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2025年中期通信行业投资策略报告:算力引擎强驱动,星地空网共发展-20250801
Wanlian Securities·2025-08-01 11:08

Core Insights - The communication industry has significantly outperformed the Shanghai and Shenzhen 300 indices in the first seven months of 2025, ranking third among 31 primary industries [1][12] - The valuation of the communication industry as of July 2025 is comparable to the beginning of the year but remains at a higher level than the historical three-year average [1][15] - The industry is experiencing stable operations in the first half of 2025, with emerging businesses playing a prominent role in driving growth [1][17] - The report emphasizes investment opportunities in the AI computing industry chain and the integration of space and ground networks [1][30] Investment Themes AI Computing Industry Chain - Major domestic and international companies are increasing capital expenditures, indicating a global arms race in computing power [2][37] - The demand for AI infrastructure is accelerating, with liquid cooling technology becoming mainstream in data center construction [2][37] - The demand for optical modules is transitioning to higher speeds, while high-speed copper connections still have market demand [2][37] Space and Ground Integration - The low-altitude economy is optimizing infrastructure, with leading eVTOL companies obtaining necessary certifications for commercial operations [6][30] - China's satellite internet industry is continuously launching low-orbit satellites, with advancements in mobile direct satellite connectivity accelerating commercialization [6][30] Industry Performance - The communication industry index has shown a cumulative increase of 21.16% from January to July 2025, outperforming both the Shanghai and Shenzhen 300 indices [12][14] - Emerging business revenues, including cloud computing and big data, have increased significantly, contributing to overall revenue growth in the telecommunications sector [19][25] - The number of fixed broadband users is steadily increasing, with a notable rise in users with gigabit access speeds [20][27] Policy and Future Outlook - The government report emphasizes the importance of nurturing emerging and future industries, including commercial aerospace and low-altitude economies [30][31] - The Ministry of Industry and Information Technology is working on standardizing emerging and future industries, which will support the development of the communication sector [32][34] - The report suggests that investment opportunities should focus on AI computing infrastructure and the integration of space and ground networks, driven by policy support and technological advancements [7][30]