通信行业周专题：24年三季报回顾+持仓分析，双视角验证板块景气上行！

Investment Rating - The report maintains a positive outlook on the communication industry, indicating a "Buy" rating based on the recovery of market conditions and strong performance of key companies [2][3]. Core Insights - The communication sector is experiencing a significant increase in fund holdings, with the market capitalization of heavy-weight stocks reaching 130.6 billion, representing a 4.14% share of total heavy-weight stocks, an increase of 11.38% quarter-on-quarter [2][6]. - The report highlights a concentration in stock selection, with the number of heavy-weight stocks in the communication sector decreasing from 76 to 55, a drop of 27.63% year-on-year, indicating a focus on core companies [3][8]. - Key sectors showing high growth include unified communication, optical devices, and IDC, with companies like Yilian Network and Zhongji Xuchuang demonstrating strong revenue growth [3][24]. Summary by Sections Fund Holdings Analysis - The communication sector's fund holdings are at a historical high, with a median holding percentage of 2.23% since 2009, currently at 4.14%, placing it in the 94th percentile [6][7]. - The concentration of heavy-weight stocks has increased, with the top five stocks accounting for 80.89% of the total heavy-weight stock market capitalization [8][9]. Key Companies Performance - Yilian Network reported a revenue of 4.11 billion, a year-on-year increase of 27.5%, and a net profit of 2.07 billion, up 27.9%, driven by strong downstream demand [3][26]. - Zhongji Xuchuang's revenue for Q3 reached 6.514 billion, a year-on-year increase of 115.25%, with a net profit of 1.394 billion, reflecting a robust growth trajectory [3][26]. - The IDC sector saw a significant increase in holdings, with a 142.43% rise in share volume, indicating strong investor interest [17][24]. Sector Performance Overview - The report categorizes various segments within the communication industry, noting that the optical device sector has a revenue growth rate of 125.7% and a net profit growth of 205.4% [24]. - The IDC segment shows a revenue growth of 55.7%, while the operator segment has a more modest growth of 2.0% [24]. - The report emphasizes the recovery in the submarine cable sector, anticipating significant progress in project bidding and construction in 2025 [3][27].