从2025MWC上海看通信领域发展趋势：5G-A和AI深度融合推动信息基建发展

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Viewpoints - The integration of 5G-A and AI is driving industry transformation, reconstructing the value chain of information infrastructure. This dual drive effect significantly enhances the marginal efficiency and commercial potential of 5G networks, leading to a golden period of industry development [3][4]. - The 2025 MWC Shanghai showcased the successful outcomes of the 5G and AI integration, with major players in the industry releasing innovative results, marking the transition from technical concepts to practical applications [3][4]. - The report emphasizes the importance of focusing on network infrastructure construction, recommending key operators and equipment manufacturers for investment opportunities [3]. Summary by Sections Industry Trends - The 2025 MWC Shanghai highlighted four major themes: "AI+", "Industry Interconnection," "Empowerment Interconnection," and "5G Fusion," showcasing the ongoing transformation in the communication industry driven by AI [1]. - The report notes that the 5G-A network construction is accelerating, with significant investments planned by major operators, including nearly 10 billion yuan by China Mobile for smart upgrades [3]. Investment Recommendations - The report suggests prioritizing investments in network infrastructure construction, specifically mentioning operators like China Mobile, China Telecom, and China Unicom, as well as equipment manufacturers such as ZTE, Unisoc, and Ruijie Networks [3]. - The report also highlights the potential of 5G-A to empower various industries, including industrial, logistics, and low-altitude economies, creating new market opportunities [3]. Market Dynamics - The report indicates that the user base for 5G-A has surpassed 10 million in China, with projections that China Mobile's 5G-A users will exceed 50 million by the end of 2025 [3]. - The integration of 5G-A and AI is expected to enhance network performance and enable new applications across various sectors, further expanding the market space for industrial internet [3].