通信行业投资策略周报：公共数据开发利用再迎政策催化，持续关注数据要素产业链

Investment Rating - The report rates the telecommunications industry as "Buy" [2] Core Insights - The Central Committee and State Council issued an opinion on accelerating the development and utilization of public data resources, marking the first systematic deployment at the central level [7][8] - By 2025, the framework for developing and utilizing public data resources is expected to be established, with significant improvements in resource supply and quality, and the emergence of data element enterprises [7][8] - The report emphasizes the role of telecommunications operators as quality data resource holders and infrastructure providers, poised to benefit from the release of data elements [10] Summary by Sections 1. Core Insights - The report highlights the systematic deployment of public data resource development and utilization by the central government, with short-term and long-term goals set for 2025 and 2030 [7][8] - It outlines specific measures to expand public data resource supply and stimulate societal data utilization [8][9] 2. Market Review - The telecommunications sector experienced a decline of 1.99% this week, outperforming the Shanghai and Shenzhen 300 index by 1.26 percentage points [14] - Year-to-date, the telecommunications sector has risen by 16%, outperforming the Shanghai and Shenzhen 300 index by 2.7 percentage points [14] 3. Industry Data Updates - As of the end of 2023, China had 3.377 million 5G base stations, a net increase of 1.065 million from the previous year, representing 29.1% of total mobile base stations [26] - In August 2024, domestic smartphone shipments reached 24.204 million units, a year-on-year increase of 26.7%, with 5G smartphones accounting for 82.1% of total shipments [27] 4. Emerging Business Revenue Growth - In the first eight months of 2024, telecommunications operators generated revenue of 289.7 billion yuan from emerging businesses, a year-on-year increase of 10.5% [32] - Cloud computing and big data revenues grew by 12.3% and 61.6% respectively, contributing to the overall revenue growth [32] 5. User Growth in 5G and IoT - By August 2024, China Mobile had 1.002 billion mobile users, with 534 million 5G network users [29] - The total number of cellular IoT terminal users reached 2.565 billion, accounting for 59.1% of mobile network connections [30]