通信行业周报：台积电三季报：AI需求强劲，关注季报期业绩方向

Investment Rating - The report maintains a "Recommended" rating for the telecommunications and electronics industry, indicating a positive outlook due to sustained high demand in AI, 5.5G, and satellite communications [3][4]. Core Insights - The telecommunications sector experienced a significant increase, with the industry index rising by 5.20% during the week of October 14-18, 2024. This growth is attributed to the ongoing high demand in the sector [3][9]. - TSMC reported a strong Q3 performance with a net profit of 325.3 billion TWD, a 54% year-on-year increase, driven by robust AI chip demand and a recovery in smartphone sales [3][4]. - The report highlights the strong performance of specific stocks, with Hainengda leading the gains at 43.29%, followed by Dafu Technology at 34.12% and Dekeli at 31.12% [3][13]. Summary by Sections Market Overview - The overall market saw the Shanghai Composite Index rise by 1.36%, the Shenzhen Component Index by 2.95%, and the ChiNext Index by 4.49% during the same week [3][9]. - Within the telecommunications sector, the highest gain was seen in communication network equipment and devices, which rose by 8.44% [3][11]. Key News in Telecommunications - The report notes that China's liquid cooling server shipments are expected to exceed 230,000 units in 2024, with a market size of $1.26 billion, reflecting a 98.3% year-on-year growth [15]. - Alibaba International launched the Marco translation model, which supports 15 languages and reportedly outperforms Google and GPT-4 in translation accuracy [16]. - Google announced a partnership with Kairos Power to purchase power from small modular reactors to meet its AI development needs, indicating a shift towards nuclear energy for tech companies [17]. Company Announcements - Dafu Technology underwent a change in its actual controller due to a merger and restructuring plan, with the government of Bengbu City becoming the actual controller [21]. - Cambridge Technology reported a Q3 revenue of 2.764 billion CNY, a year-on-year increase of 48.60%, while its net profit decreased by 26.15% [21].