运营商公有云排名靠前，专有云潜力巨大。近日IDC发布《中国公有云服务市场（2022年第三季度）跟踪》报告。国内公有云IaaS+PaaS市场中，中国电信天翼云以10.2%的份额跻身三甲；中国移动公有云市场份额第六。最近几年，运营商在云计算的核心技术、云网资源布局等方面不断投入，例如中国电信打造了全栈云产品体系，并始终坚持IaaS+PaaS关键技术全栈自研；中国移动在资源布局和自主研发方面不断精进，率先建立云计算行业自研操作系统与服务器；中国联通率先提出七大“场景云”理念。同时，IDC预测未来五年专有云服务市场将成为整体云计算市场中增长最快的领域，其中政府依然是专有云服务市场主力，但能源、制造、交通、医疗行业需求也将开始走强。2022上半年三大运营商市场份额从2021上半年的30.2%提升至37.0%。三大运营商正在从集团战略层面加快IDC业务向云业务的转型，各方面持续性将逐步加强。
　　2022年北美开支高增长。展望2023年，谷歌预料开支与2022年一致，会加大基础设施投入比重，显著减少办公设施比重。亚马逊预计将继续提升技术基础设施的投入；Meta指引开支区间为300-330亿美元，将使用更具成本效益的新数据中心架构，以支持人工智能的负载。微软则将继续增加开支，但会随云设施建设有季节性的变化。
　　我们给予行业“跑赢大市”评级。推荐中国移动(00941 HK)、中国电信(00728 HK)、中国联通(00762 HK)、中兴通讯(00763 HK)和比亚迪电子(00285 HK)。
　　风险提示：云计算发展或不及预期、海外云业务需求波动。
　　

研究报告全文：股票Research研究EquitySectorTableBasicInfoReportTelecommunicationsSectorGinYu余劲同行业报告通信行业8675523976686ginyugtjascomhk6February2023WeeklyTableMainInfoWrapOperatorsCloudServicesEnhanced周报运营商云服务地位加强行业TelecomoperatorspubliccloudplatformsrankhighandprivatecloudhasgreatpotentialRecentlyIDCreleasedtheChinapubliccloudserviceRatingTableInvestInfo报Outperformmarket2022Q3trackingreportInthedomesticpubliccloudIaaSPaaSMaintainedmarketChinaTelecomCloudrankedtop3withashareof102China告SectorReportMobilespubliccloudmarketsharerankedsixthInrecentyearsoperators评级跑赢大市维持havecontinuouslyinvestedinthecoretechnologiesofcloudcomputingandthe2layoutofcloudnetworkresourcesForexampleChinaTelecomhascreatedafull-stackcloudproductsystemandhasalwaysadheredtothefull-stackCumulativetelecomrevenueYoYgrowthself-developmentofIaaSPaaSkeytechnologiesChinaMobilehasratecontinuedtoimproveresourcelayoutandindependentresearchandhas电信业务收入同比增速takentheleadinestablishingself-developedoperatingsystemsandserversinCumulativeTelecomRevenueYoYGrowthRateCumulativeEmergingBusinessRevenueYoYGrowthRatethecloudcomputingindustryChinaUnicomhastakentheleadinconceptsof40363351350343sevenscenario-basedcloudproductsAtthesametimeIDCpredictedthatthe34133432635331324363dedicatedcloudservicemarketwillbecomethefastest-growingfieldinthe34130overallcloudcomputingmarketinthenextfiveyearsthegovernmentwillstill25bethemainforceinthededicatedcloudservicemarketbutdemandfrom278证energymanufacturingtransportationandmedicalindustrieswillalsobeginto20告15券strengthenIn1H22marketshareofthethreemajoroperatorsincreasedfrom93828180908885838382108280研报302in1H21to370Thethreemajoroperatorsareacceleratingthe5transformationfromIDCbusinesstocloudbusinessfromthegroupstrategic0究究levelandsustainabilityinallaspectswillbegraduallystrengthenedJan-DecJan-MarJan-MayJan-JulJan-SepJan-NovResearchReportIn2022spendinginNorthAmericagrewrapidlyLookingforwardinto202320212022报研Googlesexpenditurewillbeconsistentwiththatin2022anditwillincreasetheSourcetheMinistryofIndustryandInformationTechnology告券proportionofinfrastructureinvestmentandsignificantlyreducetheproportionofEquityGrowthinthetotalnumberofoperatorsofficefacilitiesAmazonwillcontinuetoincreaseinvestmentintechnical证mobilephoneusersinfrastructureMetaguidedexpenditurestorangefromUS30billiontoUS33billionandwilluseamorecost-effectivenewdatacenterarchitecturetosupport运营商移动电话用户总数增长MillionartificialintelligenceloadsMicrosoftwillcontinuetoincreasespendingbutthereTotalMobileUsersLHSYoYGrowthRHSwillbeseasonalchangeswiththeconstructionofcloudfacilities1700416804WegiveanOutperformratingWerecommendChinaMobile00941HK16603ChinaTelecom00728HKChinaUnicom00762HKZTE00763HKand16403TBYDElectronic00285HK16202aRiskWarningSlower-than-expecteddevelopmentofcloudcomputing1600215801overseascloudbusinessdemandmayfluctuateb15601运营商公有云排名靠前专有云潜力巨大近日IDC发布中国公有云服务市场2022年第15400通l三季度跟踪报告国内公有云IaaSPaaS市场中中国电信天翼云以102的份额跻身1520-1信e三甲中国移动公有云市场份额第六最近几年运营商在云计算的核心技术云网资源布1500-1行局等方面不断投入例如中国电信打造了全栈云产品体系并始终坚持IaaSPaaS关键技术业全栈自研中国移动在资源布局和自主研发方面不断精进率先建立云计算行业自研操作系SourcetheMinistryofIndustryandInformationTechnologyL统与服务器中国联通率先提出七大场景云理念同时IDC预测未来五年专有云服务市场将成为整体云计算市场中增长最快的领域其中政府依然是专有云服务市场主力但能e源制造交通医疗行业需求也将开始走强2022上半年三大运营商市场份额从2021上fSectorTelecommunications半年的302提升至370三大运营商正在从集团战略层面加快IDC业务向云业务的转型t各方面持续性将逐步加强2022年北美开支高增长展望2023年谷歌预料开支与2022年一致会加大基础设施投入M比重显著减少办公设施比重亚马逊预计将继续提升技术基础设施的投入Meta指引开支a区间为300-330亿美元将使用更具成本效益的新数据中心架构以支持人工智能的负载微软则将继续增加开支但会随云设施建设有季节性的变化r我们给予行业跑赢大市评级推荐中国移动00941HK中国电信00728HK中国联通g00762HK中兴通讯00763HK和比亚迪电子00285HKi风险提示云计算发展或不及预期海外云业务需求波动nSeethelastpagefordisclaimerPage1of5Se1SourceSource00763HKandHKBYD0076300285ElectronicHKInvestmentTableandimplemelaunchedusedwidelybewillinterconnectionopticalDCIconstructioncloudwithoffacilitiestheexpectthatinmidWearchitecturetosupportartificialintelligenceloadsMicrosoftwillcontinuetoincreasespendingbuttherewillbeseasonguideMetainfrastechnicalininvestmentincreasetocontinuewillAmazonfacilitiesofficeofproportionthereducesignificantlyandinabillionexpendicapitalannualcapacityMetascenteroperationandAWSofexpansiontheinmainly6ofincreasewas2022inexpenditureapplications2022IngroupthefrombusinesscloudtobusinessIDClevelandstrategicsustainabilitfromtransformationtheacceleratingareoperatorsmajorthreeThe370bealsowillindustriestheinforcemainfastestthebecomeconceptsestablishintechnologieskeyTelcontinuouslyinvestedinthecoreClouChinaTofdevelopmentcloudcompuRMicrosoftMetaAmazonGoogleVendorelecomoperatorselecomswarningisktoGoogles2023expenditurewillbewithconsistentthatin2022eecomecomhascreatedafullthddrankWeeklyeC1plasompaniesublicublicyoy2022tpnignotAeiagrAmericaNorthinspendingofofpagselfggrowthSpendingUScontentinvestments20yoytoaboutTheannualcapitalexpenditurein2022inAWSandoperationcenterUStoTheannualcapitalexpenditurein2022theincreasedby27yoytoinfrastructureandofficefacilitiesCapitalexpendituremainlyinvestedin2022Aeddsevenscenarioseven21was21USUSaincreaseof7254Microsoftsofincreasecapitalexpenditurewasceexpendituresamounttop3withashareof102ChinaMobilespubliccloudmarketsharerankdvice554billionl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