通信行业周报：首批IDCREITs获批，Marvell上调2028年AIDC规模预期，全球AIDC迎共振-20250622

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The approval of the first two data center REITs in China is expected to facilitate the expansion of the AIDC sector, providing a good monetization channel for mature projects and improving financing pressure [4][13] - The policy to support game companies in applying AI is likely to boost the demand for AIDC computing power, enhancing R&D efficiency in the gaming industry [5][16] - Marvell has raised its 2028 data center market size forecast to $94 billion, reflecting a 26% increase from previous estimates, driven by rapid growth in AI infrastructure [6][18] Summary by Sections 1. Investment Insights - The first two data center REITs approved in China are expected to enhance AIDC expansion [4][13] - The policy to reward game companies for AI applications may stimulate AIDC computing power demand [5][16] - Marvell's updated forecast for the data center market indicates a significant growth trajectory, with a projected CAGR of 20% from 2025 to 2028 [6][18] - Investment recommendations focus on seven key industry directions, including AIDC facility construction and AI applications [20][21] 2. Communication Data Tracking - As of April 2025, the total number of 5G base stations in China reached 4.439 million, with a net increase of 188,000 stations since the end of 2024 [30] - The number of 5G mobile phone users reached 1.081 billion, showing a year-on-year growth of 21.6% [30] - 5G mobile phone shipments in April 2025 were 19.889 million units, accounting for 79.4% of total shipments, with a slight year-on-year decrease of 1.7% [30] 3. Operator Performance - The three major operators reported strong growth in cloud computing revenues, with China Mobile's cloud revenue reaching 100.4 billion yuan, a year-on-year increase of 20.4% [44] - The ARPU values for the three major operators remained stable, with China Mobile at 48.5 yuan, China Telecom at 45.6 yuan, and China Unicom at 44.0 yuan [44][48]