通信行业周观点：我国首个商业航天发射场双“首发”成功，关注卫星互联网产业链

Investment Rating - The industry is rated as "stronger than the market" with an expectation of a relative increase of over 10% in the industry index compared to the broader market within the next six months [68]. Core Insights - The report suggests focusing on investment opportunities in the satellite internet industry, 5G construction and applications, and the development of green intelligent computing centers. The overall operation of the telecommunications industry remains stable, with a reported revenue of CNY 14,535 billion, reflecting a year-on-year growth of 2.6% [22][29]. - The Ministry of Industry and Information Technology (MIIT) and twelve other departments have jointly issued the "5G Scale Application 'Sailing' Action Upgrade Plan," aiming to enhance the large-scale application of 5G technology [22][30]. - The successful dual "first launch" at China's first commercial space launch site demonstrates a complete industrial chain for commercial aerospace, providing strong support for space infrastructure construction [22][34]. Summary by Sections 1. Core Insights and Investment Recommendations - The report emphasizes the importance of the satellite internet industry, 5G construction, and green intelligent computing centers as key investment areas. The telecommunications industry is reported to be operating smoothly, with a stable growth trajectory [22][23]. - The report also highlights the potential of AI computing power, digital applications, and the development of 6G technology as long-term investment opportunities [24]. 2. Industry Dynamics - The MIIT released the economic operation report for the telecommunications industry for the first ten months of 2024, indicating steady growth in telecom business revenue and the expansion of new emerging businesses [29]. - The "5G Scale Application 'Sailing' Action Upgrade Plan" aims for a significant increase in 5G user penetration and application across various industries by 2027 [30]. - The low-altitude economy is expected to grow significantly, with the potential for a market size exceeding CNY 3 trillion by 2030, driven by advancements in drone technology and urban air mobility [31]. - The digital finance sector is set to benefit from new infrastructure developments, with a focus on green intelligent financial data centers [32]. - The "North Star Satellite Navigation System 2035 Development Plan" outlines a phased approach to enhance the capabilities of the Beidou system, with significant advancements expected by 2035 [34]. 3. Market Performance - The telecommunications sector's average daily trading volume decreased by 13.35% compared to the previous week, with a total trading volume of CNY 3,226.88 billion [3][50]. - The current price-to-earnings (P/E) ratio for the telecommunications sector is 19.78, significantly below the historical average of 34.01 [46]. - Over half of the stocks in the telecommunications sector experienced price increases, with 75.37% of the 134 stocks rising in value [52]. 4. Company Situations and Important Developments - The report includes details on significant block trades and the upcoming release of restricted shares within the telecommunications sector, indicating potential market movements [58][60]. - Shareholder activities, including increases and decreases in holdings, are also documented, reflecting ongoing adjustments in ownership within the sector [64].