通信行业板块2025年第三季度业绩总结：海外+国内算力链共振，Al建设持续加速

张真桢12025年11月3日通信板块行情回顾23数据来源：Wind，国金证券研究所-20-10010203040506070802025-01-022025-01-102025-01-202025-02-052025-02-132025-02-212025-03-032025-03-112025-03-192025-03-272025-04-072025-04-152025-04-232025-05-062025-05-142025-05-222025-05-302025-06-102025-06-182025-06-262025-07-042025-07-142025-07-222025-07-302025-08-072025-08-152025-08-252025-09-022025-09-102025-09-182025-09-262025-10-142025-10-222025-10-30沪深300累计涨跌幅SW通信累计涨跌幅-10.00000.000010.000020.000030.000040.000050.000060.000070.000080.0000食品饮料(申万)煤炭(申万)石油石化(申万)交通运输(申万)商贸零售(申万)公用事业(申万)美容护理(申万)银行(申万)非银金融(申万)家用电器(申万)建筑装饰(申万)社会服务(申万)房地产(申万)纺织服饰(申万)轻工制造(申万)国防军工(申万)农林牧渔(申万)环保(申万)建筑材料(申万)医药生物(申万)汽车(申万)钢铁(申万)计算机(申万)基础化工(申万)传媒(申万)机械设备(申万)综合(申万)电力设备(申万)电子(申万)通信(申万)有色金属(申万)4数据来源：Wind，国金证券研究所0.001000.002000.003000.004000.005000.006000.000.020.040.060.080.0100.0120.02015-11-062016-03-042016-06-242016-10-212017-02-102017-06-022017-09-222018-01-192018-05-112018-08-312018-12-282019-04-262019-08-162019-12-062020-04-032020-07-242020-11-132021-03-052021-06-252021-10-152022-02-112022-06-022022-09-232023-01-202023-05-192023-09-082024-01-052024-04-302024-08-232024-12-132025-04-032025-07-25分位点指数点位0.001000.002000.003000.004000.005000.006000.002022-11-042022-12-092023-01-132023-02-242023-03-312023-05-052023-06-092023-07-142023-08-182023-09-222023-11-032023-12-082024-01-122024-02-232024-03-292024-04-302024-06-072024-07-122024-08-162024-09-202024-10-252024-11-292025-01-032025-02-072025-03-142025-04-182025-05-232025-06-272025-08-012025-09-052025-10-10收盘价24.10x27.24x30.38x33.52x36.66x5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(%)1300308.SZ中际旭创115827,513.76 7,882.56 24.89 11,106,755.81 1.23482300502.SZ新易盛111630,110.03 5,548.95 34.01 11,013,346.62 1.22453300394.SZ天孚通信2358,717.10 2,038.59 11.24 1,462,143.56 0.16264600941.SH中国移动2313,574.77 -3,526.02 3.96 374,206.43 0.04165000063.SZ中兴通讯19914,658.22 4,265.13 3.64 669,001.18 0.074460941.HK中国移动17813,511.81 -3,812.48 0.62 1,042,402.69 0.11597600522.SH中天科技13022,626.94 -2,406.13 6.63 428,101.62 0.04768600487.SH亨通光电725,347.35 -818.83 2.19 122,828.69 0.01379601728.SH中国电信6717,726.81 -16,049.96 0.23 118,060.53 0.013110603083.SH剑桥科技601,464.47 946.84 5.46 186,936.62 0.020811603236.SH移远通信59602.30 -162.46 2.30 63,313.31 0.0070120763.HK中兴通讯554,539.05 2,601.39 0.95 147,114.13 0.016413688313.SH仕佳光子493,179.33 -50.00 6.93 226,686.36 0.025214600050.SH中国联通4410,941.50 -3,520.70 0.36 60,178.23 0.006715688205.SH德科立421,271.67 -418.39 8.03 153,897.81 0.017116300563.SZ神宇股份41132.83 -85.67 1.07 5,387.71 0.000817002396.SZ星网锐捷392,025.98 880.03 3.47 61,488.64 0.006818603602.SH纵横通信36948.76 728.98 4.14 14,468.66 0.002019300213.SZ佳讯飞鸿362,414.29 23.58 4.42 21,849.31 0.003020300627.SZ华测导航352,382.70 -2,047.49 3.68 84,418.92 0.0094通信板块业绩回顾601,0002,0003,0004,0005,0006,0007,000202020212022202320243Q20257数据来源：Wind，国金证券研究所0%20%40%60%80%100%05,00010,00015,00020,00025,00030,000202020212022202320243Q2025-100%0%100%200%300%400%500%05001,0001,5002,0002,500202020212022202320243Q20250%5