通信板块行业2025年-2026Q1季度总结：海外算力链延续高景气，国产算力链加速向上

张真桢12026年5月5日2通信板块行情回顾34数据来源：Wind，国金证券研究所-40-200204060801001201401601802025-01-022025-01-162025-02-072025-02-212025-03-072025-03-212025-04-072025-04-212025-05-082025-05-222025-06-062025-06-202025-07-042025-07-182025-08-012025-08-152025-08-292025-09-122025-09-262025-10-202025-11-032025-11-172025-12-012025-12-152025-12-292026-01-142026-01-282026-02-112026-03-052026-03-192026-04-022026-04-17沪深300累计涨跌幅SW通信累计涨跌幅-40.0000-20.00000.000020.000040.000060.000080.0000100.0000120.0000140.0000160.0000食品饮料(申万)美容护理(申万)商贸零售(申万)非银金融(申万)交通运输(申万)房地产(申万)银行(申万)社会服务(申万)家用电器(申万)公用事业(申万)医药生物(申万)建筑装饰(申万)农林牧渔(申万)纺织服饰(申万)计算机(申万)煤炭(申万)汽车(申万)轻工制造(申万)传媒(申万)钢铁(申万)环保(申万)石油石化(申万)国防军工(申万)建筑材料(申万)基础化工(申万)机械设备(申万)电力设备(申万)综合(申万)电子(申万)有色金属(申万)通信(申万)5数据来源：Wind，国金证券研究所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24.63x28.21x31.79x35.37x38.95x0.001000.002000.003000.004000.005000.006000.007000.008000.000.0020.0040.0060.0080.00100.00120.002016-05-062016-09-022017-01-062017-05-052017-09-012018-01-052018-05-042018-08-312019-01-042019-05-102019-09-062020-01-032020-05-082020-09-042020-12-312021-04-302021-08-272021-12-242022-04-292022-08-262022-12-302023-05-052023-09-012024-01-052024-05-102024-09-062025-01-032025-04-302025-08-292025-12-262026-04-30分位点指数点位6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1,84722,968.79-3,614.2820.7813,077,936.891.62232300502.SZ新易盛1,47725,681.28-3,238.8929.0111,370,681.641.41053688256.SH寒武纪6534,812.90-1,121.8311.504,730,215.030.58684300394.SZ天孚通信4297,931.70-1,647.5310.222,390,410.080.29655002384.SZ东山精密41727,445.82-3,675.7819.802,835,153.450.35176688981.SH中芯国际35131,810.99-5,901.3515.912,991,823.360.37117688498.SH源杰科技3411,974.11410.2623.271,984,844.130.24628601138.SH工业富联31823,993.90-13,686.691.211,234,725.990.15329600487.SH亨通光电31239,392.4132,651.3516.112,074,404.370.2573100981.HK中芯国际23231,357.17-11,378.683.921,403,731.030.1741116869.HK长飞光纤光缆1848,519.734,018.7710.291,376,617.330.170812600941.SH中国移动1692,797.47-182.263.10262,374.660.0325130941.HK中国移动1449,062.41-1,123.760.42633,331.390.078614600522.SH中天科技14342,430.3134,445.2012.431,276,728.120.158415601869.SH长飞光纤1332,477.552,241.626.10766,777.970.095116600498.SH烽火通信1169,236.748,513.957.26466,270.530.057817300548.SZ长芯博创1154,089.201,281.6515.19625,146.680.077518300136.SZ信维通信1035,538.74-495.836.71359,796.470.044619600105.SH永鼎股份9115,298.827,386.6710.46424,212.170.052620688270.SHST臻镭862,080.751,003.029.72308,471.400.0383通信板块业绩回顾78数据来源：Wind，国金证券研究所0%20%40%60%80%100%05,00010,00015,00020,00025,00030,000202120222023202420251Q2026-100%0%100%200%300%400%500%05001,0001,5002,0002,500202120222023202420251Q20260%5%10%15%20%25%30%35%202120222023202420251