)業(ye)鏈(lian)標的業(ye)績預期(qi)與估(gu)值實現“戴(dai)維斯(si)雙擊”。行業(ye)基本面(mian)側(ce)，三大運營商總資本開支小幅增(zeng)長，5G建(jian)設(she)(she)伴隨新一(yi)輪集采(cai)啟(qi)動(dong)有(you)序推(tui)進，加大算網建(jian)設(she)(she)推(tui)升云網設(she)(she)備采(cai)購需求(qiu)；AI大模(mo)型開啟(qi)新一(yi)輪產(chan)業(ye)變革(ge)，算力(li)相關硬件需求(qiu)持續(xu)向上(shang)(shang)，部(bu)分個股(gu)2023上(shang)(shang)半年(nian)(nian)(nian)(nian)(nian)報表(biao)端(duan)或仍(reng)(reng)承壓(ya)于傳統云需求(qiu)降速(su)，但訂(ding)單指(zhi)引不斷超預期(qi)，2023-2025年(nian)(nian)(nian)(nian)(nian)業(ye)績預期(qi)有(you)望持續(xu)改善(shan)。受此(ci)催(cui)化，截(jie)至(zhi)(zhi)2023年(nian)(nian)(nian)(nian)(nian)5月末，A股(gu)通(tong)信(xin)板塊整(zheng)體滾動(dong)市盈(ying)率達31.34x，較去(qu)年(nian)(nian)(nian)(nian)(nian)低(di)位有(you)所(suo)修復，但仍(reng)(reng)低(di)于歷(li)史平均(jun)估(gu)值水平。展望2023年(nian)(nian)(nian)(nian)(nian)下(xia)(xia)半年(nian)(nian)(nian)(nian)(nian)，中(zhong)金公司認為(wei)AI仍(reng)(reng)將驅動(dong)產(chan)業(ye)基本面(mian)向好，隨著全(quan)球(qiu)經濟下(xia)(xia)行壓(ya)力(li)加大，國內信(xin)息(xi)新基建(jian)資本支出占(zhan)比(bi)有(you)望持續(xu)提升。