通信行业周报：o3及豆包视觉模型发布，关注端侧及算力硬件机会

Investment Rating - The report maintains a "Recommended" rating for the telecommunications and electronics industry, indicating a positive outlook for the sector [2][23]. Core Insights - The telecommunications industry is experiencing sustained high growth driven by advancements in AI, 5.5G, and satellite communications [23]. - The report highlights significant developments in the AI sector, particularly the launch of the Doubao visual understanding model, which offers a cost-effective solution for image processing [5][24]. - The overall market sentiment is positive, with the telecommunications sector index rising by 4.27% during the reporting week [29]. Summary by Sections Market Overview - The telecommunications sector index increased by 4.27% in the week of December 16-20, 2024, with the highest gains seen in the communication network equipment and devices sub-sector, which rose by 7.02% [8][13][23]. - Individual stocks within the telecommunications sector showed varied performance, with the highest gainers being Ruisi Kanda (61.09%), Bochuang Technology (50.11%), and Ruijie Networks (46.14%) [33]. Key Developments - The report notes that the global enterprise WLAN market grew by 5.8% quarter-on-quarter in Q3 2024, indicating a recovery in market dynamics after previous fluctuations [16][34]. - The European Space Agency signed a contract worth €10.55 billion for the Iris2 satellite communication project, aiming to deploy 290 satellites by 2030 [20][36]. - The Chinese intelligent computing service market saw a remarkable year-on-year growth of 79.6% in the first half of 2024, reaching a market size of 14.61 billion yuan [22][59]. Investment Focus - Recommended investment directions include the computing power industry chain and satellite internet, with specific companies highlighted for potential investment: - Computing Power: Zhongji Xuchuang, Xinyi Sheng, Yuanjie Technology, Huadian Co., and Industrial Fulian - Satellite Communication: Haige Communication, Fujida, China Telecom, and Fudan Microelectronics [24].