通信行业双周报（2025、5、16-2025、5、29）：多地聚焦无人机相关低空经济建设-20250530

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by more than 10% in the next six months [2][43]. Core Insights - The communication industry has shown resilience, with the Shenwan communication sector rising by 0.89% over the past two weeks, outperforming the CSI 300 index by 2.14 percentage points [4][12]. - The report highlights a focus on low-altitude economy development, with communication infrastructure playing a crucial role in supporting drone communication needs and regulatory requirements [4][40]. - The industry is entering a phase of technological iteration and policy benefits, with growth drivers from AI, quantum communication, and low-altitude economy initiatives [4][40]. Summary by Sections 1. Industry Market Review - The Shenwan communication sector's performance over the past two weeks (5/16-5/29) was a 0.89% increase, with a 5.19% rise in May, while the year-to-date performance shows a decline of 3.00% [12][4]. - Among the six sub-sectors, "Other Communication Equipment" led with a 4.17% increase, while "Communication Application Value-Added Services" saw a decline of 1.06% [4][17]. 2. Industry News - Alibaba's Qwen team launched a new AI model that excels in long-text reasoning tasks, showcasing advancements in AI technology [17]. - Tencent Cloud announced upgrades to its AI infrastructure, enhancing capabilities for AI model training and deployment [19]. - China led global growth in the mobile core network market in Q1 2025, with a remarkable 122% year-on-year increase [20]. 3. Company Announcements - China Mobile announced a dividend payout ratio of 73% for 2024, reflecting strong financial performance [23]. - Tianfu Communication plans to distribute a cash dividend of 5 yuan for every 10 shares [24]. - Yiyuan Communication will distribute a cash dividend of 0.42 yuan per share [25]. 4. Industry Data Updates - As of April 2025, the mobile phone user base reached approximately 1.803 billion, a year-on-year increase of 2.75% [26]. - The internet broadband access user base was about 680 million, reflecting a 5.05% year-on-year growth [28]. - The total length of optical cable lines reached approximately 72.88 million kilometers, a 13.31% increase year-on-year [29]. 5. 5G Development Status - By April 2025, the number of 5G base stations reached 4.439 million, with a net increase of 188,000 from the previous year [36]. - The number of 5G mobile service users for major operators was reported as 552 million for China Mobile, 351 million for China Telecom, and 287 million for China Unicom [34]. 6. Investment Recommendations - The report suggests focusing on companies that align with the themes of "technology commercialization, policy catalysis, and performance certainty," recommending stocks such as China Telecom, FiberHome, Yangtze Optical Fibre, and Weisheng Information [40][41].