通信行业周报：“星算”首批星发射，美AI扩散规则趋严-20250518

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 Viewpoints - The overall market performance for the week (May 12-16, 2025) saw the Shanghai Composite Index rise by 0.76%, the Shenzhen Component Index by 0.52%, and the ChiNext Index by 1.38%. However, the Shenwan Communications Index fell by 0.12% during the same period [2][11]. - The report highlights that the telecommunications industry remains in a high prosperity phase, with significant developments in AI, 5.5G, and satellite communications driving growth [2][3]. - In the telecommunications sector, the highest increase was seen in communication network equipment and devices, which rose by 1.16%, while the communication application value-added services experienced the largest decline at 3.27% [2][14]. Summary by Sections Market Overview - The telecommunications sector index decreased by 0.12% during the week, contrasting with the overall market indices which showed positive growth [11][13]. - The report notes a general downward trend across various sub-sectors within telecommunications, with communication network equipment and devices being the exception [14][15]. Key Investment Directions - Computing Power Industry Chain: Domestic internet giants are increasing capital expenditures year-on-year, with significant growth in revenue from cloud computing services. The report suggests focusing on undervalued overseas targets and leading domestic suppliers [3]. - Satellite Internet: The successful launch of China's first fully interconnected space computing satellite constellation marks a significant milestone, with a total computing power of 1000POPS expected upon completion. This development is anticipated to enhance data utilization efficiency and reduce operational costs [4][21]. Company Highlights - Notable stock performances include *ST Tianyu with a rise of 14.78%, Youfang Technology at 12.20%, and Yongding Co. at 9.60% during the week [2][16]. - The report mentions key announcements from companies in the telecommunications sector, including new executive appointments and share buybacks [28]. Upcoming Announcements - The report outlines significant upcoming announcements for the telecommunications sector, including share placements and executive changes scheduled for the following week [29].