通信行业周报：北美云厂资本开支上行，推荐关注产业催化方向

Investment Rating - The report gives a "Recommended" rating for the telecommunications and electronics industry due to the sustained high prosperity of the sector, driven by AI, 5.5G, and satellite communications [2]. Core Insights - The overall market performance for the week (October 28 - November 3, 2024) saw a decline in major indices, with the Shanghai Composite Index down 0.84%, the Shenzhen Component down 1.55%, and the ChiNext Index down 5.14%. The telecommunications sector specifically experienced a decline of 3.28% [2][8]. - In the telecommunications sub-sectors, the communication terminal and accessories had the lowest decline at 0.91%, while communication engineering and services faced the highest decline at 5.82% [9][10]. - Notable stock performances included Huichang Communication with a rise of 39.14%, followed by Haida with 31.78%, and ST Tongmai with 27.61% [11]. Summary by Sections Market Overview - The telecommunications sector index declined by 3.28% during the week [8]. - The sub-sector performance showed that communication terminals and accessories had the least decline, while communication engineering and services had the most significant drop [9][10]. Company News - North American cloud providers reported a total capital expenditure of $55.023 billion in Q3 2024, marking a 49% year-on-year increase and a 13% quarter-on-quarter increase. All major providers indicated continued growth in capital expenditures for 2025 [2]. - Google, Microsoft, Mota, and Amazon all reported significant increases in capital expenditures, with Amazon showing an 81% year-on-year increase in Q3 2024 [2]. Investment Focus - The report suggests focusing on the computing power industry chain and satellite internet, recommending specific stocks such as Zhongji Xuchuang, Xinyi Sheng, and Shenchao Technology in the computing sector, and Netcom Communication and Fujida in the satellite communication sector [4].