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《大行报告》瑞银5G生态系统更具投资价值
阿思达克 06-03 16:32

瑞银发表研究报告指,长期以来中国电信行业一直跑输整体中国股市,主要原因是增长前景欠佳,但在市场调整期间,该行业的表现优於大盘,因为投资者在这此期间更偏好防御性行业,在波动加剧的情况下,电信运营商有望进一步跑赢大市。

该行指,中国电信运营商已获得了频谱资源和临时5G许可,将於2019年在多个城市开展试运营,并计划於2020年在全国范围内全面推出,认为5G将给电信运营商带来一系列新的收入来源,但运营商应该很难对5G服务收取高额费用,这方面的营收只会逐步增加。但中国5G生态系统的其他领域具备更大的投资价值和更具吸引力的机会。

该行又指,5G部署的延迟也可能被市场视为利好,短期内电信运营商可能会延5G方面的资本支出,而只有在全球5G供应链较为成熟的情况下,5G服务才会实质推出,在最初几年有望给电信运营商带来更高的回报率。不过,中国唯一的移动电话铁塔公司,5G营收可能会略有延迟,虽然有可能受益於未来几年的5G资本支出,但认为最近其股价表现出色,已较为充分地计入了乐观预期。

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