通信行业一周谈：5G用户数稳定增长，国内外积极推动卫星光通信产业化进程

Industry Investment Rating - The report maintains an "Outperform" rating for the industry [1] Core Views - 5G user numbers are steadily growing, with China Mobile, China Telecom, and China Unicom all reporting significant increases in 5G subscribers [3] - The global telecom equipment market continues to face pressure, with a 16% YoY decline in revenue in Q2 2024, particularly in China, which saw a 17% YoY drop [3] - Satellite laser communication is rapidly advancing, with China completing its first operational ground station for satellite-ground laser communication, achieving transmission rates nearly a thousand times faster than microwave communication [3] - The report highlights the importance of AI-driven communication capabilities, with advancements in GPU technology and inter-chip connectivity speeds [2] - Satellite internet is expected to see rapid development, supported by national policies and local government initiatives [2] Key Company Developments - Changfei Fiber: Acquired a 30% stake in Baosheng Submarine Cable for 583 million yuan, increasing its total stake to 60% and making Baosheng Submarine Cable a subsidiary [4] - 263 Group: Plans to increase capital in its enterprise communication and Hainan 263 subsidiaries by 350 million yuan and 200 million yuan respectively, with an additional 150 million yuan investment in its software technology subsidiary [5] - Hailanxin: Proposed a restricted stock incentive plan for 21 individuals, with conditions tied to revenue growth and profitability targets for 2024 and 2025 [5] - Runjian: Won a bid for a 275 million yuan project with China Mobile Guangdong for indoor distribution system construction services [6] Investment Portfolio - The simulated investment portfolio for September includes companies like Zhongji Innolight, New H3C Technologies, and China Mobile, with varying weights and performance metrics [7][8] - The portfolio underperformed the WIND Communication Index, with an average decline of 4.68% in September [10][11] Market Performance - The WIND Communication Index rose by 0.43% last week, while the portfolio declined by 2.06% [10] - Year-to-date, the top-performing sectors in the communication industry are optical modules, PCB-related, and operators, with gains of 35.90%, 34.74%, and 13.50% respectively [12][13] - Last week, the top-performing sectors were military security, main equipment, and IoT, with gains of 3.17%, 2.46%, and 1.10% respectively [12][13] Global Market Highlights - In the A-share market, Dingxin Communication, Yitong Century, and Hytera were among the top gainers [14][15] - In the US TMT market, GDS Holdings, Lattice Semiconductor, and CommScope led the gains [14][15] - In the Hong Kong TMT market, Xindong Company, New World Development, and China Software International were the top performers [14][15]