通信行业周报：H20恢复对华销售，算力通信硬件全线业绩高增-20250721

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][5]. Core Insights - The overall market performance for the week (July 14-20, 2025) saw the Shanghai Composite Index rise by 0.69%, the Shenzhen Component Index by 2.04%, and the ChiNext Index by 3.17%. The telecommunications sector, represented by the Shenwan Communications Index, increased by 7.56% [2][10]. - Within the telecommunications sub-sectors, the highest increase was seen in communication network equipment and devices, which rose by 15.82%. Conversely, the communication engineering and services sector experienced a slight decline of -0.14% [12][13]. - Notable individual stock performances included Xinyi Technology with a rise of 39.01%, followed by Zhongji Xuchuang at 24.33% and Shijia Guangzi at 22.43% [14][15]. Summary by Sections Market Overview - The telecommunications sector is experiencing a high growth phase, with significant contributions from AI and advanced communication technologies [2][3]. - The report highlights the strong performance of the telecommunications index and individual stocks, indicating a positive market sentiment [10][12]. Sub-sector Performance - The communication network equipment and devices sub-sector showed the most significant growth, while communication engineering and services faced minor setbacks [12][13]. - The report emphasizes the importance of the computing power supply chain, particularly in hardware segments benefiting from domestic and international demand [3]. Company Announcements - Key announcements from companies in the telecommunications sector include significant earnings forecasts, with some companies like Xinyi Technology expecting a substantial increase in net profit by 327.68% to 385.47% [21][22]. - Other companies, such as Yiwai Communication, are forecasting a decline in earnings due to global economic slowdowns and trade tensions [21][22]. Future Outlook - The report suggests that the demand for computing power will continue to expand, driven by advancements in AI and related technologies, which will positively impact hardware sales and services [4][3]. - The anticipated recovery of H20 GPU sales in the Chinese market is expected to alleviate supply bottlenecks and accelerate data center construction [3][19].