通信行业周报：重点推荐字节产业链

Investment Rating - The report maintains an "Overweight" rating for the communication industry, with specific companies recommended for "Buy" or "Increase" ratings [12][16]. Core Insights - The communication sector saw a 0.95% increase during the period from December 9 to December 15, with notable growth in value-added services (4.24%) and telecom operations (1.50%) [12]. - The report emphasizes the potential benefits of AI investments, particularly in AI toys, IDC, and optical modules, suggesting a focus on companies within the ByteDance supply chain [12][24]. - The monthly active users (MAU) of Doubao reached 59.98 million, marking a 16.92% growth, indicating strong market interest in AI-related products [12][24]. Company Summaries - Lexin Technology: The company is building a developer ecosystem that enhances its competitive edge, with AI toys expected to drive new growth. The launch of the AI toy "Eye-catching Bag" has garnered market attention [13][25]. - Runze Technology: Positioned as a core player in the ByteDance supply chain, the company has established multiple AI data center clusters across China, with a high profitability model and a gross margin exceeding 50% in its IDC business [14][26]. - Guangxun Technology: A leading supplier of 400G/800G optical modules, the company is experiencing revenue and margin growth due to increased demand for high-speed products. It is actively expanding its market presence and production capacity [15][27]. - Recommended Companies: The report highlights New Yisheng, Zhongji Xuchuang, Tianfu Communication, Zhongci Electronics, and Runze Technology as key investment opportunities [16][29].