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4G牌照正式發放利好通信產業鏈

工信部在4日下午正式向三大運營商發佈4G牌照,中國移動、中國電信和中國聯通均獲得TD-LTE牌照。

總體而言,本次4G牌照發放符合市場預期。而在此前,三大運營商已紛紛推進4G設備招標,中移動採用TDD標準部署4G網路,中聯通和中電信即採用TDD與FDD混合組網的模式,其中,中國聯通的TDD與FDD網路占比為2:8,而中電信的這一比例為3:7。本次牌照發放也將意味著4G大蛋糕對相關產業鏈的投資拉動正式啟航,據預計前期建設將拉動投資規模約5000億元,網路正式商用後,還將帶動終端製造和軟體等上下游行業,產業規模有望突破萬億元大關。

具體而言,受投資拉動設備商如中興通訊等將率先受益,其次是終端設備如中國無線和運營商如中國移動等。值得一提的是,在10月份牌照發放落空後,相關個股均已經歷一輪回檔,而在牌照發放及政府支援資訊消費的大背景下,再加上下半年通信行業投資加速有望帶來的業績釋放,我們認為目前已到佈局4G板塊的時機,推薦買入中興通訊、中國無線等個股。

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