通信行业机构持仓和业绩综述 20250505 摘要 • 2025 年一季度，北美云厂商资本开支同比增长 65%至 720 亿美元，预示 海外 AI 需求强劲，国内资本开支亦逐步筑底回升，腾讯预计 2025 年资本 开支增长超 50%，国内 AI 创新加速，为通信行业带来增长动力。 • 一季度通信行业基金持仓占比下降至 2.8%，超配比例为-1.54%，处于历 史低位，但机构持仓仍聚焦 AI 产业链，前十大持仓集中于网络设备、设备 制造、光模块及 PCB 领域，新易盛首次成为机构第一大持仓。 • 2024 年通信行业整体营收增长近 9%至 3 万多亿元，净利润增长约 7.57%；剔除三大运营商及中兴通讯等公司后，中小市值公司营收增长 12%，净利润增长 19%，业绩弹性更大。 • 2025 年一季度，通信行业整体营收同比增长 9%至 8,000 多亿元，归母 净利润增长 9.6%；剔除千亿市值公司后，其余企业营收同比增长 18%， 归母净利润同比增长 36%，受益于 AI 推动及细分领域资本开支增加。 • 2024 年光模块板块收入增长 60%至近 700 亿元，PCB 和 CCL 板块营收 增长 26%至约 ...

中泰证券研报指出，红利属性凸显，关注银行股投资价值。银行股红利属性凸显，建议积极关注银行股 的投资价值，关注大行、招行和优质城农商行。 NO.3 中信建投：5月市场或维持震荡格局，短期风险偏好继续边际改善 NO.1 中金：A股节后有望迎来"开门红" 5月6日，中金公司（601995）研报认为，一季度A股上市企业业绩边际改善，关税预期在小长假期间略 显和缓，港股美股在A股休市期间表现较好，国内外环境对A股整体影响偏积极，在此背景下A股节后 有望迎来"开门红"。配置层面，结合关税影响和行业景气度，建议考虑以下思路：1）景气回升并且受 关税影响不大的领域，例如DeepSeek突破加速AI产业发展，AI产业链中的云计算、算力等基础设施环 节，再到机器人、智能驾驶等应用环节，仍是重要主线。此外，部分对美敞口不高的出口链，如工程机 械、电网设备、商用车等也值得关注。2）现金流优质、与外需关联度不高的红利板块，例如水电、电 信运营商、食品饮料等行业的龙头公司。 NO.2 中泰证券（600918）：红利属性凸显，关注银行股投资价值 ｜2025年5月6日 星期二｜ 中信建投（601066）证券研报认为，上周全球市场避险情绪降温 ...

Core Viewpoint - The article highlights the proactive measures taken by Zhejiang Telecom to ensure stable and reliable communication networks during the peak travel period of the "May Day" holiday, enhancing the overall experience for both residents and tourists. Group 1: Network Optimization in Tourist Areas - Zhejiang Telecom has conducted comprehensive network optimization in key tourist areas such as Hangzhou, Wuzhen, and Jinhua, based on big data analysis and historical data to meet the communication needs of visitors [2][3][4] - In Hangzhou, the network capacity has been significantly enhanced, with the ability to support over 50,000 users, and the deployment of 38 additional 4G and 96 5G small cells to manage the surge in demand during the holiday [2] - The network download speed has been improved to over 1Gbps using carrier aggregation technology, ensuring smooth connectivity for visitors at popular spots like Su Causeway and Broken Bridge [2] Group 2: Traffic Hub Support - Key transportation hubs such as Hangzhou Xiaoshan International Airport and Hangzhou East Railway Station have received urgent network expansions to enhance communication capacity during the holiday [5] - At Hangzhou East Station, the system capacity has been increased by over 200%, and edge coverage has been enhanced by 40%, allowing travelers to enjoy stable and fast network services [5] - The airport has undergone deep network optimization, including the deployment of 5G-A networks to meet the high-speed internet needs of travelers [5] Group 3: Major Event Support - For the upcoming Xinfeng Music Festival in Quzhou, Zhejiang Telecom has established a communication support team and completed the necessary infrastructure setup ahead of the event [6] - The company has deployed 49 communication devices and multiple 4/5G small cells to ensure robust connectivity during the festival, with a dedicated team ready to address any network issues [6] Group 4: Comprehensive Network Assurance - Zhejiang Telecom has implemented 24/7 monitoring and support teams across hotels and major transportation routes to ensure network reliability during the holiday [7] - The company has prepared ample emergency resources and conducted multiple drills to enhance its response capabilities for any network disruptions [7] - The commitment to user satisfaction and high-quality service is emphasized as a core principle of Zhejiang Telecom during the holiday period [7]

根据2025年5月2日披露数据，中国电信（00728）、新天绿色能源（00956）、凯盛新能（01108）位居 港股通持股比例前3位，分别为73.85%、67.51%、67.45%。此外，美团-W（03690）、康方生物 （09926）、中银香港（02388）在最近有统计数据的5个交易日内，持股额增幅最大，分别为+26.00亿 元、+5.73亿元、+4.88亿元;腾讯控股（00700）、阿里巴巴－W（09988）、盈富基金（02800）在最近 有统计数据的5个交易日内，持股额减幅最大，分别为-31.32亿元、-23.84亿元、-17.21亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 102.49亿股 | 73.85% | | 新天绿色能源(00956) | 12.42亿股 | 67.51% | | 凯盛新能(01108) | 1.69亿股 | 67.45% | | 白云山(00874) | 1.46亿股 | 66.27% | | 绿色动力环保 ...

Core Viewpoint - The event "AI Empowerment, Great Collection" organized by Guangzhou Unicom showcased the latest applications of artificial intelligence technology, attracting over 30,000 participants on its first day [1]. Group 1: Event Overview - The event utilized a "1+1+N" model, taking place simultaneously at multiple venues including the main site in Zhujiang New Town, Guangzhou University Town, and various community locations [1]. - Activities included low-altitude football, AI pulse diagnosis in traditional Chinese medicine, and interactive digital human experiences, demonstrating over ten interactive AI application scenarios [1]. Group 2: Highlights of Activities - A drone football competition featuring AI technology was a major highlight, showcasing drones performing high-difficulty maneuvers such as high-speed passes and precise shots [3]. - The AI smart education innovation at the Guangzhou University Town attracted many students, allowing them to connect to the campus network without a VPN [3]. - AI markets were held in large communities, Unicom service halls, and creative parks, enabling citizens to experience AI cloud gaming, home monitoring, and smart robots [3]. Group 3: Future Implications - The event aimed to promote the widespread application of AI technology through roadshows, community science popularization, and esports integration [5]. - A representative from Guangzhou Unicom stated that the company will continue to leverage digital technology for innovation, promoting deep integration of AI across various industries to enhance smart living [5].

Core Insights - The event themed "AI Empowering Technology, Enjoying Intelligent Life" was held in Guangzhou, showcasing how AI technology integrates into daily life and supports the city's "Artificial Intelligence+" strategic deployment [1] Group 1: AI Product Innovations - The "Zhongmi Panshi AI Phone" was highlighted as a key product, designed specifically for the elderly with features like a large screen, voice control, health monitoring, and anti-fraud capabilities [2] - The "Cloud Computer Cloud PAD" offers a lightweight yet powerful mobile office experience, outperforming traditional desktop computers in speed [2] - The "Smart Home" section featured products like smart speakers and AI learning tablets, which received positive feedback from users for their functionality and ease of use [2] Group 2: Engagement and Experience - The "Trendy Life" experience area attracted young people with VR glasses and interactive robots, enhancing engagement through immersive technology [3] - The event is part of a broader initiative by Guangzhou Mobile to launch a hundred AI promotional activities, aiming to provide immersive experiences across various demographics [3] - The company emphasizes that the significance of AI lies not only in technological innovation but also in its ability to serve people effectively [3]

Core Insights - The three major telecom operators in China reported distinct financial results for Q1 2025, with China Mobile leading in revenue and profit, while China Telecom excelled in 5G user penetration [1][2][3] - The overall revenue growth for the telecom industry is slowing, with the operators entering a "stable" phase, focusing on high-quality development and profitability [2][3] Financial Performance - China Mobile reported revenue of 263.8 billion yuan and net profit of 30.6 billion yuan, nearly 1.3 times the combined revenue of China Telecom and China Unicom [1] - China Telecom's revenue reached 134.5 billion yuan with a net profit of 8.9 billion yuan, while China Unicom surpassed 100 billion yuan in revenue for the first time, achieving 103.35 billion yuan and a net profit of 2.61 billion yuan [1] - Revenue growth rates for Q1 2025 were 0.02% for China Mobile, 0.01% for China Telecom, and 3.88% for China Unicom, significantly down from 10.3%, 9.4%, and 9.2% in the same period of 2023 [3] User Metrics - China Mobile's total mobile users exceeded 1 billion, with 5G users reaching 578 million, accounting for 54% of the industry total [2] - China Telecom's 5G user penetration rate is 62%, while China Unicom's is below 50% [2] - In the fixed broadband market, China Mobile leads with 320 million users, followed by China Telecom with 173 million and China Unicom with 124 million [2] Profitability and Cost Management - Despite slowing revenue growth, net profits for the three operators showed slight increases: China Mobile up 3.45%, China Telecom up 3.1%, and China Unicom up 6.5% [4] - Operators are maintaining profitability through reduced capital expenditures and optimized cost structures, with total capital expenditures for 2025 projected at 289.8 billion yuan, down 9.1% year-on-year [4] Emerging Business Focus - The operators are shifting resources towards emerging fields such as computing power networks and AI to create a "second growth curve" [7][8] - China Telecom's computing power investment grew by 22%, with IDC revenue at 9.5 billion yuan and smart income surging by 151.6% [7] - China Unicom's cloud revenue reached 19.72 billion yuan, a 114% increase, while China Mobile plans to invest 37.3 billion yuan in computing power, representing 25% of its total capital expenditure for 2025 [7][8] Market Challenges - The telecom industry faces structural challenges in computing power demand, with a surplus in general computing power and a shortage in intelligent computing power [10] - The operators are also under pressure from competition with internet giants like Tencent and Alibaba, which are encroaching on the enterprise market [10][11] - The operators are attempting to build differentiated competitive advantages, but achieving significant revenue growth remains a challenge [11]

工信部近日通告今年第一季度电信服务质量情况，其中提到要指导基础电信企业和互联网企业联合提供"二次号码焕新"服务，可一键解绑历史互联网账号， 目前已覆盖超200款主流互联网应用。 手机"二次号码"藏风险 专家指出，目前几乎所有的互联网服务都要通过手机号完成身份认证，手机号码已经成为互联网应用识别用户的主要标识之一。但是当手机号码被重新投放 后，如果原机主没有及时解除与各类应用、服务的绑定，新机主可能会通过短信验证码等方式登录原机主账号，引发个人信息泄露和权益受到侵犯等风险。 规范"二次号码"使用 或暴露个人信息 什么叫"二次放号"？为什么要重点关注"二次放号"的一键解绑呢？ 据了解，手机号码在被注销或者停用后，经过大约3个月的"冻结"，会被运营商重新投放市场供新用户使用。这种"二次放号"，本是盘活有限闲置号码资源 的常见做法，却有可能将用户的个人信息暴露于风险之中。 有使用"二次号码"的新用户发现，通过手机验证码，居然可以轻松登录前机主的应用程序账户；还有人时常收到陌生人的快递信息、购物平台的消费记录 等。 及时解绑原手机号互联网应用 保护个人信息 为什么要投用手机"二次号码"？使用"二次号码"需要注意什么？ ...

一季度营收31.8亿美元，分析师预期31.1亿美元。 电信公司流明科技（LUMN）美股盘后涨1.7%。 最新业绩报告显示，该公司一季度调整后每股亏损0.13美元，分析师预期亏损0.26美元。 维持全年资本开支预期在41亿-43亿美元不变，分析师预期42亿美元。 维持全年调整后EBITDA预期在32亿-34亿美元不变，分析师预期33.5亿美元。 ...

Core Viewpoint - The integration of 5G-A and AI technologies is driving a new wave of digital and intelligent transformation in the manufacturing industry, particularly in Zhejiang, China, where over 700 "5G + Industrial Internet" projects are being implemented [1][3]. Group 1: 5G LAN Technology Implementation - A battery company in Zhejiang has successfully transformed into a commercial 5G LAN smart factory, enhancing its flexible manufacturing capabilities by overcoming traditional industrial network limitations [1][3]. - The deployment of 5G LAN technology has enabled plug-and-play device connectivity, significantly improving network deployment efficiency and reducing production line adjustment time by 60% [3][4]. - The 5G LAN mobile workstation has reduced network latency from 20-30 milliseconds to around 10 milliseconds, enhancing data transmission efficiency and real-time production capabilities [3][4]. Group 2: AI Integration and Quality Control - An aluminum company in Wenzhou has leveraged "5G + AI" technology to enhance its market competitiveness and brand value through the construction of a smart factory [4][5]. - The smart factory project includes key areas such as data collection, production process management, and AI-based quality inspection, resulting in over 50% improvement in network stability and security [5][7]. - The AI surface defect inspection system has increased quality inspection accuracy to over 95%, significantly reducing defect detection response time to 0.5 seconds [7][10]. Group 3: Overall Efficiency and Cost Reduction - The smart factory project has led to an overall production efficiency increase of nearly 5% and a cost reduction of over 2%, while also decreasing safety incidents and equipment downtime by more than 50% [10][11]. - In the garment industry, a 5G smart factory in Ningbo has achieved a 32% increase in production efficiency and a 19% improvement in equipment utilization through full-process visualization and precise equipment management [10][11]. - The project has reduced the time required for production line reconfiguration from weeks to just 2 days, enhancing reconfiguration efficiency by 70% [10][11].