Investment Rating - The report maintains an "Outperform" rating for the telecommunications sector [1][11][20]. Core Insights - The rapid iteration of AI models by OpenAI and ByteDance is driving the growth of new AI applications, with significant implications for the domestic AI infrastructure market [4][39]. - The telecommunications sector is expected to benefit from increased demand for AI computing power and related infrastructure, particularly in communication devices and optical components [4][21]. - The report highlights the strong performance of key companies in the sector, including China Mobile, Zhongji Xuchuang, and Guangxun Technology, with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios [2][10][11]. Summary by Sections Industry News Tracking - OpenAI launched its strongest reasoning model, o3, achieving a score of 96.7 in the AIME math competition, indicating significant advancements towards AGI [9][51]. - ByteDance's Doubao model family has been upgraded, with a 32% improvement in overall task handling capabilities since May, and a daily token usage exceeding 4 trillion [41][64]. - LightCounting forecasts that sales of high-speed cables will more than double in the next five years, reaching $6.7 billion by 2029, benefiting related suppliers [21][74]. Market Performance Review - The telecommunications index rose by 4.13% this week, outperforming the broader market, with strong performances in optical devices, data centers, and 5G sectors [10][117]. - Key stocks that performed well include Bochuang Technology, Ruijie Networks, and Guangxun Technology [119]. Investment Recommendations - The report emphasizes the importance of AI-driven opportunities in the industry and suggests continued investment in core dividend assets of telecommunications operators [22][120]. - It is recommended to focus on companies like China Mobile, Zhongji Xuchuang, and Guangxun Technology for their high dividend yields and growth potential [11][122].
通信行业周报2024年第51周：OepnAI、字节持续迭代模型，LightCounting积极展望高速互联市场
Guoxin Securities·2024-12-22 10:58