通信行业周报（2 月 23 日- 2 月 28 日） 通信行业市场回顾 市场研究部 2026 年 3 月 2 日 2026 年 2 月 23 日至 2 月 28 日，通信（中信）板块上涨了 4.5%，而 沪深 300 指数上涨了 1.08%，通信板块跑赢沪深 300 指数 3.43 个百 分点。期间通信业区间涨幅位列中信一级行业第 9 位，在 30 个中信一 级行业中表现中上。2026 年全年，通信行业累计上涨 5.08%，在中信 一级行业中排第 17 位，表现居中。截至 2 月 27 日，中信通信行业 PE TTM 为 27.58 倍，处于 38.63%的分位数。 周度关注：算力互联互通节点建设 2026 年 2 月 6 日，工业和信息化部办公厅正式发布《关于组织开展国 家算力互联互通节点建设工作的通知》，该通知是落实《算力互联互通 行动计划》（2025 年 5 月）的具体举措，标志着我国算力基础设施建 设从"单点突破"迈向"全网协同"的关键阶段。 过去几年，我国在"东数西算"工程推动下，算力规模迅速扩张。通过 构建"1+M+N"的节点体系，打破算力孤岛，实现全国算力资源的标 准化互联与高效调度。其中"1" ...

头戴"三条簪"的游客在福州三坊七巷游玩。本报记者 游庆辉 摄 福州南后街沉浸式消费空间"国潮生活馆"里展示的一系列IP形象 新华社 游客在福州上下杭历史文化街区参观选购福州脱胎漆器工艺品。新华社 福州三坊七巷炮仗花盛开之处成为热门打卡点。本报记者 施辰静 摄 核心提示 城市中轴线，一座城市的"价值标尺"，是历史文化与空间记忆的核心载体。 放眼全球，历史著名城市常以轴线串联遗产、赋能文旅。如美国波士顿自由之路（The Freedom Trail）以步行廊道串联16处历史地标，形成沉 浸式文化游线；欧洲巴黎、罗马等以城市轴线整合古迹、景观与公共空间，成为世界城市遗产保护与活化典范。视线转向国内，北京中轴线成 功列入世界遗产，其严格保护、整体管控、文旅融合的模式，既能守护城市根脉又能激活发展动能。北京中轴线已成为东方都城秩序保护的样 本。 作为南方少有的完整保留传统中轴线的历史文化名城之一，福州中轴线串联三山两塔、三坊七巷、上下杭、中洲岛、烟台山等核心遗产，承载 着2200余年闽都发展史与海丝文化基因，是南方山水营城、礼制布局与海洋文明交融的稀缺标本。近年来，福州立足保护优先、活化利用宗 旨，以中轴线为骨架整合历史 ...

Core Viewpoint - The article highlights the warming of Sino-British economic relations, driven by recent high-level interactions and a more pragmatic attitude from both sides, which is fostering confidence among businesses in both countries [3][4]. Group 1: Economic Cooperation - The recent high-level interactions between China and the UK have provided new opportunities for enhancing business confidence in Sino-British economic cooperation [4]. - British business leaders recognize China's significant role in the global economy, particularly in manufacturing, innovation, energy transition, and low-carbon economy, emphasizing the importance of collaboration in these sectors [4]. - The improvement in Sino-British relations has made UK businesses feel more comfortable, leading to increased willingness to explore new opportunities in the Chinese market [4]. Group 2: Renewable Energy and Green Transition - Renewable energy and green transition emerged as key discussion topics, with UK energy firms acknowledging China's advancements in renewable energy, battery technology, and electric transportation, which are reducing global energy transition costs [5]. - Collaboration with China in these areas is seen as beneficial for the UK to ensure energy security while achieving a more cost-effective and efficient energy system [5]. Group 3: Automotive Industry - The automotive sector is a focal point for Sino-British collaboration, with BYD expanding its presence in the UK market, having established over 100 stores and planning further expansion [6]. - BYD's factory in Hungary has begun trial production, with plans to increase capacity and produce multiple vehicle models, aiming for a "made in Europe" operational model to better align with local market needs [6]. Group 4: Financial Services and Digital Infrastructure - In the financial sector, Chinese banks in London focus on dual services, supporting Chinese enterprises abroad while assisting UK firms in entering the Chinese market [8]. - There is an increasing demand for communication, data, and digital solutions as Chinese companies expand overseas, with ongoing deepening of cooperation between China and the UK in these areas [9].

Core Insights - In 2025, Beijing is projected to receive 5.48 million inbound tourists, marking a 39% year-on-year increase, with tourism spending reaching 50.56 billion yuan, a growth of 44.7%, both setting new historical records for the city [1] Group 1: Inbound Tourism Growth - The inbound tourism sector is expected to significantly contribute to Beijing's international exchange center development, with a notable increase in tourist numbers and spending [1] - The establishment of efficient "Beijing Service" stations at major airports focuses on four core areas: communication, transportation, finance, and tourism, enhancing the overall visitor experience [1] Group 2: Tax Refund and Retail Growth - The number of duty-free shops in the city has surpassed 1,500, with sales of tax refund goods reaching 1.58 billion yuan, reflecting a 66% increase year-on-year [1] - The total amount of tax refunds processed has reached 160 million yuan, showing a 60% year-on-year growth, indicating the ongoing benefits of tax refund policies for tourists [1] Group 3: Communication Services Enhancement - Communication services have improved with the introduction of an "online application, offline card collection" model, covering 45 international service star-rated outlets and airport areas [1] - The launch of two integrated payment and communication products, "Chuangyou Tong" and "Mifang Card," aims to address travel challenges, with nearly 600 devices and 12,000 cards issued, serving users across 46 countries and regions [1]

Core Insights - Central enterprises are expected to enhance their roles in serving the national economic development and improving people's livelihoods, contributing significantly to China's modernization efforts [1] Group 1: Strengthening Scale and Capability - Central enterprises have seen their total assets exceed 90 trillion yuan, with significant advancements in various projects such as the world's first commercial supercritical carbon dioxide power generation unit and the largest green hydrogen-ammonia integrated project [2] - The focus on quality improvement and value creation has led to a stable economic performance, with R&D expenditures surpassing 5 trillion yuan and investments in emerging industries growing at an annual rate of over 20% [2] - The number of technology talents has increased by nearly 50%, enhancing the scale, value creation capability, and brand influence of central enterprises [2] Group 2: Industrial Upgrading and Innovation - Central enterprises are actively promoting industrial innovation through technological advancements, with 438 technology breakthroughs reported this year [3] - Key projects such as the "Deep Sea No. 1" phase II and "Guohe No. 1" demonstration project have improved the self-sufficiency of the industrial chain [3] - The implementation of AI technologies has led to over 800 application scenarios and the establishment of 1,854 smart factories, driving digital transformation [3] Group 3: Strategic Function and Governance - The year marks the completion of major reforms in state-owned enterprises, with nine new central enterprises established to enhance strategic functions [4] - The restructuring efforts have led to the establishment of a mobile phone safety recycling system and the recycling of retired photovoltaic components [4] - Governance has become more standardized and efficient, with management levels controlled within four tiers and improved procurement transparency [5]

Core Viewpoint - The communication industry in 2026 will focus on three main areas: computing power, operator dividends, and satellite internet capabilities, driven by ongoing global AI demand and investment growth [1] Group 1: Industry Trends - The global AI sector remains highly prosperous, with continuous application development and increased investment expected [1] - Hardware solutions like Nvidia's GB300 supernode are accelerating shipments, and ASIC deliveries are anticipated to increase significantly [1] - The penetration rate of domestic supernodes is rapidly rising, which will boost demand in various segments such as switching networks, optical modules, liquid cooling, power supplies, and copper connections [1] Group 2: Market Opportunities - The optical module industry is set to benefit from the rollout of 800G/1.6T technologies and increased silicon photonics penetration [1] - Telecom operators are experiencing accelerated growth in innovative business segments, with satellite and computing power services providing new revenue streams [1] - The rapid development of domestic commercial aerospace and low-orbit satellite networks is expected to lead to increased orders for related companies [1] Group 3: AI and Satellite Internet - The long-term trend for AI computing power demand is confirmed, although short-term purchasing has slowed due to a phase of adjustment, with recovery expected as application demand increases [1] - The satellite internet sector shows optimistic long-term market potential and favorable capital expenditure outlook [1] Group 4: Investment Products - The Guotai AI ETF (159388) tracks the ChiNext AI Index (970070), which has a daily fluctuation of up to 20%, focusing on companies involved in AI technology development and application [1] - This index selects stocks from the ChiNext market that reflect the overall performance of companies in intelligent computing and machine learning, emphasizing high-growth and innovative enterprises [1]

Core Viewpoint - China's economy is showing a steady and progressive development trend, with various sectors indicating positive growth and stability in recent months [1]. Group 1: Logistics Industry - In November, China's logistics industry prosperity index was reported at 50.9%, reflecting a month-on-month increase of 0.2 percentage points [4]. - The business volume index across eastern, central, and western regions of China is relatively balanced, indicating stable demand in the logistics sector [4]. - The postal and express delivery industry saw a business volume index of 70.2%, with growth driven by offline entities, social e-commerce platforms, and comprehensive e-commerce platforms [4]. Group 2: Service Trade - From January to October, China's total service trade import and export amounted to 65,844.3 billion yuan, marking a year-on-year growth of 7.5% [6]. - Service exports reached 29,090.3 billion yuan, growing by 14.3%, while the service trade deficit decreased by 2,693.9 billion yuan compared to the previous year [6]. - Knowledge-intensive service trade maintained growth, with imports and exports totaling 25,121.5 billion yuan, an increase of 6.4% [6]. Group 3: Consumer Goods - From January to November, the "old-for-new" consumption policy led to sales exceeding 25,000 billion yuan, benefiting over 360 million people [9]. - The program included over 11.2 million vehicles, 12.8 million home appliances, and 9.015 million digital products being replaced under the initiative [9]. Group 4: Telecommunications Industry - The telecommunications industry in China has shown overall stability in the first ten months of 2025, with significant growth in user numbers for 5G, gigabit broadband, and the Internet of Things [10]. - By the end of October, the number of 5G mobile phone users reached 1.184 billion, accounting for 64.7% of mobile phone users [12]. - Mobile internet traffic has also seen rapid growth, exceeding 3,200 billion GB, with a year-on-year increase of 16.8% [12].

1. Report Industry Investment Rating Not provided in the content 2. Core View of the Report - The index is in the process of bottom - building and fluctuating. Traders are advised to choose the right time to go long. The recent market adjustment provides an opportunity for the index to rise further next year. Traders can gradually establish long positions during the market adjustment phase and use the discount structure of index futures to improve the probability of long - term investment success. Pay attention to the Politburo meeting of the CPC Central Committee and the Central Economic Work Conference in mid - to late December, which will provide key guidance for policy focus and market capital layout in 2026 [3] 3. Summary by Relevant Catalogs 3.1 Part One: Main Views and Strategy Overview - **Influencing Factors and Drives** - **Economic and Corporate Earnings**: Slightly bearish. The PMI data is mixed. The official manufacturing PMI in November was 49.2%, with a slight improvement in supply and demand, but the non - manufacturing business activity index fell to the contraction range [3] - **Macro Policy**: Slightly bullish. Six departments issued a plan to promote consumption, aiming to optimize the consumer goods supply structure and enhance the contribution rate of consumption to economic growth [3] - **Overseas Factors**: Slightly bullish. The likely new Fed Chair is dovish, and the market's expectation of a December rate cut has risen from about 60% last week to 89% [3] - **Liquidity**: Neutral. The average daily trading volume of A - shares last week decreased by 1347.4 billion yuan compared with the previous week [3] - **Investment View**: The index is in the process of bottom - building and fluctuating. Traders can choose the right time to go long, and focus on the Politburo meeting of the CPC Central Committee and the Central Economic Work Conference in mid - to late December [3] - **Trading Strategy**: Unilateral trading: Bottom - building and fluctuating, choose the right time to go long. Pay attention to domestic policies and overseas geopolitical factors [3] 3.2 Part Two: Index Market Review - **Index Performance**: Last week, the CSI 300 rose 1.64% to 4526.7; the SSE 50 rose 0.47% to 2969.6; the CSI 500 rose 3.14% to 7031.6; the CSI 1000 rose 3.77% to 7334.2 [5] - **Futures Performance**: The IF main contract of the CSI 300 rose 1.46%, the IH main contract of the SSE 50 rose 0.44%, the IC main contract of the CSI 500 rose 2.71%, and the IM main contract of the CSI 1000 rose 3.19% [6] - **Industry Index Performance**: Most Shenwan primary industry indices rose. The communication, electronics, comprehensive, media, and light manufacturing sectors led the gains, while only the banking and transportation sectors fell [8] - **Futures Volume and Open Interest**: The trading volume and open interest of major index futures decreased. For example, the trading volume of the CSI 300 futures decreased by 21.81%, and the open interest decreased by 6.26% [12] - **Spread Performance**: The spread between the CSI 300 and the SSE 50 was at the 93.6% historical quantile level, and the spread between the CSI 1000 and the CSI 500 was at the 47.9% historical quantile level [20] 3.3 Part Three: Index Influencing Factors - Liquidity - **Funding and Macro - liquidity**: The central bank conducted 15118 billion yuan of reverse repurchase operations this week, with a net withdrawal of 1642 billion yuan. Next week, 15118 billion yuan of reverse repurchases will expire [26] - **Market Trading Volume and Margin Trading**: As of November 27, the margin trading balance of A - shares was 24645.6 billion yuan, an increase of 107.3 billion yuan from the previous week. The proportion of margin trading purchases in the total trading volume was 11.6%, at the 96.2% quantile level in the past decade [32] 3.4 Part Four: Index Influencing Factors - Economic Fundamentals and Corporate Earnings - **Macroeconomic Indicators**: In November, the manufacturing PMI was 49.2%, and the non - manufacturing PMI was 49.5%. The growth rate of industrial added value, fixed - asset investment, and other indicators showed different trends [35] - **Real Estate**: The real estate investment growth rate continued to decline, and the prices of new commercial housing in 70 large and medium - sized cities showed certain fluctuations [35] - **Consumption**: The growth rate of total retail sales of consumer goods showed a certain slowdown, and the growth rates of different consumer goods categories varied [39] - **Corporate Earnings**: The year - on - year growth rates of net profit attributable to the parent company and the return on net assets of different indices and industries showed different trends [48][49] 3.5 Part Four: Index Influencing Factors - Policy Driven - **Macro - policy Trends**: Multiple departments have issued a series of policies to promote consumption, optimize real estate policies, and support economic development. For example, six departments jointly issued a plan to enhance the adaptability of consumer goods supply and demand [53] 3.6 Part Five: Index Influencing Factors - Overseas Factors - **US Economic Data**: In October, the US manufacturing PMI was 48.7%, and the non - manufacturing PMI was 52.4%. The unemployment rate in September was 4.4%, and the number of new non - farm jobs was 119,000 [63] - **Trump Team's Actions**: Trump has proposed a series of tariff policies, which have led to trade frictions between the US and other countries, especially China, and have also faced some legal challenges [70][72] 3.7 Part Six: Index Influencing Factors - Valuation - **Index Valuation**: As of November 21, 2025, the rolling price - to - earnings ratios of the CSI 300, SSE 50, CSI 500, and CSI 1000 were 13.9 times, 11.9 times, 31.1 times, and 44.8 times respectively, at the 77.2%, 87.7%, 67.2%, and 64.2% quantile levels since October 2014 [78] - **Sector Valuation**: Different sectors showed different levels of return on net assets, growth rates of main business income, and price - to - earnings ratios [82]

Report Summary 1. Market Data - **Interest Rates**: DROO1 closed at 1.30 with a -0.81 bp change, DR007 at 1.47 with a 2.04 bp change, GC001 at 1.55 with a 16.50 bp change, GC007 at 1.53 with a 1.00 bp change, SHBOR 3M at 1.58 with no change, LPR 5 - year at 3.50 with no change, 1 - year国债 at 1.40 with a -0.81 bp change, 5 - year国债 at 1.62 with a -0.95 bp change, 10 - year国债 at 1.84 with a -1.04 bp change, and 10 - year美债 at 4.02 with a 2.00 bp change [4] - **Bond Market**: Last week, the central bank conducted 1511.8 billion yuan of reverse repurchase operations. With 1676 billion yuan of reverse repurchases maturing, there was a net withdrawal of 164.2 billion yuan. Also, 900 billion yuan of MLF and 300 billion yuan of outright reverse repurchases matured, while the central bank carried out 1 trillion yuan of MLF operations and 200 billion yuan of treasury cash fixed - deposit tenders [4] - **This Week's Central Bank Operations**: This week, 1511.8 billion yuan of reverse repurchases will mature, with 338.7 billion, 302.1 billion, 213.3 billion, 356.4 billion, and 301.3 billion yuan maturing from Monday to Friday respectively. Additionally, 1 trillion yuan of 91 - day outright reverse repurchases will mature on Friday [5] 2. Stock Index Market - **Index Performance**: The CSI 300 closed at 4527 with a 0.25% change, the SSE 50 at 2970 with a -0.09% change, the CSI 500 at 7032 with a 1.15% change, and the CSI 1000 at 7334 with a 1.06% change. For futures, IF当月 closed at 4506 with a 0.3% change, IH当月 at 2963 with no change, IC当月 at 6974 with a 1.1% change, and IM当月 at 7261 with a 1.1% change [6] - **Trading Volume and Open Interest**: IF trading volume was 90267 with a -10.5% change and open interest was 258622 with a -2.1% change; IH trading volume was 38726 with a -8.9% change and open interest was 89179 with a -3.4% change; IC trading volume was 106633 with a -5.6% change and open interest was 248680 with a -2.3% change; IM trading volume was 174822 with a -4.7% change and open interest was 359979 with a -1.1% change [6] - **Last Week's Index Performance**: Last week, the CSI 300 rose 1.64% to 4526.7, the SSE 50 rose 0.47% to 2969.6, the CSI 500 rose 3.14% to 7031.6, and the CSI 1000 rose 3.77% to 7334.2. Most Shenwan primary industry indices rose, with communication (8.7%), electronics (6%), comprehensive (4.4%), media (4.2%), and light manufacturing (4.2%) leading the gains, while only banking (-0.6%) and transportation (-0.5%) declined. A - share daily trading volumes were 1584.3 billion, 1652.7 billion, 1615.8 billion, 1537.7 billion, and 1435.2 billion yuan respectively, with the average daily trading volume decreasing by 134.74 billion yuan compared to the previous week [6] 3. PMI Data and Market Outlook - **PMI Data**: China's November official manufacturing PMI was 49.2% (previous value 49%), with a slight repair in supply and demand, a significant increase in the export index, and the supply - demand gap narrowing to 0.8 pct. However, the non - manufacturing business activity index fell to the contraction range at 49.5% (previous value 50.1%) [7] - **Market Outlook**: The recent market adjustment provides an opportunity to layout for the further upward movement of stock indices next year. Traders can consider gradually establishing long positions during the market adjustment and use the discount structure of stock index futures to improve the winning rate of long - term investments. The Politburo meeting of the CPC Central Committee and the Central Economic Work Conference will be held in mid - to late December, which will analyze the current economic situation and plan the economic work for 2026, providing key guidance for next year's policy focus and market capital layout [7] 4. Futures Contract Premium and Discount - **IF**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 8.85%, 6.19%, 3.98%, and 4.10% respectively [8] - **IH**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 4.15%, 2.67%, 1.19%, and 1.36% respectively [8] - **IC**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 15.67%, 12.54%, 10.88%, and 11.35% respectively [8] - **IM**: The premium/discount rates for the current, next, current - quarter, and next - quarter contracts are 19.23%, 15.74%, 13.94%, and 13.54% respectively [8]

Group 1: Inflation and Economic Indicators - Pakistan's inflation rate rose by 6.2% year-on-year in October, consistent with government and market expectations, attributed to supply shocks from floods and the closure of the Pakistan-Afghanistan border [9] - The trade deficit for the first four months of the fiscal year reached $12.582 billion, a 38.04% increase from the previous year's $9.115 billion, with exports declining by 4.04% and imports rising by 15.13% [10] Group 2: Banking and Financial Services - The banking sector issued 2.58 trillion rupees in agricultural loans for the fiscal year 2024-2025, exceeding the annual target and reflecting a 16.3% increase from the previous fiscal year's 2.22 trillion rupees [10] - The State Bank of Pakistan launched a new digital investment platform named "InvestPak" to facilitate investment in government securities, allowing clients to open investor portfolios and participate in auctions digitally [11] Group 3: Digital Infrastructure and Remittances - Huawei and Transworld Associates successfully deployed Pakistan's first 400G optical network, covering 72 sites nationwide, marking a significant milestone in the country's digital infrastructure development [11] - Overseas remittances increased by 9.3% year-on-year to $12.96 billion in the first four months of the fiscal year 2025-2026, with October remittances reaching $3.42 billion, a growth of 11.9% [11] Group 4: Fiscal Performance - The fiscal situation improved in the first quarter of the fiscal year 2025-2026, with a budget surplus of 2.1 trillion rupees, approximately 1.6% of GDP, driven by total revenues of 6.2 trillion rupees against total expenditures of 4.1 trillion rupees [12]