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 a rating of "Market Perform" for the telecommunications sector [3]. Core Insights - The telecommunications operators are expected to experience steady growth, with capital expenditures likely to decline annually, enhancing profitability and dividend ratios. The report recommends focusing on leading operators such as China Mobile [2][33]. - The AI sector is driving significant growth in the North American optical communication industry, with key companies like Zhongji Xuchuang, Tianfu Communication, and Xinyi Sheng showing rapid revenue growth [2][4][33]. - AI is expanding the demand for networks into DCI scenarios, which is expected to drive the rapid growth of the DCI market. The development of AI is also promoting the continuous construction of AIDC infrastructure, with recommendations to focus on companies like Dekeli and Runze Technology [2][33]. Summary by Sections 1. Telecommunications Industry Overview for Q1-Q3 2024 - Optical Communication: The North American optical communication companies have seen a combined revenue increase of 65.95% year-on-year, with a net profit growth of 114.67% [4][7]. - IDC Sector: Four IDC companies reported a revenue increase of 39.30% year-on-year, with net profits rising by 22.79%. Runze Technology has shown significant performance due to its focus on AIDC business [4][16]. - Telecom Operators: The three major telecom operators reported a combined revenue growth of 2.45% year-on-year, with net profits increasing by 5.94%. China Unicom led with a net profit growth of 10.04% [4][24]. 2. Investment Recommendations - Focus on telecom operators and the AI industry chain for investment opportunities. The report suggests monitoring leading operators like China Mobile due to expected declines in capital expenditures and increased profitability [2][33]. - The report highlights the benefits of AI in driving the optical communication sector, recommending companies such as Zhongji Xuchuang, Tianfu Communication, and Xinyi Sheng [2][33]. - The expansion of AI into DCI scenarios is expected to boost the DCI market, with recommendations to focus on Dekeli and Runze Technology for their ongoing infrastructure developments [2][33].