通信行业周报：北美光通信厂商最新财报如何看？

Investment Rating - The report maintains an "Overweight" rating for the communication industry [2][4]. Core Insights - The communication sector saw a rise of 6.79% during the period from November 4 to November 10, with communication equipment manufacturing up by 7.99% and value-added services up by 10.16% [2]. - North American optical communication manufacturers reported significant progress in AI business, with optimistic guidance for future growth [2][7]. - Key companies recommended for investment include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others [4][9]. Summary by Sections Industry Performance - The communication sector's performance outpaced the Shanghai and Shenzhen 300 Index, which rose by 5.50% during the same period [2]. - Notable growth was observed in the value-added services segment, which increased by 10.16% [2]. Company Highlights - Arista achieved a revenue of $1.81 billion in Q3 2024, a 20% year-on-year increase, exceeding previous guidance [2][7]. - Lumentum's Q1 FY25 revenue reached $337 million, with expectations for Q2 revenue between $380 million and $400 million [3][8]. - Coherent's data communication business grew by 16% quarter-on-quarter and 89% year-on-year, indicating strong demand for 400G and below products [4][9]. Market Trends - IDC forecasts a compound annual growth rate (CAGR) of approximately 15.6% for China's digital transformation spending from 2023 to 2028, outpacing global growth [10]. - The report highlights the increasing importance of AI in the communication sector, with companies like Apple and Microsoft investing heavily in AI infrastructure [10][11].