浙商证券：电信运营商全年业绩低点已过 AI算力增长加速

智通财经2025-04-29

智通财经APP获悉，浙商证券发布研报称，25Q1行业增速放缓，或受基数高、主动精细化项目管理等因素影响。2025年一季度，电信业务收入累计完成4469亿元，同比增速约0.7%。随着一次性扰动因素消除、需求修复逐步巩固，以及AI带动的需求逐步兑现等，一季度运营商行业增速或为年内低点，全年有望呈“前低后高”趋势。运营商基于资源优势，AI算力/AI服务收入增长有望加速AI发展浪潮下，运营商AI算力/AI...

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