金吾财讯 | 华泰证券表示，2018年开始，德国等欧洲各国陆续启动5G建设，我国电信设备商曾是主流设备供应商。自美国限制部分中国通信设备商后，欧盟2020年开始跟进。2023-2024年，德国政府与运营商达成实质协议，将在5年内逐步移除中国设备，但根据运营商数据，替换成本高达50-60亿欧元，且导致5G覆盖倒退1-2年。2025年4月10日，新政府协议进行调整，或为国内通信设备公司开辟准入空间。该行认为，德国政策的转变或为欧盟其他出台过排斥中国设备的国家做出表率。该行认为，该事件或为中国5G技术突破德国贸易壁垒的关键转折，或代表欧盟对中国5G设备商供应链安全审查框架呈现松动迹象，未来区域性市场准入限制或逐步放宽，国内主设备龙头及其对应的产业链上游有望迎复苏机遇。
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