通信行业半年度投资策略报告：5G扬帆启程，通信行业渐入景气期

TOC \o "1-5" \h \z HYPERLINK \l "bookmark17" \o "Current Document"1通信板块行情回顾 5HYPERLINK \l "bookmark1

15 通信板块行情回顾 .................................................................................... 1.1 5 板块走势强于大盘指数 ........................................................................... 1.2 7 个股走势趋于一致 ............................................................................... 29 通信行业整体运行状况 ................................................................................ 2.1 9 电信收入增速持续放缓，结构持续调整 ............................................................. 2.2 10 移动用户数小幅下降，业务结构持续向流量增加 .................................................... 2.3 5G11 建设初期带来行业格局调整 ................................................................. 313 通信行业上半年经营情况 ................................................................................................................................... 3.1 13 行业营收与净利润双增长 ......................................................................................................................... 3.2 14 行业毛利率管利率回升势头明显 .............................................................................................................. 3.3 16 通信行业费用有所下降 ............................................................................................................................. 3.4 19 通信上市公司经营情况 ............................................................................................................................. 3.5 20 净利率变化与估值分析 .......................................................................... 422 行业发展趋势与投资策略 ............................................................................. 4.15 G22 网络建设带来国内通信行业格局变化 .......................................................... 4.16 5G25 通信中的关注点 ............................................................................ 4.17 30 信行业估值状况 ............................................................................. 4.18 31 信行业投资策略 .............................................................................