The Report is produced in Chinese only.
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。 |
|
|
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.