通信行业周报（2024.10.01-2024.10.07）：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 industry [6][22]. 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 [6][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 [6][14]. Policy Expectations and Market Performance - The U.S. economy shows signs of a soft landing, with non-farm payrolls increasing by 254,000 in September, exceeding expectations [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, with further increases during the holiday period [7][15]. Communication Sector Performance in Bull Markets - Historical analysis indicates that the communication index has consistently outperformed the Shanghai Composite Index during the bull markets of 2007 and 2015, suggesting a higher valuation ceiling due to its cyclical nature and high-tech attributes [8][17].