通信行业周报：空芯光纤革新加速，AI基建投资再增长

Investment Rating - The report maintains a "Recommended" rating for the communication industry [5]. Core Insights - The communication sector index increased by 1.97% over the week, with significant performance from sub-sectors such as data center copper wire and carrier communication, which rose by 5.54% and 5.36% respectively [2][26]. - Microsoft is leading the commercialization of hollow-core fiber technology, planning to deploy 15,000 kilometers, while domestic operators are also making progress in this area [3][52]. - Global AI infrastructure spending is expected to reach $107 billion by 2028, with significant growth in AI server investments driving demand [3][55]. Summary by Sections Market Performance - The communication sector index rose by 1.97% during the week, outperforming major indices such as the Shanghai Composite Index (2.33%) and Shenzhen Component Index (1.69%) [2][26]. - The proportion of stocks in the communication sector that increased, remained stable, and decreased was 70.23%, 1.53%, and 28.24% respectively [48]. Industry Development and Key Events - Microsoft announced a plan to deploy hollow-core fiber technology, which could revolutionize optical communication and meet the demands of the AI era [52]. - Domestic operators, including China Mobile and China Telecom, have achieved significant milestones in hollow-core fiber technology, including ultra-low loss and high-capacity transmission systems [3][52][54]. - The AI infrastructure market is experiencing unprecedented growth, with a 37% year-on-year increase in spending on AI computing and storage hardware in the first half of 2024 [55][56]. Key Company Dynamics - Huawei continues to lead the industrial internet platform market in China, with a market size of 19.65 billion RMB in 2023, reflecting a 1.9% year-on-year growth [3][64]. - The market remains fragmented, with the top seven companies holding less than 30% market share [3][64]. - China Mobile has announced significant procurement projects, including high-frequency UPS products and base station front-haul equipment, indicating ongoing investment in infrastructure [68][74]. Investment Recommendations - The report suggests focusing on high-quality stocks in sub-sectors with improving market conditions, particularly in digital economy infrastructure and AI applications [4]. - Recommended stocks include Tianfu Communication, Zhongji Xuchuang, and Xinyi Technology among others [4].