通信行业周报：英伟达Q4收入指引增速放缓，关注AI闭环节奏

Industry Investment Rating - The report maintains a "Recommended" rating for the communication and electronics industry, driven by the high growth momentum in AI, 5.5G, and satellite communication sectors [3] Core Views - The communication sector experienced a 3.78% decline in the Shenwan Communication Index during the week of November 18-22, 2024, with the communication cable and accessories sub-sector showing the smallest decline at 0.34% [3][14] - Nvidia's Q4 revenue guidance indicates a slowdown, with expected revenue of $37.5 billion, marking the lowest quarter-over-quarter growth since July, leading to a 2.5% drop in its stock price post-market [3] - Nvidia's Blackwell chip faces production challenges, including overheating issues and design defects, which have delayed delivery and impacted yield rates, potentially reducing gross margins to below 70% [3][20] Market Performance - The Shanghai Composite Index fell by 1.91%, the Shenzhen Component Index by 2.89%, and the ChiNext Index by 3.03% during the same week [3] - In the communication sector, 18.90% of stocks rose, 77.17% fell, and 3.94% remained flat, with top gainers including 263 Network (26.72%), Yongding Co (25.00%), and Yitong Century (21.38%) [3][17] Key Industry Developments - Nvidia's Blackwell chip, despite its advanced design, faces overheating issues when deployed in server racks, leading to delays and design modifications [20] - LightCounting reports a recovery in the telecom market, with major tech companies increasing their spending on AI infrastructure by 59% YoY in Q3 2024 [22][24] - China Telecom initiated a procurement of 12 million FTTR devices, reflecting the rapid growth of FTTR users from 230,000 to 6 million in less than two years [27][28] - Elon Musk's AI company, xAI, is raising $6 billion to purchase 100,000 Nvidia chips, aiming to compete with OpenAI and other AI giants [28][30] - China Telecom completed 6G integrated space-ground testing, achieving downlink speeds of 60Mbps and uplink speeds of 45Mbps [31][32] - Gartner predicts that by 2027, 40% of AI data centers will face operational constraints due to power shortages, with electricity consumption expected to increase by 160% in the next two years [32][34] - Microsoft plans to deploy 15,000 kilometers of hollow-core fiber within 24 months, enhancing data transmission capabilities and reducing latency [41][42] - Shanghai aims to establish a comprehensive low-altitude public air route network by the end of 2027, with over 400 planned routes [45][46] Company Announcements - Key announcements in the communication sector include share unlocks and dividend distributions for companies like Luobotek (300757.SZ), China Unicom (600050.SH), and Yuanjie Technology (688498.SH) [46][48]