通信行业市场回顾 2026 年 3 月 2 日至 3 月 6 日，通信（中信）板块上涨了 0.73%，而沪 深300指数下跌了1.07%，通信板块跑赢沪深300指数1.8个百分点。 期间通信业区间涨幅位列中信一级行业第 7 位，在 30 个中信一级行业 中表现中上。2026 年全年通信行业累计上涨 5.84%，在中信一级行业 中排第 14 位，表现居中。截至 3 月 6 日，中信通信行业 PE TTM 为 27.53 倍，处于 38.62%的分位数。 中信通信行业包括上市公司共 119 家，期间 30 家公司收涨，88 家公 司收跌，总体上跌多涨少。涨幅前 3 名分别为华工科技、世嘉科技及 新易盛，跌幅前 3 名则分别为精伦电子、天孚通信及菲菱科思。 周度关注：两会 行业研究 市场研究部 2026 年 3 月 10 日 通信行业周报（3 月 2 日- 3 月 8 日） 2026 年是"十五五"规划的开局之年，"加紧培育壮大新动能"的提 法进一步体现出当前国际环境下科技创新的紧急性和重要性。报告提 出"十五五"期间全社会研发经费投入年均增长 7%以上，数字经济 核心产业增加值占国内生产总值比重从2025年的10 ...

Core Viewpoint - The article emphasizes the significant growth and transformation of the mobile internet landscape in China by 2025, driven by advancements in AI technology and changing user demographics, leading to new competitive dynamics among major internet companies. Group 1: Mobile Internet Growth - By December 2025, the monthly active user (MAU) count for mobile internet reached 1.276 billion, with average daily usage time increasing to 7.96 hours, reflecting a year-on-year growth of 6% [4][18] - The user engagement metrics, including daily usage frequency of 112.9 times, also saw a year-on-year increase of 2.1% [4][18] - The growth is attributed to improved user quality, with 73.3% of users coming from tier-three cities and above, and significant increases in specific sectors like AIGC and audiobooks, which saw usage time growth of 176.7% and 64.4% respectively [4][5] Group 2: User Demographics and Spending Power - The user base is segmented into three age groups: 21.2% under 24 years, 51% between 25 to 50 years, and 27.8% over 51 years, indicating a strong consumer potential among the 25 to 50 age group [5] - The proportion of users with a spending capacity of over 1,000 yuan reached 72.4%, while those in the mid-to-high price segment (over 2,000 yuan) accounted for 70.2% [5] - The aging population trend is leading to an increase in the "silver economy," with older users becoming a significant consumer group [5] Group 3: Competitive Landscape - The competition among major internet companies has intensified, with Tencent, Douyin, and Alibaba leading the user base, each exceeding 1.2 billion MAUs [7][27] - Tencent remains the largest player with 1.275 billion users, while Douyin and Alibaba are rapidly closing the gap with growth rates of 11.9% and 3.7% respectively [7] - The competition has shifted from merely acquiring users to leveraging AI technologies for deeper user engagement and ecosystem development [27][30] Group 4: AI Integration and Application - By December 2025, the overall scale of AI on mobile platforms reached 722 million, with AI-native apps showing a significant increase in user engagement, averaging 143.2 minutes per user [6][30] - AI applications are increasingly replacing traditional apps, with user time on AI-native apps growing by 22.3% from January to December 2025 [6] - Major companies are investing heavily in AI-native applications, with the top 50 AI apps dominated by Alibaba, Baidu, Douyin, and Tencent, which collectively account for 64% of the user base [6][30] Group 5: Marketing and Advertising Trends - The internet advertising market in China reached 793.08 billion yuan in 2025, growing by 4.6% year-on-year, driven by AI marketing and emotional marketing strategies [50] - The advertising strategies are evolving, with a focus on emotional and experiential marketing, particularly in sectors like tourism and lifestyle [50][61] - The integration of online and offline marketing channels is becoming increasingly important, with brands leveraging local consumption scenarios to enhance engagement [75][79]

Core Viewpoint - China Mobile is strategically positioning itself in the embodied intelligence sector, focusing on technological innovation and ecosystem collaboration to enhance its market presence and investor confidence [7][12][13]. Market Performance - On March 5, China Mobile's stock rose by 1.27%, closing at 95.61, with a trading volume of 116,800 lots and a turnover rate of 1.29% [5][6]. - The stock has seen a 3-day increase of 1.38% and a 5-day increase of 1.46%, with a total market capitalization of 2.07 trillion [6]. Event Analysis - The event related to China Mobile's strategic focus on embodied intelligence generated a total of 21,795 online public opinion messages, with 70.1% being positive [8][10]. - The primary communication channel for this event was WeChat, accounting for 23.66% of the total messages [10]. Impact Analysis - The speech by Vice President Zhang Dong at the World Mobile Communications Conference is expected to boost investor confidence and positively influence stock prices due to the company's strategic initiatives in embodied intelligence [12]. - Emphasis on technological innovation indicates ongoing R&D investments, likely attracting tech-focused investors [12]. - Plans to enhance service offerings suggest potential revenue growth, positively impacting stock performance [12]. - The commitment to industry collaboration may strengthen market positioning and enhance competitive advantages in the robotics sector [12]. Long-term Outlook - In the short term, the positive market sentiment from the conference is likely to attract investor attention and support stock price growth [13]. - Long-term success in the embodied intelligence sector is anticipated through sustained innovation, service expansion, and competitive positioning [13].

Core Viewpoint - The government work report emphasizes the development of a "new intelligent economy" and the integration of technology and industry, highlighting the importance of artificial intelligence (AI) and its application across various sectors [4][5][6]. Group 1: Intelligent Economy - The report introduces the concept of "new intelligent economy," calling for the promotion of new intelligent terminals and AI applications in key industries [4][5]. - Industry leaders express strong support for the government's focus on AI, indicating a shift from AI as a mere technology to a driver of value creation across sectors [5][6]. - The report outlines the need for deep integration of technology innovation and industrial innovation, marking a significant trend in the economy [6]. Group 2: Technological Infrastructure - The report mentions the implementation of large-scale intelligent computing clusters and the need for coordinated power supply, suggesting a focus on enhancing the efficiency of energy and computing resources [7]. - Recommendations include establishing a unified national electricity market to support intelligent computing centers and reduce energy costs for AI development [7]. Group 3: Future Industries - The report emphasizes the cultivation of future industries such as quantum technology, embodied intelligence, and 6G, indicating a strategic focus on advancing new productive forces [12][15]. - Industry representatives highlight the importance of developing quantum communication and embodied intelligence, with a call for government support in overcoming common challenges in these fields [12][15]. Group 4: International Logistics and Trade - The report stresses the need to strengthen international logistics systems and expand digital trade, which is seen as beneficial for companies engaged in global supply chain services [16][17]. - Companies are adapting to a shift from "stocking mode" to "branding mode" in cross-border logistics, necessitating higher standards for logistics stability and compliance [16]. Group 5: AI and Data Security - The report raises concerns about data security and user authorization in AI applications, highlighting the need for regulatory frameworks to address potential issues arising from data usage [9][10]. - Experts emphasize the importance of user rights and data protection in the deployment of AI agents, advocating for clear guidelines on data handling and user consent [10].

Group 1 - The core viewpoint of the article highlights significant advancements in various technology sectors, including Micro LED displays, AI smartphones, and battery technology [2][3][4]. Group 2 - Omdia's report predicts that Micro LED display revenue will grow by 100% year-on-year, increasing from $52.4 million in 2025 to $105.4 million in 2026, driven by improved manufacturing capabilities and new product adoption [2]. - China Mobile unveiled the world's first over 100T intelligent computing interconnection router prototype at the MWC, achieving a throughput of 115.2 Tbps, marking a major breakthrough in core technologies for interconnecting intelligent computing centers [2]. - BYD is set to launch its second-generation blade battery and fast-charging technology on March 5, following the success of its first-generation blade battery that initiated a period of rapid business growth [2]. - Viettel of Vietnam has partnered with Qualcomm to jointly produce AI smartphones, indicating a strategic move towards enhancing technological capabilities in the smartphone sector [2].

第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00941 | | 說明 | 於香港聯交所上市的股份（「香港股份」） | | | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 20,748,353,197 | | | 0 | | 20,748,353,197 | | 增加 / 減少 (-) | | | | 2,805,017 | | 0 | | | | 本月底結存 | | | 20,751,158,214 | | | 0 | | 20,751,158,214 | 足夠公眾持股量的確認(註4) 股份發行人及根據《 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 中國移動有限公司 | | | 呈交日期: | 2026年3月4日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 10 頁 v 1.2.0 FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00941 | | 說明 | 於香港聯交所上市的股份（「香港股份」） | | | | | | 多櫃檯證券代號 | 80941 | RMB | 說明 | 香港股份 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | 庫存股份數目 | | | 已發 ...

Core Viewpoint - China Telecom has announced an emergency procurement project for fiber optic cables in its Guangdong branch for Q1 2026, indicating a significant price increase in the fiber optic market, with the maximum price for GJYXFCH-1 core cable set at 310 yuan per kilometer, reflecting a 45.36% increase from previous prices [1][2]. Group 1: Procurement Details - The procurement focuses on FTTH butterfly-shaped fiber optic cables, with a maximum response price of 1,726,955.49 yuan for the project [2]. - The previous maximum price for GJYXFCH-1 core cable was 213.27 yuan per kilometer, highlighting a substantial price increase in the current procurement [2]. Group 2: Market Trends - The demand for fiber optic cables is increasing, with operators raising procurement prices; for instance, China Telecom's procurement prices for G.652.D cables have risen by over 31% year-on-year, with some prices increasing by as much as 64.29% [3]. - The price of G.652.D fiber has exceeded 50 yuan per core kilometer, compared to 20 yuan in November 2025 and 35.6 yuan in January 2026, indicating a robust market [3]. Group 3: Industry Outlook - The fiber optic market is experiencing sustained price increases due to rapid growth in AI and computing networks, with a projected global demand increase of 4.1% for fiber optic cables by 2025, and a 75.9% increase in data center fiber cable demand [4]. - Supply constraints are expected to persist due to the long expansion cycle for optical fiber preform, which is approximately two years, suggesting continued price potential for fiber optic cables [4]. Group 4: Key Companies - The report highlights several core manufacturers in the fiber optic cable sector, including Zhongtian Technology, Hengtong Optic-Electric, Yangtze Optical Fibre and Cable, TeFa Information Technology, Yongding Co., and FiberHome Technologies [5].

Investment Rating - The report maintains a "Buy" rating for the telecommunications industry and related companies, including specific recommendations for stocks such as China Telecom, Wolong Materials, and others [8][59]. Core Insights - Nvidia's acquisition of Groq for $20 billion highlights its commitment to the inference market and LPU products, indicating a potential shift in resource allocation towards these technologies [2][12][27]. - The LPU technology, designed for low-latency and high-efficiency real-time token generation, is expected to drive demand for copper cabling and liquid cooling solutions in the future [1][2][27]. - The report identifies a primary investment theme in the telecommunications sector focused on AI computing power, with recommended companies including Zhongji Xuchuang, New Yisheng, and others [3][59]. Summary by Sections Market Performance - The telecommunications index rose by 4.76% last week, outperforming the Shanghai Composite Index, which increased by 1.98%, and the Shenzhen Component Index, which rose by 2.80% [1][11]. Key Company Developments - Nvidia's integration plan for Groq's LPU technology aims to enhance its overall architecture, particularly in addressing low-latency decoding bottlenecks in AI applications [12][27]. - The LPU hardware is expected to be deployed in rack form, maintaining a focus on cost-effectiveness and energy efficiency, with copper connections being favored for short-distance interconnects [22][27]. Recommended Companies - The report recommends several companies for investment, including: - China Telecom (601728 CH) with a target price of 9.11 CNY - Wolong Materials (002130 CH) with a target price of 43.21 CNY - China Mobile (600941 CH) with a target price of 126.20 CNY - New Yisheng (300502 CH) with a target price of 476.71 CNY - StarNet Ruijie (002396 CH) with a target price of 39.16 CNY - Arista Networks (ANET US) with a target price of 166.30 USD - Zhongji Xuchuang (300308 CH) with a target price of 626.68 CNY - Ruijie Networks (301165 CH) with a target price of 102.51 CNY - Guanghuan New Network (300383 CH) with a target price of 18.87 CNY [8][59].

Core Viewpoint - 6G is seen as a strategic core for the future of the mobile communication industry, essential for overcoming current challenges such as stagnant revenue growth and intensified competition [1] Industry Transformation - The communication industry is at a critical juncture, with 5G not meeting initial expectations in areas like B-end empowerment and operational upgrades [2] - 6G represents a necessary battle for the mobile communication industry, as traditional "pipeline" development models are no longer viable [2] - The industry must avoid repeating past mistakes with 6G, as continuing along traditional paths could lead to a loss of vitality [2] - 6G is viewed as an opportunity for operators to find new growth curves and explore new business models [2] Technology Integration - 6G aims for deep integration of communication, sensing, computing, and intelligence, breaking away from siloed approaches [3] - The transition to a "generalized" approach in technology is necessary, moving from specialized hardware and software to modular, flexible solutions [4] - A prototype for 6G has been developed, addressing technical challenges in integrating various capabilities and enabling customized network services [4] Application-Driven Development - The development of 6G must break the "technology-first" model, with standard-setting, product development, and application cultivation progressing simultaneously [6] - The first version of the 6G standard is expected to be completed by 2029, with commercial capabilities anticipated by 2030 [6] - There are challenges in global standardization due to international competition and differing industry perceptions [6] - Collaboration across various sectors, including communication, AI, and robotics, is essential for defining requirements and designing solutions for 6G [6]