通信行业2025年年度投资策略（系列二）：科赋新成长，聚焦智算、6G、运营商三大主线

Investment Rating - The report maintains an "Overweight" rating for the communication industry [1] Core Insights - The communication sector showed strong performance in 2024, with the CITIC Communication Index increasing by 28.84%, ranking 4th among 30 primary industries, indicating significant excess returns compared to the broader market [3][9] - The report anticipates continued benefits for the communication sector in 2025 due to a warming macroeconomic environment and ample liquidity, recommending investment in three key areas: computing power construction, 6G investments (satellite communication & IoT), and dividends from operators and equipment manufacturers [3][9] Summary by Sections Communication Industry Overview - The CITIC Communication Index outperformed the broader market in 2024, with a growth of 28.84% [9] - The report suggests focusing on computing power, satellite communication, and IoT as key investment areas for 2025 [9] Technology Mainline - The demand for computing power remains strong, with a focus on application advancements. The report highlights the impact of DeepSeek on training and inference computing power, predicting that inference demand will surpass training demand in the medium to long term [3] - Google's capital expenditure is projected to reach $75 billion in 2025, indicating potential short-term stock price fluctuations but a stable long-term outlook for the computing power industry [3] Wireless Communication Mainline - The 6G technology is progressing steadily, with the standardization timeline established, aiming for commercialization by 2030. The integration of AI and communication is expected to enhance the importance of wireless communication [4][52] - The report emphasizes the potential of satellite internet and IoT as significant sub-sectors catalyzed by 6G technology [4] Dividend Mainline - High dividends reflect investment value, with a focus on operators and large equipment manufacturers. The three major operators and ZTE Corporation are increasing their dividend payouts, indicating stable shareholder returns [4][69] - The report notes that the capital expenditures of the three major operators are increasing, with a shift towards digital transformation and AI-related investments [4][75]