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通信5G承载网招标落地,我国已开通5G基站近13万个
格隆汇 12-31 10:47

机构:中信建投

行情回顾

上周,通信(申万)指数下跌0.65%,跑输沪深300指数0.77pct。

产业要闻

【工信部:全国已开通5G基站12.6万个,力争2020年底实现全国所有地级市覆盖5G网络】

【中移动启动SPN设备集采:涉及28省,预估14.57万端】

投资建议

近期,科技股整体有所调整,我们认为选择龙头或低估值标的可能相对占优。但从明年展望来看,我们仍建议重点关注云基础设施板块,而且我们认为是板块性投资机会。

我们通过分析数据流量与云投资的关系,认为中国云基础设施投资回暖的点可能在2020年Q1-Q2,而北美已经向好,标的涉及领域包括光模块、IDC、服务器及交换机等。其中,光模块预计是弹性较大的子领域,原因是历史上首次出现“数通+电信”共振,一方面从近期北美云厂商的400G光模块招标来看,需求较好,另一方面2020年将是5G大规模建设的起始之年,从近期中国移动启动SPN招标也可以预测明年5G光模块需求强劲。

推荐组合

本周关注:光环新网、紫光股份、中际旭创、新易盛。

持续关注:5G(基站主设备商、烽火通信、华工科技、新易盛、天孚通信、光迅科技、中国联通);云计算(紫光股份、星网锐捷、新易盛、中际旭创、天孚通信、宝信软件、光环新网、奥飞数据);北斗及军工信息化(七一二、海格通信、上海瀚讯);物联网(移为通信、和而泰、拓邦股份);网络可视化(中新赛克、恒为科技、迪普科技);云视讯及专网(亿联网络、海能达)。

风险提示

中美关系影响;5G进展不及预期;云计算投资不及预期等。

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