5 月海外疫情影响逐步减弱，沪深300 指数全月微跌28.37 点，跌幅1.2%，通信（申万）指数下跌142.64 点，跌幅5.9%，弱于大市。TMT 板块5 月表现各异，通信板块跌幅靠前。

5 月行情回顾：通信板块大幅回调 ............................................................................... 4

5 月通信板块重点推荐组合表现 ........................................................................... 4

5 月通信板块大跌5.9%，弱于大市 ..................................................................... 4

5 月通信板块估值下调 ......................................................................................... 5

IDC 政策频出，行业景气度再提升 ............................................................................... 6

中兴全球份额一季度再提升 ......................................................................................... 8

中移动加码NB-IOT 建设 ............................................................................................. 8

其他产业要闻 ............................................................................................................... 9

投资建议：关注聚焦5G、数据中心和物联网板块 ..................................................... 10

风险提示 .................................................................................................................... 10

国信证券投资评级 ...................................................................................................... 12

分析师承诺 ................................................................................................................ 12

风险提示 .................................................................................................................... 12

证券投资咨询业务的说明 ........................................................................................... 12