Zhi Tong Cai Jing·2025-11-30 07:21Core Viewpoint - The market valuation for the telecommunications industry remains relatively conservative, not fully reflecting the industry's high growth potential, with a long-term bullish outlook expected to continue [1] Group 1: 2025 Telecommunications Overview - The telecommunications industry has seen a year-to-date increase of 51.67%, ranking second among all industries, with some optical module stocks experiencing nearly tenfold growth [1] - The rapid development of the global artificial intelligence (AI) sector is enhancing industry growth, with the optical communication sub-sector becoming the second largest in telecommunications, following the operator segment [1] - Public fund holdings in the telecommunications sector have reached a record high of over 6.5%, indicating strong market confidence despite conservative valuations [1] Group 2: 2026 Outlook - The growth of the telecommunications industry is driven not only by high demand but also by infrastructure upgrades and policy guidance, with a focus on early positioning in emerging and future industries [2] Group 3: Investment Recommendations - The development of emerging industries and AI-enabled sectors will be a key topic during the "14th Five-Year Plan" period, particularly in the telecommunications sector [3] - Operators are characterized by low valuations and high dividends, with improving profitability and cash flow, leading to increased shareholder returns [3] - The optical communication sector is expected to thrive due to increased capital expenditures from cloud vendors, driving growth in related industries [3] - The satellite internet sector is anticipated to enter a major development cycle starting in 2026, supported by advancements in commercial rocket technology and increased government spending [3] - The quantum technology market is projected to grow significantly, with expanding application scenarios during the "14th Five-Year Plan" period [3]