Picking the turn is never easy – and investors have seen their share of false calls recently. But there are growing signs that Europe’s telecoms equipment sector is over the worst. Ever since AT&T’s announcement of a three-year boost to its planned capital spending on wireless and wireline networks in November, the outlook has been improving. That move – worth an incremental $10bn at the time, although curbed a little since – spurred copycat action by T-Mobile. Further east, China Mobile, too, has guided to a 50 per cent increase in its 2013 capex, even if its domestic peers look less open-handed. The European equipment sector is up 45 per cent from July lows, and has even outpaced broad European market markers this year.
寻找拐点从来不是容易的事——而投资者最近也听到了好几次错误的呼声。但越来越多的迹象表明，欧洲电信设备行业板块已度过难关。自从AT＆T公司去年11月公布了有关扩大无线和有线网络资本支出的三年刺激计划以来，行业前景就已经在改善。此举（当时相当于逐步增加100亿美元，虽然此后又变少了一些）刺激T-Mobile采取了类似行动。在远东，manbetx3.0 移动也将2013年的资本支出指引调高了50%，虽然其国内同行们看起来还没那么大方。欧洲电信设备行业板块已从去年7月的低点上涨了45%，今年以来的涨幅甚至超过大盘股指。