通信：移动广电共建共享，5G 网络建设加速
机构：国盛证券
事件：5月20日晚，中国移动公告，与中国广电已于近期签署5G共建共享合作框架协议，开展5G共建共享以及内容和平台合作，共同打造“网络+内容”生态，实现互利共赢。
双方按1:1共同投建700MHz5G无线网，共同所有并有权使用其无线网络资产。中移动向广电有偿提供700MHz频段5G基站至中国广电在地市或者省中心对接点的传输承载网络，并有偿开放共享2.6GHz频段5G网络。中国移动将承担700MHz无线网络运行维护工作，中国广电向中国移动支付网络运行维护费用。在700MHz频段5G网络具备商用条件前，中国广电有偿共享中国移动2G/4G/5G网络为其客户提供服务。双方的合作期限自5G合作框架协议生效之日起至2031年年底。
“电联”之后再迎共建共享，广电5G业务将迎明显提速。本次移动和广电的共建共享主要针对广电700MHz黄金频段。中移动作为三大运营商之首，在用户数量、技术积累、资金实力等多个方面具有明显优势，5G网络建设进度为三大运营商之首，截至4月底已有4375万5G套餐用户。广电通过与中移动进行共建共享，一方面能够降低自身资金压力，加快700MHz黄金频段建网速度。另一方面，借助中移动已有的2.6GHz、4.9GHz5G网络，能够快速提供5G网络服务，其5G业务将明显提速。
黄金频段终迎大规模建设，对我国5G生态将产生积极深远影响。700MHz由于频谱低，覆盖远，深度覆盖能力强，适合作为大面积网络覆盖，组网成本低，一直被称为“数字红利”，LTE时代多国启用了700MHz频段效果十分出色。我国700MHz资源归属于广电，此前尚未投入到无线通信网络中。随着广电与中移动签订共建共享协议，700MHz黄金频段终将得以使用，且由于其性能突出，料运营商将充分利用其特性，在全国范围内广泛建设其5G网络，将大幅推动我国5G网络建成速度和5G整体生态发展速度。
投资逻辑：市场近期对5G及新基建潜在增量预期不足，本次中移动和广电联手共建共享，在短期将提升5G相关资本开支，加快5G建设节奏，利好主设备商如中兴通讯。此外，广电借助共建共享及中移动已有的5G网络，能够快速开展5G服务，为生态注入新生命力，利好广电系相关上市公司，如贵广网络、广电网络、华数传媒、吉视传媒等。
风险提示：5G建设不达预期。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
