中国电信启动首次总部级FTTR设备集采。2023年2月16日，中国电信发布《中国电信2023年家庭FTTR设备集中采购项目常态化检测报名公告》。这是三大运营商首次集团级FTTR设备采购，预示着FTTR发展将进入规模加速期。根据工信部统计，2022年底，中国1,000Mbps及以上接入速率的固定宽带用户达9,175万户，相比2021年底增长1.7倍，占比升至15.6%。千兆城市数量已达110个。各项指标均提前、大幅超额完成《“双千兆”网络协同发展行动计划（2021-2023年）》制定的3,000万户、20个千兆城市的目标。
　　三大运营商加速全屋智能布局，中国广电三步走战略推进千兆光网。中国移动在个人和家庭市场，全面升级“千兆+云”生活服务体系，联合产业链发布FTTR+全屋智能产品。中国联通提供全屋解决方案，将光纤延伸至家庭每个房间，为用户打造“健康的家、舒适的家、智慧的家和安全的家”。中国电信也在FTTR技术领域对方案和产品进行规范和引导。中国广电目前光覆盖超过了50%，但千兆支持能力参差不齐，计划三步走战略按需推动网络光纤化改造。要求至“十四五”规划末期，全国广电网格FTTH覆盖用户占比达到75%以上。
　　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：外部环境变化导致产业链安全风险、运营商CAPEX计划或不及预期、海外需求复苏不及预期、创新性业务应用发展或不及预期。
　　

研究报告全文：股票Research研究EquitySectorTableBasicInfoReportTelecommunicationsSectorGinYu余劲同行业报告通信行业8675523976686ginyugtjascomhk21February2023WeeklyTableMainInfoWrapChinaTelecomLaunchedFTTRCentralizedProcurementGigabitOpticalNetworkConstructionAccelerates行周报中国电信启动FTTR集采千兆光网建设提速业ChinaTelecomlaunchedthefirstheadquarter-levelFTTRequipmentcentralizedprocurementOnFebruary162023ChinaTelecomreleasedan报ReportorRatingTableInvestInfoOutperformannouncementonregistrationfornormalizedinspectionofChinaTelecomsMaintained告Sect2023homeFTTRequipmentcentralizedprocurementprojectThisisthefirstgroup-levelFTTRequipmentprocurementofthethreemajoroperatorswhich评级跑赢大市维持indicatesthatthedevelopmentofFTTRwillenteraperiodofscaleacceleration2AccordingtostatisticsfromtheMinistryofIndustryandInformationTechnologybytheendof2022Chinahad9175millionfixedbroadbanduserswithaccessCumulativetelecomrevenueYoYgrowthspeedsof1000Mbpsoraboveanincreaseof17timescomparedwiththeendrateof2021accountingfor156oftotalfixedbroadbandusersThenumberof电信业务收入同比增速gigabitcitieshasreached110Thetargetof30millionhouseholdsand20CumulativeTelecomRevenueYoYGrowthRateCumulativeEmergingBusinessRevenueYoYGrowthRategigabitcitiessetintheActionPlanforCoordinatedDevelopmentoftheDouble40363351350343GigabitNetwork2021-2023wasmetaheadofscheduleandexceededinall34133432635331324363indicators34130Thethreemajoroperatorsareacceleratingintelligentsystemsinhouses25证andthethree-stepstrategyofChinaBroadcastNetworkisdrivinggigabit27820告券opticalnetworksInthepersonalandhomemarketChinaMobilehas15comprehensivelyupgradedthegigabitcloudlifeservicesystemand8180909388报8285838382研108280releasedFTTRwhole-housesmartproductsinconjunctionwiththeindustry5究究chainChinaUnicomprovideswhole-housesolutionsextendingopticalfiberto0Jan-DecJan-MarJan-MayJan-JulJan-SepJan-NovResearchReporteveryroominthehomeandcreatinghealthycomfortablesmartandsafe报研homesforusersChinaTelecomalsostandardizesandguidesprogramsand20212022告SourcetheMinistryofIndustryandInformationTechnology券productsinthefieldofFTTRtechnologyAtpresenttheopticalcoverageofEquityChinaBroadcastNetworkexceeds50butgigabitsupportcapacityisunevenNumberofbroadbanduserswithnetwork证Itplanstoimplementathree-stepstrategytopromoteopticalnetworkspeedof1000MbpsandabovetransformationtomeetdemandBytheendofthe14thFive-YearPlanperiodtheproportionofChinaBroadcastNetworksFTTHuserswillaccountformore1000Mbps及以上接入速率宽带用户数than75Million100918WegiveanOutperformratingWerecommendChinaMobile00941HK90871814ChinaTelecom00728HKChinaUnicom00762HKZTE00763HKand8076070670657TBYDElectronic00285HK61160559RiskWarningChangesintheexternalenvironmentmayleadtoindustrialchain505a50460securityrisksoperatorCAPEXplansmayfallshortofexpectationsrecoveryof409b40overseasdemandmayfallshortofexpectationsdevelopmentofinnovative30通lbusinessapplicationsmayfallshortofexpectations20信中国电信启动首次总部级FTTR设备集采2023年2月16日中国电信发布中国电信202310e0行年家庭FTTR设备集中采购项目常态化检测报名公告这是三大运营商首次集团级FTTR设备采购预示着FTTR发展将进入规模加速期根据工信部统计2022年底中国1000Mbps业L及以上接入速率的固定宽带用户达9175万户相比2021年底增长17倍占比升至156SourcetheMinistryofIndustryandInformationTechnology千兆城市数量已达110个各项指标均提前大幅超额完成双千兆网络协同发展行动e计划2021-2023年制定的3000万户20个千兆城市的目标fSectorTelecommunications三大运营商加速全屋智能布局中国广电三步走战略推进千兆光网中国移动在个人和家庭t市场全面升级千兆云生活服务体系联合产业链发布FTTR全屋智能产品中国联通提供全屋解决方案将光纤延伸至家庭每个房间为用户打造健康的家舒适的家智慧的M家和安全的家中国电信也在FTTR技术领域对方案和产品进行规范和引导中国广电目a前光覆盖超过了50但千兆支持能力参差不齐计划三步走战略按需推动网络光纤化改造要求至十四五规划末期全国广电网格FTTH覆盖用户占比达到75以上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风险提示外部环境变化导致产业链安全风险运营商CAPEX计划或不及预期海外需求复苏不及预期创新性业务应用发展或不及预期nSeethelastpagefordisclaimerPage1of4Se1hroepcaineoeyfvreseadaflsotfxettosdvlpetfnoaiebusinessinnovativeofdevelopmentexpectationsofshortfallmaydemandofapplicationsshortfallexpectationsmayoverseasofrecoveryexpectationsofshortRandHKBYD0076300285ElectronicHKInvestmentFive14thItplanstoimplementathreetechnologyAtpresenttheopticalcoChinaUnicomhasexceeded12millionChinaTelecomalsostandardizesandguidesprogramsandproductsinthefieldofFTTRcreatinghealthycomfortablesmarwholeprovidesUnicomChinausersenterprisemicrofurtwillFTTRchainindustrywholeFTTRreleasedandsystemservicelifecloudgigabittheupgradedNetworkoperatorsmajorthreeTheabecomeandcampusesgigabittoparksextendedbeengigabithasascitiessuchgigabitsolutionsofvaluetheandbroadbandmegabits100withcomparedimprovedtheInsignificantlysindicatorskeymarketrisenindustryverticalhasusersaccessbroadbandofARPUtheyearsrecentInserviceshomesmartenrichandexpandultraall4K8KmeetstelemedicineperfectlymarketbroadbandhometheinnetworkopticalFive2021andhouseholdsmilliongigabitreachedcities110hasofThetotalnumberusersof156fixedaccountingfor2021broadbandofendThetargetofhad9175millionfixexpectationsThedevelopmentFTTRtheofaperiodscalewillaccelerationenterofgroupthefirstisThisprojectprocurementreleasedTelecomChina202316FebruaryOnPON10GwithconjunctionindeployedgenerallyisandofficecentraltheatportPONdevicmasterpartsthreebandwidthgigabitrealprovideshousethetofiberFTTHpromotedpreviouslythewithcomparedheadquarterfirsttheTelecomlaunchedChinaiskwarningisketh-YearPlanandrelatedauoteoetciaiotcle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