通信行业周报：高通财报显示智能手机市场复苏，萝卜快跑在重庆成立新公司

Investment Rating - The report maintains an "Overweight" rating for the communication industry [2]. Core Insights - Qualcomm's financial report indicates a recovery in the smartphone market, with Q4 sales reaching $10.24 billion and adjusted EPS of $2.69. The company expects Q1 sales to be $10.9 billion with an adjusted EPS of $2.95. Qualcomm benefits significantly from the Chinese market, which accounts for 46% of its revenue [5][6]. - The establishment of a new company by "萝卜快跑" in Chongqing is noted, which is expected to benefit the related industry chain as autonomous driving companies continue to grow [6]. - Dell'Oro Group forecasts a double-digit CAGR for coherent optical transceiver shipments over the next five years, with total shipments expected to exceed 5 million units. This growth is driven by advancements in AI clusters and the increasing compatibility and application diversity of smaller, energy-efficient transceivers [7]. Summary by Sections 1. Core Insights and Investment Recommendations - Qualcomm's recovery in the smartphone market is highlighted, with significant revenue contributions from China [5]. - The report suggests focusing on sectors such as computing optical communication, satellite communication navigation, and communication equipment [8]. 2. Market Review 2.1. Sector Performance - The A-share communication index rose by 6.8% from November 4 to November 8, outperforming the CSI 300 index by 1.3 percentage points [9]. - Within the communication sector, communication equipment saw a 7.42% increase, while communication services rose by 5.42% [10]. 2.2. Stock Performance - The top-performing stocks included 震有科技 (+47.33%) and 高新兴 (+29.25%), while 海能达 (-17.38%) and 万马科技 (-5.72%) were among the worst performers [12]. 3. Industry News - China Telecom's second procurement for SD-WAN PON fusion gateways included 网经 and 瑞斯康达 [13]. - China Unicom, ZTE, and Qualcomm achieved a mobile terminal speed breakthrough of 9.3Gbps [13]. - China Mobile announced a new round of ordinary optical cable procurement [14]. 4. Company Dynamics - 中兴通讯 reported stable overall operations with double-digit growth in consumer and government enterprise businesses [15]. - 天孚通信 is progressing with its factory construction in Thailand [15]. 5. Company Announcements -司南导航 plans to grant 2.2 million restricted stock options, representing 3.54% of its total share capital [16].