Investment Rating - The report maintains an "Overweight" rating for the communication industry [1]. Core Insights - Nvidia's Q2 performance shows sustained high growth, with revenue of $30.04 billion, a year-on-year increase of 122% and a quarter-on-quarter increase of 15%. Net profit reached $16.599 billion, up 168% year-on-year and 12% quarter-on-quarter, indicating strong demand in AI and related sectors [5][6]. - China has established a nationwide satellite navigation positioning benchmark network, consisting of over 3,300 stations, enhancing high-precision navigation services and promoting the development of the BeiDou system [5]. - The three major telecom operators in China reported steady growth in H1 2024, with revenues of CNY 546.7 billion, CNY 266 billion, and CNY 197.3 billion, reflecting year-on-year growth rates of 3.0%, 2.8%, and 2.9% respectively. Net profits also increased, with China Mobile, China Telecom, and China Unicom reporting profits of CNY 80.2 billion, CNY 21.8 billion, and CNY 13.8 billion, growing by 5.3%, 8.2%, and 11.3% year-on-year [5][6]. Summary by Sections 1. Core Insights and Investment Recommendations - Nvidia's strong Q2 results highlight significant growth in AI demand, benefiting related computing and optical communication sectors [5]. - The establishment of a unified satellite navigation benchmark network in China is expected to benefit related industry chain companies [5]. - The three major telecom operators have shown resilience and growth despite macroeconomic challenges, indicating potential benefits for related listed companies and upstream communication equipment manufacturers [5][6]. 2. Market Review - The A-share Shenwan Communication Index fell by 0.5% from August 26 to August 30, underperforming the CSI 300 Index by 0.33 percentage points [7][10]. - Within the Shenwan secondary industry, the communication services sector decreased by 0.15%, while the communication equipment sector fell by 0.68% [10][13]. 3. Industry News - China Mobile's research institute awarded a contract to ZTE for domestic intelligent computing servers, with an average bid price of CNY 875,000 per unit [20]. - GSA's survey indicates that 5G Fixed Wireless Access (FWA) has become mainstream, with expected growth in shipments [21]. - China Unicom announced the results of its general server procurement, with a total bid amount of approximately CNY 328.9 million [22]. 4. Company Dynamics - Lihua Microelectronics reported progress on its convertible bond project related to smart photovoltaic and communication chips [23]. - Yutai Microelectronics anticipates a surge in demand for in-vehicle communication due to increasing automotive intelligence [24].
通信行业周报：英伟达二季度业绩持续高增长，我国已建成卫星导航定位基准站一张网
Yong Xing Zheng Quan·2024-09-04 02:00