市场行情急速反转，关注趋势热点与基本面反转子板块

Investment Rating - The industry rating is "Recommended" [2] Core Viewpoints - The report emphasizes the importance of focusing on sub-sectors that align with trend hotspots and exhibit performance support, as well as a reversal in industry fundamentals. Key trend hotspots include AI computing power, satellite internet & low-altitude economy, industrial manufacturing upgrades, and information security [5][12] - The report highlights four sub-sectors showing signs of bottom reversal based on the ROE situation from the 2024 H1 interim report: optical communication equipment and devices, private network communication, IoT modules, and IDC & CDN, which are expected to experience upward market turning points [5][10] Summary by Relevant Sections Communication Industry Overview - The overall communication industry has seen a rapid valuation change, with a 28.6% fluctuation from September 19 to September 30, 2024. The latest PE (TTM, overall method, excluding negative values) stands at 31.4 times, placing it at the 22.5 percentile over the past eight years [7][9] Sub-sector Analysis - Optical Communication Equipment and Devices: Benefiting from sustained demand for AI computing, the valuation and performance of optical communication are expected to improve. The PE for September 2024 is 50.3 times, at the historical median level, with a 43.1 percentile ranking [10][11] - Private Network Communication: Despite a decline in performance over the past two years, the gross margin has rebounded in 2024 H1. The PE for September 2024 is 48.5 times, at a relatively low historical level, with a 24.3 percentile ranking [10][11] - IoT Modules: Revenue growth has rebounded, and profitability is expected to improve. The PE for September 2024 is 36.2 times, at a historical low, with a 12.1 percentile ranking [11] - IDC & CDN: The industry is nearing the end of its cyclical downturn, with revenue recovery driven by AI demand. The PE for September 2024 is 39.0 times, at a relatively low historical level, with a 20.4 percentile ranking [11] Trend Hotspots - AI Computing Power: The report notes that policies are increasingly supporting the construction of intelligent computing infrastructure, presenting development opportunities for domestic computing power. Key beneficiaries include telecom operators and related service providers [12][13] - Satellite Internet & Low-altitude Economy: The report identifies several companies involved in the low-altitude economy and satellite communication as key beneficiaries of this trend [12][13] - Industrial Intelligent Manufacturing: The shift towards an interconnected industrial IT architecture is highlighted, with several companies positioned to benefit from this transition [14] - Information Security: The growing importance of cybersecurity amid geopolitical uncertainties is emphasized, with several companies identified as key players in this sector [14]