1、本公司具備證券投資咨詢業(yè)務(wù)資格，請(qǐng)務(wù)必閱讀最后一頁(yè)免目錄一、韓國(guó)通信市場(chǎng)一、韓國(guó)通信市場(chǎng)三足鼎立................................................................................................................................................3（一）4G發(fā)展迅猛..................

2、..................................................................3（二）4G創(chuàng)新驅(qū)動(dòng)增長(zhǎng)................................................................................52.14G套餐產(chǎn)品創(chuàng)新，推無(wú)限數(shù)據(jù)套餐..........................................

3、.........................62.24G業(yè)務(wù)創(chuàng)新，移動(dòng)互聯(lián)網(wǎng)和視頻帶動(dòng)流量增長(zhǎng).........................................................7二、二、5G部署，全球領(lǐng)先部署，全球領(lǐng)先............................................................................................

4、..........................................................7（一）冬奧會(huì)5G小試牛刀，12月1日全球首商用5G網(wǎng)絡(luò)..................................................8（二）頻譜拍賣，競(jìng)爭(zhēng)激烈.......................................................................

5、......8（三）三星繼續(xù)統(tǒng)治本土市場(chǎng)，成為5G時(shí)代有力競(jìng)爭(zhēng)者...................................................10三、三、5G應(yīng)用場(chǎng)景積極研應(yīng)用場(chǎng)景積極研發(fā)中.................................................................................................................

6、...........................1111（一）自動(dòng)駕駛......................................................................................11（二）緊急救援平臺(tái)..................................................................................12（

7、三）VR業(yè)務(wù).......................................................................................13（四）體育賽事實(shí)時(shí)鏡頭轉(zhuǎn)播..........................................................................13（五）無(wú)人機(jī)..............................

8、..........................................................14四、韓國(guó)運(yùn)營(yíng)商簡(jiǎn)介四、韓國(guó)運(yùn)營(yíng)商簡(jiǎn)介..............................................................................................................................................

9、............1414（一）SK電訊.......................................................................................14（二）KT.......................................................................................................

10、.................................................................................15（三）LGU...................................................................................................................................

11、...............................................16五、投資建議：五、投資建議：.............................................................................................................................................................

12、.....1717六、風(fēng)險(xiǎn)提示：六、風(fēng)險(xiǎn)提示：..................................................................................................................................................................1717插圖目錄插圖目錄.......................

13、.......................................................................................................................................................1818表格目錄表格目錄.........................................................

14、.....................................................................................................................1919本公司具備證券投資咨詢業(yè)務(wù)資格，請(qǐng)務(wù)必閱讀最后一頁(yè)免圖3：韓國(guó)：韓國(guó)LTE滲透率增長(zhǎng)情況滲透率增長(zhǎng)情況資料來(lái)源：民生證券研究院整理韓國(guó)4G滲透率在不同階段的攀升，主要通過(guò)網(wǎng)絡(luò)、產(chǎn)品、業(yè)務(wù)在不同階段的

15、演進(jìn)升級(jí)來(lái)實(shí)現(xiàn)。表1：韓國(guó)：韓國(guó)4G發(fā)展階段發(fā)展階段類別類別初期初期（第一階段）（第一階段）成長(zhǎng)期（第二階段）成長(zhǎng)期（第二階段）成熟期（第三階段）成熟期（第三階段）網(wǎng)絡(luò)LTELTEAdvancedLTEbroadb盈利影響因素資本支出資本支出、銷售費(fèi)用Arpu關(guān)鍵指標(biāo)3G向4G平移LTE用戶數(shù)、LTE用戶數(shù)滲透率戶均流量資費(fèi)LTE基礎(chǔ)套餐無(wú)限語(yǔ)音套餐無(wú)限數(shù)據(jù)套餐競(jìng)爭(zhēng)重點(diǎn)LTE投資、LTE的轉(zhuǎn)換速度LTE網(wǎng)絡(luò)覆蓋、速度內(nèi)容、平臺(tái)資料來(lái)源：