印尼电信板块2026年初动态：基建项目与监管政策成焦点

Company Projects - The PASELA submarine cable system construction has commenced, with China Huahai Communication Technology Co., Ltd. announced to undertake the project for Telkom Indonesia. The system spans over 1,100 kilometers, connecting South Papua and Maluku provinces, and is expected to be commercially operational by Q3 2027, significantly enhancing communication capacity and network resilience in Eastern Indonesia [2]. Policy and Regulation - The mandatory certification list for telecom products has come into effect, as announced by the Indonesian Ministry of Communication and Informatics on December 7, 2025. A total of 187 categories of telecom and telecom-enabled products, including smart appliances with Wi-Fi, IoT devices, and drones, must obtain DJID certification to enter the market. This regulation addresses a gap in the certification system and imposes new compliance requirements on equipment suppliers [3]. Industry Status - Indonesia, as the fourth most populous country in Southeast Asia with a projected population of 281 million in 2024, has a promising digital economy outlook. From January to September 2025, investments from China (including Hong Kong) in Indonesia reached $12.7 billion, accounting for 31.6% of total foreign investment, with telecom and data center infrastructure being key focus areas. Additionally, the Indonesian stock market performed strongly in 2025, with the Jakarta Composite Index showing an annual increase of nearly 22%, marking the best performance in 11 years, and a significant rise in local retail investor participation [4]. Strategic Initiatives - Global operators are deepening their local presence, exemplified by China Mobile International's leadership in the SEA-H2X international submarine cable project, which began construction on the Hong Kong segment in 2025 and is expected to be completed within the year. China Mobile International possesses over 90 submarine and terrestrial cable resources in Indonesia and surrounding regions, with international business revenue increasing by 18.4% year-on-year in the first half of 2025, reflecting strong regional interconnectivity demand. In the short term, the advancement of the PASELA submarine cable and the implementation of the DJID certification policy are direct factors influencing the Indonesian telecom supply chain and operators' capital expenditures. In the medium to long term, attention should be paid to the sustainability of foreign investment in digital infrastructure and the impact of local retail investors on market liquidity [5].