通信行业周报：光模块指引高增，推理侧需求推高业绩预期

Investment Rating - The report maintains an "Overweight" rating for the communication industry [5][10]. Core Insights - The optical module sector is experiencing high demand, driven by North American companies' guidance for 800G optical module needs in 2025, which is expected to significantly increase compared to 2024. This demand is primarily for AI inference and training integration [6][20]. - The report highlights the tight supply of upstream raw materials, suggesting investment opportunities in silicon photonics and domestic alternatives. Companies with upstream supplier resources may increase profit margins by raising prices [7][21]. - The integration of satellite networks is becoming a major trend in the communication industry, with 60% of global operators signing agreements to serve 5 billion mobile users [8][24]. Summary by Sections 1. Market Review - In the past week (June 17-23, 2024), the communication sector outperformed with a 1.58% increase, while the Shanghai Composite Index and Shenzhen Component Index decreased by -1.14% and -2.03%, respectively [5][16]. - The top five gainers in the communication sector included Cheng Tian Wei Ye (up 24.66%) and ST Peng Bo (up 23.77%), while the biggest losers included Tong Yu Tong Xin (down 26.02%) and Jiu Sheng Dian Qi (down 19.48%) [5][18]. 2. Industry Core Views - The optical module sector is expected to maintain high growth due to strong downstream demand, particularly from AI applications. The report emphasizes the importance of monitoring the speed of product advancements in the downstream sector [6][20]. - The report suggests that the self-developed AI chips by major tech companies will drive demand for high-speed network bandwidth, further boosting the expectations for 800G optical modules [6][20]. 3. Industry News - The report notes that 91 telecom operators globally have signed agreements with satellite companies, providing low Earth orbit (LEO) coverage for 5 billion mobile users, indicating a significant shift towards satellite network integration [9][24]. - Huawei's Ascend AI cloud service is highlighted for its capabilities in supporting large model innovations, significantly reducing downtime and resource provisioning times for AI model training [10][25].