国资委启动国有企业对标世界一流企业价值创造行动，关注以电信运营商为代表的国有企业价值重估。会议强调，国企要突出效益效率，加快转变发展方式，聚焦全员劳动生产率、净资产收益率、经济增加值率等指标，有针对性地抓好提质增效稳增长，切实提高资产回报水平；突出产业优化升级，加快布局价值创造的新领域新赛道，一手抓加快战略性新兴产业布局，一手抓加快传统产业转型升级，更好推进新型工业化；突出服务大局，积极对接区域重大战略和区域协调发展战略，巩固在关系国家安全和国民经济命脉重要行业领域的控制地位，提升对公共服务体系的保障能力，高质量参建“一带一路”，进一步强化战略支撑作用。通信领域的国有企业集中于运营商、设备商、数据中心等领域，我们建议重点关注以电信运营商为代表的国有企业价值重估机会。
　　中共中央、国务院印发了《数字中国建设整体布局规划》。关注规划下的两大领域：数字基建和数字资源。1）数字基建层面网络、算力层面有望深度受益。我们建议关注主设备、光纤光缆、光模块、配套设备、IDC等产业。2）数据资源层面，年初以来各级政策对数据要素的推进加速已见端倪，当前更加细化的技术落地正在展开。其中对于数据采集、确权是首要工作；电信运营商将在此占据极为重要的主导位置。
　　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：外部环境变化或导致产业链安全风险、运营商CAPEX计划或不及预期、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8675523976686ginyugtjascomhk6March2023WeeklyTableMainInfoWrapSASACLaunchedtheValueCreationActionofSOEstoBenchmarkAgainstWorld-ClassEnterprises行周报国资委启动国企对标世界一流企业价值创造行动业TheSASAClaunchedthevaluecreationactionofstate-ownedenterprisesSOEstobenchmarkagainstworld-classenterprisespayingattentionto报RatingTableInvestInfotherevaluationofSOEsrepresentedbytelecomoperatorsThemeetingOutperformMaintained告emphasizedthatitisnecessaryforSOEstohighlightbenefitsandefficiencySectorReportSectorandacceleratethetransformationofdevelopmentmethodsaswellasfocuson评级跑赢大市维持indicatorssuchastotallaborproductivityROEandeconomicvalue-addedrateandfocusonimprovingqualityincreasingefficiencystabilizinggrowthand2effectivelyimprovingthereturnonassetsSOEsshouldhighlightindustrialCumulativetelecomrevenueYoYgrowthoptimizationandupgradingacceleratethelayoutofnewfieldsandnewtracksrateforvaluecreationacceleratethelayoutofstrategicemergingindustriesontheonehandandacceleratethetransformationandupgradingoftraditional电信业务收入同比增速CumulativeTelecomRevenueYoYGrowthRateindustriesontheotherhandtobetterpromotenewindustrializationSOEsCumulativeEmergingBusinessRevenueYoYGrowthRateshouldfocusonservingtheoverallsituationactivelyalignwithmajorregional40363351350343strategiesandcoordinatedregionaldevelopmentstrategiesstrengthenthe34133432635331324363controllingpositioninimportantindustriesrelatedtonationalsecurityandthe34130lifelineofthenationaleconomyimprovetheabilitytoguaranteethepublic25证servicesandparticipateintheconstructionoftheBeltandRoadwithhigh27820quality告furtherstrengtheningtheroleofstrategicsupportSOEsinthe券telecommunicationfieldareconcentratedinthefieldsofoperatorsequipment15818090938885报82838382研manufacturersdatacentersetcwesuggesttopayattentiontothe108280opportunitiesforrevaluationofSOEsrepresentedbytelecomoperators5究究TheCentralCommitteeoftheCommunistPartyofChinaandtheState0Jan-DecJan-MarJan-MayJan-JulJan-SepJan-NovResearchReport报Council研issuedtheOverallLayoutPlanfortheConstructionofDigital20212022告ChinaTwomajorareasundertheplantopayattentiontodigitalinfrastructureSourcetheMinistryofIndustryandInformationTechnologyand券digitalresources1DigitalinfrastructurelevelnetworkandcomputingEquitypowerlevelareexpectedtobenefitdeeplyWesuggesttopayattentiontoAccumulatedmobileinternetaccesstraffic证industriessuchasmainequipmentopticalfiberandcableopticalmodulesandYoYgrowthratesupportingequipmentsIDCetc2Dataresourceslevelsincethebeginningof移动互联网累计接入流量及同比增速theyearpoliciesatalllevelshaveacceleratedthepromotionofdatafactorandBillionGBAccumulatedMobileInternetAccessTrafficLHStheimplementationofmoredetailedtechnologiesiscurrentlyunderwayAmongYoYGrowthRHSthemdatacollectionanddatarightsconfirmationaretheprimarytaskstelecom30025221218214207operatorswilloccupyanextremelyimportantleadingpositioninthesefields201250191TWegiveanOutperformratingWerecommendChinaMobile00941HK18618418218618120ChinaTelecom00728HKChinaUnicom00762HKZTE00763HKand200a15BYDElectronic00285HK150bRiskWarningChangesintheexternalenvironmentmayleadtoindustrialchain10securityrisksoperatorCAPEXplansmayfallshortofexpectations100通ldevelopmentofinnovativebusinessapplicationsmayfallshortofexpectations5信50e国资委启动国有企业对标世界一流企业价值创造行动关注以电信运营商为代表的国有企业行价值重估会议强调国企要突出效益效率加快转变发展方式聚焦全员劳动生产率净00业资产收益率经济增加值率等指标有针对性地抓好提质增效稳增长切实提高资产回报水平2022-022022-042022-062022-082022-102022-12L突出产业优化升级加快布局价值创造的新领域新赛道一手抓加快战略性新兴产业布局一SourcetheMinistryofIndustryandInformationTechnology手抓加快传统产业转型升级更好推进新型工业化突出服务大局积极对接区域重大战略和e区域协调发展战略巩固在关系国家安全和国民经济命脉重要行业领域的控制地位提升对公fSectorTelecommunications共服务体系的保障能力高质量参建一带一路进一步强化战略支撑作用通信领域的国有企业集中于运营商设备商数据中心等领域我们建议重点关注以电信运营商为代表的国t有企业价值重估机会M中共中央国务院印发了数字中国建设整体布局规划关注规划下的两大领域数字基建和数字资源数字基建层面网络算力层面有望深度受益我们建议关注主设备光纤a1光缆光模块配套设备IDC等产业2数据资源层面年初以来各级政策对数据要素的r推进加速已见端倪当前更加细化的技术落地正在展开其中对于数据采集确权是首要工作电信运营商将在此占据极为重要的主导位置g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i00762HK中兴通讯00763HK和比亚迪电子00285HKn风险提示外部环境变化或导致产业链安全风险运营商CAPEX计划或不及预期创新性业务应用发展或不及预期SeethelastpagefordisclaimerPage1of5Se1TableTableSOEsfieldsofoperatorsequipmentmanufacturersdatacentersetcqualitystrengthenhighfurtherwithservicepublictheguaranteetoabilitytheeconomyimprovenationaldevelopmentstrategiesfshouldSOEsitraditionalofupgradingandtransformationtheacceleratelayoutofnewfieldsandnewtracksforvaluecreationacceleratethelayoutofstrategicemergingindustriesontheonehanresearchscientificonfocusandbusinessdotofeethantheirfreepersonneltechnologicalandscientificinpenterpriseletandrisksinnovationtechnologicaltolerateinnovationtechnologicalandscientificofefficiencytheimprovefurtheronresearchintensifyonhqualityimprovingincreasingonfocusmethodsdevelopmentnecessaryisItresultspracticalachieveandworldoutcarryofrevaluationactioncreationofstateTheecPotevioCetcTechnologyEastcompeacensCommunicatEasternTelecomDatangnIndustryCommunicatioYangtzeFiberhomeElectronicsPandaNanjingTechnologiesAccelinkElectronicSinopackSoftwareBaosightChinaUnicomChinaTelecomCCompanyighlightinnovationhinaMobileedecisionthSOEsStateWeeklye1byoperators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