通信行业周报：增值电信业务对外开放，国产算力或迎来国际对接缓冲区

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry, indicating a positive outlook for investment opportunities in this sector [3]. Core Insights - The opening of value-added telecommunications services to foreign investment is expected to introduce new market participants and enhance the domestic IDC and computing power sectors [1][2][14]. - Government initiatives and industry demand are likely to drive significant growth in the optical chip and related device markets, with ambitious targets set for technological breakthroughs and industry development by 2030 [1][2][14]. - The telecommunications industry is experiencing a shift as 5G may be entering a phase of market saturation, with a notable increase in user numbers but a decline in revenue growth for mobile data services [5][16]. Summary by Sections Investment Strategy - The Ministry of Industry and Information Technology has initiated pilot programs for expanding foreign investment in value-added telecommunications services in major cities, allowing foreign companies to operate independently in sectors like IDC and online data processing [1][2][14]. - The government aims to foster the optical chip industry, targeting breakthroughs in key technologies and the establishment of competitive enterprises by 2030, supported by rising domestic computing power demands [1][2][14]. Industry News - As of September 2024, the number of foreign companies authorized to operate telecommunications services in China has reached 2,220, reflecting a growing international interest in the market [2][14]. - China Telecom's recent server procurement has seen over 67.5% of the contracts awarded to domestic manufacturers, indicating a strong trend towards localizing computing power solutions [4][16]. - The telecommunications sector's economic performance for the first three quarters of 2024 shows a steady increase in mobile users, particularly in 5G, but also highlights a decline in revenue from mobile data services, suggesting a potential market saturation [5][16]. Market Performance - The telecommunications sector has shown resilience, with a weekly increase of 2.75%, outperforming major indices, and specific segments like optical fiber and AI computing showing significant growth [19][20]. - Key companies to watch include those involved in IDC, domestic computing power, and optical communication, as they are expected to benefit from the current market dynamics [19][24].