通信行业周报：“易中天”-估值切换，再赴征程

Investment Rating - The report maintains a rating of "Buy" for key companies in the optical communication sector, specifically highlighting Zhongji Xuchuang, Xinyi, and Tianfu Communication as top picks [11]. Core Insights - The report emphasizes a valuation shift in the optical communication sector, particularly for the "Four Little Dragons" (Tai Chen Guang, De Ke Li, Yuan Jie Ke Ji, and Teng Jing Ke Ji), which have shown significant stock price increases since the recommendation [2][21]. - The report notes that capital expenditures from major cloud service providers (CSPs) are at an all-time high, indicating strong future growth potential for the optical communication industry, driven by AI investments [8][24][25]. - There is a perceived expectation gap regarding the future of optical modules, with concerns about the potential replacement by CPO technology, but the report argues that both technologies can coexist and that leading companies are well-positioned to benefit from this transition [3][4][7][22][23]. Summary by Sections Investment Strategy - The report suggests focusing on the optical communication sector, particularly on companies like Zhongji Xuchuang, Xinyi, and Tianfu Communication, which are expected to benefit from the ongoing valuation shift and strong market demand [15][21]. Market Review - The communication sector has experienced a downturn, with the overall index declining, while quantum communication has shown relative strength [17][18]. Weekly Topic - The report discusses the recent performance of the "Four Little Dragons," attributing their stock price increases to favorable market conditions and strong quarterly earnings reports [21]. Future Outlook - The report anticipates a change in capital allocation preferences post-Q3 earnings, with a potential shift back to blue-chip stocks as macroeconomic uncertainties diminish [3][22]. Company Performance - Key companies in the optical module sector, such as Zhongji Xuchuang and Xinyi, reported substantial year-over-year revenue growth, although there are signs of a slowdown in growth rates [33][34][35]. Capital Expenditure Trends - Major CSPs like Microsoft, Google, and Amazon have significantly increased their capital expenditures, indicating robust future demand for optical communication products [24][25]. Technological Developments - The report highlights ongoing advancements in optical module technology, including the development of 800G and 1.6T products, which are expected to drive future growth [29][36].