分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 证券研究报告-行业月报 强于大市(维持) 通信相对沪深 300 指数表现 相关报告 《通信行业月报：英伟达 GB300 正式出货， 海外算力高速发展》 2025-07-09 《通信行业半年度策略：AI 算力升级，价值 成长主导》 2025-06-20 《通信行业月报：电信运营商收入增速回升， 海外算力复苏》 2025-06-10 联系人：李智 通信 北美云厂商上调资本开支，OpenAI 发布 GPT-5 模型 ——通信行业月报 发布日期：2025 年 08 月 21 日 ⚫ 2025 年 7 月，通信行业指数强于沪深 300 指数。通信行业指数 7 月上涨 11.21%，跑赢上证指数（+3.74%）、沪深 300 指数（+3.54%）、 深证成指（+5.20%）、创业板指（+8.14%）。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共33页 投资要点： -5% 8% 20% 33% 46% 58% 71% 83% 2024.08 2024. ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [6][7]. Core Insights - The communication industry index outperformed the CSI 300 index in June 2025, with a rise of 13.15% compared to the Shanghai Composite Index (+2.90%) and CSI 300 Index (+2.50%) [6][12]. - Telecom business revenue showed a year-on-year increase of 1.4% in the first five months of 2025, totaling 748.8 billion yuan [6][41]. - The penetration of 5G mobile phone users reached 60.8% by May 2025, with a monthly average data usage (DOU) of 21.3GB per user, reflecting a year-on-year increase of 14.9% [6][43][47]. - Retail sales of communication equipment increased by 33.0% year-on-year in May 2025, driven by smartphone upgrades and market promotions [6][37]. - The report highlights the expected growth in AI mobile phones, with a projected penetration rate of 34% in 2025 [6][7]. Summary by Sections Market Review - The communication industry index rose by 13.15% in June 2025, outperforming major indices [12][15]. - Sub-sectors such as network equipment and communication terminals saw significant gains, with increases of 37.00% and 13.97% respectively [15][16]. Industry Tracking - Global cloud infrastructure spending reached $90.9 billion in Q1 2025, a 21% year-on-year increase, driven by AI application deployments [20][28]. - The domestic ICT market is projected to grow significantly, with an estimated size of $751.76 billion by 2028, reflecting a CAGR of 6.5% [32][40]. Domestic Telecom Industry Tracking - Telecom business revenue totaled 748.8 billion yuan in the first five months of 2025, with a total business volume growth of 8.6% [41][42]. - The number of 5G mobile phone users reached 1.098 billion by May 2025, with a net increase of 84.14 million users since the end of 2024 [43][44]. - The number of broadband users with gigabit access reached 223 million, accounting for 32.7% of total broadband users [45][53]. Emerging Business Development - Telecom operators are focusing on key sectors such as industrial manufacturing and digital government, leveraging cloud and new digital technologies [56][62].