通信行业周观点：聚焦低空经济产业链上下游的技术创新

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected relative increase of over 10% compared to the broader market in the next six months [3][76]. Core Insights - The report emphasizes the importance of focusing on investment opportunities in 6G construction, low-altitude economy, and satellite internet industries. The recent 2024 Global 6G Development Conference in Shanghai is expected to enhance China's 6G technology standards and accelerate the development of the 6G application ecosystem [36][37]. - The establishment of a low-altitude economy innovation consortium led by major state-owned enterprises aims to break industry barriers and optimize the industrial chain structure, promoting technological innovation and breakthroughs [36][44]. - The report suggests monitoring key enterprises in the low-altitude economy and those with technological and equipment innovations, as well as the satellite internet sector, which is expected to grow alongside 6G and low-altitude economy developments [36][37]. Summary by Sections Industry Dynamics - 6G Developments: China Telecom is conducting key technology validations for 6G distributed network architecture. The 2024 Global 6G Development Conference was held, focusing on critical technologies and standards [42][43]. - Low-altitude Economy: The 2024 Low-altitude Equipment Industry Innovation Development Conference took place, highlighting technological advancements and innovations in low-altitude equipment. A consortium of eight state-owned enterprises was formed to enhance collaboration in this sector [43][44][45]. - Satellite Internet: The establishment of a national satellite navigation product quality inspection center in Hubei and the successful launch of a marine salinity detection satellite are significant developments. China Satcom introduced a satellite internet rental product during the 2024 Zhuhai Airshow [46][47]. Market Performance - The communication industry index fell by 2.12%, outperforming the broader market index decline of 3.29%. The industry ranked 6th among 31 sectors [48][52]. - The average daily trading volume for the communication sector increased by 12.54% to 928.93 billion yuan, with a total trading volume of 4644.63 billion yuan over the week [2][59]. Valuation - The current price-to-earnings (P/E) ratio for the communication industry is 20.04, significantly below the historical average of 34.08 since 2016, indicating potential undervaluation [2][57].