The new infrastructure planning of the 14th five year plan has been intensively introduced in many places recently, and 5g construction has become the focus. At the same time, local governments are also actively releasing policy dividends and promoting 5g network construction. In addition, the centralized purchase of operators is also increasing both volume and price. The agency said that with the current 5g development entering the key stage of commercial deployment, a new round of 5g construction in China is entering the acceleration period, and the performance of the industrial chain will be continuously released. A new round of construction accelerated, and 5g entered the key stage of commercial deployment Various signs show that a new round of 5g construction in China is speeding up. Recently, the "14th five year plan" for new infrastructure construction in Sichuan Province was released, which puts forward quantitative indicators for 5g construction. The number of 5g base stations will increase from 36000 in 2020 to 250000 in 2025; 5g network user penetration will increase from 11% to 60%. Previously, several provinces have issued the new infrastructure plan for the 14th five year plan, and 5g network construction has become the focus. Pan Feng, deputy director of Radio Research Center of China Academy of information and communications, wrote that 5g has entered a key stage of commercial deployment, and China is promoting 5g network construction at a "moderately advanced" pace. The state issued policy documents to guide 5g network construction, and local governments also actively released policy dividends to support 5g network construction. According to the survey, about 92.3% of prefectures and cities in China have issued relevant policies to support 5g construction. By the end of August 2021, nearly 570 5g policies have been issued at the provincial, municipal and district levels, including 67 at the provincial level, 259 at the municipal level and 243 at the district level. Most policies put forward clear tasks for accelerating 5g network construction. The investment expenditure of operators in the second half of the year is also expected to accelerate. Industry insiders pointed out that from the perspective of 5g construction in the first half of the year, there is still a large gap from the construction goal of 600000 base stations in the whole year, but operators have stressed that 5g expenditure will remain unchanged throughout the year, which means that 5g capital expenditure will accelerate in the second half of the year. Wanlian Securities believes that with the bidding and landing of 700m and 2.1GHz base stations, the pace of 5g construction investment of the three operators is bound to accelerate in the second half of the year. In the short term, the industrial chain of equipment manufacturers with construction and delivery capacity is expected to obtain new revenue and shipment opportunities in the second half of the year. Huaxi Securities said that the overall capital expenditure of the three operators increased by 2% year-on-year in 2021, of which 5g related capital expenditure increased by 5% year-on-year, which will drive the industry into a new round of growth cycle in the next two to three years. From the perspective of centralized purchase by operators, there is also a simultaneous rise in volume and price. On October 12, China Mobile announced the announcement of bid winning candidates for centralized procurement of ordinary optical cable products from 2021 to 2022. The volume and price of the bid winning results increased simultaneously, the demand increased by about 20% year-on-year compared with 2020, and the average bid winning price increased by 58% year-on-year. According to the analysis of Tianfeng securities, this reflects that the demand for optical fiber and cable driven by 5g scale construction / high traffic growth and capacity expansion continues to grow rapidly, the future trend is expected to continue, and the industry will usher in a new business cycle. The performance of the industrial chain continued to release, and more than 60% of the company expected joy in the third quarter With 5g entering the critical stage of commercial deployment, the domestic telecommunications industry has maintained steady development since this year. According to the data of the Ministry of industry and information technology, from January to August, the domestic telecom business revenue totaled 991.9 billion yuan, a year-on-year increase of 8.4%; China has opened 1.037 million 5g base stations, accounting for more than 70% of the world, covering all cities above prefecture level, and the number of 5g terminal connections accounts for more than 80% of the world. The performance of relevant enterprises in the industrial chain is continuously released. As of press time, among the 75 companies that have released the performance forecast of the third quarterly report in tonghuashun 5g, the performance pre hi ratio has reached 67%. Recently, ZTE, a 5g leading enterprise, released a performance forecast. It is expected that the net profit attributable to common shareholders of Listed Companies in the first three quarters of this year will be 5.6 billion yuan to 6 billion yuan, a year-on-year increase of 106.49% to 121.23%. Among them, the net profit attributable to common shareholders of Listed Companies in the third quarter was 1.52 billion yuan to 1.92 billion yuan, a year-on-year increase of 77.99% to 124.79%. The performance of operating businesses also accelerated quarter by quarter. Soochow Securities said that the new infrastructure policy continued to bring benefits to the whole industry. In the first half of 2021, operators realized a revenue of 383.411 billion yuan, with a year-on-year growth rate of 11.39%, and realized a net profit attributable to the parent company of 21.776 billion yuan, with a year-on-year increase of 25.92%. At present, the performance of operators has accelerated quarterly. With the gradual increase of 5g penetration and the gradual implementation of the bidding progress of operators' base stations, Business performance is expected to further improve in the future. At the 5g news high-level forum held recently, China Unicom and China Telecom said that they expected to start the trial commercial use of 5g news in the fourth quarter, while China Mobile said that it had opened the trial commercial docking of 5g news to many provinces and cities. Huatai Securities believes that the market scale of 5g news is expected to exceed 60 billion yuan in 2025; In the long run, 5g message is expected to change the business model of all parties in the SMS industry chain and shape a new competition pattern. It is expected that the development of Tob business will open long-term growth space for the development of 5g message market. Soochow securities suggests focusing on two main lines: first, with the steady progress of 5g construction and continuous increase of investment, major equipment manufacturers will continue to benefit; Second, with the continuous penetration of 5g, the C-end business of operators has stabilized and rebounded, the b-end business revenue has increased rapidly, and the investment opportunities in the operator sector have become prominent. Chuancai Securities believes that product terminals and application scenarios will usher in a rapid outbreak period, including ultra-high definition video, cloud games, AR / VR, Internet of things, Internet of vehicles, industrial Internet and ubiquitous power Internet of things. (outlook new era)