通信行业周报：把握超跌机会，积极布局边际改善板块

Investment Rating - The report maintains an "Overweight" rating for the communication industry [4][8]. Core Insights - The market is expected to experience a short-term correction, presenting opportunities for investment in undervalued sectors. Recent developments, including political changes in the U.S. and hawkish statements from the Federal Reserve, may lead to market volatility. It is advised to focus on sectors with high growth potential and marginal improvements [5][20]. - Key areas of focus include: 1. Domestic computing power (self-controllable/technology competition): U.S. restrictions on advanced chip sales to China have opened market opportunities for domestic alternatives, with sustained high demand expected [5][20]. 2. Satellite communications (self-controllable/technology competition): Anticipated acceleration in U.S. commercial space and AI sectors due to political support [5][21]. 3. AI power supply (favorable competitive landscape, potential for tariff pass-through): Expected significant growth in the AI power supply market, with competitive dynamics allowing for minimal impact from tariffs [5][21]. Summary by Sections 1. Market Review - In the past week (November 11-15, 2024), the Shanghai Composite Index and Shenzhen Component Index fell by 3.52% and 3.70%, respectively, while the CITIC Communication Index decreased by 2.37%, ranking fifth among 30 major industry sectors. The communication equipment and telecom operations sectors experienced changes of -4.42% and 5.41%, respectively [4][14]. - Top-performing stocks included: Online and Offline (+30.59%), *ST Meixun (+23.30%), Changjiang Communication (+22.84%), *ST Pengbo (+21.86%), and ST Gaohong (+13.74%). Conversely, the largest declines were seen in: Baidu Shares (-18.67%), Dekeli (-18.08%), Tianfu Communication (-16.08%), Jinglun Electronics (-13.66%), and Zongheng Communication (-12.65%) [4][16]. 2. Industry News - Recent statements from industry leaders, such as Baidu's founder Li Yanhong, highlight significant advancements in AI models, indicating improved reliability and usability [6][22]. 3. Investment Recommendations - The report suggests focusing on specific companies within the identified sectors: 1. Computing power: Haiguang Information, SMIC, Cambrian, Zhongke Shuguang, Runze Technology, Unisplendour, Inspur Information, ZTE, Zhongbei Communication, and Guanghuan New Network [5][21]. 2. Satellite communications: Zhenlei Technology, Chengchang Technology, Aerospace Huanyu, Shanghai Huanxun, Aerospace Electronics, and Gao Hua Technology [5][21]. 3. AI power supply: Megmeet [5][21].