通信行业周报：国庆港股热情高涨，看好通信板块节后行情

Investment Rating - The report maintains an "Overweight" rating for the communication sector [6]. Core Insights - The communication sector is expected to outperform the market due to favorable monetary policies and strong market sentiment [6][14]. - The sector has shown resilience and better performance compared to the broader market during previous bull markets, indicating potential for excess returns [8][17]. Summary by Sections Market Review and Outlook - Monetary policy initiatives have been implemented to boost market confidence, including a 20 basis point reduction in the 7-day reverse repo rate from 1.7% to 1.5% and a 50 basis point cut in the reserve requirement ratio, injecting approximately 1 trillion yuan into the financial market [14]. - The communication index rose by 23.77% from September 24 to September 30, outperforming the Shanghai Composite Index and Shenzhen Component Index, which increased by 21.37% and 30.26%, respectively [14][15]. Policy Expectations and Market Performance - Positive economic indicators from the U.S. suggest a higher likelihood of a soft landing, while domestic policies are anticipated to support market recovery [7][15]. - The Hang Seng Index and Hang Seng Tech Index saw significant gains of 26.59% and 45.65%, respectively, from September 24 to October 7 [7][15]. Communication Sector Performance in Bull Markets - Historical analysis shows that the communication index outperformed the Shanghai Composite Index during the bull markets of 2007 and 2015, with the communication index reaching its peak after the Shanghai Composite [8][17]. - The communication sector is characterized by high earnings elasticity and a higher valuation ceiling compared to traditional industries, making it a favorable investment opportunity [8][17].