通信行业周报（9月1日-9月7日）-20250908

Investment Rating - The communication industry is rated as "Cautiously Optimistic" with a focus on companies that show sustained profit growth and enhanced network value [6][45]. Core Insights - The communication sector experienced a decline of 2.19% from September 1 to September 5, 2025, underperforming the CSI 300 index by 1.38 percentage points, despite a year-to-date increase of 59.02%, leading among 30 sectors [3][13][15]. - The sector includes 120 listed companies, with 14 gaining and 106 losing in the recent period, indicating a significant disparity in performance among companies [14][15]. - The introduction of hollow-core fiber technology represents a major advancement in optical communication, achieving a record low signal loss of 0.091 dB/km, which is a breakthrough in fiber optics technology [4][34][44]. Summary by Sections Market Review - The communication sector's performance from September 1 to September 5, 2025, saw a decline of 2.19%, while the CSI 300 index fell by 0.81%, marking a significant underperformance [3][13]. - Year-to-date, the communication industry has risen by 59.02%, ranking first among 30 sectors [3][15]. - The current PE TTM for the communication sector is 26.63, positioned at the 33.33 percentile [15]. Industry News - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have launched a plan to boost the electronic information manufacturing industry, targeting an average growth rate of 7% for major sectors [21]. - China Mobile has successfully launched the first commercial hollow-core fiber line, achieving a record data transmission delay of 1.07 milliseconds [5][44]. - The hollow-core fiber technology is expected to become a core infrastructure for future 6G and quantum communication due to its low latency and high capacity [4][44]. Investment Recommendations - The report suggests maintaining a cautiously optimistic stance, focusing on operators with sustained profit growth, companies benefiting from traffic growth and computing networks, and high-quality firms with strong core competitiveness [6][45].