【中金:关注算力、5G-A等结构性成长机遇】中金研报称,三大电信运营商2024年财报显示,2024年三家公司资本开支合计为3189亿元,同比下降9.7%,降幅高于2024年初指引4.5%。展望2025年,从总量看,三家运营商合计资本开支指引同比下降9.1%至2889亿元,投资规模继续收窄;从结构看,运营商投资重心进一步向算力网络倾斜,中国移动/电信/联通指引算力投入分别同比增长0.5%/22%/28%,传统的移动&固网建设则进入注重投资能效的高质量平稳发展期,我们认为未来5G-A、400G OTN以及50G PON升级有望拉动无线/有线网络增量投资。

金融界
16 Apr
中金研报称,三大电信运营商2024年财报显示,2024年三家公司资本开支合计为3189亿元,同比下降9.7%,降幅高于2024年初指引4.5%。展望2025年,从总量看,三家运营商合计资本开支指引同比下降9.1%至2889亿元,投资规模继续收窄;从结构看,运营商投资重心进一步向算力网络倾斜,中国移动/电信/联通指引算力投入分别同比增长0.5%/22%/28%,传统的移动&固网建设则进入注重投资能效的高质量平稳发展期,我们认为未来5G-A、400G OTN以及50G PON升级有望拉动无线/有线网络增量投资。

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