通信板块24年总结：板块稳健发展，建议关注运营商、交换机板块

张真桢2025年5月3日1通信板块行情回顾23数据来源：Wind，国金证券研究所-20-15-10-5051015202025-01-022025-01-072025-01-102025-01-152025-01-202025-01-232025-02-052025-02-102025-02-132025-02-182025-02-212025-02-262025-03-032025-03-062025-03-112025-03-142025-03-192025-03-242025-03-272025-04-012025-04-072025-04-102025-04-152025-04-182025-04-232025-04-28沪深300累计涨跌幅SW通信累计涨跌幅(20)(15)(10)(5)05104数据来源：Wind，国金证券研究所01,0002,0003,0004,0005,0006,0000204060801001202015-05-082015-08-212015-12-042016-03-252016-07-082016-10-282017-02-102017-05-262017-09-082017-12-292018-04-132018-07-272018-11-162019-03-082019-06-212019-09-302020-01-172020-05-082020-08-212020-12-042021-03-192021-07-022021-10-152022-01-282022-05-202022-09-022022-12-232023-04-142023-07-282023-11-172024-03-082024-06-212024-09-302025-01-172025-04-30分位点指数点位05001,0001,5002,0002,5003,0003,5004,0002022-05-062022-06-102022-07-152022-08-192022-09-232022-11-042022-12-092023-01-132023-02-242023-03-312023-05-052023-06-092023-07-142023-08-182023-09-222023-11-032023-12-082024-01-122024-02-232024-03-292024-04-302024-06-072024-07-122024-08-162024-09-202024-10-252024-11-292025-01-032025-02-072025-03-142025-04-18收盘价24.10x27.03x29.96x32.89x35.82x5数据来源：Wind，国金证券研究所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(%)1600941.SH中国移动4176,847.46-1,401.717.59735,143.650.10622300502.SZ新易盛28612,263.49-5,646.4219.461,203,293.550.173830941.HK中国移动25417,697.88-1,997.280.821,369,323.260.19784300308.SZ中际旭创20110,507.00-7,748.899.561,036,410.880.14975601728.SH中国电信19546,451.948,980.850.60364,647.720.05276000063.SZ中兴通讯15314,365.23-12,313.003.57491,578.070.07107600522.SH中天科技13022,694.334,160.226.65330,429.410.04778300442.SZ润泽科技1133,971.901,709.277.17226,954.420.03289600487.SH亨通光电10913,536.94-6,920.315.54225,254.670.032510600050.SH中国联通9222,307.335,075.050.73124,028.760.0179110762.HK中国联通8160,520.7024,581.031.98485,339.600.070112300570.SZ太辰光641,730.60-48.159.00144,504.790.020913300394.SZ天孚通信622,792.60-1,911.615.05236,309.810.034114300383.SZ光环新网608,778.067,609.914.89146,769.190.0212150728.HK中国电信5243,184.306,210.520.47232,735.580.033616603236.SH移远通信491,087.42-55.134.1696,214.900.013917300627.SZ华测导航481,950.7399.584.3080,662.560.011718300628.SZ亿联网络433,357.11159.374.64137,070.760.019819300738.SZ奥飞数据434,945.464,873.455.02119,976.890.017320002929.SZ润建股份351,333.311,332.566.3372,052.010.0104通信板块业绩回顾67数据来源：Wind，国金证券研究所-20%0%20%40%60%80%100%05,00010,00015,00020,00025,00030,000202020212022202320241Q2025-100%0%100%200%300%400%500%05001,0001,5002,0002,500202020212022202320241Q202501,0002,0003,0004,0005,0006,0007,000202020212022202320241Q20250%5%10%15%20%25%30%35%202020212022202320241Q20258数据来源：Wind，国金证券研究所注：运营商板块公司为中国移动、中国电信、中国联通0%5%10%15%20%05,00010,00015,00020,00025,000202020212022202320241Q20250%5%10%15%20%25%30%35%202020212022202320241Q202505001000150020002500202020212022202320241Q20250%2%4%6%8%10%12%05001,0001,5002,000202020212022202320241Q20259数据来源：Wind，国金证券研究所注：通信设备商板块公司为通信（申万）行业分类中的通信设备商0%5%10%15%20%25%30%01,0002,0003,0004,0005,0006,0007,0002020202120222