通信行业行业月报：24Q3通信经济企稳，新动能打开新空间

Investment Rating - The report maintains a "Recommended" rating for the communication industry [4] Core Insights - The communication sector index increased by 6.28% in October 2024, with sub-sectors like video conferencing and optical devices performing particularly well, showing gains of 18.70% and 32.73% respectively [1][18] - The telecommunications industry is experiencing stable economic operations, with total telecom business volume reaching 13,548 billion yuan, a year-on-year increase of 10.7%, and total revenue of 13,152 billion yuan, up 2.6% [2][32] - The construction of new infrastructure, particularly 5G networks, is progressing steadily, with the total number of 5G base stations reaching 4.089 million, an increase of 712,000 from the end of the previous year [2][38] Summary by Sections Market Performance - The communication industry index rose by 6.28% in October 2024, with significant performance from sub-sectors like video conferencing and optical devices [1][18] - The proportion of stocks in the communication sector that increased, remained stable, or decreased was 80.00%, 1.54%, and 18.46% respectively [27] Economic Operations - As of Q3 2024, the telecommunications business revenue growth has slowed, but the overall business volume maintains a double-digit growth rate [32] - The total telecom business volume reached 13,548 billion yuan, with a year-on-year growth of 10.7% [2][32] - The number of mobile internet users reached 1.57 billion, with a net increase of 45.49 million users since the end of the previous year [2][47] New Infrastructure Development - The number of 5G base stations reached 4.089 million, accounting for 32.4% of all mobile base stations, with a net increase of 712,000 from the previous year [2][38] - The number of broadband access ports reached 1.194 billion, with a net increase of 57.78 million since the end of the previous year [2][42] Emerging Business Growth - Emerging business revenue reached 325.2 billion yuan in the first three quarters of 2024, a year-on-year increase of 9.4%, accounting for 24.7% of total telecom revenue [2][14] - Cloud computing and big data revenues grew by 9.4% and 61.8% year-on-year, respectively [2][14] Investment Recommendations - The report suggests focusing on high-quality stocks in sub-sectors with improving marginal conditions, including companies like Zhongji Xuchuang, New Yisheng, and Huagong Technology [3]