通信行业周报：打头阵依赖硬科技和特色科技

Investment Rating - The report indicates a positive long-term investment outlook for the hard technology sector, supported by government policies and recent events that catalyze domestic substitution demand [4][15][16]. Core Insights - The hard technology sector is expected to lead investment opportunities, with a focus on satellite internet, domestic computing power, data elements, and the Beidou replacement [4][15]. - The satellite internet initiative, represented by the Qianfan constellation, is entering a phase of regular launches, with plans to deploy 648 satellites by 2025 to provide global internet services [4][15][16]. - The domestic computing power market is showing initial signs of demand, with significant orders for Huawei's new computing products, indicating a shift towards local alternatives due to international restrictions [4][15][16]. - The data element market is projected to grow significantly, with global data trading expected to rise from $90.6 billion in 2022 to $301.1 billion by 2030, presenting substantial investment opportunities [5][16]. Summary by Sections Investment Strategy - Hard technology is positioned as a leading investment area, with government policies emphasizing technological innovation as a key driver for modern industrial development [4][15]. - The successful launch of the Qianfan constellation satellites marks a significant milestone in China's satellite internet capabilities, with a total of 36 satellites now in orbit [4][15][16]. - The domestic computing power sector is experiencing growth, with China's total computing power reaching 246 EFLOPs in September 2024, reflecting a year-on-year increase of 27.78% [4][15][16]. Industry News - The successful launch of the Qianfan polar orbit 02 satellite group on October 15, 2024, signifies the commencement of regular satellite deployment for internet services [6][17]. - The establishment of the Beidou Time and Space Big Data Center in the Guangdong-Hong Kong-Macao Greater Bay Area, with an investment of 13 billion yuan, aims to enhance data resource capabilities [6][18]. - The completion of the first AI model technology verification in orbit by Guoxing Aerospace demonstrates advancements in space-based AI applications, paving the way for future developments in satellite internet [7][18]. Market Review and Recommendations - The communication sector saw a 5.28% increase this week, outperforming major indices, with particular strength in satellite navigation and AI computing sectors [19][21]. - Key companies to watch include China Mobile, China Telecom, and China Unicom, as well as firms involved in satellite internet and data elements [19][23].