通信行业专题研究：运营商稳健增长，AI推动行业发展

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the telecommunications industry [4]. Core Insights - The telecommunications operators are expected to experience steady growth, with capital expenditures likely to decline year-on-year, enhancing profitability and dividend ratios. Key operators to focus on include China Mobile [2][5]. - The AI sector is driving demand in the North American optical communication industry, with significant growth observed in companies like Zhongji Xuchuang, Tianfu Communication, and Xinyi Technology [2][5]. - AI is expanding its influence into DCI scenarios, leading to ongoing infrastructure development in AIDC. Companies such as Dekeli and Runze Technology are recommended for investment [2][5]. Summary by Sections 1. Telecommunications Industry Overview for Q1-Q3 2024 - Optical Communication: The North American optical communication sector has seen a revenue increase of 65.95% year-on-year, with a total revenue of 47.02 billion yuan. Companies like Zhongji Xuchuang and Xinyi Technology are experiencing rapid growth [8][9]. - IDC: Four IDC companies reported a revenue growth of 39.30% year-on-year, totaling 15 billion yuan. Runze Technology has shown remarkable performance due to its strategic focus on AIDC business [17][20]. - Telecom Operators: The three major telecom operators reported a combined revenue growth of 2.45% year-on-year, totaling 1,473.55 billion yuan, with China Unicom leading in net profit growth at 10.04% [25][26]. 2. Investment Recommendations - Focus on telecom operators as capital expenditures are expected to decline, improving profitability. China Mobile is highlighted as a key player [2][5]. - The AI-driven demand for high-speed optical modules is benefiting the North American supply chain, with a focus on companies like Zhongji Xuchuang, Tianfu Communication, and Xinyi Technology [2][5]. - The expansion of AI into DCI scenarios is anticipated to drive market growth, with investment opportunities in companies like Dekeli and Runze Technology [2][5].