通信行业周报：政府加大信息化投资，关注AI+和特种行业

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2]. Core Insights - The government is increasing investment in information technology, focusing on AI and specialized industries [4]. - AI is expected to continue empowering various sectors, with a shift towards embodied intelligence that emphasizes interaction between AI and the physical environment [7][20]. - The demand for inference capabilities is expected to grow, leading to significant opportunities in AIDC (AI Data Center) construction [21]. Summary by Sections Investment Strategy - AI will continue to empower various industries, with a focus on embodied intelligence and the need for smaller models to match edge computing capabilities [7][20]. - The release of new models like QwQ-32B shows competitive performance, indicating a growing market for inference capabilities [21]. - The government is set to increase defense spending, with a budget of 1.69 trillion yuan for 2024 and 1.78 trillion yuan for 2025, indicating potential investment opportunities in defense-related information technology [24]. Industry News - The government report emphasizes the expansion of 5G applications and the growth of the digital economy, with a target of 10% of GDP from core digital industries [25]. - At the Barcelona exhibition, AI's integration into telecommunications was highlighted, with companies like Huawei and ZTE showcasing AI-centric solutions [27]. - A collaboration between the China Academy of Information and Communications Technology and GSMA aims to establish a global computing resource interconnection framework [28]. - The launch of the QwQ-32B model by Alibaba demonstrates advancements in AI capabilities, benefiting the AI chip and AIDC sectors [29]. - The bidding for satellite broadband terminals indicates progress in satellite network construction, with several contracts awarded [31]. Market Review and Focus - The telecommunications sector saw a 2.51% increase this week, outperforming major indices, with a focus on AI, embodied intelligence, and specialized industry information technology [32][33]. - Key companies to watch include China Mobile, China Telecom, and ZTE, among others, for their roles in advancing AI and telecommunications [32].