通信行业周报（2024.6.24-2024.6.28）：5G-A商用持续推进，美光季报业绩增长

Investment Rating - The industry investment rating is maintained as "Accumulate" [2] Core Viewpoints - The continuous promotion of 5G-A commercialization is a key focus, with significant opportunities for operators in low-altitude economy, autonomous driving, and industrial metaverse as 5G-A networks evolve [7][8] - The AI-driven demand for computing power is expected to benefit the domestic optical communication industry, with strong growth anticipated [7][8] - The domestic smartphone market showed robust growth in May 2024, with a year-on-year increase of 16.5% in shipments, indicating a positive outlook for mobile internet traffic demand [7][8] Summary by Sections 1. Core Viewpoints and Investment Recommendations - The report emphasizes the ongoing commercialization of 5G-A, which enhances network throughput and reduces latency, creating new business opportunities for operators and related equipment manufacturers [7] - The report suggests focusing on the AI-driven computing power supply chain and the long-term opportunities in satellite internet [8] 2. Market Review 2.1. Sector Performance - The A-share Shenwan Communication Index fell by 1.72% from June 24 to June 28, underperforming the CSI 300 Index by 0.75 percentage points [9] - The communication services sector performed better, increasing by 1.52%, while the communication equipment sector declined by 3.22% [11] 2.2. Individual Stock Performance - The top-performing stocks included "Online and Offline" (+17.62%) and "Huama Technology" (+7.85%), while the worst performers included *ST Pengbo (-22.52%) and Tianfu Communication (-11.84%) [13][14] 3. Industry News - China Mobile hosted the "Hand in Hand Plan" global partner conference during the 2024 MWC Shanghai, gathering over 300 guests from various countries [15] - The 2024 GTI International Industry Conference focused on the integration of 5G and AI, with participation from major industry players [16] - ZTE released a white paper on 5G RedCap technology during the MWC Shanghai, promoting its commercial development [17] 4. Company Dynamics - ZTE announced its capabilities in "Vehicle-Road-Cloud Integration," offering various products for smart connected vehicles [18] - The company "Electric Science Chip" is actively expanding into the automotive electronics market, focusing on satellite communication and vehicle navigation [19] - "Yutong Optoelectronics" is expanding its submarine cable business in Southeast Asia, collaborating with local operators [20] 5. Company Announcements - Newyi Sheng announced a cash dividend of 1.55 RMB per 10 shares, while Datang Telecom reported progress on asset restructuring [21]