【券商聚焦】中国银河:通信行业的估值仍未完全反映其高成长性 长牛有望持续

金吾财讯
Jun 23

金吾财讯 | 中国银河证券展望2026年下半年通信行业,上半年通信行业涨幅居首,光模块&光器件&光芯片业绩兑现度高。该机构认为通信行业的估值仍未完全反映其高成长性,长牛有望持续。Token经济学影响或加深,景气方向产能+技术+客户优势令强者恒强格局稳固,低估值赛道迎修复窗口。展望2026年下半年,通信从“点突破”到“链自强”,聚焦产业深度融合,在Token经济学深度重塑AI时代生产函数的背景下,景气度进一步抬升,全球主要CSP厂商CAPEX超预期,且由于商业闭环形成,对于流量入口的争夺推动预计未来5年内均有较大增量,硬件层面技术迭代、方案优化层出不穷,头部企业能够发挥产能优势实现更高维度的规模经济与范围经济、技术优势提升良率降低生产成本以及熨平技术路径变革带来的波动、客户优势争取产业化规模化身位与增强订单能见度,强者恒强暂难撼动。

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