通信行业周报：重视国产算力、卫星互联网、光通信等板块机遇-20250413

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the increasing importance of domestic computing power, satellite internet, and optical communication sectors, highlighting investment opportunities in these areas [4][6][12] - The report suggests that the logic of domestic autonomy is being reinforced, particularly in the military communication industry, and stresses the importance of the satellite internet sector [12][13] - The report indicates that the recent U.S. Customs and Border Protection (CBP) exemption of tariffs on certain optical communication products presents a favorable opportunity for leading companies in the optical communication sector [15][16] Summary by Sections 1. Investment Insights - Focus on domestic computing power and satellite internet as key autonomous industry opportunities [12] - The Ministry of Industry and Information Technology emphasizes the need for complete autonomy in the Beidou industry [12] - New customs regulations clarify the origin determination for integrated circuits, promoting the development of the domestic semiconductor industry [14] 2. Optical Communication - The CBP's tariff exemption on specific optical communication products is expected to benefit leading companies in this sector [15][16] - The domestic optical communication products, particularly optical modules, are positioned well in the international computing power supply chain [16] 3. Computing Power Industry - The acceleration of domestic computing power cluster interconnection is highlighted, with the launch of the "Smart Computing Interconnection OISA" initiative by China Mobile [17][18] - The report notes significant growth in the performance of companies like Ruijie Networks and Zhiwei Intelligent in Q1 2025, driven by strong demand in the AI internet data center market [19] 4. Market Review - The communication index experienced a decline of 7.67% during the week of April 7 to April 11, 2025, ranking third among TMT sectors [30] 5. 5G Infrastructure - As of February 2025, the total number of 5G base stations in China reached 4.325 million, with a net increase of 74,000 stations since the end of 2024 [31] - The number of 5G mobile phone users reached 1.051 billion, reflecting a year-on-year growth of 23.50% [31][33]