通信设备及服务2024年第50周周报：一线核心标的有望迎来估值修复

Investment Rating - The industry investment rating is "Overweight" [4][29] Core Viewpoints - Value investment leaders show significant advantages and are expected to recover upward; focus on leading stocks in sub-sectors such as optical modules, operators, and switch equipment [3][10] - The market has favored "theme logic" over the past month, with noticeable returns from second-tier stocks showing marginal changes; first-tier stocks primarily in the computing power chain are expected to see valuation recovery [5][10] Summary by Sections Weekly Investment Insights - The advantages of value investment leaders are evident, with expectations for upward recovery; the computing power chain is highlighted as a key area for valuation recovery [10] - Recommendations include focusing on leading stocks in optical modules, operators, and switch equipment, with specific mentions of core supply chain companies showing strong performance [5][10] Weekly Market Review - The communication sector outperformed the broader market, with the Shanghai and Shenzhen 300 Index declining by 3.29%, while the communication sector fell by only 2.12%, outperforming the index by 1.18 percentage points [12] - Within the sub-sectors, the communication equipment sector saw a decline of 4.18%, while the communication services sector increased by 2.61% [12] Stock Performance - The top five performing stocks included: Online and Offline (+30.59%), Guangmai Technology (+23.05%), and Changjiang Communication (+22.84%); the bottom five included: Dekeli (-18.08%), Tianfu Communication (-16.08%), and Jinglun Electronics (-13.66%) [17][20] Investment Recommendations - Focus on the global AI industry's resonance, emphasizing the investment value of optoelectronic interconnection; consider state-owned enterprises for stable growth and high dividends, as well as new business transformation opportunities [10] - Identify investment themes in low-altitude economy, satellite communication, and vehicle communication, particularly under the economic recovery expectations [10] - Specific stock recommendations include: New Yisheng, Tianfu Communication, and ZTE Corporation among others [10][22]