智通财经网·2025-09-19 02:21Core Viewpoint - The current driving force in the telecommunications industry is based on the optimization of operators' capital expenditure structure, resonating with artificial intelligence, and the emergence of new paradigms in sub-industries [1][2][3] Industry Overview - The importance of technological innovation and new productive forces is gradually increasing, with a consistent policy direction from the government [2] - The telecommunications industry is showing stable overall performance, with the rapid development of the global AI industry enhancing growth potential [2] - The industry is experiencing a continuous increase in inventory levels, indicating potential tightening in upstream raw material supply [2] Key Sub-sectors - Operators: Valuation remains low with steady growth; profitability and cash flow are improving, highlighting asset value advantages and increasing dividends for shareholders [3] - Optical Communication: Growth in AI capital expenditure from cloud vendors is driving the development of related industries such as PCB, GPU, and optical communication [3] - Satellite Internet: The transition from 5G to 6G will necessitate satellite internet capabilities, with commercial space satellite internet development expected to enter a major cycle [3] - Quantum Technology: The quantum information industry is showing high growth potential, with the market size for quantum communication expected to continue rising [3] Investment Recommendations - Focus on sectors related to operators, optical modules, optical devices/chips, copper connections, satellite internet, and quantum technology [4]