通信行业周报：博通单财季XPU业务高增，上修AI相关业务指引-20250909

Investment Rating - The report maintains a "Recommended" rating for the telecommunications industry, indicating a positive outlook based on the sustained high demand in the sector [3][6]. Core Insights - The telecommunications sector is experiencing a high level of activity driven by advancements in AI, 5.5G, and satellite communications, which are expected to continue propelling industry growth [3]. - The report highlights a significant increase in AI-related business, with Broadcom's AI revenue reaching $5.2 billion in Q3 FY2025, marking a 63% year-over-year growth, and anticipates further growth in the upcoming quarters [4]. - The low Earth orbit satellite communication sector is also gaining traction, with improved industry policies suggesting a more organized development phase for China's satellite industry [4]. Summary by Sections Market Overview - The overall market saw a decline, with the Shanghai Composite Index down 1.18% and the Shenzhen Component Index down 0.83% during the week of September 1-7, 2025. The telecommunications sector specifically experienced a 2.68% decline [3][12]. - Among the sub-sectors, telecommunications network equipment and devices had the smallest decline at 0.42%, while telecommunications terminals and accessories faced the largest drop at 8.54% [15][16]. Stock Performance - In terms of individual stock performance, the top gainers in the telecommunications sector included Zhongji Xuchuang with a 14.67% increase, followed by *ST Tianyu at 13.07%, and Dongtu Technology at 10.46% [17][18]. Industry News - Significant developments include a report from Sullivan indicating a 363% increase in daily calls for large models in the AI market, reflecting a surge in demand and resource consumption [19][20]. - Juniper Research forecasts that global revenue from cellular IoT connections will exceed $30 billion by 2030, a 74% increase from $18 billion in 2025, driven by rising automation and operational efficiency demands [21][22]. - The Ministry of Commerce announced anti-circumvention measures against U.S. G.654.C optical fibers, indicating ongoing regulatory actions in the telecommunications space [23][24]. Future Directions - The report suggests focusing on the computing power supply chain and low Earth orbit satellite communications as key areas for investment, emphasizing the importance of advancements in AI and satellite technology [4].