通信行业2025年半年度业绩综述：业绩延续向上增长趋势，营收与利润同比增速回升

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by over 10% in the next six months [63]. Core Insights - The communication industry continued its upward growth trend in the first half of 2025, with total revenue reaching 1,392.35 billion yuan, a year-on-year increase of 3.78%, and net profit attributable to shareholders of 140.77 billion yuan, up 7.74% year-on-year [2][23]. - The industry has shown effective cost control, with total expenses decreasing by 1.44% year-on-year, leading to a decline in the expense ratio to 11.29% [29]. - The second quarter of 2025 saw accelerated growth, with revenue of 724.72 billion yuan, a 4.39% increase year-on-year, and net profit of 87.23 billion yuan, up 8.17% year-on-year [30]. Summary by Sections 1. Market and Institutional Holdings Review - The communication sector has shown a positive trend in 2025, with a cumulative increase of 58.48% since the beginning of the year, ranking first among the Shenwan primary industries [9]. - As of Q2 2025, public funds' holdings in the communication industry increased to 3.93%, up 1.31 percentage points from the previous quarter [14]. 2. Industry Performance in the First Half of 2025 - The communication industry reported a total revenue of 1,392.35 billion yuan and a net profit of 140.77 billion yuan in the first half of 2025, reflecting a recovery in growth rates compared to the previous year [23]. - The net profit margin improved to 10.78%, an increase of 0.37 percentage points year-on-year [23]. 3. Performance of Sub-sectors - The sub-sector of optical devices and modules experienced significant growth, with a revenue increase of 65.42% year-on-year, while the Internet of Things sector also showed a positive trend with a 17.75% increase [40]. - The operator segment faced challenges, with a slight revenue decline of 0.12% due to market saturation and longer replacement cycles for mobile devices [50]. 4. Investment Recommendations - The report suggests that the communication industry is positioned for continued growth, driven by advancements in technology and policy support, particularly in areas such as AI and quantum communication [59]. - It emphasizes the importance of focusing on companies that align with the themes of "technology commercialization, policy catalysis, and earnings certainty" for investment opportunities [59]. 5. Key Company Earnings Forecasts and Ratings - The report includes earnings forecasts and investment ratings for key companies, indicating a "Buy" rating for several firms, including China Telecom and Hengtong Optic-Electric, based on their expected performance over the next few years [60].