通信行业研究框架

Investment Rating - The report provides a positive investment rating for the telecommunications sector, highlighting growth potential driven by increased capital expenditure from operators [1]. Core Insights - The telecommunications sector is experiencing growth due to rising data traffic, which drives operators to procure communication terminal equipment, subsequently boosting upstream component purchases [23]. - The domestic large model industry chain is maturing, with expectations to replicate the capital expenditure-driven market seen in overseas cloud service providers (CSPs) [2][3]. - Operators are increasing capital expenditures, which is expected to lead to a decline in dividend yields, as seen with China Mobile [8]. Summary by Sections Operator Research Framework - The report outlines a research framework focusing on operators and their upstream communication equipment, emphasizing the impact of capital expenditure on market performance [2]. Investment Logic Driven by Internet Companies - The investment logic for individual stocks is driven by overseas internet companies, with a similar trend anticipated in the domestic market as the large model industry matures [3]. Communication Sector Investment Logic - The report discusses the investment logic in the communication sector driven by operators, highlighting the correlation between capital expenditure and stock performance [4]. Capital Expenditure Trends - Capital expenditure from the three major operators is projected to increase significantly, with a notable rise in the telecommunications index [24]. Stock Performance Correlation - The report indicates a correlation between stock prices and capital expenditure, with historical data showing that stock prices often lead performance improvements post-capital expenditure announcements [33][36].