Guoxin Securities·2025-04-14 01:45Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [5][6]. Core Insights - The "reciprocal tariffs" have disrupted the global trade landscape, benefiting the domestic "self-controlled" and "trusted computing" industries, particularly in server and chip sectors [2][12]. - The exemption of certain technology products from tariffs, including optical modules, is expected to alleviate negative impacts from previous tariff increases [3][28]. - The report emphasizes the importance of the Beidou system's development, aiming for a self-controlled and secure infrastructure to enhance national security [33][36]. Summary by Sections Industry News Tracking - The U.S. government announced an increase in tariffs on Chinese imports to 125%, prompting a reciprocal response from China [12]. - The "self-controlled" technology sector is expected to thrive under these trade conditions, with a focus on reducing reliance on foreign technology [2][12]. Market Performance Review - The telecommunications index fell by 7.67%, while the Shanghai and Shenzhen 300 index decreased by 2.87%, resulting in a relative return of -4.8% [3][10]. - Key sectors such as satellite internet and military information technology showed relatively better performance [3]. Investment Recommendations - The report suggests focusing on companies involved in "self-controlled" technology and overseas optical communication enterprises, while also considering high dividend yields from major telecom operators [3][4]. - Specific companies recommended include Zhongji Xuchuang, ZTE Corporation, and China Mobile, which are expected to benefit from ongoing trends in AI and telecommunications infrastructure [4][5]. Key Company Earnings Forecast and Investment Ratings - China Mobile: Outperform rating, with an estimated EPS of 6.41 for 2024 and 6.75 for 2025 [5]. - Zhongji Xuchuang: Outperform rating, with an estimated EPS of 4.68 for 2024 and 8.08 for 2025 [5]. - ZTE Corporation: Outperform rating, with an estimated EPS of 1.76 for 2024 and 2.00 for 2025 [5].