通信行业周报：投资和需求两旺，国外映射与国内替代共振算力

Investment Rating - The report maintains an "Outperform" rating for the industry [3] Core Insights - Despite the delay in the release of NVIDIA's B200 and GB200 products due to design flaws, the demand for computing power remains strong, with significant capital expenditures from overseas cloud providers [14][15] - Overseas cloud providers are experiencing rapid growth in cloud/computing revenue, creating a commercial closed loop with relatively high certainty [14][15] - The acceleration of domestic substitution in policies and technology is expected to lead to significant marginal changes by Q4 2024 [15] Summary by Sections Investment Highlights - NVIDIA's product delays do not alter the underlying demand and investment logic, with substantial capital expenditures from major cloud companies like Google and Microsoft [14][15] - Cloud providers are seeing high growth in revenue, with NVIDIA's total revenue reaching $30.04 billion in Q2 2024, a year-on-year increase of 122% [14][15] - Domestic computing demand is still in its early stages, with significant opportunities for companies like Zhongji Xuchuang and Tianfu Communication [14][15] Industry News - The Ministry of Natural Resources announced the establishment of a nationwide satellite navigation positioning benchmark network, enhancing the infrastructure for the BeiDou system [16][17] - A collaboration between China Satellite Network and Chongqing aims to accelerate the application of BeiDou systems, promoting integrated applications in various sectors [17][18] - The Haizhu District has released a development plan for the low-altitude economy, targeting a scale of 15 billion yuan by 2027 [18][19] - A data element intelligent governance platform was launched to promote the trial and experimental work of data spaces, indicating progress in the industrial data service chain [19][20] Market Review and Recommendations - The communication sector saw a decline of 0.87% this week, with a notable performance in the RF and antenna sectors, which rose by 5.55% [20][21] - Recommended focus areas include operators, satellite navigation, low-altitude economy, and data elements, with specific companies highlighted for potential investment [23][24]