通信行业一周谈：通信行业基金持仓创新高，广东省发布加快推动光芯片产业行动方案

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected return above the benchmark index by more than 10% over the next six months [18]. Core Insights - The communication industry is experiencing a significant increase in fund holdings, reaching a new high since 2018, with a current holding level of 4.34% and an overweight ratio of 0.39% [2]. - The Guangdong provincial government has released an action plan to accelerate the development of the optical chip industry, focusing on key areas such as high-speed optical communication chips and silicon photonic integration technology [2]. - The demand for communication capabilities is being driven by AI advancements, particularly in GPU technology, which enhances chip interconnect speeds and memory capacity [1]. - The satellite communication sector is expected to grow rapidly, supported by national policies and local government initiatives [1]. Summary by Sections Fund Holdings - The communication industry fund holdings have increased for three consecutive quarters, with a current overweight ratio of 0.39%, marking the highest level since 2018 [2]. Government Initiatives - Guangdong's action plan emphasizes R&D investment in optical chip technology and aims to address supply chain bottlenecks [2]. Industry Performance - In Q3 2024, the telecommunications business revenue reached 13,152 billion yuan, a year-on-year increase of 2.6% [4]. - The new emerging business revenue grew by 9.4% year-on-year, accounting for 24.7% of total telecommunications revenue [4]. Company Performance - China Telecom's server procurement for 2024-2025 includes 156,000 servers, with a domestic product ratio of 67.5% [3]. - China Mobile reported a slight revenue decline of 0.05% in Q3, while net profit increased by 4.59% [5]. - China Unicom's Q3 revenue grew by 3.25%, with a net profit increase of 7.75% [8]. Market Trends - The communication sector has shown strong performance, with the WIND communication index rising by 6.21% in October [12]. - The optical module sector has seen a remarkable year-to-date increase of 103.77% [13].