通信行业周报：美股光模块三杰揭示AI及DCI需求旺盛，6G产业及空天一体化加速成熟

Investment Rating - The report maintains a "Recommend" rating for the communication industry, indicating a positive outlook for investment opportunities in this sector [2]. Core Insights - The communication industry has shown resilience, with a year-to-date increase of 27.15%, outperforming the CSI 300 index by 11.48 percentage points [16]. - Demand for optical modules and data center interconnect (DCI) products is robust, driven by AI applications and the transition to higher-speed products [27][39]. - The 6G industry is maturing, with significant potential in integrated communication technologies and AI [5]. Summary by Sections 1. Market Review (2024/11/11-2024/11/17) - The communication sector (Shenwan) declined by 2.12% this week, outperforming the CSI 300 index by 1.18 percentage points [16]. - Year-to-date performance shows a 27.15% increase in the communication sector, significantly higher than the CSI 300 and ChiNext indices [16][18]. - Top gainers in the communication sector this week included Heertai (+51.09%) and Changjiang Communication (+22.84%), while major losers included Baidu Shares (-18.67%) and Zhongxin Saike (-18.25%) [21]. 2. North American Optical Chip and Module Manufacturers - Fabrinet reported a strong demand for DCI, with Q1 FY25 revenue of $804.2 million, a 17% year-over-year increase [27][28]. - Coherent expects a rise in 1.6T optical module revenue starting in 2025, with Q1 FY25 revenue of $1.348 billion, up 28% year-over-year [39][40]. - Lumentum's Q1 FY25 revenue reached $336.9 million, a 6% year-over-year increase, driven by strong demand for 200G EML products [46][50]. 3. 6G Development Conference Insights - The 6G Development Conference highlighted the potential of 6G technologies in integrated communication and AI [5]. - China Mobile emphasized the importance of commercial value in guiding the development of 6G standards [5]. - Companies involved in the 6G ecosystem, such as China Mobile, China Telecom, and Shanghai Hantong, are recommended for investment [5]. 4. Investment Recommendations - Key recommendations include focusing on operators like China Mobile, China Telecom, and China Unicom, as well as optical module manufacturers such as Tianfu Communication and Zhongji Xuchuang [6].