通信行业双周报（2025、7、11-2025、7、24）：上半年我国电信业务收入累计完成9055亿元-20250725

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][41]. Core Viewpoints - In the first half of 2025, China's telecommunications business revenue reached CNY 905.5 billion, showing a year-on-year growth of 1% [20]. - The communication industry is experiencing a period of technological iteration and policy dividends, with growth drivers from AI, quantum communication, and low-altitude economy [38]. - The report suggests focusing on companies that align with the themes of "technology commercialization + policy catalysis + performance certainty" [38]. Summary by Sections 1. Industry Market Review - The communication sector index increased by 6.78% from July 11 to July 24, outperforming the CSI 300 index by 3.31 percentage points, ranking 7th among 31 sectors [11]. - Year-to-date, the communication sector has risen by 17.04%, surpassing the CSI 300 index by 11.60 percentage points [11]. 2. Industry News - Dell'Oro report indicates a 6% CAGR for the global 5G core network market from 2024 to 2029, driven by accelerated deployment of 5G SA architecture [16]. - China Mobile's procurement for data center switches includes major players like Huawei and ZTE, with an estimated procurement of approximately 33,300 units [18]. - The Ministry of Industry and Information Technology reported that the number of mobile phone users reached 1.81 billion, with 5G users at 1.118 billion, accounting for 61.8% of mobile users [20]. 3. Company Announcements - Zhongji Xuchuang expects a net profit increase of 53%-87% for the first half of 2025, driven by strong demand for high-end optical modules [22]. - New Yisheng anticipates a net profit growth of 328%-385% for the same period, benefiting from AI-related investments [24]. - StarNet Ruijie forecasts a net profit increase of 43.81%-91.75% due to accelerated orders for data center switch products [26]. 4. Industry Data Updates - As of June 2025, the length of optical cable lines reached approximately 73.77 million kilometers, a year-on-year increase of 9.91% [29]. - The total number of 5G base stations reached 4.549 million, with a net increase of 298,000 from the end of the previous year [34]. 5. Weekly Perspective on the Communication Sector - The report emphasizes the stable operation of the communication industry, with ongoing growth in telecommunications business volume and new infrastructure construction [38]. - It recommends focusing on companies such as China Telecom, FiberHome, and Changfei Fiber for potential investment opportunities [39].