通信行业周报：政府工作报告发布，关注5G/6G及商业航天相关投资机会

Investment Rating - The report maintains a "Recommended" investment rating for the communication industry [2][7]. Core Insights - The government work report emphasizes the expansion of 5G applications, the acceleration of industrial internet innovation, and the development of future industries such as biomanufacturing, quantum technology, embodied intelligence, and 6G. It also highlights the promotion of commercial aerospace and low-altitude economy as emerging industries [3][22]. - A national venture capital fund is being established to attract nearly 1 trillion yuan in social capital, focusing on hard technology sectors including artificial intelligence, quantum technology, and hydrogen energy storage, which are expected to drive the communication industry chain's accelerated development [4][18]. Summary by Sections Recent Developments - On March 5, the government work report mentioned the need to optimize the layout of national computing resources and create internationally competitive digital industry clusters [3][22]. - The report also noted the establishment of a "carrier-level" national venture capital fund aimed at early, small, long-term investments in hard technology [4][18]. Industry Performance - The communication index rose by 2.81% from March 3 to March 7, 2025, with various sub-sectors showing different performance levels [11]. Key Companies and Investment Opportunities - Recommended companies include: - Operators: China Mobile (600941.SH), China Unicom (600050.SH), China Telecom (601728.SH) [25]. - Light module demand: Zhongji Xuchuang (300308.SZ), Tianfu Communication (300394.SZ), Guangxun Technology (002281.SZ) [25]. - Communication equipment manufacturers: ZTE Corporation (000063.SZ), Unisoc (000938.SZ), Quectel (603236.SH) [25]. - Commercial aerospace opportunities: China Satellite Communications (601698.SH), Huace Navigation (300627.SZ) [25].