三大运营商相继召开2023年度工作会，全面部署发力数字经济建设。中国电信部署2023年重点工作，全面深入实施云改数转战略：推进数字化关键核心技术攻关、升级产品服务数字化、夯实数字化环境下的安全能力、适应数字化转型的组织机制变革、搭建数字化转型服务大平台、推进数字信息基础设施建设等。中国联通希望在2023年一是加快新型基础设施建设，增强数字化发展支撑；二是加快推进创新驱动发展，增强数字化发展动能；三是深化数字经济与实体经济融合，拓展数字化发展空间；四是全面提升用户服务品质，共享数字化发展成果；五是着力强化治理体系建设，筑牢数字化发展防线。中国移动2023年是要重点抓好八项工作，包括提高信息服务供给质量、拓宽转型发展空间、建强信息基础设施、夯实数智底座、丰富信息融合产品、引领创造需求、细分信息服务市场、培育壮大动能。
　　国家电网2023年电网投资将超过人民币5,200亿元，再创历史新高。国家电网董事长辛保安在接受央视新闻采访时表示，2023年将加大投资，其中电网投资将超过人民币5,200亿元。去年年初，国家电网计划2022年电网投资为人民币5,012亿元，同比增长6%。2023年计划电网投资额同比增长约4%。电网投资是稳增长的重要方式，也是逆周期调节的重要环节，既能拉动上下游产业链企业，满足日益增长的电力需求，又能为跨区跨省电力交易提供保证。
　　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：“东数西算”和5G落地进程不及预期、云计算发展或不及预期。

研究报告全文：股票Research研究EquitySectorTableBasicInfoReportTelecommunicationsSectorGinYu余劲同行业报告通信行业8675523976686ginyugtjascomhk16January2023WeeklyTableMainInfoWrapWorkMeetingsofOperatorstoGuidetheDigitalEconomyPowerGridInvestmenttoReachRecordHigh行周报运营商工作会指引数字经济电网投资将再创新高业Thethreemajoroperatorssuccessivelyheldthe2023annualworkmeeting报tofullydeployanddevelopthedigitaleconomyChinaTelecomhasRatingTableInvestInfodeployedkeytasksfor2023tocomprehensivelyimplementthecloudificationOutperformMaintained告anddigitaltransformationstrategypromotingtheresearchofcoredigitalSectorReporttechnologyupgradingproductandservicedigitalizationimprovingsecurity评级跑赢大市维持capabilitiesinadigitalenvironmentadaptingtothetransformationoforganizationalmechanismsfordigitaltransformationbuildingalargeplatform2fordigitaltransformationservicesandpromotingtheconstructionofdigitalCumulativetelecomrevenueYoYgrowthinformationfacilitiesIn2023ChinaUnicomhopestofirstlyacceleratetherateconstructionofnewinfrastructureandstrengthensupportfordigitaldevelopmentsecondlytoaccelerateinnovation-drivendevelopmentand电信业务收入累计增速CumulativeTelecomRevenueYoYGrowthRateenhancethemomentumofdigitaldevelopmentthirdlytodeepentheintegrationCumulativeEmergingBusinessRevenueYoYGrowthRateofthedigitaleconomywiththerealeconomytherebyexpandingthespacefor40363363350343351digitaldevelopmentfourthlytocomprehensivelyimprovethequalityofuser34133135334326servicesandsharethefruitsofdigitaldevelopmentandfifthlytofocuson30341strengtheningtheconstructionofthegovernancesystemandbuildasolidlineof25278证digitaldevelopmentChinaMobileistofocuson8keytasksin2023including28420告improvingthesupplyofinformationservicesqualitybroadeningthespacefor券15transformationanddevelopmentbuildingastronginformationinfrastructure9080938885报81838382研improvingthefoundationofdigitalintelligenceenrichinginformationfusion10828080productsleadingthecreationofdemandsegmentingtheinformationservice5究究marketandcultivatinggrowthmomentum0Jan-NovJan-FebJan-AprJan-JunJan-AugJan-OctResearchReport报研StateGridCorporationofChinasStateGridpowergridinvestmentin202120222023willexceedRMB520billionreachingarecordhighMrXinBaoan告SourcetheMinistryofIndustryandInformationTechnology券ChairmanoftheboardforStateGridsaidinaninterviewwithCCTVNewsthatEquityinvestmentwillincreasein2023ofwhichinvestmentinpowergridswillexceedGrowthinthetotalnumberofoperators证RMB520billionAtthebeginningoflastyearStateGridplannedtoinvestmobilephoneusersRMB5012billioninpowergridsin2022ayoyincreaseof6In2023the运营商移动电话用户总数增长plannedpowergridinvestmentwillincreasebyabout4yoyPowergridMillionTotalMobileUsersLHSYoYGrowthRHSinvestmentisanimportantwaytostabilizeeconomicgrowthandanimportantpartofcounter-cyclicaladjustmentsItwillnotonlystimulateupstreamand1700416804downstreamindustrialchainenterprisestomeetthegrowingdemandfor16603electricitybutalsoprovideguaranteesforcross-regionalandcross-provincialT16403powertransactions16202aWegiveanOutperformratingWerecommendChinaMobile00941HK16002bChinaTelecom00728HKChinaUnicom00762HKZTE00763HKand15801BYDElectronic00285HK15601通l15400RiskWarningSlower-than-expectedconstructionofEast-to-WestComputing信1520-1eResourceTransferProject5Gdevelopmentandcloudcomputing1500-1行三大运营商相继召开2023年度工作会全面部署发力数字经济建设中国电信部署2023年业重点工作全面深入实施云改数转战略推进数字化关键核心技术攻关升级产品服务数字L化夯实数字化环境下的安全能力适应数字化转型的组织机制变革搭建数字化转型服务SourcetheMinistryofIndustryandInformationTechnology大平台推进数字信息基础设施建设等中国联通希望在年一是加快新型基础设施建e2023设增强数字化发展支撑二是加快推进创新驱动发展增强数字化发展动能三是深化数fSectorTelecommunications字经济与实体经济融合拓展数字化发展空间四是全面提升用户服务品质共享数字化发展成果五是着力强化治理体系建设筑牢数字化发展防线中国移动2023年是要重点抓t好八项工作包括提高信息服务供给质量拓宽转型发展空间建强信息基础设施夯实数M智底座丰富信息融合产品引领创造需求细分信息服务市场培育壮大动能a国家电网2023年电网投资将超过人民币5200亿元再创历史新高国家电网董事长辛保安在接受央视新闻采访时表示2023年将加大投资其中电网投资将超过人民币5200亿元r去年年初国家电网计划2022年电网投资为人民币5012亿元同比增长62023年计划电网投资额同比增长约4电网投资是稳增长的重要方式也是逆周期调节的重要环节既g能拉动上下游产业链企业满足日益增长的电力需求又能为跨区跨省电力交易提供保证i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n00762HK中兴通讯00763HK和比亚迪电子00285HK风险提示东数西算和5G落地进程不及预期云计算发展或不及预期SeethelastpagefordisclaimerPage1of4Se1environmentexpectedthanlessbemaycomputingcloudofdevelopmentR0InvestmentguaranteesforprovidecrosswillgPowerinvestato2022inplannedgridspowerinGridStatebillionyearlastofbeginningtheAthighrecordasettingbillionRMB520exceedwillgridstheboardStateGridspowergridproductsfusionleadingtheofcreationdemandsegmentingthinfrastructureinformationstrongabuildingdevelopmentFive14thinformationofsupplythetheimprovingyearincludingthethroughoutdeepentoMobileChinaforyearcriticalaalsoisdigitoflinesolidabuildandimplementthespirifullytofirstistheyear2023developmentsystemgovernancetheofconstructionthestrengtheningonfocustoisimprofifththecomprehensivelydevelopmenttoisfourththedevelopmentdigitalthedevelopmentthirdistodeepentheintegrationofthedigitaleconomysupportfordigitaldevelopmentthesecondistoacceleratehighthethetocontributionsgreaterandnewmaketohopesIt2023theinnewactionsandresponsibilitiesconstructiothepromotingandservicestransformationdigitalplatforlargeabuildingtransformationdigitalformechanismsorganizationaloftransformationthetoadaptingenvironmentcoreofresearchstrategytransformationd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