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TMT行业月报：2025年上半年通信行业业绩表现亮眼，计算机行业盈利大幅改善-20250909
HONGTA SECURITIES·2025-09-09 09:05

Investment Rating - The industry investment rating is "Outperform the Market" [1] Core Insights - The TMT industry has shown significant growth, with the communication sector increasing by 34.41% and the computer sector by 15.48% in August 2025. The government's push for AI integration across key sectors is seen as a catalyst for this growth [4][12] - The communication sector's revenue and net profit have seen substantial growth in Q2 2025, with a notable increase in gross and net profit margins, driven by AI-related hardware stocks [4][5] - The computer sector is experiencing a boost from AI applications, with a strong emphasis on scaling and commercializing AI technologies across various industries [4][6] Summary by Sections 1. Market Review - From August 1 to August 29, 2025, the market experienced a bullish trend, with the Shanghai Composite Index surpassing 3800 points, reflecting a 10.33% increase. The communication sector led the gains with a 34.41% rise [4][12] 2. Communication Industry 2.1 Performance Overview - In H1 2025, 134 listed companies in the communication sector achieved revenues of 1,326 billion yuan, a year-on-year increase of 2.97%, and a net profit of 137.7 billion yuan, up 7.92%. 53% of companies reported net profit growth [5][24] 2.2 Key Drivers - The sector benefits from AI-driven growth, particularly in the optical communication segment, which saw the highest performance increase. Wireless support companies also experienced revenue growth due to increased demand for network equipment [5][25] 3. Computer Industry 3.1 Performance Overview - The computer sector's revenue reached 592.068 billion yuan in H1 2025, marking an 11.49% year-on-year increase, with net profit rising by 34.41% to 10.883 billion yuan. 54.8% of companies reported net profit growth [6][41] 3.2 Sector Highlights - The AI segment continues to drive growth, with a 12.81% increase in revenue and a 60.63% rise in net profit. The intelligent driving sector also saw significant growth, with revenues up 29.54% [42][44]