Changjiang Securities·2025-06-16 08:46Investment Rating - The report maintains a "Positive" investment rating for the communication industry [10]. Core Insights - The communication sector experienced a decline of 0.55% in the 24th week of 2025, ranking 18th among major industries in the Yangtze River region. Year-to-date, the sector has increased by 1.32%, also ranking 18th [2][5]. - Oracle's cloud revenue for FY25Q4 reached $6.7 billion, a year-on-year increase of 27%. The IaaS revenue surpassed $10 billion for the first time, growing by 52% [6]. - The launch of the Doubao model 1.6 enhances the capabilities and cost-effectiveness of AI agents, facilitating their large-scale application in complex business scenarios [7]. - The current valuation of the communication sector is at historical lows, presenting a high cost-performance ratio for investors [2]. Summary by Sections Market Performance - In the 24th week of 2025, the communication sector fell by 0.55%, with notable stock performances including Tianfu Communication (+13.8%) and Zhongji Xuchuang (+12.6%). The worst performers included Erli San (-10.1%) and Aofei Data (-8.9%) [5]. Oracle's Cloud Business - Oracle's FY25Q4 revenue was $15.9 billion, an 11% increase year-on-year, with cloud revenue at $6.7 billion, up 27%. IaaS revenue grew to $3 billion, a 52% increase, while SaaS revenue reached $3.7 billion, an 11% increase [6]. AI and Doubao Model - The Doubao model 1.6, launched by ByteDance, supports 256K context and features multi-modal understanding, significantly reducing application costs. The average daily token usage exceeded 16.4 trillion, a 137-fold increase since its initial release [7]. Investment Recommendations - Recommended stocks include China Mobile, China Telecom, and China Unicom in the operator category. For optical modules, Zhongji Xuchuang and Xinyi Sheng are highlighted, while for domestic computing, Fenghuo Communication and Huafeng Technology are recommended [8].