通信行业月报：AI带动数据中心发展，OFC2025指明光通信行业技术走向-20250410

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [6][7]. Core Insights - The communication industry index underperformed the CSI 300 index in March 2025, with a decline of 3.51% [6][12]. - Telecom business revenue showed growth in January-February 2025, reaching CNY 295 billion, a year-on-year increase of 0.9% [6][36]. - The number of 5G mobile phone users reached 1.051 billion by February 2025, accounting for 58.6% of total mobile phone users [6][37]. - The domestic market for 5G mobile phones saw a year-on-year increase of 7.6% in January-February 2025, with 41.619 million units shipped [6][57]. - The export value of optical modules decreased by 5.7% year-on-year in January-February 2025, totaling CNY 5.61 billion [6][40]. - The report highlights the ongoing advancements in optical communication technologies, including the deployment of 800G and 1.6T optical modules [6][7]. Summary by Sections Market Review - The communication industry index fell by 3.51% in March 2025, underperforming compared to other indices [12][13]. - Sub-sectors such as other communication equipment and cables saw increases of 8.07% and 4.22%, respectively [13]. Industry Tracking - Global cloud infrastructure service spending grew by 20% year-on-year in Q4 2024, reaching USD 86 billion [18]. - The domestic ICT market is projected to reach USD 751.76 billion by 2028, with a CAGR of 6.5% [28]. - Telecom business revenue in China reached CNY 295 billion in January-February 2025, with a total business volume growth of 7.6% [36]. Telecom Industry Tracking - The number of fixed broadband users with gigabit access reached 214 million by February 2025, accounting for 31.7% of total users [40]. - The average monthly mobile internet access per user (DOU) was 16.64GB, reflecting a year-on-year increase of 11.3% [41]. Mobile Industry Tracking - Domestic smartphone shipments in January-February 2025 totaled 46.905 million units, with 88.7% being 5G phones [57]. - The share of domestic brand smartphones reached 86.6% in February 2025, with a year-on-year growth of 43.8% [62]. Optical Module Industry Tracking - The report notes a significant focus on high-bandwidth, low-power optical communication technologies, with ongoing innovations in silicon photonics [6][7].