金吾财讯 | 中国银河证券表示，全球电信行业处于“连接扩张、传统收入增长放缓、AI破局”的转型期：2026年一季度全球5G用户新增1.62亿、总数达31亿，5G已承载全球一半的移动数据流量；而行业出现“量增价平”趋势：全球电信服务收入预计从2024年的1.15万亿美元增至2029年的约1.32万亿美元（CAGR约2.8%），ARPU预计从6.32美元微降至6.20美元。且全球电信运营商资本开支强度趋稳，2026年预计下降1.5%至3200亿美元，AI基础设施成为最高优先级资本开支，AI相关新业务有望成为运营商营收增长最快的贡献来源之一。
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