通信行业研究周报：原动力大会即将召开，建议关注豆包大模型产业链、AI应用、卫星投资机会

Investment Rating - The industry rating is maintained as "Outperform" [1] Core Insights - The upcoming "FORCE" conference in Shanghai is expected to focus on cutting-edge technologies, industry implementation, and AI entrepreneurial opportunities, highlighting the potential for AI-driven growth in the communication sector [1][6] - The Ministry of Industry and Information Technology announced that China has completed its 5G construction goals ahead of schedule, with a complete industrial chain established for 5G technology [5] - The AI sector is anticipated to drive accelerated growth in the communication industry over the next few quarters, with a strong industrial logic and high-performance companies being emphasized for continued attention [1][15] Summary by Sections 1. AI and Digital Economy - Key recommendations include companies in optical modules and devices such as Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Yuanjie Technology [17] - For switch servers and PCBs, recommended stocks include Hudian Co., Zhongxing Communication, and Unisplendour [17] - Major telecom operators like China Mobile, China Telecom, and China Unicom are highlighted [17] - In the AIDC and cooling sector, recommended companies include Yingweike, Runze Technology, and Runjian Co. [17] - For AIGC applications, companies like Caixun Co. and Mengwang Technology are suggested for attention [17] 2. Communication and Overseas Expansion - In the submarine cable sector, key recommendations include Hengtong Optic-Electric, Zhongtian Technology, and Dongfang Cable [18] - For overseas recovery and leading companies, recommended stocks include Huace Navigation, Weisheng Information, and Tuobang Co. [18] - In the smart driving sector, companies to watch include module and terminal manufacturers like Guanghe Tong and Meige Intelligent [18] 3. Satellite Internet and Low-altitude Economy - The acceleration of national defense informatization and low-orbit satellite development is noted, with key recommendations including Huace Navigation and Haige Communication [19][20] 4. Recent Industry Dynamics - The communication sector saw a 0.95% increase in the week of December 9-13, outperforming the CSI 300 index by 1.96 percentage points [21] - Notable stock performances included Sanwei Communication and Runze Technology, which saw significant gains [22] 5. Investment Opportunities - The report emphasizes the importance of focusing on core beneficiaries in AI and digital economy sectors, including ICT equipment, optical modules, and cooling technologies [15][16] - The ongoing demand for network expansion due to increasing 5G user penetration is highlighted, necessitating upgrades in optical transmission and modules [16]