China Galaxy Securities released a research report stating that, from a policy evolution perspective, China's new infrastructure has completed its progression from "conceptual proposal" to "systematic planning." The report suggests that during the 15th Five-Year Plan period, the development of new infrastructure will place greater emphasis on the efficient operation of entire industrial chains and systematic layout. New infrastructure, alongside new quality productive forces, will jointly catalyze the vigorous growth of the communications industry. The main viewpoints of China Galaxy Securities are as follows:
The State Council Information Office held a briefing to interpret the draft outline of the 15th Five-Year Plan. The meeting emphasized the coordinated layout of new infrastructure to support digital and intelligent upgrades during the 15th Five-Year Plan period. An official from the National Development and Reform Commission's Development Strategy and Planning Department stated that regarding new infrastructure, efforts will be made to strengthen coordinated advancement and intensive, efficient utilization. This includes systematically planning and constructing a batch of strategic, application-supportive, and forward-looking major scientific and technological infrastructures. Initiatives will involve deploying and applying 10-gigabit optical networks and scaling up the commercial use of 5G-Advanced mobile communication networks. The plan also includes building a nationally integrated computing power network, coordinating the construction of satellite communication, navigation, and remote sensing systems, and developing low-altitude infrastructure driven by scenario expansion. These measures aim to provide solid support for industrial upgrading and digital-intelligent development during the 15th Five-Year Plan period and beyond.
The policy evolution is clear: new infrastructure has transitioned from concept to systematic planning, with the 14th Five-Year Plan laying the foundation for the leap and transformation during the 15th Five-Year Plan. During the 14th Five-Year Plan period, the core task of new infrastructure was large-scale deployment and basic networking, with intensive top-level designs laying a solid foundation for industrial digitalization. Entering the 15th Five-Year Plan, new infrastructure policies are undergoing a key transformation towards systematic upgrading and intensive efficiency. For the first time, the 15th Five-Year Plan proposal included "appropriately advancing the construction of new infrastructure" in a five-year plan proposal, establishing the core principles of "coordinated advancement and intensive utilization." Compared to the 14th Five-Year Plan, the 15th Five-Year Plan's approach to new infrastructure places greater emphasis on a classified layout based on "strategic orientation, application support, and forward-looking guidance." It focuses on technological evolution, system integration, and scenario extension, highlighting the synergistic integration and security resilience of infrastructure.
In related areas of new infrastructure, China has established a significant scale advantage in the information and communication sector: By the end of 2025, the availability of 5G Standalone mode reached 80.9%, leading internationally. In terms of 10-gigabit optical networks, China's share of global 10G-PON ports exceeds 85%, while Europe and the US are still in the pilot exploration stage. The computing power network sector exhibits a pattern of "the US and China leading, with the EU catching up." The US dominates with 44% of global data center capacity, while China holds the second position with a 26% share. In AI computing power, the US holds an absolute advantage, accounting for 68.9% in 2025, compared to China's 14.5%. Future construction of AI Data Centers may become the core focus for computing power network development during the 15th Five-Year Plan period. In the satellite internet sector, the US's Starlink has approximately 10,000 satellites in orbit, achieving global coverage capability, while China's GW and Qianfan constellations combined have only 250-300 satellites in orbit, indicating significant room for catch-up. In the low-altitude economy sector, China adopts a "government-led, market-following" model, having planned the construction of 752 vertical take-off and landing sites, accounting for over 50% of the global total, with application scenarios continuously deepening.
Risk warnings include the potential for 6G development to fall short of expectations and risks associated with changes in the global political and economic situation.
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