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《大行報告》瑞銀:內地電訊股在宏觀經濟挑戰下具穩定增長 首選中移動及中興
瑞銀髮表報告指,根據;中國工信部數據,10月電信行業服務收入按年增長6.5%,而2022年首九個月的增幅爲8%,在宏觀不確定性的情況下仍穩定增長。移動數據服務收入按年增0.7%,與2022年首九個月持平。期內,固定互聯網和寬帶服務收入按年跌1.8%,而首九個月則爲9%。該行認爲,隨着內地電信公司越來越多向終端客戶提供集成解決方案,總服務收入的增長更爲重要,指內地電訊股在宏觀經濟挑戰下具穩定增長。 根據每月的智能手機使用情況報告,截至今年10月,用戶花在5G網絡上的時間份額相對較低,爲11.1%,而5G網絡普及率爲31.1%,10月建成的5G基站數量降至3萬個,而9月份則爲11.8萬個。工信部數據顯示,首十個月5G基站新建82.5萬個,高於2021年全年建成的70.7萬個。 該行認爲,由於低頻段帶來的成本效益以及企業客戶可能共享的5G資本支出,未來內地電信公司的資本支出將更多由需求所驅動。同時,由於數字經濟的政策支持,對數字化的需求應該可以持續。該行維持對中國電信行業的正面看法,首選中移動(00941.HK)和中興(00763.HK)。
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