每經AI快訊(xun)，中國銀河04月14日發布研報稱：給予通信行業推薦（維持）評級。

一周(zhou)通信(xin)板塊指數下跌，智(zhi)能(neng)控(kong)制器、載波通信(xin)及電(dian)網子板塊相關標(biao)的(de)表現(xian)較好(hao)。

中(zhong)國增值(zhi)電信(xin)業務(wu)對外開放提(ti)升國際競爭(zheng)力(li)，智能網(wang)絡技術(shu)革新引(yin)領行業高階發(fa)展：工(gong)業(ye)(ye)(ye)(ye)(ye)和(he)(he)信息化(hua)(hua)部近日發(fa)(fa)(fa)布《關于開(kai)展增值電(dian)信業(ye)(ye)(ye)(ye)(ye)務(wu)擴大(da)(da)對(dui)外(wai)(wai)開(kai)放(fang)試(shi)點工(gong)作的(de)(de)(de)(de)通(tong)(tong)(tong)(tong)告》和(he)(he)《增值電(dian)信業(ye)(ye)(ye)(ye)(ye)務(wu)擴大(da)(da)對(dui)外(wai)(wai)開(kai)放(fang)試(shi)點方案》，提出將在北京(jing)、上海(hai)、海(hai)南和(he)(he)深(shen)圳四個地(di)區(qu)開(kai)展增值電(dian)信業(ye)(ye)(ye)(ye)(ye)務(wu)對(dui)外(wai)(wai)開(kai)放(fang)的(de)(de)(de)(de)試(shi)點工(gong)作。在試(shi)點地(di)區(qu)取消互(hu)(hu)聯(lian)網(wang)(wang)(wang)(wang)數(shu)據中(zhong)心(xin)、內(nei)容分發(fa)(fa)(fa)網(wang)(wang)(wang)(wang)絡(luo)、互(hu)(hu)聯(lian)網(wang)(wang)(wang)(wang)接入服(fu)務(wu)等業(ye)(ye)(ye)(ye)(ye)務(wu)的(de)(de)(de)(de)外(wai)(wai)資股(gu)比(bi)(bi)限制(zhi)。此外(wai)(wai)，中(zhong)國(guo)(guo)信通(tong)(tong)(tong)(tong)院在“2024年(nian)·云(yun)(yun)網(wang)(wang)(wang)(wang)智(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)聯(lian)”大(da)(da)會(hui)上啟動(dong)“網(wang)(wang)(wang)(wang)絡(luo)大(da)(da)模型(xing)(xing)(xing)先鋒行(xing)動(dong)”，旨(zhi)在加速(su)AI在網(wang)(wang)(wang)(wang)絡(luo)產業(ye)(ye)(ye)(ye)(ye)的(de)(de)(de)(de)應(ying)用(yong)，推動(dong)網(wang)(wang)(wang)(wang)絡(luo)智(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)能(neng)化(hua)(hua)和(he)(he)行(xing)業(ye)(ye)(ye)(ye)(ye)數(shu)字化(hua)(hua)轉型(xing)(xing)(xing)。運營商(shang)(shang)方面(mian)，中(zhong)國(guo)(guo)移(yi)動(dong)舉辦了“通(tong)(tong)(tong)(tong)感算(suan)一體化(hua)(hua)無線(xian)網(wang)(wang)(wang)(wang)聯(lian)”專題(ti)論(lun)壇，推動(dong)6G研(yan)究和(he)(he)“數(shu)字孿生、智(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)慧泛在”體驗。同(tong)時，中(zhong)國(guo)(guo)移(yi)動(dong)引領兩項智(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)能(neng)算(suan)力硬件技(ji)術要(yao)求(qiu)的(de)(de)(de)(de)行(xing)業(ye)(ye)(ye)(ye)(ye)標準制(zhi)定(ding)，得(de)到了信通(tong)(tong)(tong)(tong)院等11家產業(ye)(ye)(ye)(ye)(ye)伙伴(ban)支持；中(zhong)國(guo)(guo)電(dian)信自主研(yan)發(fa)(fa)(fa)的(de)(de)(de)(de)星河AI視覺分析(xi)處理系統和(he)(he)云(yun)(yun)邊協同(tong)大(da)(da)數(shu)據平(ping)臺(tai)被收錄于《中(zhong)央企業(ye)(ye)(ye)(ye)(ye)科技(ji)創新成(cheng)果產品(pin)(pin)手冊》，提供AI服(fu)務(wu)和(he)(he)國(guo)(guo)際領先的(de)(de)(de)(de)大(da)(da)數(shu)據平(ping)臺(tai)服(fu)務(wu)；中(zhong)國(guo)(guo)聯(lian)通(tong)(tong)(tong)(tong)與(yu)中(zhong)國(guo)(guo)石(shi)化(hua)(hua)簽(qian)(qian)署戰略合(he)作協議，將在5G、工(gong)業(ye)(ye)(ye)(ye)(ye)互(hu)(hu)聯(lian)網(wang)(wang)(wang)(wang)、數(shu)字化(hua)(hua)轉型(xing)(xing)(xing)、AI等多個領域開(kai)展合(he)作。設(she)備(bei)(bei)商(shang)(shang)方面(mian)，華為(wei)(wei)與(yu)EDMI簽(qian)(qian)訂(ding)了基于FRAND原則的(de)(de)(de)(de)專利許可協議，授(shou)權EDMI使用(yong)其蜂窩(wo)物(wu)聯(lian)網(wang)(wang)(wang)(wang)SEP。中(zhong)興通(tong)(tong)(tong)(tong)訊在以“合(he)作共贏，數(shu)智(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)同(tong)興”為(wei)(wei)主題(ti)的(de)(de)(de)(de)2024年(nian)云(yun)(yun)網(wang)(wang)(wang)(wang)生態峰(feng)會(hui)上發(fa)(fa)(fa)布了涵(han)蓋四大(da)(da)領域的(de)(de)(de)(de)十余款新產品(pin)(pin)，并與(yu)38家合(he)作伙伴(ban)簽(qian)(qian)訂(ding)了合(he)作協議，旨(zhi)在構建高效綠色的(de)(de)(de)(de)數(shu)智(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)底座，推動(dong)社會(hui)數(shu)智(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)化(hua)(hua)轉型(xing)(xing)(xing)。總體來看，政策層面(mian)，取消外(wai)(wai)資股(gu)比(bi)(bi)限制(zhi)將進一步激發(fa)(fa)(fa)市(shi)場活力；技(ji)術層面(mian)，AI在網(wang)(wang)(wang)(wang)絡(luo)產業(ye)(ye)(ye)(ye)(ye)的(de)(de)(de)(de)應(ying)用(yong)加速(su)，推動(dong)網(wang)(wang)(wang)(wang)絡(luo)智(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)能(neng)化(hua)(hua)和(he)(he)行(xing)業(ye)(ye)(ye)(ye)(ye)數(shu)字化(hua)(hua)轉型(xing)(xing)(xing)。運營商(shang)(shang)和(he)(he)設(she)備(bei)(bei)商(shang)(shang)紛(fen)紛(fen)加強技(ji)術研(yan)發(fa)(fa)(fa)合(he)作，共同(tong)制(zhi)定(ding)行(xing)業(ye)(ye)(ye)(ye)(ye)標準，推動(dong)6G研(yan)究深(shen)入發(fa)(fa)(fa)展，智(zhi)(zhi)(zhi)(zhi)(zhi)(zhi)能(neng)化(hua)(hua)、數(shu)字化(hua)(hua)轉型(xing)(xing)(xing)將成(cheng)為(wei)(wei)行(xing)業(ye)(ye)(ye)(ye)(ye)發(fa)(fa)(fa)展的(de)(de)(de)(de)重要(yao)方向。

投資建(jian)(jian)(jian)議：優選子行(xing)業景氣(qi)度(du)邊際改善優質標的。數(shu)字(zi)中國(guo)等(deng)政策不斷(duan)加碼、AI 新(xin)(xin)應用持續推新(xin)(xin)的背景下，數(shu)字(zi)經濟新(xin)(xin)基(ji)建(jian)(jian)(jian)有(you)望夯實助力算(suan)力網(wang)絡升(sheng)級(ji)，通(tong)信(xin)(xin)(xin)+新(xin)(xin)基(ji)建(jian)(jian)(jian)板塊有(you)望預期上修。ICT 基(ji)石光網(wang)絡產業鏈的復蘇(su)，催化光模塊、溫控節(jie)能(neng)等(deng)需求(qiu)進一(yi)步(bu)增長。5G 應用工業互(hu)聯(lian)網(wang)亦是未來政策及(ji)需求(qiu)關(guan)注(zhu)重(zhong)點，高(gao)景氣(qi)度(du)結合低(di)估值是選股重(zhong)點方(fang)向，建(jian)(jian)(jian)議關(guan)注(zhu)：數(shu)字(zi)經濟新(xin)(xin)基(ji)建(jian)(jian)(jian)：ICT 相(xiang)關(guan)標的天孚通(tong)信(xin)(xin)(xin)（300394），中際旭(xu)創（300308），華工科技（000988）等(deng)；應用板塊：衛星互(hu)聯(lian)網(wang)華測(ce)導航（300627）、工業物(wu)聯(lian)網(wang)映翰通(tong)（688080）等(deng)；看好(hao)算(suan)力網(wang)絡基(ji)建(jian)(jian)(jian)+數(shu)據要素新(xin)(xin)空間(jian)的通(tong)信(xin)(xin)(xin)運營商：中國(guo)移動（A+H），中國(guo)電(dian)信(xin)(xin)(xin)（A+H），中國(guo)聯(lian)通(tong)（A+H）。

風險提示(shi)：AIGC應(ying)用(yong)推(tui)廣不(bu)及預期(qi)的(de)(de)風險；國(guo)內外政策(ce)和技(ji)術(shu)摩(mo)擦的(de)(de)不(bu)確定性風險；5G規模化商用(yong)推(tui)進(jin)不(bu)及預期(qi)的(de)(de)風險等。

每(mei)經頭(tou)條(tiao)（nbdtoutiao）——

(記者 蔡鼎)

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