通信行业周报：Deepseek日活增速超预期，公募Q4增配通信

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][9]. Core Insights - The overall market performance for the week (January 27 - January 31, 2025) saw the Shanghai Composite Index decline by 0.06%, the Shenzhen Component Index by 1.33%, and the ChiNext Index by 2.73%. The telecommunications sector, represented by the Shenwan Communications Index, experienced a decline of 3.97% [1][9]. - Within the telecommunications sub-sectors, the communication terminal and accessories had the lowest decline at 1.10%, while communication network equipment and devices faced the highest decline at 7.43% [1][12]. - Notable individual stock performances included Megmeet Smart (10.01%), Changfei Fiber (9.00%), and ST Tianyu (8.24%), which were the top gainers in the telecommunications sector for the week [1][14]. Summary by Sections Weekly Market Overview - The telecommunications sector index declined by 3.97% during the week [9]. - The communication terminal and accessories sub-sector had the smallest decline at 1.10%, while the communication network equipment and devices sub-sector had the largest decline at 7.43% [12][13]. - The overall performance of stocks in the telecommunications sector showed 18.90% gained, 7.87% remained flat, and 73.23% declined [14]. Quarterly Fund Holdings Review - In Q4 2024, the proportion of active equity funds' holdings in the telecommunications sector increased by 0.9% quarter-on-quarter, reaching 4.7% [16]. - Key areas of increased investment included optical modules, copper cables, and IoT modules, which are related to AI foundational computing and edge hardware [20]. Company News and Announcements - Meta reported a significant increase in Q4 earnings, with a total revenue of $164.5 billion for 2024, a 22% year-on-year increase, and a net profit of $62.36 billion, up 59% [22]. - Microsoft also exceeded expectations in its FY25 Q2 earnings, with total revenue of $69.6 billion, a 12% year-on-year increase, and announced an investment of $80 billion in AI data centers for the fiscal year [22]. Key Company Announcements - Haierda (002583.SZ) announced a forecasted net loss for 2024, estimating a loss between 3.7 billion to 3.2 billion yuan, while also highlighting growth in its core business and technology innovation efforts [25].