通信行业周报：中国电信发布空芯光纤首标，“千帆星座”进军海外

Investment Rating - The report maintains an "Accumulate" rating for the communication industry [4]. Core Insights - China Telecom has released the first standard for hollow-core fiber, which is expected to benefit related sectors. The company plans to procure 95 kilometers of hollow-core fiber for testing in 2024 [12][32]. - The demand for ultra-large capacity optical transmission systems has surged due to emerging businesses like artificial intelligence, making hollow-core fiber a focal point in the industry [12][32]. - The "Thousand Sails Constellation" satellite internet project is set to launch operations in Brazil by 2026, which is anticipated to benefit related sectors [14][32]. - The National Data Bureau has proposed a gradual upgrade of 5G networks to 5G-A, which is expected to benefit the industry chain [15][33]. Summary by Sections 1. Core Insights and Investment Recommendations - Hollow-core fiber is gaining attention, with China Telecom's procurement marking a significant step. The technology aims to overcome limitations of traditional quartz glass fibers [12][32]. - The satellite internet initiative "Thousand Sails Constellation" will provide broadband access to underserved areas in Brazil, enhancing digital inclusion [14][32]. - The report suggests focusing on sectors such as optical fiber and cable, satellite internet, and communication equipment, recommending specific companies like Zhongtian Technology and ZTE Corporation [16]. 2. Market Review 2.1. Sector Performance - The A-share communication index fell by 3.78% from November 18 to November 22, underperforming the CSI 300 index by 1.18 percentage points [19][20]. - Within the communication sector, communication equipment declined by 3.55%, while communication services dropped by 4.26% [19][20]. 2.2. Stock Performance - The top-performing stocks included Erli San (+26.72%) and Yongding Co. (+25.00%), while the worst performers included Youbuxun (-20.74%) and *ST Pengbo (-14.35%) [29]. 3. Industry News - China Telecom's announcement of hollow-core fiber procurement is a significant development in the optical fiber sector [32]. - The partnership between Shanghai Yuanxin Satellite Technology and Telecomunicações Brasileiras S.A. aims to enhance broadband access in Brazil [14][32]. - The National Data Bureau's guidelines for upgrading to 5G-A are expected to drive innovation in the communication infrastructure [15][33]. 4. Company Dynamics - ZTE Corporation showcased its solutions at the 2024 World Internet Conference, emphasizing its contributions to AI and digital transformation [35]. - Huace Navigation has formed partnerships with several automotive companies for autonomous driving technology [35]. 5. Company Announcements - Guangha Communication plans to acquire a 51% stake in Beijing Yiyong Shidian Technology for 66.3 million yuan, expanding its multimedia and emergency communication capabilities [38]. - Weisheng Information intends to acquire a property in Changsha for 144 million yuan, which will enhance its operational capacity [38].