通信周跟踪：北美光通信季报指引乐观，卫星互联网投资置信度正在增强

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the communication industry [1]. Core Insights - The report highlights optimistic guidance for optical communication, with North American manufacturers showing strong performance driven by AI demand. Key companies like Lumentum, Coherent, and Fabrinet reported significant revenue growth and positive forecasts for the upcoming quarters [1][12]. - The satellite internet sector is experiencing increased confidence, with developments indicating a potential surge in investment and operational activities. The report suggests that companies heavily involved in satellite services may lead the market in this cycle [2][16]. Summary by Sections 1. Weekly Insights and Investment Recommendations - The optical communication sector is showing optimistic trends, with Lumentum reporting a quarterly revenue of $340 million, a 23% year-over-year increase, and an 11% quarter-over-quarter increase. Coherent's revenue reached $1.35 billion, reflecting an 89% year-over-year growth driven by AI demand [12][13]. - Investment suggestions include focusing on optical devices and secondary optical module stocks, as well as themes like optical switching and CPO, which are expected to remain active in the short term [14]. 2. Market Review - The overall market saw significant gains during the week of November 4-8, 2024, with the ChiNext Index rising by 9.32% and the STAR Market Index increasing by 9.14%. The communication sector index rose by 6.80% [18]. - The satellite communication sector led the gains with a 29.33% increase, followed by wireless RF and liquid cooling sectors [21]. 3. Notable Companies to Watch - Recommended companies in the AI server segment include Industrial Fulian, Unisoc, and Inspur Information. For optical modules, focus on companies like Zhongji Xuchuang and New Yisheng. In the satellite internet space, companies such as Shanghai Huanxun and Aerospace Electronics are highlighted [17]. 4. Industry News - Recent developments include the establishment of the China Aerospace Information and Satellite Internet Innovation Alliance, indicating a push towards enhancing satellite internet services [30]. - The report also notes that the Shandong provincial government is promoting the evolution of 5G to 5G-A, aiming to enhance infrastructure and application capabilities [30].