通信行业月报：Manus在AI Agent领域实现技术突破，AI驱动智算中心升级

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [7][8]. Core Insights - The communication industry index outperformed the CSI 300 index in February 2025, with a growth of 2.67% compared to the CSI 300's 1.91% [7][13]. - The rapid expansion of AI models is accelerating the adoption of cloud computing, with global cloud infrastructure service spending expected to reach $321.3 billion in 2024, a 20$269.36 billion, driven by cloud computing, AI, and computing power deployment [7][23]. - The introduction of DeepSeek's AI model is expected to significantly impact the terminal market over the next 2-5 years, enhancing the intelligence of devices through natural language processing and multimodal reasoning capabilities [7][8]. - The report highlights the strong growth potential in the telecom sector, particularly with the integration of AI capabilities into cloud services by major telecom operators [8]. Summary by Sections Market Review - In February 2025, the communication industry index rose by 2.67%, outperforming the Shanghai Composite Index and the CSI 300 index [13][14]. - The telecom sector saw a diverse performance among sub-sectors, with network planning and engineering services leading with increases of 23.77% and 17.43% respectively [14][18]. Industry Tracking - Global cloud infrastructure service spending is projected to grow by 20% year-on-year, reaching $321.3 billion in 2024, with AI models driving this growth [19][20]. - The ICT market in China is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2024 to 2028, with significant contributions from cloud computing and AI [23][24]. - The telecom business revenue in China reached 1.74 trillion yuan in 2024, marking a 3.2% increase year-on-year [30][34]. Telecom Industry Tracking - As of December 2024, the number of mobile phone users in China reached 1.79 billion, with 5G users accounting for 56.7% of the total [34][37]. - The new business revenue in the telecom sector grew by 10.6% year-on-year, contributing to a 2.5 percentage point increase in overall telecom revenue [42][44]. Mobile Phone Industry Tracking - In December 2024, domestic smartphone shipments reached 34.528 million units, a 22.1% increase year-on-year, with 5G smartphones making up 88.1% of total shipments [48][50]. - The report anticipates continued growth in the smartphone market in 2025, driven by government consumption subsidy policies [51][53].