瑞银发布美国有线与电信服务深度研究。报告预计行业FWA用户到2028年将超2500万（2025年底约1600万），未来数年将占据美国宽带净增用户的100%以上。2026年起Verizon与T-Mobile的FWA新增放缓，由AT&T增长部分抵消；电信固定宽带（光纤扣除DSL流失）可对冲FWA环比回落，意味着有线宽带流失略有扩大。光纤建设持续加速，2026年新建FTTH覆盖约910万户（2025年为860万户），2027年超1000万户，AT&T与Verizon合计占行业光纤新增约75%。FWA冲击、电信融合策略与有线费率重置（Cox费率下调、Starlink转向大众市场）令行业宽带收入增长停滞，并可能延续至2027年。AT&T因留存与成本优势可采取激进获客定价，被列为行业首选；估值对比覆盖AT&
UBS U.S. Cable & Telecom Services deep-dive: industry FWA subscribers are forecast to reach 25M+ by 2028 (vs. ~16M at YE25), taking more than 100% of industry broadband net adds for the next few years. FWA growth at Verizon and T-Mobile slows from 2026, partially offset by AT&T's momentum, with AT&T the only MNO pushing FWA growth; fixed telco adds (fiber less DSL losses) should offset the sequential decline in FWA adds, implying slightly worse cable losses. Fiber builds keep ramping — ~9.1M new FTTH passings in 2026 vs. 8.6M in 2025 and 10M+ in 2027 — with AT&T and Verizon capturing ~75% of industry fiber adds. Price compression from FWA, telco convergence and cable rate resets (Cox resets, Starlink shifting to mass market) is stalling industry broadband revenue growth and should persist into 2027. AT&T is the top pick on retention and cost advantages that allow aggressive acquisition pricing. Valuation comps cover AT&T, Verizon, T-Mobile, Comcast, Charter, Lumen and others.