PCB概念股上升，帶動5G通信ETF、5GETF、通信ETF升超2%
PCB概念股上升，，滬電股份升停，股價逼近歷史新高，生益科技、深南電路等上升，帶動華夏5G通信ETF、銀華基金5GETF、國泰通信ETF升超2%；博時5G50ETF、富國通信設備ETF、嘉實通信ETF、廣發電信ETF升超1.5%。
招商證券認為，此輪AI驅動的科技創新上升週期將持續更長時間且產生的市場需求也更廣闊，短期海外CSP廠商AI-Capex超預期打消了市場對算力行業β的疑慮，後續AI大模型更廣泛的應用將持續推動行業對於高多層及高階HDI的需求向上，國內PCB行業不斷升級並加速擴充中高端產能、佈局海外產能，業績釋放具備持續性和彈性空間。
2025MWC上海移動通信大會於6月18日至20日舉辦。
東莞證券認為，2025年通信行業處於技術迭代與政策紅利疊加期，AI、量子通信、低空經濟等新質生產力方向將持續釋放增長動能，基站、光纜線路、數據中心等通信設施建設有望持續推進，帶來新的器件、設備與服務運營需求，建議關注“技術商用+政策催化+業績確定性”三大主線下的企業機遇。
興業證券認為，AI應用加速落地強化AI算力基礎設施需求增長韌性，通信應用等順週期板塊業績持續釋放，運營商作為高股息資產配置價值凸顯，通信行業仍具備較高投資價值。
5GETF緊密跟蹤5G通信指數，指數選取產品和業務與5G通信技術相關的上市公司股票作為樣本股，包括但不限於電信服務、通信設備、計算機及電子設備和計算機運用等細分行業，旨在反映相關領域的A股上市公司整體表現，前十大權重股分別為立訊精密、中際旭創、中興通訊、新易盛、工業富聯、兆易創新、歌爾股份、紫光股份、滬電股份、中航光電。
具體來看，中證5G通信主題指數成分股中有約70%的標的業務與5G相關、約76%的標的業務與AI相關，5G相關度主要分佈於[80%,100%]的區間，AI相關度主要分佈於[0%,20%]的區間。中證5G通信主題指數成分股2024年合計實現營業收入17,885.12億/+16.4%、歸母淨利潤950.94億/+13.9%，營業收入同比主要分佈於[0%,10%]與>30%的區間，歸母淨利潤同比主要分佈於>40%的區間，2025Q1合計實現營業收入4376.64億/+19.9%、歸母淨利潤236.79億/+20%，營業收入同比主要分佈於>20%的區間，歸母淨利潤同比主要分佈於>40%的區間，2025Q1營業收入、TTM與歸母淨利潤TTM同比分別位於2020年以來的約80%與60%分位，未來3年營業收入預計CAGR主要分佈於[10%,30%]的區間，淨利潤預計CAGR主要分佈於[20%,30%]與>40%的區間。
銀河證券指出，數字中國等政策不斷加碼、AI新應用持續推新的背景下，數字經濟新基建有望夯實助力算力網絡升級，通信+新基建板塊有望預期上修。ICT基石光網絡產業鏈的復甦，催化光模塊、温控節能等需求進一步增長。5G應用工業互聯網亦是未來政策及需求關注重點，高景氣度結合低估值是選股重點方向。
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.
