通信行业点评报告：5G全链升级，规模应用赋能

Investment Rating - The report provides a "Recommended" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [5]. Core Insights - The report highlights the recent issuance of the "5G Scale Application 'Sailing' Action Upgrade Plan" by the Ministry of Industry and Information Technology and twelve other departments, aiming to enhance the support for 5G applications across the industry chain and achieve widespread 5G application by the end of 2027 [2]. - The construction of new infrastructure is progressing steadily, with a total of 4.141 million 5G base stations expected by October 2024, representing a net increase of 764,000 from the previous year, accounting for 32.8% of all mobile base stations [2]. - The report anticipates that by the end of 2027, there will be 38 5G base stations per 10,000 people, with a personal user penetration rate exceeding 85% and IoT terminal connections surpassing 100 million [2][3]. Summary by Sections 5G Application Development - The expansion of 5G applications is expected to enhance production quality and diversify industry supply, with significant economic scale effects anticipated [3]. - The integration of 5G with AI and other technologies is driving innovation in traditional industries, leading to the development of new consumer products and services [3]. Investment Recommendations - The report suggests focusing on sectors with improving marginal conditions, including telecom operators like China Mobile, China Telecom, and China Unicom, as well as leading companies in optical modules and intelligent computing [4]. - Specific companies to watch include Zhongji Xuchuang, Xinyi Communication, and Runjian Co., among others, which are positioned to benefit from the ongoing 5G application expansion [4].