通信行业周报：AI玩具的硬件投资机会

Investment Rating - The report maintains an "Overweight" rating for the communication industry, with specific companies recommended for "Buy" or "Hold" ratings [2][10]. Core Insights - The report highlights the investment opportunities in AI toys, particularly in the context of AI terminal applications, with companies like 乐鑫科技 (Espressif Technology) expected to benefit from this trend. The AI toy market is projected to reach a size of $36.377 billion by 2030, driven by increasing consumer willingness to spend on intelligent toys [8][11]. Summary by Sections Weekly Investment Overview - The report emphasizes that AI toys are leading the way in AI terminal applications, with 乐鑫科技 positioned to benefit due to its leadership in Wi-Fi SoC technology. The supply side is seeing a significant reduction in the costs of large model APIs, while the demand side is characterized by a broad children's toy market. The integration of AI into toys is expected to enhance consumer spending intentions, driving rapid growth in the AI companion toy market [8]. Industry Dynamics - Microsoft plans to deploy 15,000 kilometers of hollow core fiber in the next 24 months to enhance data transmission capabilities. This development is crucial for inter-data center connectivity [11]. - Beijing Unicom and Huawei have launched the world's first 5G-A scale smart network, achieving continuous coverage in key urban areas, which supports advanced applications like immersive video and cloud gaming [11]. - China Mobile, in collaboration with industry partners, has released the first fully scheduled Ethernet DPU chip, enhancing network capabilities [11]. Major Events - The report lists significant upcoming events for communication industry companies, including shareholder meetings and earnings releases scheduled from November 25 to December 1 [12].