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通信行业:前三季度通信企业部分成绩亮眼,深入挖掘下游产业链,维持“推荐”评级
格隆汇 10-30 15:35

机构:新时代证券

评级:推荐

投资组合及调整

长期看好 5G 下游产业链及相关应用,物联网相关受益标的有移为通信,移远通信和云视讯相关的亿联网络。

本周投资主题本周前三季度经济增长成绩单陆续出炉,通信板块运营商成果亮眼,5G建设进展顺利。短期角度看通信板块处于调整期,由于国际大环境和中美关系,从长期角度看通信行业自主研发趋势将得到加强,带动国内替代化产业链不断发展。四季度随着 5G 建设的下一阶段推进,我们持续看好 5G 下游应用产业链如今年一直高景气的 IDC 产业链,建议关注物联网的投资机会,其中受益标的有移为通信,移远通信和拓邦股份。

行业增量信息及点评

中国联通 9 月 4G 用户数净增 246.8 万,累计达 2.66 亿。

中国电信 9 月 5G 用户数净增 766 万户,累计 6480 万户。

努力生存,向前发展:华为 2020 年前三季度收入至 6713 亿元 增长9.9%。

 Gartner:2020 年第三季度全球 PC 出货量增长 3.6%。

工信部明确通信行业“高质量发展”三大举措。

公司增量信息及点评

中兴通讯:子公司仁兴科技将其持有的微电子 18.8219%股权及附属于该等股权的全部权益及义务转让给恒健欣芯、汇通融信。

吴通控股:非公开发行股票募集 30,000 万元,拟用于 5G 消息云平台建设项目、5G 连接器生产项目和偿还银行贷款。

三维通信:非公开发行股票 127,200 万元,后拟用于 5G 通信基础设施建设及运营项目、支持 5G 的新一代多网融合覆盖产业化项目和补充流动资金。

上周调研及报告

风险提示:5G 商用不及预期;运营商资本开支不及预期。

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