通信行业周报

Investment Rating - The communication industry is rated as "positive" with expectations of outperforming the market index by more than 5% over the next six months [39]. Core Viewpoints - The communication industry has shown steady growth in traditional businesses while actively exploring innovative applications. Following a recent market surge, valuation levels have rebounded. Companies are focusing on sustainable profit growth and enhancing network value, particularly benefiting from traffic growth and computing network advancements [3][36]. - The communication sector has outperformed the CSI 300 index, with a year-to-date increase of 16.58%, ranking fifth among the 30 major sectors [10][12]. Summary by Sections 1. Communication Industry Market Review - From October 1 to October 11, 2024, the communication sector (CITIC) declined by 1.82%, while the CSI 300 index fell by 3.25%, indicating a 1.43 percentage point outperformance [10]. - The communication industry has a cumulative increase of 16.58% this year, ranking fifth among CITIC's primary sectors [10]. 2. Industry News 1. Industry Dynamics - China's total computing power has reached 246 EFLOPS, with over 830,000 standard racks, positioning the country at the forefront of the global computing industry [15]. - The development of 5G technology and industrial internet has been highlighted as a leading sector in China, with significant advancements in network capabilities and digital consumption markets [15]. 2. Leading Enterprises - China Telecom has proposed a "computing-network integration" strategy to meet the growing demand for intelligent computing power and promote the development of the national digital economy [20]. - ZTE has launched the first domestic 1.6T OTN prototype, enhancing computing node efficiency and supporting the growth of AI and big data applications [21][22]. 3. Technological Frontiers - Huawei has introduced the Alpha series antennas, which are designed to meet the demands of the mobile AI era with high efficiency and simplified deployment [23]. 3. Weekly Focus: Data Resource Development and Utilization - The recent issuance of guidelines by the central government aims to establish a public data resource development and utilization system by 2030, promoting innovation and healthy development in the data industry [2][35]. 4. Investment Recommendations - The report suggests maintaining a cautiously optimistic outlook, focusing on operators with sustained profit growth, companies benefiting from traffic growth and computing networks, and high-quality firms with continuous technological innovation [3][36].