MT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 report highlights the increasing adoption of satellite direct connection technology in flagship smartphones, which is expected to complement ground mobile communication networks and create growth opportunities in the upstream supply chain [6][38]. - The "Guzi Economy," driven by the rise of ACG (Anime, Comic, Game) culture, is becoming a market hotspot, with a significant increase in demand for related products among young consumers [60][71]. 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 industry increased by 4.39%, and the media industry rose by 6.65% [5][22]. - Year-to-date, as of November 29, 2024, the CSI 300 index increased by 15.66%, with the communication industry up by 25.26% [23]. 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% [25]. - The average mobile internet access traffic per user reached 19.2 GB/month in October 2024, a year-on-year increase of 7.8% [27]. 2.2 Satellite Direct Connection Technology - Satellite direct connection technology is becoming a global focus, allowing mobile devices to connect directly to satellites for data transmission without ground relay equipment [34]. - Major companies like Huawei and Apple are investing heavily in this technology, which is expected to lead to significant market growth opportunities [38]. 3. Computer Industry 3.1 Domestic Software Industry Revenue - In October 2024, the domestic software industry revenue reached 1,234.2 billion yuan, a year-on-year increase of 16.64% [39]. - The revenue from cloud computing and big data services reached 135.9 billion yuan, a year-on-year increase of 15.46% [46]. 3.2 AI Agent Commercialization - The AI Agent product AutoGLM has undergone significant upgrades, enabling it to perform complex tasks and support cross-application execution, enhancing automation efficiency [48][49]. - The competition in AI models has shifted focus, with significant advancements expected in the coming years [51]. 4. Gaming Industry 4.1 Game Approval Status - In November 2024, 112 domestic online games were approved, with a majority being mobile games [56]. 4.2 Rise of the Guzi Economy - The Guzi Economy, which focuses on ACG-related merchandise, has seen a 13.96% increase in its index over the past week, reflecting the growing consumer interest in this sector [60][71]. - The market for the Guzi Economy is projected to reach 168.9 billion yuan in 2024, with a year-on-year growth of 40.6% [71].