通信行业周报：科技大厂加大AI投入，关注相关产业链投资机会

Investment Rating - Investment rating is maintained as "Recommended" [2] Core Insights - Major technology companies are increasing investments in AI, which is expected to drive investment opportunities in the related communication sector. Alibaba plans to invest more in AI and cloud infrastructure over the next three years than in the past decade combined [3][6][20] - The State-owned Assets Supervision and Administration Commission emphasizes the need for quality upgrades in key industries, promoting the integration of traditional and emerging industries [3][19] - Chengdu has signed significant projects in the low-altitude economy and commercial aerospace sectors, with a total investment of 51.936 billion yuan, indicating strong growth potential in this area [4][19] Summary by Sections Recent Market Performance - From February 17 to February 21, 2025, the Shenwan Communication Index rose by 8.09%, with sub-sectors such as communication network equipment and devices increasing by 10.03% [9] Industry News - The successful test flight of a low-altitude passenger route in the Yangtze River Delta marks a significant advancement in low-altitude economic development [14] - Alibaba's cloud revenue for Q3 2025 reached 31.742 billion yuan, with a year-on-year growth of 13%, and AI-related revenue growing significantly [15] - Chengdu and China Mobile signed a strategic cooperation agreement to enhance collaboration in AI, 5G-A, and next-generation network infrastructure [16] - The launch of the "Purple East Sky" low-altitude industry model in Changchun aims to enhance data processing capabilities and support the low-altitude economy [17][18] Investment Recommendations - The report suggests focusing on the following sectors: 1. Operators: China Mobile (600941.SH), China Unicom (600050.SH), China Telecom (601728.SH) 2. Light module demand driven by domestic large models: Zhongji Xuchuang (300308.SZ), Tianfu Communication (300394.SZ), Guangxun Technology (002281.SZ) 3. Communication equipment manufacturers: ZTE Corporation (000063.SZ), Unisplendour Corporation (000938.SZ), Quectel Wireless Solutions (603236.SH) 4. Long-term opportunities in satellite communication: China Satellite Communications (601698.SH), China Satellite (600118.SH) [20]