2024年第48周周报：算力核心仍强势，关注二线企业边际变化

Industry Investment Rating - The report maintains an Overweight rating for the Communication Equipment and Services sector [5] Core Views - Core supply chain companies continue to demonstrate strong profitability, driven by global AI supply chain dynamics, including NV's 800G orders in March 2023, frequent order increases from April to June 2023, and the anticipation of 1.6T product iterations by February 2024 [4][8] - Second-tier leaders are at a pivotal moment of marginal change, with opportunities arising from AI industry shifts, demand for 800G, and new technologies like CPO/OCS [4][8] - Performance divergence is evident in Q3 2024, with overseas and domestic AI-related companies showing strong results, while other sectors remain under pressure [4] Investment Recommendations - Focus on photoelectric interconnection within the global AI industry [4][8] - Consider state-owned enterprises with stable growth and high dividends, as well as emerging opportunities in new formats [4][8] - Explore investment themes in low-altitude economy, satellite communication, and vehicle communication [4][8] - Monitor IoT and submarine cable sectors for potential recovery and growth [4][8] Key Companies and Recommendations - Xinyisheng and Tianfu Communication are recommended for their exposure to increased demand for optical modules due to AI clusters [8] - Accelink and Shijia Photonics are highlighted for their potential in upstream optical chip penetration [8] - ZTE Corporation and FiberHome are recommended for their role in 400G backbone networks and future bandwidth expansion [8] - Accelink, Shijia Photonics, and CICT Mobile are suggested for their involvement in space-based optical communication [8] - Topband, H&T, Wasion, and InHand are recommended for their industrial IoT and electronic component export potential [8] Market Performance - The communication sector outperformed the broader market, with the Shenwan Communication Index rising 6.80% compared to the CSI 300 Index's 5.50% increase [10][11] - Communication equipment and communication services sub-sectors rose by 7.42% and 5.42%, respectively [10] - Top-performing stocks included Fujida (+52.42%), Zhenyou Technology (+47.33%), and Guangmai Technology (+31.63%) [13][14] Upcoming Events and Restrictions - Key events include shareholder meetings for companies like Dongtu Technology, Hengxin Oriental, and Century Dingli [15] - Lock-up expirations are noted for companies such as Canqin Technology, Changyingtong, and Datang Telecom in the next three months [16][17]