通信行业双周报（2026、2、13-2026、2、26）：5GSA发展进入拐点-20260227

Investment Rating - The report rates the communication industry as "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% over the next six months [45]. Core Insights - The global mobile core network market is projected to grow by 15% year-on-year by 2025, with 5G core networks expected to capture approximately 50% of the market share, marking a turning point in the development of 5G Standalone (SA) technology [20][41]. - The industry is transitioning from network coverage construction to a "capability competition," focusing on end-to-end optimization and commercial monetization, with significant regional performance disparities [41]. - The report highlights the ongoing technological iteration and policy benefits, with new growth drivers emerging from AI, quantum communication, and low-altitude economy sectors [41]. Summary by Sections 1. Communication Industry Market Review - The communication sector has seen a cumulative increase of 4.39% over the past two weeks (February 13-26), outperforming the CSI 300 index by 4.24 percentage points, ranking fifth among 31 primary industries [12][13]. - The sector has recorded a year-to-date increase of 8.55%, surpassing the CSI 300 index by 6.46 percentage points [12]. 2. Industry News - The report mentions several key developments, including the upcoming release of AI glasses by Qianwen at the 2026 Mobile World Congress [17]. - A global report indicates that the 5G SA technology has moved beyond the "declaration" phase into a focus on practical execution [19]. - Dell'Oro Group forecasts a significant growth in the mobile core network market, driven by the expansion of 5G SA networks [20]. - Omdia reports that the deployment of AI infrastructure is impacting the telecommunications industry, leading to shortages in memory chips and copper materials [21]. 3. Company Announcements - Changying Tong announced a 29.53% year-on-year increase in net profit for 2025, driven by enhanced production capabilities [24]. - Guangxun Technology's application for a private placement has been approved by the Shenzhen Stock Exchange [25]. 4. Industry Data Updates - As of December 2025, the mobile phone user base is approximately 1.827 billion, reflecting a year-on-year increase of 2.04% [27]. - The length of optical cable lines reached about 74.99 million kilometers, with a year-on-year growth of 2.89% [30]. - By December 2025, the number of 5G base stations reached 4.838 million, accounting for 37.6% of the total mobile base stations [38]. 5. Communication Sector Weekly Perspective - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and earnings certainty," recommending stocks such as China Mobile, China Telecom, ZTE, and others [41][42].