中信建投 | 通信行业中报综述:盈利能力提升,算力板块亮眼,机构持仓占比创新高

中信建投证券研究
Sep 03, 2025

文|阎贵成 刘永旭 曹添雨 朱源哲2025Q2,通信板块营收、净利润增速较去年同期有所提升,毛利率、净利率创2022年以来新高。AI算力板块表现亮眼。公募基金和北向资金通信行业持仓市值占比分别达3.85%和2.18%,均创历史新高。目前申万通信PE-TTM为46.44,处于5年以来99.59%分位点,处于10年以来74.54%分位点。当下,AI用户渗透率仍较低,大模型发展仍处于中初级阶段,产业化...

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