中国新基建2020
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-20
30
-25
15
0%5%10%15%20%25%30%0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,00020002001200220032004200520062007200820092010201120122013201420152016201720182019
GDP
40%
45%50%55%60%65%70%0
2
4
6
8
10
12
14
16
19801990200020102020F 2030F 2040F 2050F
05101520253035
5G4G
4,450 0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
201120142016 GDP 3G GDP4G GDP
20
40
60
80
100
120
140
20152016201720182019
134155147139
212
367
816
26.0%
45.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0% 0
100
200
300
400
500
600
700
800
900
20192020E2021E2022E2023E2024E2025E
5G5G
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
201520162017201820192020F 2021F 2022F 2023F 2024F 2025F
0.0%
2.0%4.0%6.0%8.0%10.0%12.0%0123456
GDP
0%
5%10%15%20%25%0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
201320142015201620172018
2019
%
10
20
30
40
50
60
7.84 4.84
3.81 3.54 3.58.94
6.87
7.497.89
8.25
2
4
6
8
10
20152016201720182019
1,228 1,563 1,958 2,486 41.8%
32.4%29.8%27.2%25.3%26.9%28.8%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%45.0%0
500
1,000
1,500
2,000
2,500
3,000
3,500
2014201520162017201820192020E 2021E 2022E %
2,000
4,000
6,000
8,000
10,000
2020E2025E2030E
0100200300400500
248.090
50100150200250300201820202025
6,109
6,964
7,939
9,051
13,409 0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
201720182019202020212022202320242025
8.48
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0% 0
1
2
3
4
5
6
7
8
9
201020112012201320142015201620172018
2019
0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%
,
58%
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