通信行业周报：小米、理想入局大模型，兼顾端侧及基础算力硬件

Investment Rating - The report maintains a "Recommended" rating for the telecommunications and electronics industry, considering the sustained high prosperity of the telecommunications sector driven by AI, 5.5G, and satellite communications [18]. Core Insights - The telecommunications sector index rose by 0.39% during the week of December 23-27, 2024, with the highest increase in the telecommunications network equipment and devices sub-sector at 2.93% [11][43]. - The report highlights that the top three stocks with the highest gains in the telecommunications sector were DingTong Technology (34.19%), ZhaoLong Interconnect (32.73%), and BoChuang Technology (28.84%) [13][28]. - The top three cloud service providers in China, Alibaba Cloud, Huawei Cloud, and Tencent Cloud, collectively hold a 70% market share, with Huawei Cloud achieving a 19% market share and 13% growth in Q3 2024 [14][15][31]. Summary by Sections Market Overview - The Shanghai Composite Index increased by 0.95%, while the Shenzhen Component Index rose by 0.13%, and the ChiNext Index experienced a decline of 0.22% during the same week [11]. - The telecommunications sector showed a mixed performance with 30.71% of stocks rising, 62.99% declining, and 6.30% remaining flat [13]. Sub-sector Performance - The telecommunications network equipment and devices sub-sector had the highest weekly increase of 2.93%, while other telecommunications equipment saw the largest decline of 7.07% [43]. - The report indicates a general trend of correction across various sub-sectors within telecommunications [18]. Key News and Developments - Huawei Cloud has made significant advancements in AI development, covering over 30 industries and 400 business scenarios, and has upgraded its Pangu model to meet high-frequency business needs [15]. - The report notes that the Chinese Ministry of Industry and Information Technology aims to build over 4.5 million 5G base stations by 2025, emphasizing the push for high-quality development in the information and communication industry [42][55]. Recommended Stocks - The report suggests focusing on companies within the computing power industry and satellite internet, including Zhongji Xuchuang, Xinyi Sheng, Yuanjie Technology, and Haige Communication [20].