通信行业周报：科技行情AI算力主线，重视国产自主可控

Investment Rating - The report maintains an "Overweight" rating for the telecommunications sector [1] Core Insights - The AI computing sector is highlighted as a key investment area, emphasizing the importance of domestic and self-controlled computing capabilities [2] - The satellite communication industry is experiencing unprecedented growth opportunities, particularly with the advent of mobile direct satellite connections [2] - The report suggests focusing on both direct supply and domestic AI computing supply chains, including companies involved in optical modules, liquid cooling, and AI chip design [2] Summary by Sections Market Overview - The report notes that the Shanghai Composite Index rose by 0.98%, with the telecommunications sector outperforming with a 5.28% increase [6] - The total market capitalization of the telecommunications industry is approximately 45,657.95 billion yuan, with a circulating market value of 39,460.61 billion yuan [1] Key Companies and Valuations - The report tracks several key companies, including 中际旭创 (Zhongji Xuchuang), 天孚通信 (Tianfu Communication), and 源杰科技 (Yuanjie Technology), all rated as "Buy" with projected earnings per share (EPS) growth [1][10] - The report provides detailed valuations for these companies, indicating significant expected growth in net profits for 2024 and 2025 [10] Industry Trends - The report highlights the rapid growth of the liquid cooling server market in China, with a projected market size of 12.6 billion USD in 2024, reflecting a year-on-year growth of 98.3% [14] - The satellite communication sector is noted for its advancements, particularly with the successful launch of new satellite constellations and the development of mobile direct satellite services [2][11] Investment Recommendations - The report recommends focusing on companies within the AI computing supply chain, including those involved in optical modules, liquid cooling solutions, and AI chip design [2] - It also suggests monitoring developments in satellite internet and telecommunications operators as potential investment opportunities [2]