通信行业周报：AI集群向超大规模扩张，光学创新CPO与DCI新机会

Investment Rating - The report maintains an "Overweight" rating for the telecommunications industry [1] Core Insights - The telecommunications sector is experiencing significant growth driven by advancements in AI and optical technologies, particularly in the development of CPO (Co-Packaged Optics) and DCI (Data Center Interconnect) solutions [1][2] - The report highlights a notable increase in domestic procurement of AI servers, with a focus on enhancing local production capabilities, which is expected to boost the demand for related components and services [2] Summary by Sections Industry Overview - The telecommunications sector's total market capitalization is approximately 4,516.97 billion, with a circulating market value of 3,888.60 billion [1] - The report notes a strong performance of the telecommunications index, which outperformed the broader market, with a weekly increase of 2.75% [1] Key Companies and Financials - Key companies in the sector include: - Zhongji Xuchuang: 2024E EPS of 4.59, 2025E EPS of 6.40, with a current PE of 34.07 [1] - Tianfu Communication: 2024E EPS of 3.22, 2025E EPS of 4.83, with a current PE of 41.27 [1] - Yuanjie Technology: 2024E EPS of 1.24, 2025E EPS of 1.80, with a current PE of 138.71 [1] - Hengtong Optic-Electric: 2024E EPS of 1.14, 2025E EPS of 1.36, with a current PE of 15.64 [1] - ZTE Corporation: 2024E EPS of 2.23, 2025E EPS of 2.57, with a current PE of 14.08 [1] Market Trends - The report emphasizes the acceleration of the CPO industry, with significant advancements expected in optical engine technologies and the integration of AI capabilities into telecommunications infrastructure [1][2] - The demand for high-bandwidth applications is driving growth in the optical chip and device sectors, with traditional optical module manufacturers expected to adapt to new market dynamics [2] Investment Recommendations - The report suggests focusing on companies involved in optical modules and devices, such as Zhongji Xuchuang, Newyi Sheng, Tianfu Communication, and others [2] - It also highlights the importance of domestic AI computing infrastructure, recommending investments in server and switch manufacturers as well as telecommunications operators [2]