通信行业周报：GB300服务器或于Q2发布，兼顾端侧及基础硬件

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 [1]. Core Insights - The overall market performance for the telecommunications sector saw a decline, with the Shanghai Composite Index down 5.55%, the Shenzhen Component Index down 7.16%, and the ChiNext Index down 8.57% during the week of December 30, 2024, to January 3, 2025. The telecommunications sector specifically experienced a 9.95% decline [1][10]. - Among the sub-sectors, the telecommunications terminal and accessories had the lowest decline at 10.96%, while other telecommunications equipment saw the highest decline at 12.73% [1][12]. - In terms of individual stock performance, 7.87% of stocks in the telecommunications sector increased, 89.76% decreased, and 2.36% remained flat. The top gainers included Xintian Technology (35.21%), *ST Tongmai (21.48%), and *ST Pengbo (18.54%) [2][14]. Summary by Sections Market Overview - The telecommunications industry index declined by 9.95% during the specified week, reflecting a broader market downturn [10]. - The sub-sectors showed varying levels of decline, with telecommunications terminals and accessories performing relatively better [12]. Individual Stock Performance - The majority of stocks in the telecommunications sector experienced declines, with a few notable exceptions that saw significant gains [14]. Industry News - The global photonics market is projected to reach $1.2 trillion by 2027, driven by advancements in AI and other technologies [17][18]. - The Ministry of Industry and Information Technology has permitted China Mobile to reallocate frequency resources below 3000MHz, which is expected to enhance 5G network coverage [24]. - Shanghai GeSihang Tian has successfully completed over 1 billion yuan in A+ round financing, indicating strong investment interest in the sector [26]. - The data industry is expected to grow at a compound annual growth rate of over 15% by 2029, highlighting the increasing importance of data-driven applications [26]. Technological Developments - The report highlights the anticipated release of NVIDIA's GB300 AI server in Q2 2025, which is expected to have enhanced cooling requirements and improved performance metrics [3][4]. - The demand for GPU computing power is projected to grow significantly, with the accelerated computing server market in China expected to reach $19 billion in 2024, marking an 87% increase from 2023 [38].