通信行业周观点：关注AI算力及卫星互联网产业链的投资机遇

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected relative increase of over 10% compared to the broader market in the next six months [36]. Core Insights - The report suggests focusing on investment opportunities in AI computing power, satellite internet, and low-altitude economy sectors. It highlights potential acceleration in domestic substitution processes for key components like servers, optical chips, and optical modules due to intensified US-China tech tensions following the potential re-election of Trump. Additionally, recent developments in the satellite internet sector, including the establishment of the China Aerospace Information and Satellite Internet Innovation Alliance and negotiations for satellite internet services in Brazil, are expected to catalyze global industry growth. The report also notes the first plenary meeting of the low-altitude industry development leadership group, which is anticipated to promote the development of the low-altitude economy in China [7][8][10]. Summary by Sections 1. Core Views and Investment Recommendations - The report emphasizes the importance of AI computing power, satellite internet, and low-altitude economy as key investment areas. It anticipates that the domestic substitution process for critical components in the AI computing power sector will accelerate due to geopolitical factors. The establishment of the China Aerospace Information and Satellite Internet Innovation Alliance is expected to enhance the ecosystem for satellite internet services. Furthermore, the low-altitude economy is gaining attention with government support [7][8]. 2. Industry Dynamics - Recent developments include the first plenary meeting of the low-altitude industry development leadership group, the 2024 APC Global Fiber Optic Cable Conference, and the establishment of the China Aerospace Information and Satellite Internet Innovation Alliance. Brazil is also in talks to introduce Chinese satellite internet services, indicating international interest in this sector [13][14][15][18]. 3. Communication Industry Market Review - The report notes that the communication industry index outperformed the broader market, with a 6.80% increase compared to a 5.50% rise in the CSI 300 index. The communication sector's average daily trading volume increased by 5.56% week-on-week, indicating heightened investor interest [19][21][22]. 4. Valuation and Performance - The current price-to-earnings (P/E) ratio for the communication industry is 19.88, significantly below the historical average of 34.11 since 2016, suggesting potential undervaluation. Over 92% of stocks in the communication sector experienced price increases last week, reflecting positive market sentiment [21][22][23].