通信行业周报：字节领跑，国内算力投资加码

Investment Rating - The report maintains an "Increase" rating for the industry [1] Core Insights - The report highlights a significant trend of increased capital expenditure (capex) by major domestic internet companies towards AI-related infrastructure, particularly in computing power and data center upgrades [1][58] - ByteDance is leading the charge with a projected capex of 80 billion RMB in 2024, significantly surpassing traditional internet giants [58] - Tencent and Alibaba are also increasing their investments in AI, with Tencent's capex reaching 17.1 billion RMB in Q3 2024, a 114% year-on-year increase, and Alibaba's capex at 17.5 billion RMB, a 239.4% increase [58] - The report anticipates that the construction of data centers, enhancement of computing power, and AI technology research and development will be key investment areas for internet giants [59] Summary by Sections Investment Strategy - The report emphasizes the acceleration of domestic computing power investments, particularly in AI, with major internet companies shifting their capital expenditures towards AI-related fields [1][58] Market Review - The communication sector remains stable, with quantum communication showing the best performance among sub-sectors, increasing by 5.1% [55] - Major companies like Bochuang Technology and Guangxun Technology have seen significant stock price increases due to their involvement in high-speed copper cable and computing power concepts [55] Weekly Topic - The report discusses the rapid expansion of ByteDance's business and its substantial investment in AI applications, which is driving the need for large-scale data centers [58] - It also notes the significant increases in capex by Tencent and Alibaba, indicating a broader trend of investment in AI across the industry [58] Outlook - The report identifies several sectors that will benefit from increased AI-related capital investments, including optical module suppliers, switch suppliers, data center operators, and cooling equipment manufacturers [32][59] - It suggests that the demand for computing power will lead to growth opportunities for hardware manufacturers and data center construction companies [32][59] Key Stocks - The report recommends focusing on leading companies in the optical communication sector such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication, as well as computing power leaders like Cambrian and ZTE [60]