通信行业第二十届三中全会科技方向政策解读：理解和把握中国式现代化科技脉络

Investment Rating - Investment recommendation: Outperform the market (maintained) [2] Core Viewpoints - The report emphasizes the importance of advancing high-level technological self-reliance and promoting high-quality development as part of China's modernization strategy [2][11] - It highlights the need to establish a high-level socialist market economy system, which includes optimizing resource allocation and enhancing the role of both market and government [3][12] - The report suggests focusing on new technologies and industries that contribute to high-quality development, particularly in data elements, IoT, AI, and digital economy sectors [5][16] Summary by Sections 1. Advancing Chinese-style Modernization - The 20th Central Committee's third plenary session outlines the goal of building a modern economic system and accelerating the construction of a new development pattern [11] 1.1 Building a High-level Socialist Market Economy - The report stresses the need for a unified national market and the development of an integrated technology and data market, with state-owned enterprises playing a crucial role in investing in emerging industries like AI and big data [3][12] 1.2 Improving Mechanisms for High-quality Economic Development - High-quality development is identified as the primary task for building a modern socialist country, focusing on supply-side structural reforms and enhancing the resilience of industrial and supply chains [4][15] 2. Investment Recommendations: Focus on New Technologies and Industries 2.1 Accelerating Data Elements and IoT Industry Development - The report recommends attention to data elements and IoT, suggesting companies like China Mobile, China Unicom, and China Telecom for investment [5][16] 2.2 Focusing on New Generation Information Technology and AI - Investment opportunities in AI applications and content development companies are highlighted, including Kingsoft Office and Kunlun Wanwei [5][17] 2.3 Emphasizing Digital Economy and New Infrastructure Opportunities - The report identifies the importance of computing power for the digital economy and AI, recommending investments in domestic server manufacturers and optical module companies [5][18] 2.4 Highlighting Self-controlled Supply Chain Investment Opportunities - The report emphasizes the urgency of a self-controlled semiconductor supply chain, recommending companies involved in domestic GPU and semiconductor equipment [5][19]