野村:5G用户迁移趋势良好 维持中国移动、联通买入评级
野村发表研究报告指,2021年的MWC上海于本周进行,电信运营商正在以更为审慎的方式推出5G网络,并且5G变现化已在眼前,因为随着智能手机价格的上涨以及网络覆盖率的提高,5G用户的迁移趋势良好。该行维持中国移动(0941.HK)和中国联通(0762.HK)买入评级,认为三大运营商的基本面复苏将在2021年维持,而估值仍处于低谷。
对于上游5G供应链,该行指,逐步的需求复苏可能会部分缓解设备或组件生产商的低利用率或低出货量的压力,并且仍然偏爱投资组合更多元化的公司包括中际旭创和生益科技。
该行续指,由于5G用户的持续渗透,认为三大运营商将继续看到ARPU改善,带动基本面恢复。此外,由于5G网络覆盖全国,相信运营商可以在消费者应用程序和企业市场中提供更多的增值服务。
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