通信板块1H25半年度总结：板块稳健发展，算力链国产与海外共振

张真桢12025年8月31日通信板块行情回顾23数据来源：Wind，国金证券研究所(20)(10)010203040506070煤炭(申万)食品饮料(申万)交通运输(申万)公用事业(申万)石油石化(申万)房地产(申万)建筑装饰(申万)家用电器(申万)商贸零售(申万)银行(申万)纺织服饰(申万)轻工制造(申万)非银金融(申万)社会服务(申万)环保(申万)美容护理(申万)农林牧渔(申万)电力设备(申万)钢铁(申万)建筑材料(申万)汽车(申万)基础化工(申万)医药生物(申万)国防军工(申万)传媒(申万)机械设备(申万)计算机(申万)综合(申万)电子(申万)有色金属(申万)通信(申万)-20-100102030405060702025-01-022025-01-092025-01-162025-01-232025-02-072025-02-142025-02-212025-02-282025-03-072025-03-142025-03-212025-03-282025-04-072025-04-142025-04-212025-04-282025-05-082025-05-152025-05-222025-05-292025-06-062025-06-132025-06-202025-06-272025-07-042025-07-112025-07-182025-07-252025-08-012025-08-082025-08-152025-08-222025-08-29沪深300累计涨跌幅SW通信累计涨跌幅4数据来源：Wind，国金证券研究所0.001000.002000.003000.004000.005000.006000.002022-09-022022-10-142022-11-182022-12-232023-02-032023-03-102023-04-142023-05-192023-06-212023-07-282023-09-012023-10-132023-11-172023-12-222024-01-262024-03-082024-04-122024-05-172024-06-212024-07-262024-08-302024-09-302024-11-082024-12-132025-01-172025-02-212025-03-282025-04-302025-06-062025-07-112025-08-15收盘价24.10x27.07x30.04x33.01x35.98x0.001000.002000.003000.004000.005000.006000.000.0020.0040.0060.0080.00100.00120.002015-09-022015-12-312016-05-062016-09-022017-01-062017-05-052017-09-012018-01-052018-05-042018-08-312019-01-042019-05-102019-09-062020-01-032020-05-082020-09-042020-12-312021-04-302021-08-272021-12-242022-04-292022-08-262022-12-302023-05-052023-09-012024-01-052024-05-102024-09-062025-01-032025-04-302025-08-29分位点指数点位5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)半年度持仓变动(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(%)1300502.SZ新易盛143333,883.78 8,416.36 38.34 4,303,918.13 0.60052300308.SZ中际旭创139528,512.26 1,032.68 25.79 4,158,797.91 0.58023600941.SH中国移动130718,887.95 -1,180.74 20.92 2,125,838.58 0.29664601728.SH中国电信846195,409.78 -4,810.07 2.52 1,514,425.76 0.21135300394.SZ天孚通信83415,345.86 4,368.68 19.78 1,225,213.64 0.17096600050.SH中国联通822186,814.36 1,688.04 6.07 997,588.69 0.13927000063.SZ中兴通讯80636,370.57 -21,643.67 9.03 1,181,679.70 0.16498300442.SZ润泽科技66013,175.41 424.14 23.77 652,577.89 0.09109300628.SZ亿联网络56813,156.62 -1,517.81 18.14 457,324.19 0.063810300627.SZ华测导航56013,944.52 5,963.33 21.67 488,058.22 0.068111600487.SH亨通光电53324,594.12 -18,173.81 10.06 376,289.98 0.052512300570.SZ太辰光4924,136.13 -320.76 21.52 397,641.22 0.055513300383.SZ光环新网48127,206.47 7,411.13 15.17 387,691.14 0.0541140941.HK中国移动46819,882.97 -2,177.09 0.92 1,579,387.84 0.220415600522.SH中天科技44940,102.01 -6,383.33 11.75 579,875.06 0.080916603236.SH移远通信4243,797.83 601.24 14.51 325,853.46 0.045517300548.SZ长芯博创3976,405.30 3,199.63 23.83 427,681.75 0.059718002281.SZ光迅科技3934,957.38 -1,193.59 6.41 244,497.77 0.034119688313.SH仕佳光子3695,619.86 3,068.85 12.25 213,835.56 0.029820300738.SZ奥飞数据35012,773.49 10,260.00 12.97 267,349.10 0.0373通信板块业绩回顾67数据来源：Wind，国金证券研究所0%20%40%60%80%100%05,00010,00015,00020,00025,00030,000202020212022202320241H2025-100%0%100%200%300%400%500%05001,0001,5002,0002,500202020212022202320241H20250%5%10%15%20%25%30%35%202020212022202320241H202501,0002,