电信行业-全球电信业：5G——进化还是？.pdfVIP

8 November 2019 Global EQUITIES Global Telecoms 5G - Evolutionary or revolutionary? Key points  5G networks will lead to 90% decline in data cost. Telcos will have to roll out 5G to keep a competitive cost structure and keep high-ARPU customers.  5G opens the door to Enterprise and Industrial IoT but gradually and after 2021. Surveillance, Auto and Industrial should be the largest markets.  Telecom top picks: China Mobile, ZTE, SingTel, Telekom Malaysia; 5G Components top picks: Murata, SEMCO, TSMC Global cellular data traffic (exabyte/month) Why do telcos need 5G? Cheaper data, competition 300 100% 250 80% Over the past five years, the cost of data packets has declined by ~90% as 4G 200 60% introduced bigger channels and higher data rates with OFDMA, MiMo, CA. 5G 150 should continue this trend and a further 90% decline in data packet cost by 2025 40% 100 50 20% is possible. Different tools, namely NOMA/SOMA, mas