通信行业投资策略周报：全球6G发展大会召开，持续看好流量&算力基建产业链

Investment Rating - The report rates the communication industry as "Buy" [2]. Core Insights - The 2024 Global 6G Development Conference was successfully held in Shanghai, focusing on the theme "Advancing New Journeys - Looking Ahead to 6G Standard Frontiers" [16][17]. - The conference emphasized the importance of maintaining a unified global 6G standard and fostering a conducive environment for the development of the global mobile communication industry [16]. - Key application scenarios for 6G include ubiquitous connectivity, ultra-reliable low-latency communication, large-scale connections, immersive communication, and the integration of AI with communication [17][20]. Summary by Sections Industry Investment Rating - The communication industry is rated as "Buy" with a previous rating also being "Buy" [2]. Core Insights - The conference highlighted the need for collaboration among governments, industry organizations, and academia to create a high-performance, open, and standardized 6G ecosystem [16]. - The report notes that 6G will integrate more intelligent agents and will combine terrestrial and non-terrestrial networks to create a three-dimensional network [17][20]. Industry Data Updates - As of the end of 2023, China has built 3.377 million 5G base stations, a net increase of 1.065 million from the previous year, accounting for 29.1% of all mobile base stations [43]. - In September 2024, the domestic smartphone market saw a shipment of 25.371 million units, a year-on-year decrease of 23.8%, with 5G smartphones accounting for 88.9% of the total shipments [45]. - The three major telecom operators in China have developed 2.596 billion cellular IoT terminal users, representing 59.2% of the total mobile network terminal connections [51]. Market Performance - The communication sector outperformed the broader market indices, with a year-to-date increase of 27.2%, compared to 15.7% for the CSI 300 index [26][28]. - The report indicates that the communication sector's PE-TTM is 34.28, ranking it 8th among all sectors [34]. Investment Recommendations - The report suggests focusing on telecom operators participating in the digital economy, such as China Telecom, China Mobile, and China Unicom [20]. - It also recommends investing in companies involved in traffic and computing infrastructure, including ZTE, NewEase, Tianfu Communication, and Infinera [20].