新闻焦点
　　1月份美国房地产市场连续第12个月走弱，因为持续高企的抵押贷款利率令买家持观望态度。美国房地产经纪人协会周二表示，占房地产市场大部分的二手房销量在1月份较上月下降0.7%，经季节性因素调整后的年率为400万套，为2010年10月以来的最低水平。1月份销售额同比下降36.9%。NAR表示，1月份的下降标志着自1999年以来最长的月度连续下降趋势。
　　在私营部门经济活动创下数月高点之后，10年期美国国债收益率从周二早些时候的3.827%升至3.945%。对货币政策预期高度敏感的两年期国债收益率从4.621%跃升至4.720%，两者均处于去年11月以来的最高水平。随着价格下跌，最近几周债券收益率飙升。持续火热的经济数据重新点燃了人们对美联储将需要维持高利率的时间超过此前预期以抑制通胀的押注。
　　

研究报告全文：股票研Research究TableTitleEquityResearchDepartmentMorningResearchFocus22February2023TableSummaryTableofContents目录Focus新闻焦点今NewsFocus行业和公司焦点晨IndustryandCompanyFocus焦ResearchNil无点LatestReports最新报告摘要MorningCompanyEPSCodeTitleTPChgRatingChgNameEstChange代码标题目标价z评级变动公司名称盈利预测是否改变SectorReportWeeklyWrapChinaTelecommunicTelecomLaunchedFTTRCentralized--Outperform--NationsSectorProcurementGigabitOpticalNetworkConstructionAccelerates行业报告周报中国电信启动FTTR集通信行业--跑赢大市--否证采千兆光网建设提速告券AppendicesChineseVersionoftheIndustryandCompanyFocusLatestReports研报后附行业和公司焦点最新报告摘要中文版究究报研HSIPerformanceHSCEIPerformance告31000券14000EquityResearchReport29000证27000120002500010000230002100080001900017000600015000400013000110002000Feb22May22Aug22Nov22Feb23Feb22May22Aug22Nov22Feb23SourceBloombergSourceBloombergPreviousIntradayHKmRMBmTradingDayChange百万港元百万人民币前一交易日单日涨跌HSIIndexDailyTurnoverMainlandChinaDailyTurnover2052949-171111177922876恒生指数总成交额内地总成交额HSCEIIndexStockConnectNetInflowMarketCapSSE692507-19747043512221国企指数互联互通净流入沪市市值HSTECHIndexMarketCapHKExMarketCapSZSE415804-3563773000035688668科技指数港股市值深市市值资料来源国泰君安国际BloombergNotethemarketcapitalvalueofHKExSSESZSEwasrecordedasatFeb20Seethelastpagefordisclaimer1of6MorningResearchFocusPleasesubscribetoourGTJAIResearchWechatsubscriptionaccountsPleasescantheQRcodesontheright-handsideResearchReportDatabase1wwwgtjaicomResearchFocusCompanyResearchHighlights2BloombergReportPageRESPGJIRorNHGTJ欢迎订阅国泰君安国际研究部的微信公众号公众号账号国泰君安国际研究部研究报告库1wwwgtjaicom研究报告公司点评专题研究2Bloomberg报告页面RESPGJIR或NHGTJNewsFocus新闻焦点TableNewsFocusMarketNews市场新闻TheUShousingmarketweakenedinJanuaryforthe12thstraightmonthascontinuedhighmortgagerateskeptbuyersonthesidelinesSalesofpreviouslyownedhomeswhichmakeupmostofthehousingmarketfell07inJanuaryfromthepriormonthtoaseasonallyadjustedannualrateof4milliontheslowestsinceOctober2010theNationalAssociationofRealtorssaidTuesdayJanuarysalesfell369fromayearearlierJanuarysdeclinemarkedthelongeststreakofback-to-backmonthlydeclinesonrecordinfiguresgoingbackto1999NARsaid1月份美国房地产市场连续第12个月走弱因为持续高企的抵押贷款利率令买家持观望态度美国房地产经纪人协会周二表示占房地产市场大部分的二手房销量在1月份较上月下降07经季节性因素调整后的年率为400万套为2010年10月以来的最低水平1月份销售额同比下降369NAR表示1月份的下降标志着自1999年以来最长的月度连续下降趋势Theyieldonthe10-yearUSTreasuryroseto3945from3827earlyTuesday-afterprivatesectoreconomicactivityprintedatmultimonthhighsThetwo-yearyieldhighlysensitivetomonetarypolicyexpectationsjumpedto4720from4621BothareattheirhighestlevelssinceNovemberBondyieldshavesurgedinrecentweeksaspriceshavefallenPersistentlyhoteconomicdatahasrekindledbetsthattheFederalReservewillneedtomaintainhigherinterestratesforlongerthanpreviouslyexpectedtodentinflation在私营部门经济活动创下数月高点之后10年期美国国债收益率从周二早些时候的3827升至3945对货币政策预期高度敏感的两年期国债收益率从4621跃升至4720两者均处于去年11月以来的最高水平随着价格下跌最近几周债券收益率飙升持续火热的经济数据重新点燃了人们对美联储将需要维持高利率的时间超过此前预期以抑制通胀的押注Seethelastpagefordisclaimer2of6MorningResearchFocusIndustryTableFocusandCompanyFocusNil无TableLatestLatestReportsSectorReportTelecommunicationsSectorWeeklyWrapChinaTelecomLaunchedFTTRCentralizedProcurementGigabitOpticalNetworkConstructionAcceleratesRatingOutperform6-18mTPnaAnalystGinYuReportDate2023-02-21SummaryChinaTelecomlaunchedthefirstheadquarter-levelFTTRequipmentcentralizedprocurementOnFebruary162023ChinaTelecomreleasedanannouncementonregistrationfornormalizedinspectionofChinaTelecoms2023homeFTTRequipmentcentralizedprocurementprojectThisisthefirstgroup-levelFTTRequipmentprocurementofthethreemajoroperatorswhichindicatesthatthedevelopmentofFTTRwillenteraperiodofscaleaccelerationAccordingtostatisticsfromtheMinistryofIndustryandInformationTechnologybytheendof2022Chinahad9175millionfixedbroadbanduserswithaccessspeedsof1000Mbpsoraboveanincreaseof17timescomparedwiththeendof2021accountingfor156oftotalfixedbroadbandusersThenumberofgigabitcitieshasreached110Thetargetof30millionhouseholdsand20gigabitcitiessetintheActionPlanforCoordinatedDevelopmentoftheDoubleGigabitNetwork2021-2023wasmetaheadofscheduleandexceededinallindicatorsThethreemajoroperatorsareacceleratingintelligentsystemsinhousesandthethree-stepstrategyofChinaBroadcastNetworkisdrivinggigabitopticalnetworksInthepersonalandhomemarketChinaMobilehascomprehensivelyupgradedthegigabitcloudlifeservicesystemandreleasedFTTRwhole-housesmartproductsinconjunctionwiththeindustrychainChinaUnicomprovideswhole-housesolutionsextendingopticalfibertoeveryroominthehomeandcreatinghealthycomfortablesmartandsafehomesforusersChinaTelecomalsostandardizesandguidesprogramsandproductsinthefieldofFTTRtechnologyAtpresenttheopticalcoverageofChinaBroadcastNetworkexceeds50butgigabitsupportcapacityisunevenItplanstoimplementathree-stepstrategytopromoteopticalnetworktransformationtomeetdemandBytheendofthe14thFive-YearPlanperiodtheproportionofChinaBroadcastNetworksFTTHuserswillaccountformorethan75WegiveanOutperformratingWerecommendChinaMobile00941HKChinaTelecom00728HKChinaUnicom00762HKZTE00763HKandBYDElectronic00285HKRiskWarningChangesintheexternalenvironmentmayleadtoindustrialchainsecurityrisksoperatorCAPEXplansmayfallshortofexpectationsrecoveryofoverseasdemandmayfallshortofexpectationsdevelopmentofinnovativebusinessapplicationsmayfallshortofexpectationsChineseTranslation中文翻译行业和公司焦点TableFocuschiNil无Seethelastpagefordisclaimer3of6MorningResearchFocusTableLatestchi最新报告行业报告通信行业周报中国电信启动FTTR集采千兆光网建设提速评级跑赢大市6-18m目标价na分析员余劲同报告日期2023-02-21报告摘要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1000Mbps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156千兆城市数量已达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3000万户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00941HK中国电信00728HK中国联通00762HK中兴通讯00763HK和比亚迪电子00285HK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Seethelastpagefordisclaimer4of6MorningResearchFocusResearchDepartment研究部NoahHudsonHeadofResearch主管noahhudsongtjascomhk8675523976684HaoZhou周浩ChiefEconomist首席经济学家haozhougtjascomhk85225097582BillySun孙英超Macro宏观billysungtjascomhk85225092603JakeWang汪昌江Strategy策略changjiangwanggtjascomhk8675523976675AndyHuang黄凯鸿Strategy策略kaihonghuanggtjascomhk8675523976702EvanLi李少金Strategy策略evanligtjascomhk85225095375GaryWong黄家玮ConstructionEngineering建筑工程garywonggtjascomhk85225092616KevinGuo郭勇NonferrousMetals有色金属yongguogtjascomhk8675523976671RichardCao曹柱Banking银行zhucaogtjascomhk8675523976870GinYu余劲同Telecommunications通信ginyugtjascomhk8675523976686JackLiu柳晨Electronics电子chenliugtjascomhk85225092149PeterShao邵俊樨EnergyOperations能源运营petershaogtjascomhk85225095464TeddyLin林荣叶MediaCulture传播文化含体育rongyelingtjascomhk8675523976692ChunliZhan詹春立Property房地产jameszhangtjascomhk85225097745AndyChen陈思超FoodBeverages食品饮料含化妆品andychengtjascomhk85225092665AlexBai白舸Machinery机械gebaigtjascomhk85225097202IvanWu吴凱翔Automobiles汽车ivanwugtjascomhk85225092649HansenTang汤瀚森TextilesApparel纺织服装hansentanggtjascomhk8675523976884FrancoLi李炜Non-BankFinance非银行金融francoligtjascomhk85225097204EsabellaZhao赵舒蔓ComprehensiveSupport综合支持shumanzhaogtjascomhk8675523976681PennyPan潘凌蕾ComprehensiveSupport综合支持pennypangtjascomhk85225092632Seethelastpagefordisclaimer5of6MorningResearchFocusCompanyRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionBuy买入RelativePerformance15orthefundamentaloutlookofthecompanyorsectorisfavorableAccumulate收集RelativePerformanceis5to15orthefundamentaloutlookofthecompanyorsectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthecompanyorsectorisneutralReduce减持RelativePerformanceis-5to-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSell卖出RelativePerformance-15orthefundamentaloutlookofthecompanyorsectorisunfavorableSectorRatingDefinitionTheBenchmarkHongKongHangSengIndexNASDAQCompositeIndexTimeHorizon6to18monthsRatingDefinitionOutperform跑赢大市RelativePerformance5orthefundamentaloutlookofthesectorisfavorableNeutral中性RelativePerformanceis-5to5orthefundamentaloutlookofthesectorisneutralUnderperform跑输大市RelativePerformance-5orthefundamentaloutlookofthesectorisunfavorableDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforCHINAGRANDPHARMACEUTICALANDHEALTHCARE00512HKLUZHOUBANK01983HKSFREIT02191HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKGuotaiJunananditsgroupcompaniesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunananditsgroupcompanieshavehadinvestmentbankingrelationshipswithCOUNTRYGARDEN02007HKSINOTRANS-HSHARES00598HKCHOWTAIFOOKJEWELLERY01929HKCGNMEIYAPOWER01811HKCGNPOWER-HSHARES01816HKGOMEELECTRICALAPPLIANCES00493HKCHINAAOYUANPROPERTY03883HKGUANGZHOUAUTOMOBILE-HSHARES02238HKNWS00659HKCHINASOUTHCITY01668HKSIHUANPHARMACEUTICAL00460HKSINOPECENGINEERING-HSHARES02386HKGCLNEWENERGY00451HKNEWWORLDDEVELOPMENT00017HKCHINARISUNGROUP01907HKSENSETIME-W00020HKA-LIVING03319HKFINANCIALSTREETPROPERTY01502HKIRICOGROUPNEWENERGY00438HKCIFIHOLDINGSGROUP00884HKBIDU-SW09888HKKWGGROUP01813HKBILIBILI-SW09626HKCHINASUNTIEN00956HKJINKESERVICES09666HKGEELYAUTOMOBILE00175HKCHINACONSTRUCTIONBANK-HSHARES00939HKBANKOFCOMMUNICATIONS-HSHARES03328HKCHINAMINSHENGBANKINGCORP-HSHARES01988HKTENCENT00700HKBINHAIINVESTMENT02886HKCHINAPETROLEUMCHEMICAL-HSHARES00386HKJIANGSUEXPRESSWAY00177HKSINOPECKANTONS00934HKCGNMINING01164HKCHINANONFERROUSMINING01258HKLEEMANPAPER02314HKJOYSPREADER06988HKVOBILEGROUP03738HKCHERVON02285HKKINGSOFT03888HKFOSUNINTL00656HKWEIGAOGROUP01066HKCHENMING01812HKSUNAC01918HKNAYUKI02150HKCARSGEN02171HKCHINAOVSPPT02669HKSMOORE06969HKXPENG09868HKYEAHKA09923HKPOPMART09992HKDFZQ-HSHARES03958HKWUXIAPPTEC02359HKBANKOFCHONGQING01963HKCITS01880HKYANZHOUCOAL01171HKSPC00338HKHONGJIUFRUIT06689HK360DIGITECH-S03660HKXIAOMICORPORATION01810HKALIBABA09988HKZGCTECLEASING01601HKAOYUANHEALTHYLIFEGROUP03662HKJDCOM09618HKCHINALESSO02128HKZHONGLIANGHOLDINGS02772HKLOGANGROUP03380HKZHENROPROPERTIES06158HKAGILEGROUP03383HKCIFIESSERVICE01995HKBANKOFGANSU02139HKmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunananditsgroupcompaniesaremakingorwillmakeamarketinthesecuritiesinrespectofLENOVO00992HKCHINAMOBILE-HSHARES00941HKHONGKONGEXCHANGESANDCLEARING00388HKGALAXYENTERTAINMENT00027HKGREATWALLMOTOR-HSHARES02333HKAIA01299HKSANDSCHINA01928HKCHINAAOYUANPROPERTY03883HKAACTECHNOLOGIESHOLDINGS02018HKSUNNYOPTICALTECHNOLOGY02382HKSINOPHARMGROUP-HSHARES01099HKCNOOC00883HKWUXIBIOLOGICS02269HKMEITUAN-W03690HKKUAISHOU-W01024HKSUNAC01918HKXPENG09868HKCITICSEC-HSHARES06030HKXIAOMICORPORATION01810HKALIBABA09988HKNETEASE09999HKJDCOM09618HKSMIC00981HKALIBABAHEALTH00241HKLOGANGROUP03380HKBIDU-SW09888HKGEELYAUTOMOBILE00175HKBYDCOMPANY-HSHARES01211HKCHINACONSTRUCTIONBANK-HSHARES00939HKINDUSTRIALANDCOMMERCIALBANKOFCHINA-HSHARES01398HKBOCHONGKONG02388HKBANKOFCHINA-HSHARES03988HKHSBC00005HKPINGANINSURANCE-HSHARES02318HKCHINALIFEINSURANCE-HSHARES02628HKTENCENT00700HKCHINATOWERCORPORATION-HSHARES00788HKmentionedinthisResearchReport6GuotaiJunananditsgroupcompanieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunananditsgroupcompaniesDISCLAIMERThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanGuotaiJunananditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunangroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunandoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunananditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdiction2023GuotaiJunanSecuritiesHongKongLimitedAllRightsReserved27FLowBlockGrandMillenniumPlaza181QueensRoadCentralHongKongTel8522509-9118Fax8522509-7793WebsitewwwgtjaicomSeethelastpagefordisclaimer6of6