通信行业投资策略周报：上半年通信行业运行基本平稳，持续关注流量、算力基建产业链

Investment Rating - The industry investment rating is "Buy" [3] Core Viewpoints - The communication industry is operating steadily, with telecom business volume showing steady growth and emerging business revenue maintaining double-digit growth. New infrastructure construction such as 5G, gigabit optical networks, and the Internet of Things (IoT) is progressing in an orderly manner, and the number of network-connected users is steadily increasing [10][11] - Telecom business revenue achieved positive growth, totaling 894.1 billion CNY in the first half of the year, a year-on-year increase of 3%. The growth rate decreased by 1.5 percentage points compared to the first quarter [10] - Emerging business revenue grew rapidly, with a total of 227.9 billion CNY in the first half of the year, a year-on-year increase of 11.4% [10] Summary by Sections 1. Core Viewpoints - The communication industry is stable, with telecom business volume and emerging business revenue growing steadily. New infrastructure projects are advancing, and mobile internet access traffic is increasing rapidly [10] - Telecom business revenue reached 894.1 billion CNY, up 3% year-on-year, with fixed broadband revenue growing by 5.4% and mobile data revenue declining by 2.3% [10] - Emerging business revenue, including IPTV and cloud computing, grew by 11.4%, with cloud computing and big data revenues increasing by 13.2% and 58.6%, respectively [10] 2. User Metrics - Fixed broadband users reached 654 million, with gigabit users accounting for 28.6% of the total, an increase of 1.2 percentage points from the previous quarter [10] - Mobile phone users totaled 1.777 billion, with 5G users making up 52.4% of the total, an increase of 2.6 percentage points from the previous quarter [10] - The number of cellular IoT users reached 2.529 billion, representing 58.9% of mobile network connections [10] 3. Future Outlook - Telecom operators are transitioning to become world-class technology service companies, leveraging their advantages in information services, data security, and digital solutions. The digital business segment is becoming a major growth engine for revenue [11] - The visibility of telecom operators' performance over the next three years is high, with a steady increase in dividend payout ratios. The focus is on high-quality development and stable long-term growth [11]