2024年12月中央政治局会议解读：产数融合新发展，科创赋能有望超预期

Investment Rating - The report maintains a "Recommended" rating for the communication industry, indicating an expected performance exceeding the benchmark index by more than 10% [7]. Core Insights - The report highlights the integration of technological innovation and industrial innovation as a key driver for economic growth, aiming to establish a modern industrial system and achieve high-quality completion of the "14th Five-Year Plan" [3][4]. - The communication sector is experiencing steady growth, with significant advancements in new infrastructure, particularly in 5G network construction, which has seen a total of 4.141 million 5G base stations as of October 2024, marking a net increase of 764,000 from the previous year [4]. - The report emphasizes the development of 5G applications, including smart robots and connected vehicles, which are expected to enhance the telecommunications revenue growth, with IoT business revenue increasing by 13.2% year-on-year [4][5]. - The future outlook suggests that by the end of 2027, the number of 5G base stations per 10,000 people will reach 38, with a personal user penetration rate exceeding 85% and IoT terminal connections surpassing 100 million [5]. Summary by Sections New Infrastructure Development - The report notes that as of October 2024, mobile internet users reached 1.574 billion, with cumulative mobile internet traffic hitting 2,766 billion GB, reflecting a 12.3% increase [4]. Emerging Business Development - Telecommunications operators are making significant strides in emerging fields such as quantum technology and satellite services, which are expected to optimize the industrial chain and enhance the technological ecosystem [5]. Investment Recommendations - The report suggests focusing on the 5G+ industry chain's scalable development, recommending high-quality targets in sectors such as telecommunications operators (China Mobile, China Telecom, China Unicom), optical communication leaders (ZTE, NewEase, Tianfu Communication), and quantum communication leaders (Guangdong Quantum) [6].