通信行业周报：中国移动半年报稳健增长，AI需求推动Lumen获大额订单

Investment Rating - The industry investment rating is maintained as "Add" [5] Core Viewpoints - China Mobile reported steady growth in its semi-annual results, with revenue reaching 546.7 billion yuan, a year-on-year increase of 3.0%, and net profit of 80.2 billion yuan, up 5.3% year-on-year. The annualized return on equity reached 11.8%, an increase of 0.3 percentage points year-on-year. The company is expected to benefit from the continued rollout of 5G-A, enhancing profitability and strategic positioning [2][9] - Lumen Technologies, a US fiber optic manufacturer, secured orders worth 5 billion USD driven by AI demand, with potential additional orders of 7 billion USD. The increasing value of fiber resources due to AI is expected to benefit the optical communication industry chain [2][9] - The successful launch of the Qianfan Polar Orbit 01 satellite group in China is anticipated to foster the development of the satellite internet industry, with related industry chains likely to benefit from the ongoing progress of low-orbit satellite projects [2][9] Summary by Sections 1. Core Viewpoints and Investment Recommendations - China Mobile's semi-annual performance indicates robust growth, with significant opportunities arising from 5G-A deployment [2][9] - AI-driven demand is propelling Lumen Technologies to secure substantial orders, indicating a positive outlook for the optical communication sector [2][9] - The launch of the Qianfan satellite group is expected to enhance the satellite internet industry's growth prospects [2][9] 2. Market Review - The A-share Shenwan Communication Index fell by 3.73% from August 5 to August 9, underperforming the CSI 300 Index by 2.17 percentage points and the ChiNext Index by 1.11 percentage points [3][11] - Within the Shenwan communication sub-sectors, communication equipment declined by 3.48%, while communication services dropped by 4.23% [3][11] 4. Company Dynamics - China Telecom has launched large-scale intelligent computing clusters in Shanghai and Beijing, enhancing its capabilities in the intelligent computing sector [22] - China Unicom introduced a cross-border communication product in Singapore, allowing users to have dual numbers on a single SIM card [23] - Zhongtian Technology established a new energy power company with a registered capital of 100 million yuan, focusing on solar and wind power services [24]