Core Viewpoint - The communication industry is currently underweight, with high growth in computing capital expenditure, and the domestic market is accelerating in line with global AI development, indicating significant upward potential for holdings in the communication sector [1][4]. Industry Overview - In H1 2025, the communication industry achieved a total revenue of 1,785.003 billion yuan, representing a year-on-year increase of 10.07%, and a net profit attributable to shareholders of 160.432 billion yuan, up 11.26% year-on-year [3]. - In Q2 2025, the industry reported a revenue of 942.483 billion yuan, reflecting a year-on-year growth of 10.91%, and a net profit of 98.682 billion yuan, which is a 12.33% increase year-on-year [3]. Sector Performance - The top-performing sectors in H1 2025 based on revenue growth include optical modules, communication PCBs, network equipment manufacturers, IoT modules, and base station RF components [3]. - The sectors with the highest net profit growth in H1 2025 are also optical modules, communication PCBs, network security and visualization analysis, IoT modules, and network equipment manufacturers [3]. Investment Opportunities - Continued focus on investment opportunities in the communication sector is recommended, particularly in the following areas: - Optical Modules: Zhongji Xuchuang, Xinyi Technology, Guangxun Technology, Huagong Technology, Dekeli - CPO/Silicon Photonics: Tianfu Communication, Shijia Photon, Yuanjie Technology, Guangku Technology, Changguang Huaxin, Taicheng Light - PCB: Hudian Co., Shenzhen South Circuit - Edge Side: Guanghetong, ZTE Corporation - IDC/Liquid Cooling: Wangsu Technology, Aofei Data, Guanghuan New Network - Network Side: ZTE Corporation, Ruijie Networks, Unisoc, Fenghuo Communication, Feiling Kesi - High-Speed Copper Cables: Zhaolong Interconnect - Operators: China Mobile, China Telecom, China Unicom - Military Communication Related Stocks: Haige Communication, Qiyi Er, Changying Tong - US Stocks: Credo, MaxLinear, Arista Networks, VNET Group, Coherent, Lumentum, Broadcom, Marvell, AXT [2]. Future Outlook - The AI computing industry chain is expected to continue accelerating in 2025, driven by evolving demand on the inference side, which will provide broader growth opportunities for the communication sector [4].
海通国际通信行业2025中期业绩总结：盈利提速 算力表现亮眼