通信行业2025年年度策略：把握AI投资主线，聚焦万物互联机遇

Investment Rating - The report maintains an "Overweight" rating for the communication industry [1][44]. Core Insights - The AI investment theme is crucial, focusing on opportunities in the Internet of Things (IoT) [1]. - The global AI infrastructure market is expected to exceed $100 billion by 2028, with significant growth in capital expenditures from international cloud providers [4][13]. - The satellite networking process is accelerating, with a focus on value increments in supporting sectors [4][31]. - The IoT market in China is projected to approach $300 billion by 2027, accounting for about a quarter of global IoT investments [4][40]. Summary by Sections Industry Review - The communication sector outperformed, with the A-share Shenwan Communication Index rising by 28.82% in 2024, significantly outpacing the Shanghai and Shenzhen 300 Index [7]. - The communication network equipment and devices sector led the gains with a 48.42% increase [8]. AI Catalysis and Market Growth - Continuous growth in capital expenditures from cloud providers is driving demand for AI infrastructure, with Amazon's Q3 capital spending up 81% year-on-year [10]. - The global optical module market is expected to surpass $10 billion in 2024, with a 3.1% year-on-year growth in 2023 [13]. - The copper high-speed connector market in China is projected to exceed 100 billion yuan by 2025 and 200 billion yuan by 2028 [17]. Operator Performance and Dividend Yield - Major operators show stable performance with increasing dividend yields, attracting long-term capital [4][26]. - In 2023, China Mobile's dividend yield was 4.43%, China Telecom's was 4.31%, and China Unicom's was 3.01% [26]. Satellite Networking Acceleration - The "Thousand Sails Constellation" project aims to launch over 14,000 low-orbit satellites by 2030, enhancing global network coverage [32]. - The GW constellation plans to deploy 12,992 satellites, with significant launches expected by 2030 [32]. Embracing the IoT Era - The Chinese IoT spending is expected to grow at a CAGR of 13.2% over five years, surpassing $300 billion by 2027 [40]. - The global number of IoT devices is projected to reach 41 billion by 2030, indicating substantial growth potential [40].