通信行业2025年投资策略：全球云厂商加大AI投入，卫星互联网迎规模部署

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1][5]. Core Insights - The communication sector is expected to outperform the market, with a projected increase of 28.82% in the communication index compared to a 14.68% increase in the CSI 300 index for 2024, resulting in a relative return of 14.14% [1]. - Key areas of growth include data centers, optical devices, and operators, with a slight recovery in valuation expected by the end of 2024, with a PE ratio of 25.1X, below the historical 30th percentile [1][2]. Summary by Sections AI and Data Centers - Global internet cloud providers are increasing investments in AI, leading to significant advancements in data center technologies, including cost reduction and energy efficiency [2][18]. - New trends in data center technology include the adoption of liquid cooling, high-speed optical modules, and advanced interconnect solutions [2][18]. Satellite Internet - China is set to launch a large number of satellites, with plans to deploy 648 satellites by the end of 2025 as part of the "G60" satellite constellation [3]. - The satellite internet market is expanding, with significant partnerships and technological advancements, such as Huawei's satellite connectivity capabilities [3]. Operators - The telecommunications operators are showing stable growth, with a reported 2.6% increase in telecom service revenue and a 7.9% increase in emerging business revenue for the first 11 months of 2024 [3]. - Operators are expected to continue increasing dividend payouts, maintaining their status as attractive dividend assets [3]. Investment Recommendations - The report suggests focusing on AI data centers and operators with dividend assets, as well as monitoring developments in the satellite internet sector [4]. - Specific companies recommended for investment include ZTE Corporation, Unisplendour, and China Mobile, among others [4][5].