通信行业研究周报：豆包纪元开启，中国星网正式升空

Investment Rating - The report suggests a "Buy" rating for companies in the AI and digital economy sectors, indicating an expected relative return of over 20% within six months [47]. Core Insights - The AI and digital economy are identified as long-term trends, with significant benefits expected in computing power, networking, storage, and thermal management, driving demand for ICT equipment, optical communication, PCB, and thermal control [15][51]. - Under the dual carbon long-term goals, attention is drawn to the telecommunications and renewable energy sectors, with applications in cloud video, data, IoT/smart vehicles, industrial internet, military communication, and satellite internet entering an accelerated development phase [16][51]. - The report emphasizes the importance of the "AI + overseas expansion + satellite" investment opportunities, particularly in areas like optical modules, liquid cooling, and domestic computing power lines [51]. Summary by Sections Recent Industry Dynamics - The report highlights the launch of new AI features and product upgrades at the Volcano Engine FORCE conference, showcasing the comprehensive growth of the Doubao model, which aligns with GPT-4o capabilities at a significantly lower cost [3][4][30]. - The successful launch of the satellite internet low-orbit satellite group by China SatNet marks a significant milestone in the country's satellite internet ambitions, with plans for a massive constellation of 12,992 satellites [10][11][26]. Investment Opportunities - Key recommendations include focusing on companies involved in AI applications, digital economy infrastructure, and satellite internet development, with specific mentions of companies like Huadian, ZTE, and Unigroup [15][17][30]. - The report suggests monitoring the performance of companies in the telecommunications sector, particularly those involved in the procurement of smart enterprise gateways and WiFi6/WiFi7 products [24][23]. Market Performance - The report provides insights into the performance of various stocks within the telecommunications sector, highlighting significant price increases for companies like Ruisi Kanda and Bochuang Technology, with weekly gains of 61.09% and 50.11% respectively [21].