TMT行业月报：手机直连卫星技术开始普及，谷子经济释放年轻人的消费潜力

Investment Rating - The investment rating for the communication industry is "Outperform the Market" [2] Core Insights - The communication industry has seen a decline of 1.91% from November 1 to November 29, 2024, while the overall market (CSI 300) increased by 0.66% during the same period [6][18] - The introduction of satellite direct connection technology in mobile phones is becoming widespread, which is expected to create significant market growth opportunities in the upstream supply chain [31][37] - The "Guzi Economy," driven by the rise of ACG (Anime, Comic, Game) culture, has gained traction, with a 13.96% increase in the IP economy index over the past week [5][57] Summary by Sections 1. Market Review - From November 1 to November 29, 2024, the CSI 300 index rose by 0.66%, while the communication industry fell by 1.91%. The computer and media sectors performed strongly, with increases of 4.39% and 6.65%, respectively [6][18] 2. Communication Industry 2.1 Domestic Telecom Business Volume - In October 2024, the domestic telecom business volume was 138.3 billion yuan, a year-on-year decrease of 12.29%. The cumulative telecom business revenue for the first ten months was 1,453.5 billion yuan, a year-on-year increase of 2.6% [22] 2.2 Satellite Direct Connection Technology - Satellite direct connection technology allows mobile devices to connect directly to satellites for data transmission, marking a significant advancement in communication technology. Major companies like Huawei and Apple are leading this development [31][37] 3. Computer Industry 3.1 Domestic Software Industry Revenue - In October 2024, the domestic software industry revenue reached 1,234.2 billion yuan, reflecting a year-on-year growth of 16.64% [38] 3.2 AI Agent Commercialization - The AI Agent product AutoGLM has undergone significant upgrades, enabling it to perform complex tasks and support automated operations across multiple applications [45][46] 4. Gaming Industry 4.1 Game Approval Status - In November 2024, 112 domestic online games were approved, including 104 mobile games, indicating a robust approval process for new gaming content [52] 4.2 Rise of the Guzi Economy - The Guzi Economy, which focuses on merchandise derived from ACG IPs, is rapidly growing, with a market size projected to reach 168.9 billion yuan in 2024, a year-on-year increase of 40.6% [57][65]