通信行业2026年三季报总结：海外算力景气兑现，国产算力加速崛起

12026年11月1日2通信板块行情回顾34-50%0%50%100%150%200%250%2025-01-022025-02-022025-03-022025-04-022025-05-022025-06-022025-07-022025-08-022025-09-022025-10-022025-11-022025-12-022026-01-022026-02-022026-03-022026-04-022026-05-022026-06-022026-07-022026-08-022026-09-022026-10-02沪深300通信(申万)-40%-30%-20%-10%0%10%20%30%煤炭(申万)石油石化(申万)银行(申万)公用事业(申万)电子(申万)家用电器(申万)医药生物(申万)交通运输(申万)建筑材料(申万)食品饮料(申万)综合(申万)通信(申万)基础化工(申万)环保(申万)纺织服饰(申万)机械设备(申万)建筑装饰(申万)农林牧渔(申万)房地产(申万)非银金融(申万)传媒(申万)有色金属(申万)轻工制造(申万)社会服务(申万)钢铁(申万)美容护理(申万)国防军工(申万)汽车(申万)计算机(申万)电力设备(申万)商贸零售(申万)50.001000.002000.003000.004000.005000.006000.007000.008000.002023-05-052023-06-092023-07-142023-08-182023-09-222023-11-032023-12-082024-01-122024-02-232024-03-292024-04-302024-06-072024-07-122024-08-162024-09-202024-10-252024-11-292025-01-032025-02-072025-03-142025-04-182025-05-232025-06-272025-08-012025-09-052025-10-102025-11-142025-12-192026-01-232026-03-062026-04-10收盘价24.63x28.21x31.79x35.37x38.95x0204060801001200200040006000800010000120002016-11-042017-03-102017-07-142017-11-242018-03-302018-08-032018-12-142019-04-262019-08-302020-01-032020-05-152020-09-182021-01-222021-05-282021-09-302022-02-112022-06-172022-10-282023-03-102023-07-142023-11-242024-04-032024-08-092024-12-132025-04-182025-08-222025-12-262026-05-082026-09-11分位点（右轴）指数点位6202620序号代码名称持有基金数持股总量(万股)季报持仓变动(万股) 持股占流通股比(%)持股总市值(万元)持股市值占基金股票投资市值比(%)1300308.SZ中际旭创2,41321,033.59519.5918.9517,004,393.562.16502300502.SZ新易盛1,81036,699.60 2,838.3529.2514,276,144.711.81763300394.SZ天孚通信58815,029.955,603.2513.813,919,361.100.49904600941.SH中国移动1864,538.42852.675.03434,780.860.05545300548.SZ长芯博创1836,003.631,604.0720.401,319,777.170.16806002281.SZ光迅科技1745,461.401,775.976.95900,475.990.11467603083.SH剑桥科技1674,219.961,385.3215.31866,333.020.11038688313.SH仕佳光子1436,159.402,596.1713.63951,503.530.121190941.HK中国移动1257,405.89-1.170.34505,092.160.0643106869.HK长飞光纤光缆1246,487.071,638.487.84936,087.080.119211920045.BJ蘅东光115589.82509.1220.93302,576.990.038512300570.SZ太辰光933,139.921,814.1716.34666,762.290.084913601728.SH中国电信8556,523.0212,578.650.73354,964.580.045214601869.SH长飞光纤841,240.14155.963.05509,896.910.064915600487.SH亨通光电7715,738.88-10,018.536.41863,434.800.109916688143.SH长盈通731,386.101,005.7711.33242,109.650.030817300442.SZ润泽科技602,150.91395.951.31137,701.000.0175183308.HK中际旭创58233.44233.440.20212,813.670.027119600050.SH中国联通5233,047.996,470.931.07139,793.000.017820300628.SZ亿联网络512,921.70-209.284.03115,377.880.0147通信板块业绩回顾780%20%40%60%80%100%05,00010,00015,00020,00025,00030,000202120222023202420253Q26-100%0%100%200%300%400%500%05001,0001,5002,0002,50020212022202320242025Q3260%5%10%15%20%25%30%35%202120222023202420253Q260.02,000.04,000.06,000.08,000.0202120222023202420253Q26经营活动产生的现金流量净额合计（亿元）9AIDCAI-5%0%5%10%15%20%05,00010,00015,00020,00025,000202120222023202420253Q26营业收入（亿元）yoy（%）-15%-10%-5%0%5%10%05001,0001,5002,000202120222023202420253Q260100020003000202120222023202420253Q26中国移动-资本开支（亿元）中国电信-资本开支（亿元）中国联通-资本开支（亿元）0%5%10%15%20%25%30%35%202120222023202420253Q26100%5%10