Guolian Minsheng Securities: The telecommunications industry is developing new growth and high-quality development around the dual narrative of “new power system+digital infrastructure”

The Zhitong Finance App learned that Guolian Minsheng Securities released a research report saying that in 2026, the industry revolves around the dual narrative of “new power system+digital infrastructure”, and the segments are divided into two main lines: one is a new growth main line, including emerging high-growth fields such as AIDC, solid state batteries, and humanoid robots; the other is a high-quality development main line, covering adjusted profit and pattern optimization aspects such as energy storage, wind power, and photovoltaics. The industry presents structural opportunities driven by policy, technology, and demand.

The main views of the League of Nations Minsheng Securities are as follows:

2025 market review: there was a clear divergence in the first half of the year, outperforming the Shanghai and Shenzhen 300 as a whole since the beginning of the year

The overall sector fluctuated sideways in the first half of 2025; as of December 11, the telecommunications industry rose by about 38.4% during the year, significantly outperforming the Shanghai and Shenzhen 300 Index by 15.7%. As of 2025Q3, 306 Dianxin Optional Stock Fund holdings accounted for 11.59%, +1.16 Pcts month-on-month, and -1.83 Pcts year-on-year; the market value of Telecom's Optional Shares accounted for 8.58% of the total market value of A-shares, +1.25 Pcts month-on-month, and +0.76 Pcts year-on-year.

2026 Strategy Presentation: New Growth and High Quality Development

In the context of the continued advancement of the “dual carbon” strategy and the rapid development of the digital economy, the bank believes that the current narrative of the power equipment and new energy industry is based on the dual narrative of “new power system construction+digital infrastructure construction”.

Influenced by the three major factors of policy, technology, and demand, the starting time and development stage of each segment of Telecom are different, and the level of industry penetration rate is also different, so there are differences in the prosperity of each sector and the expected increase in performance space. At present, the bank has divided the Telecom segment into two main lines of “new growth+high-quality development” through a review of sector market conditions and fund holdings, combined with analysis of performance performance, and prospects for demand growth, application scenarios, and technological changes, etc., to explore investment opportunities in each sector.

New growth

1) AIDC: The global energy transformation is driving the upgrading of power grids, and domestic and foreign prosperity resonates well; the capital expenditure of major domestic and foreign Internet companies is accelerating, leading to an increase in demand for related AIDC power equipment. 2) Solid-state batteries: All-solid-state batteries have significant advantages of high energy density and high safety. The industrialization process is accelerating. In the context of policy support, the future will develop a sea of space stars. 3) Humanoid robots: As leading manufacturers such as Tesla and Yushu benefit from capital empowerment and continuous upgrading of major products, and superimposing AI models, the humanoid robot industry chain will gradually mature, or drive demand for core components such as drive systems, transmission systems, and sensing systems.

High quality development

1) Energy storage: Domestic independent energy storage benefits from capacity prices/compensation+peak and valley arbitrage+ancillary services. Increased economic efficiency brings high demand; North American AI data center allocation and storage will open up new growth space for energy storage. 2) Wind power: The fluctuation and upward trend in domestic land wind prices has led to profit recovery, and ocean winds are moving deep into the ocean; demand for overseas sea and land wind resonates, and the penetration rate of the domestic supply chain has not yet peaked overseas, and it is expected that the total volume and unit value will increase with strong competitiveness. 3) Photovoltaics: Over the past 25 years, senior management has spoken out at a high frequency against “anti-internal volume”. Judging from the tender price, the chaos of disorderly competition at low prices has been mitigated; the operating conditions of main chain enterprises have improved to varying degrees since 25Q3 on the reporting side. “Anti-internal volume” has begun to bear fruit, and the industry may reverse.

Risk warning: policies falling short of expectations, increased industry competition, risk of raw material price fluctuations, new technology falling short of expectations, risk of overseas operations, risk of measurement errors, etc.