每經AI快(kuai)訊，華(hua)泰證券(quan)研報(bao)表(biao)示，以選(xuan)定的137家通(tong)(tong)信(xin)(xin)板(ban)塊上市公司(si)為樣本，2025年第三季(ji)度通(tong)(tong)信(xin)(xin)行(xing)業合計營(ying)收(shou)/歸(gui)母(mu)凈(jing)利潤分別同比增長(chang)(chang)(chang)(chang)(chang)5.2%/12.3%，整體延(yan)續(xu)穩(wen)(wen)健增長(chang)(chang)(chang)(chang)(chang)態(tai)勢。細分來看，電(dian)信(xin)(xin)運(yun)營(ying)商歸(gui)母(mu)延(yan)續(xu)穩(wen)(wen)健增長(chang)(chang)(chang)(chang)(chang)；光(guang)通(tong)(tong)信(xin)(xin)、銅連接板(ban)塊中(zhong)頭(tou)部廠商AI歸(gui)母(mu)持(chi)續(xu)兌現(xian)；液冷(leng)設(she)備/ICT設(she)備收(shou)入企穩(wen)(wen)回暖。展望(wang)2025年第四(si)季(ji)度及2026年，全球(qiu)AI算力(li)側投資加碼(ma)有望(wang)驅動(dong)光(guang)通(tong)(tong)信(xin)(xin)板(ban)塊歸(gui)母(mu)凈(jing)利潤延(yan)續(xu)高增長(chang)(chang)(chang)(chang)(chang)；電(dian)信(xin)(xin)運(yun)營(ying)商板(ban)塊歸(gui)母(mu)預計保持(chi)穩(wen)(wen)健增長(chang)(chang)(chang)(chang)(chang)；ICT設(she)備及IDC板(ban)塊有望(wang)持(chi)續(xu)受益互聯網巨頭(tou)資本開(kai)支(zhi)增長(chang)(chang)(chang)(chang)(chang)；銅連接板(ban)塊有望(wang)持(chi)續(xu)釋放(fang)產(chan)能從而(er)兌現(xian)歸(gui)母(mu)增長(chang)(chang)(chang)(chang)(chang)；光(guang)纖(xian)光(guang)纜(lan)中(zhong)空芯光(guang)纖(xian)、海纜(lan)、DCI需求值得關注。