Investment Rating - The report gives a "Recommended" rating for the telecommunications industry, considering the sustained high prosperity of the sector driven by AI, 5.5G, and satellite communications [2][6]. Core Insights - The overall market performance for the week (April 21-25, 2025) saw the Shanghai Composite Index rise by 0.56%, the Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 1.32% [2][11]. - Within the telecommunications sub-sectors, communication network equipment and devices had the highest increase at 5.62%, while communication application value-added services experienced the largest decline at 3.52% [2][14]. - Notable individual stock performances included Shijia Photon with a rise of 66.54%, Wuhan Fanggu with 28.87%, and Xinyi Sheng with 22.22% [2][16]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high level of prosperity, with AI, 5.5G, and satellite communications driving growth. The report highlights a positive market trend with an overall increase in the telecommunications index [2][11]. Fund Holdings - In Q1 2025, the proportion of active equity public funds' holdings in the telecommunications sector decreased to 3.92%. The main areas of increased investment were in IDC and operators related to AI and dividends [3][18][21]. Suggested Focus Areas 1. Computing Power Industry Chain: The report emphasizes the importance of domestic computing power and supporting communication equipment, especially in light of significant policy risks and a focus on domestic demand [4]. 2. Satellite Internet: A strategic cooperation agreement was signed between Shanghai Yuanxin Satellite Technology Co., Ltd. and Thailand's National Telecom, indicating ongoing advancements in satellite communications [4][27]. Company Announcements - Key announcements from the telecommunications sector for the week include earnings reports from various companies, with notable figures such as ZTE Corporation reporting a revenue of 32.968 billion yuan for Q1 2025, reflecting a year-on-year increase of 7.82% [29][30].
通信行业周报:多个AIagent内测上线,主动权益基金减配通信-20250429