科技行业:运营商 全球电信业发展观察

华泰证券
Jul 08, 2025

全球电信业发展动态:需求稳步增长,AI 为行业带来新变化根据我们对全球电信业2024&1Q25 业绩及近期发展动态的梳理,电信业需求保持稳步增长态势,主要增长点来源于:1)新兴地区的电信业务需求仍处于快速增长阶段;2)北美等地区ARPU 值稳步提升。同时,AI 或将从辅助降本增效、实现智能网络运维、帮助公司更好的洞察用户需求等方面为全球电信业带来变革机遇。我们看好电信行业的配置价值,主因:1)流量...

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