通信行业周报：NVIDIA三季报发布，可控核聚变引领投资热潮

Industry Investment Rating - The report maintains an "Overweight" rating for the communication industry [3][8] Core Views - NVIDIA's Q3 earnings report highlights strong demand for AI-related hardware, with revenue of $35.08 billion, exceeding analyst expectations of $33.1 billion, and a YoY growth of 94% [4][22] - NVIDIA's data center business revenue reached $30.8 billion, surpassing expectations of $28.82 billion, indicating continued optimization in business structure [4][22] - The Blackwell B-series chips have entered the mass production phase, with 13,000 chips shipped to key customers, potentially generating "billions of dollars" in revenue in Q4 [4][22] - The nuclear fusion sector is gaining attention, with the global market size expected to reach $331.26 billion in 2024 and grow to $491.55 billion by 2031, with a CAGR of 5.8% [4][22] - AI-driven electricity demand is expanding, with companies like Amazon and Google investing in small nuclear reactors to meet clean energy commitments [4][22] Sector Performance Review - Over the past week (2024.11.18-11.24), the Shanghai Composite Index fell by 1.91%, while the Shenzhen Component Index rose by 0.66% [3][15] - The CITIC Communication Index dropped by 0.31%, ranking 26th among the 30 primary CITIC industries [3][15] - Sub-sectors within the communication industry showed mixed performance, with Value-added Services II, Communication Engineering Services, and Communication Equipment indices declining by 4.12%, 1.58%, and 0.40%, respectively, while the Telecom Operations II index fell by 3.84% [3][15] Key Industry News - Gartner predicts that by 2027, 40% of AI data centers will face operational limitations due to power shortages, with data center electricity consumption expected to increase by up to 160% in the next two years [7][30] - Elon Musk's xAI company raised $11 billion in funding this year, with a valuation of $50 billion, doubling from $24 billion in just a few months [7][29] - China Telecom initiated a procurement of 12 million FTTR devices, reflecting rapid growth in the FTTR user base from 230,000 to 6 million in less than two years [26] Investment Recommendations - Focus on companies in the optical chip sector: Yuanjie Technology, Accelink, and Shijia Photonics [5][25] - Pay attention to companies in the switch chip sector: Centec Communications and ZTE [5][25] - Consider companies in the copper interconnection sector: Shenyu, Wolong, Zhaolong, and Huafeng [5][25] - Monitor companies in the nuclear fusion sector: Yongding, Antai, Western Superconducting, Rongfa, and Lianchuang [5][25]