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TMT行业周报（12月第4周）：建议关注高速铜连接线缆需求爆发
Century Securities·2024-12-30 01:15

Investment Rating - The report suggests focusing on the explosive demand for high-speed copper connection cables [3]. Core Viewpoints - The TMT sector has shown varied performance, with communication equipment and devices leading in gains, while the computer and media sectors faced declines. The overall TMT sector underperformed compared to the CSI 300 index [5]. - The demand for Active Electrical Cables (AEC) and Active Copper Cables (ACC) is expected to surge, significantly driving the demand for high-speed copper connection cables. The ACC market is projected to grow from $0.15 billion in 2024 to $3.61 billion by 2029, with a 5-year CAGR of 90%. Similarly, AEC sales are anticipated to rise from $2.18 billion in 2024 to $13.12 billion in 2029, with a 5-year CAGR of 43% [5]. - Domestic manufacturers of high-speed copper connection cables are expected to gain a competitive edge in the current AI wave due to their superior capacity and yield compared to overseas counterparts, making them worthy of investment attention [5]. Summary by Sections Market Weekly Review - The TMT sector's weekly performance showed communication at +0.39%, electronics at -0.66%, computers at -4.25%, and media at -7.22%, with the overall TMT sector lagging behind the CSI 300 index [5]. - Top-performing sub-industries included communication network equipment (+2.93%), printed circuit boards (+2.21%), and other electronics (+0.88%). The worst performers were mass publishing (-8.07%), portal websites (-8.74%), and marketing agencies (-12.36%) [5]. Industry News and Key Company Announcements - Significant events include the launch of the Baichuan4-Finance model by Baichuan Intelligent, which surpassed GPT-4o in accuracy, and the establishment of the Open Intelligent Computing Industry Alliance by ZTE and over 40 partners to accelerate AI applications [22][38]. - The report highlights the expected growth in the semiconductor market, with a 26% increase in total revenue in the first three quarters of 2024 compared to the same period in 2023, driven by strong demand for AI-related components [48].