通信：政策利好不断，科技企业发展迎新机遇

Investment Rating - The report maintains a "Recommended" rating for the communication industry, indicating an expected performance exceeding the benchmark index by over 10% [4]. Core Insights - The report highlights a positive policy signal from the National People's Congress, which is expected to enhance market risk appetite and benefit technology innovation enterprises. Key measures include increasing local government debt limits by 6 trillion yuan to replace hidden debts, with annual allocations of 2 trillion yuan from 2024 to 2026 [1]. - The communication sector showed stable growth in the first three quarters of 2024, with total revenue reaching 1,897.51 billion yuan, a year-on-year increase of 3.63%, and a net profit of 177.66 billion yuan, up 8.23% year-on-year. The overall gross margin for the sector was 28.89%, reflecting a 0.75 percentage point increase [1]. Summary by Relevant Sections Investment Suggestions - The rapid iteration of global AI large models is driving sustained demand for computing power, with optical communication entering a high-speed era. The report anticipates that 1.6T will be shipped at scale by 2025, and the penetration rate of silicon photonic modules is expected to accelerate. Recommended companies in the optical communication supply chain include Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Huagong Technology, and Guangxun Technology [2]. - The increasing power consumption of computing cabinets is pushing beyond traditional cooling limits, marking the rise of liquid cooling technology. The temperature control supply chain includes recommended companies like Yingweike [2]. - The report favors communication operators involved in computing network infrastructure and data elements, specifically China Mobile, China Telecom, and China Unicom, as they are expected to benefit from the growth of intelligent computing power and the domestic production process [2]. - In the high-tech sector of communication, satellite internet and industrial internet are highlighted as significant areas, with recommended companies including Huace Navigation for satellite internet and Yinghantong for industrial internet [2].