证券研究报告 |行业周报 gszqdatemark 2025 10 26 年 月 日 通信 光的新节奏 光通信行业正迎来新节奏：AI 算力爆发的实质性需求，驱动以往每年 第二季度才开始的预期回暖提前到来；上游核心芯片与原材料短缺， 下游需求的持续旺盛且客户不断加单的背景下，行业正进入"保交付" 的新时代。 【光通信市场的复苏节奏提前】 由于海外厂商的持续性追加订单，光通信市场已迎来提前回暖迹象。 【2026 年：行业转向"保交付"时代】 算力需求的持续增长，行业的主要矛盾逐渐转移。我们预计，到 2026 年，整个光通信产业链将从"争订单"全面进入"保交付"时代，交 付能力取代订单获取能力，成为企业核心竞争力的关键指标，龙头企 业将凭借其供应链掌控力脱颖而出。 增持（维持） 行业走势 -20% 0% 20% 40% 60% 80% 2024-10 2025-02 2025-06 2025-10 通信 沪深300 作者 分析师 宋嘉吉 执业证书编号：S0680519010002 邮箱：songjiaji@gszq.com 分析师 黄瀚 执业证书编号：S0680519050002 邮箱：huanghan@gszq. ...

Core Insights - The "2025 Beijing Unicom Dual Ten Thousand Megabit AI Empowerment Action" conference highlighted significant advancements in 5G-A infrastructure in Beijing, with nearly 16,000 5G-A base stations and over 9,000 OTN all-optical ten-gigabit nodes established, enhancing the city's digital, network, and intelligent capabilities [1] - 2024 is recognized as the "commercialization year of 5G-A," with a tenfold improvement in network capabilities over 5G, prompting increased efforts from industry regulators and operators to promote 5G-A applications [1] - Beijing is positioned as a leading area for 5G-A deployment, with plans to build or upgrade over 35,000 5G-A capable base stations by the end of 2027, ensuring comprehensive coverage within the city's Fifth Ring Road [1] Industry Developments - Beijing Unicom has covered over 50% of residential areas in the city with ten-gigabit broadband, reaching nearly 5,000 communities, and has surpassed 1.5 million 5G-A users [2] - The company launched its first large-scale 5G-A smart network in 2024, with over 6,000 stations providing extensive coverage in key areas such as sports venues, schools, and shopping districts, achieving an overall effectiveness rate of over 85% for 5G-A [2] - Testing along a 12-kilometer route showed a 96% effectiveness rate for 5G-A, supporting high-demand applications like immersive video and cloud gaming [2] Technological Advancements - Beijing Unicom has deployed the world's fastest 5G-A subway network on Line 3, achieving peak downlink speeds of 2.4 Gbps and an average downlink speed of approximately 1.5 Gbps, suitable for 4K video streaming and large file transfers [3] - 5G-A is being integrated with AI to enhance various applications, such as providing high-definition meeting experiences and enabling multi-angle live sports broadcasts [3] - Future expectations include strengthening network infrastructure, driving industrial innovation, and enhancing key technology research and development [4] Future Outlook - The Beijing Economic and Information Technology Bureau expects Beijing Unicom to increase network construction efforts, achieving widespread coverage of 5G-A base stations and ten-gigabit optical networks [4] - There is a focus on leveraging the core technological potential of 5G-A and F5G-A, with applications in areas like water monitoring, intelligent vehicle-road collaboration, and new industrialization [4] - The aim is to establish a complete industrial ecosystem involving chips, modules, terminals, and equipment, while steadily progressing towards 6G and maintaining Beijing's competitive edge in global communication technology [4]