通信行业周报：北美云厂资本开支指引上行，兼顾基础硬件及端侧

Investment Rating - The report maintains a "Recommended" rating for the telecommunications and electronics industry due to the sustained high prosperity of the sector, driven by AI, 5.5G, and satellite communications [2][5]. Core Insights - The overall market performance for the week (February 3-7, 2025) saw the Shanghai Composite Index rise by 1.63%, the Shenzhen Component Index by 4.13%, and the ChiNext Index by 5.36%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 3.03% [2][9]. - Within the telecommunications sub-sectors, the highest increase was seen in value-added communication services, which rose by 11.53%. In contrast, the communication network equipment and devices experienced the largest decline, with a decrease of 0.56% [12][13]. - Notable individual stock performances included Jinglun Electronics, Mengwang Technology, and Meige Intelligent, which saw increases of 33.33%, 33.11%, and 33.10% respectively, leading the gains in the telecommunications sector [14][2]. Summary by Sections Market Overview - The telecommunications sector showed a positive trend with a weekly increase of 3.03%, reflecting strong market conditions and investor confidence [9][12]. Sub-sector Performance - The value-added communication services sub-sector led the gains with an increase of 11.53%, while communication network equipment and devices faced a slight decline of 0.56% [12][13]. Key Company Announcements - Significant announcements included stock buybacks from companies like Zhongtian Technology and Industrial Fulian, indicating confidence in their stock value [24][23]. Future Outlook - The report suggests focusing on the computing power industry chain and satellite internet as potential areas for investment, highlighting the ongoing developments in these sectors [4].