通信行业周报：华为发布三网卫星通信手机，5G《扬帆升级方案》发布

Investment Rating - The report maintains an "Accumulate" rating for the communication industry [4]. Core Views - AI Optical Modules: The upgrade of AutoGLM by Zhipu is expected to benefit related sectors [12]. - Satellite Internet: Huawei has launched a new generation of smartphones supporting tri-network satellite communication, which is anticipated to benefit relevant sectors [14]. - Communication Equipment: The Ministry of Industry and Information Technology and other departments have jointly issued the "5G Scale Application 'Sail' Action Upgrade Plan," which is expected to benefit the industry chain [15]. Summary by Sections 1. Core Views and Investment Recommendations - AI Optical Modules: Zhipu announced the upgrade of AutoGLM, which can autonomously execute over 54-step operations and cross-app tasks. A large-scale internal test is set to launch soon for C-end users [12]. - Satellite Internet: Huawei's Mate X6 is the world's first mass-market smartphone supporting tri-network satellite communication, including Beidou satellite messaging and low-orbit satellite internet, with testing expected to begin in the second half of 2025 [14]. - Communication Equipment: The "Sail" action plan aims for 38 5G base stations per 10,000 people by the end of 2027, with a personal user penetration rate exceeding 85% and IoT terminal connections exceeding 100 million [15]. 2. Market Review - The A-share communication index rose by 0.85% from November 25 to November 29, underperforming the CSI 300 index by 0.46 percentage points and the ChiNext index by 2.49 percentage points [19]. - Within the communication sector, the communication services sub-sector increased by 3%, while the communication equipment sub-sector decreased by 0.14% [21]. 3. Industry News - Zhipu announced the upgrade of AutoGLM, which supports complex task execution and is set for a large-scale internal test [30]. - Huawei's Mate X6 was launched, marking a significant advancement in satellite communication technology for smartphones [31]. - The "Sail" action plan outlines ambitious goals for 5G development, including extensive application and network upgrades [32]. 4. Company Dynamics - ZTE Corporation has signed a strategic cooperation agreement with Huada Beidou to advance the application of "5G + Beidou" technology in various transportation sectors [35]. - China Telecom has announced the procurement results for its 800M re-farming project, with major suppliers including Huawei and ZTE [36]. 5. Company Announcements - Jida Communication plans to launch an employee stock ownership plan, with a total of up to 12.7577 million shares involved [39]. - Runjian Co. is investing in a carbon neutrality fund with a total fundraising scale of 502 million yuan [39]. - Longwei Co. is set to invest 1.5 billion yuan in a data center project [39].