通信行业周报（20250519-20250525）：算力租赁景气度向上，军工信息化外贸升温

Investment Rating - The report maintains a "Recommendation" rating for the communication industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [33]. Core Insights - The report highlights an upward trend in computing power leasing and an increase in military information technology exports, driven by rising demand for AI and advanced computing capabilities [5][21]. - The domestic AI investment outlook remains robust despite short-term capital expenditure pressures, with major companies expected to focus on AI as a core investment area [16][17]. - The "Jiutian" drone, a domestically developed heavy unmanned platform, is set to make its maiden flight by the end of June 2025, showcasing significant technological advancements and enhancing China's competitive edge in the military technology sector [21][22][23]. Summary by Sections Industry Overview - The communication industry saw a decline of 2.31% this week, underperforming compared to the Shanghai and Shenzhen 300 index [8][9]. - Year-to-date, the communication industry has decreased by 5.56%, outperforming the Shanghai and Shenzhen 300 index by 4.22 percentage points [8][9]. Market Performance - The report notes that the communication sector's valuation (PE-TTM) stands at 28.70, compared to 12.55 for the Shanghai and Shenzhen 300 index and 30.68 for the ChiNext index [5]. - The top-performing stocks in the communication sector this week included Fenghuo Electronics (+22.54%) and Dongtu Technology (+14.45%) [12][14]. Computing Power Services - The demand for computing power services is rapidly increasing, with significant growth in leasing and related services due to ongoing chip restrictions [15][17]. - The report emphasizes the importance of monitoring financing channels, order contracts, technological barriers, and service implementation timelines for companies in this sector [17]. Military Technology - The "Jiutian" drone is expected to redefine the operational boundaries of unmanned aerial vehicles, with capabilities that surpass those of existing military drones [21][22]. - The drone's advanced features and performance metrics position it as a competitive player in the international military technology market, enhancing China's export potential [23]. Investment Recommendations - Key recommendations include major telecommunications operators such as China Mobile, China Telecom, and China Unicom, as well as companies in the military and satellite communication sectors like Haige Communication and Shanghai Hanyun [26].