通信行业周观点：关注卫星互联网和数据要素产业链

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [31]. Core Viewpoints - The communication industry index decreased by 0.50% last week, underperforming the CSI 300 index by 0.33 percentage points, ranking 26th among 31 first-level industries [1][13]. - Key investment opportunities are identified in the satellite internet, data elements, and intelligent computing center sectors [1][28]. - The industry valuation is currently below historical averages, with a price-to-earnings (PE) ratio of 18.36, significantly lower than the historical mean of 34.44 [17]. Summary by Sections Industry Dynamics - Satellite Internet: China Satellite Network announced a plan to promote the large-scale application of the BeiDou system, focusing on governance and modern industrial capabilities [5]. - Data Elements: A new intelligent governance platform for data elements was launched, aiming to enhance the value of data assets through a comprehensive management service [6]. - Satellite Navigation: The establishment of a nationwide satellite navigation positioning benchmark network was reported, enhancing high-precision navigation services [7]. - Terminal Security: The first national terminal security ecological alliance was formed, indicating a shift towards collaborative efforts in the terminal security industry [9][11]. - Intelligent Computing Center: The largest single-cluster intelligent computing center in China was officially put into operation, significantly enhancing computational capabilities [12]. Market Review - The communication industry saw a total trading volume of 123.19 billion yuan last week, with an average daily trading volume of 24.63 billion yuan, reflecting a 14.11% increase from the previous week [19]. - Among 134 stocks in the communication sector, 99 stocks rose, indicating a positive trend with 73.88% of stocks experiencing gains [21]. Investment Recommendations - The report suggests focusing on investment opportunities in the satellite communication industry chain, artificial intelligence computing industry chain, digital applications, and 5G construction [28].