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從三大運營商發布的5G套餐情况來看,價格相差基本不大;相比4G時代,套餐價格大幅提升,並且顯著高于目前4G用戶月均ARPU值。5G正式商用後,CAPEX將持續增長,2020年運營商有望實現 60-80 萬站的 5G 基站建設規模,驅動產業鏈相關企業業績逐步兌現。另外,隨著 2020 年 SA 網絡建設的落地,傳輸網建設市場有望打開增長空間。我們看好相關通信設備器件公司業績持續增長,建議關注:中興通訊(763.HK)及昂納科技集團(877.HK)。

撰稿: 章晶研究分析員
+86 21 51699400-103

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