通信行业双周报（2025、3、28-2025、4、10）：产业标准体系持续推进，关注5G-A建设发展-20250411

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][44]. Core Insights - The communication industry is currently in a phase of technological iteration and policy benefits, with new growth drivers emerging from AI, quantum communication, and low-altitude economy. The construction of communication facilities such as base stations, optical cables, and data centers is expected to continue, leading to new demands for devices, equipment, and service operations. The report suggests focusing on opportunities under the themes of "technology commercialization + policy catalysis + performance certainty" [3][41]. Summary by Sections Industry Market Review - The communication sector has seen a cumulative decline of 9.73% over the past two weeks (March 28 to April 10), underperforming the CSI 300 index by 4.71 percentage points. In April, the sector has dropped 9.63%, and year-to-date, it has decreased by 10.69%, also underperforming the CSI 300 index by 5.61 percentage points [11][12]. Industry News 1. IDC reported that the volcanic engine holds a 46.4% market share in China's public cloud large model service market as of 2024 [17][18]. 2. The Ministry of Industry and Information Technology (MIIT) is working on improving the 5G standard system and advancing research on 5G-A and 6G standards [19]. 3. IDC forecasts that China's total investment in artificial intelligence will exceed $100 billion by 2028, with a compound annual growth rate of 35.2% [20]. 4. Juniper Research predicts that mobile operators will invest over $86 billion in AI from 2025 to 2029 [21]. 5. In February 2025, the domestic smartphone shipment reached 19.662 million units, a year-on-year increase of 37.9% [22]. Company Announcements - Yiyuan Communication expects a net profit of approximately 200 million yuan for the first quarter of 2025, representing a year-on-year increase of about 265.19% [23][24]. - Zhongji Xuchuang anticipates a net profit of 1.4 to 1.7 billion yuan for the first quarter, a year-on-year increase of 38.71% to 68.44% [25]. - StarNet Ruijie expects a net profit growth of 211.64% to 298.20% for the first quarter of 2025 [26]. Industry Data Updates - As of February 2025, the mobile phone user base reached approximately 1.793 billion, a year-on-year increase of 3.84% [27]. - The internet broadband access user base was about 675 million, up 6.04% year-on-year [30]. - The total length of optical cable lines reached approximately 72.88 million kilometers by Q4 2024, a year-on-year increase of 13.31% [32]. - By December 2024, the number of 5G base stations reached 4.251 million, with a net increase of 874,000 from the previous year [37]. Investment Recommendations - The report suggests focusing on companies such as China Telecom (601728.SH), FiberHome (600498.SH), and Weisheng Information (688100.SH) as potential investment opportunities [41][42].