每經(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(yue)(yue)通(tong)(tong)(tong)信(xin)板(ban)(ban)塊(kuai)(kuai)指(zhi)(zhi)(zhi)數漲(zhang)(zhang)(zhang)幅(fu)(fu)(fu)靠前，云視頻、IDC、光器件等(deng)子(zi)板(ban)(ban)塊(kuai)(kuai)表現較好(hao)(hao)：本月(yue)(yue)上(shang)(shang)證指(zhi)(zhi)(zhi)數跌(die)幅(fu)(fu)(fu)為4.33%；深證成指(zhi)(zhi)(zhi)跌(die)幅(fu)(fu)(fu)為3.54%；創業(ye)(ye)(ye)板(ban)(ban)指(zhi)(zhi)(zhi)數跌(die)幅(fu)(fu)(fu)為1.04%；一級行(xing)業(ye)(ye)(ye)指(zhi)(zhi)(zhi)數中(zhong)(zhong)，通(tong)(tong)(tong)信(xin)板(ban)(ban)塊(kuai)(kuai)漲(zhang)(zhang)(zhang)幅(fu)(fu)(fu)為5.54%。通(tong)(tong)(tong)信(xin)板(ban)(ban)塊(kuai)(kuai)個股(gu)中(zhong)(zhong)，上(shang)(shang)漲(zhang)(zhang)(zhang)、維持、下跌(die)的(de)個股(gu)占比分別(bie)為85.60%、1.52%和12.88%。根據我們對于通(tong)(tong)(tong)信(xin)行(xing)業(ye)(ye)(ye)公司劃(hua)分子(zi)板(ban)(ban)塊(kuai)(kuai)來看，本月(yue)(yue)通(tong)(tong)(tong)信(xin)子(zi)板(ban)(ban)塊(kuai)(kuai)有所(suo)上(shang)(shang)漲(zhang)(zhang)(zhang)。其中(zhong)(zhong)云視頻、IDC和光器件子(zi)板(ban)(ban)塊(kuai)(kuai)相關標的(de)表現相對較好(hao)(hao)，板(ban)(ban)塊(kuai)(kuai)漲(zhang)(zhang)(zhang)幅(fu)(fu)(fu)為13.83%、13.69%和13.63%。通(tong)(tong)(tong)信(xin)行(xing)業(ye)(ye)(ye)發(fa)展新(xin)動(dong)能(neng)(neng)持續增強(qiang)：雙(shuang)碳(tan)背景下新(xin)基建(jian)+能(neng)(neng)源融合發(fa)展、通(tong)(tong)(tong)信(xin)基建(jian)超(chao)預期賦能(neng)(neng)信(xin)創+，行(xing)業(ye)(ye)(ye)共振迎來廣闊(kuo)天地，產(chan)業(ye)(ye)(ye)創新(xin)拓展新(xin)應用助力通(tong)(tong)(tong)信(xin)行(xing)業(ye)(ye)(ye)企穩(wen)向上(shang)(shang)。

前三(san)季度通(tong)(tong)(tong)信(xin)(xin)(xin)(xin)(xin)業(ye)(ye)經(jing)濟運(yun)(yun)(yun)行穩步(bu)增(zeng)長(chang)(chang)(chang)，行業(ye)(ye)發展(zhan)向好助(zhu)(zhu)力產業(ye)(ye)鏈企穩：從通(tong)(tong)(tong)信(xin)(xin)(xin)(xin)(xin)業(ye)(ye)整體經(jing)濟運(yun)(yun)(yun)行情(qing)況來看，截(jie)至22年9月，前三(san)季度電(dian)(dian)信(xin)(xin)(xin)(xin)(xin)業(ye)(ye)務(wu)(wu)總(zong)量(liang)累計(ji)完成(cheng)12857億元，同比(bi)增(zeng)長(chang)(chang)(chang)21.7%，保持較高(gao)增(zeng)幅(fu)；電(dian)(dian)信(xin)(xin)(xin)(xin)(xin)業(ye)(ye)務(wu)(wu)總(zong)收入(ru)(ru)累計(ji)完成(cheng)11971億元，同比(bi)增(zeng)長(chang)(chang)(chang)8.2%，電(dian)(dian)信(xin)(xin)(xin)(xin)(xin)業(ye)(ye)務(wu)(wu)收入(ru)(ru)穩中(zhong)(zhong)有升(sheng)。通(tong)(tong)(tong)信(xin)(xin)(xin)(xin)(xin)基建建設(she)持續推進，目前累計(ji)建成(cheng)并(bing)開通(tong)(tong)(tong)5G基站222萬(wan)(wan)個(ge)，占移動基站總(zong)數(shu)(shu)(shu)的20.7%，其(qi)中(zhong)(zhong)東部地區5G建設(she)和用戶(hu)(hu)(hu)滲透(tou)率(lv)領(ling)先。光纜線路總(zong)長(chang)(chang)(chang)度穩步(bu)增(zeng)加，三(san)家運(yun)(yun)(yun)營商固定(ding)寬帶接(jie)入(ru)(ru)用戶(hu)(hu)(hu)總(zong)數(shu)(shu)(shu)達(da)5.78億戶(hu)(hu)(hu)，其(qi)中(zhong)(zhong)千兆(zhao)以上接(jie)入(ru)(ru)速(su)率(lv)寬帶用戶(hu)(hu)(hu)達(da)7603萬(wan)(wan)戶(hu)(hu)(hu)，占總(zong)用戶(hu)(hu)(hu)數(shu)(shu)(shu)13.1%，千兆(zhao)光網覆蓋和服務(wu)(wu)能(neng)力不斷提升(sheng)。移動互聯網累計(ji)流(liu)量(liang)達(da)1904億GB，同比(bi)增(zeng)長(chang)(chang)(chang)18.4%，DOU值達(da)15.01GB/戶(hu)(hu)(hu)·月，同比(bi)增(zeng)長(chang)(chang)(chang)12.35%。新興業(ye)(ye)務(wu)(wu)收入(ru)(ru)2329億元，同比(bi)增(zeng)長(chang)(chang)(chang)33.4%，在電(dian)(dian)信(xin)(xin)(xin)(xin)(xin)業(ye)(ye)務(wu)(wu)收入(ru)(ru)中(zhong)(zhong)占比(bi)為19.5%，拉動電(dian)(dian)信(xin)(xin)(xin)(xin)(xin)業(ye)(ye)務(wu)(wu)收入(ru)(ru)增(zeng)長(chang)(chang)(chang)5.3個(ge)百分點。其(qi)中(zhong)(zhong)云(yun)計(ji)算和大(da)數(shu)(shu)(shu)據(ju)收入(ru)(ru)同比(bi)增(zeng)速(su)分別達(da)127.6%和62.6%，增(zeng)幅(fu)相對較快。總(zong)體來說，通(tong)(tong)(tong)信(xin)(xin)(xin)(xin)(xin)行業(ye)(ye)在“新基建”等(deng)政(zheng)策推動下取得(de)階段突破，未來通(tong)(tong)(tong)信(xin)(xin)(xin)(xin)(xin)業(ye)(ye)有望在政(zheng)策助(zhu)(zhu)力下繼續蓬勃發展(zhan)，在空(kong)天一(yi)體化通(tong)(tong)(tong)信(xin)(xin)(xin)(xin)(xin)、量(liang)子通(tong)(tong)(tong)信(xin)(xin)(xin)(xin)(xin)、萬(wan)(wan)物互聯等(deng)領(ling)域攻(gong)克關鍵技術賦能(neng)下游應用創新，為建設(she)網絡(luo)強國(guo)(guo)、數(shu)(shu)(shu)字(zi)中(zhong)(zhong)國(guo)(guo)貢獻(xian)力量(liang)。

投資建(jian)(jian)議(yi)(yi)：優(you)選子行(xing)業景(jing)氣度邊際(ji)改善的(de)優(you)質標(biao)(biao)的(de)，估(gu)值低彈(dan)性大(da)：建(jian)(jian)議(yi)(yi)關注標(biao)(biao)的(de)：光模塊標(biao)(biao)的(de)中(zhong)際(ji)旭(xu)創(chuang)（300308），ICT標(biao)(biao)的(de)星(xing)網銳捷（002396），英(ying)維克（002837），科華數據（002335），應用類標(biao)(biao)的(de)美格智能（002881）。通(tong)(tong)信+新業務拓(tuo)展突破的(de)亨(heng)通(tong)(tong)光電（600487），潤(run)建(jian)(jian)股份(fen)（002929），共進(jin)股份(fen)（603118）。運(yun)營商(shang)相關標(biao)(biao)的(de)：中(zhong)國(guo)(guo)移動、中(zhong)國(guo)(guo)電信，中(zhong)國(guo)(guo)聯通(tong)(tong)。

風(feng)險(xian)提示(shi)：原(yuan)料價(jia)格上升風(feng)險(xian)；全球疫(yi)情影響及國外政策環境不確定性(xing)；5G規模化商用及新(xin)基建推(tui)進不及預期。

每經(jing)頭條（nbdtoutiao）——

(記者 蔡鼎)

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