通信行业月报：运营商新兴业务收入保持两位数增长，光模块出口总额同比增速回升

Investment Rating - The report maintains an "In Line with Market" investment rating for the communication industry [5]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in September 2024, rising by 23.88% compared to +17.39% for the Shanghai Composite and +20.97% for the CSI 300 [2][9]. - Emerging business revenues for operators showed double-digit growth, with big data business revenue increasing by 61.6% year-on-year [5][35]. - Domestic smartphone shipments increased by approximately 18%, with 5G smartphone shipments accounting for 82.1% of total shipments in August 2024 [5][39]. - The export value of optical modules in China rebounded, with a year-on-year growth of 72.2% in August 2024 [5][37]. Summary by Sections 1. Market Review - The communication industry index rose by 23.88% in September, outperforming the Shanghai Composite Index [9]. - All sub-sectors within the communication industry saw gains, with network installation and maintenance leading the way [11]. 2. Industry Tracking 2.1 Economic Data Tracking - The industrial value added in China grew by 4.5% year-on-year in August 2024, with the TMT sector growing by 11.3% [17]. - Retail sales of communication equipment increased by 14.8% year-on-year in August 2024 [19]. 2.2 Domestic Telecom Industry Tracking - Telecom business revenue reached CNY 11,732 billion from January to August 2024, a 2.7% increase year-on-year [21]. - The number of 5G mobile phone users reached 966 million, accounting for 54.3% of total mobile phone users [23]. 2.3 Domestic Mobile Phone Industry Tracking - Domestic smartphone shipments totaled 24.05 million units in August 2024, a 26.7% increase year-on-year [39]. - The share of domestic brand smartphones reached 92.2% of total shipments in August 2024 [42]. 2.4 Optical Module Industry Tracking - The export value of optical modules in August 2024 was CNY 3.75 billion, with a year-on-year growth of 72.2% [5][37]. 3. Industry Dynamics - The demand for AI computing is driving rapid increases in network communication speeds, with expectations for 1.6T optical modules to begin shipping in Q4 2024 [6]. - The smartphone market is expected to see innovation driven by AI, leading to growth in components such as structural parts and optical devices [6].