Guoxin Securities·2025-10-26 07:31Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [6][68]. Core Views - The global computing power remains in a high prosperity phase, with significant developments in China's commercial aerospace and AI infrastructure [1][3][5]. - The report highlights the rapid growth of domestic optical module companies and the continuous increase in demand for data communication products, indicating a sustained high industry prosperity [3][22][30]. Summary by Sections Industry News Tracking - The successful completion of the first phase of the Zhuque-3 rocket flight test marks a significant advancement in China's commercial aerospace sector [2][13]. - The Chinese government emphasizes the importance of artificial intelligence, aiming to enhance innovation ecosystems and accelerate AI development [17][19]. - Domestic optical module companies report significant year-on-year profit growth, validating the high prosperity of the data communication sector [22][24]. - The optical cable export data shows a quarter-on-quarter growth of 9.04%, reflecting the ongoing industry prosperity [30][31]. Market Performance Review - The communication index increased by 11.55%, outperforming the Shanghai and Shenzhen 300 index, which rose by 3.24% [4][55]. - The optical module, industrial communication, and optical fiber cable sectors performed particularly well [55]. Investment Recommendations - Continuous attention is recommended for the development of AI computing power infrastructure, with specific focus on optical devices and modules, communication equipment, and liquid cooling technologies [5][65]. - The three major telecom operators are highlighted as important assets for dividend allocation, with stable operations and increasing dividend ratios [5][65]. Key Company Earnings Forecast and Investment Ratings - China Mobile, Zhongji Xuchuang, and ZTE Corporation are rated as "Outperform the Market" with projected earnings per share (EPS) growth for 2025 and 2026 [6][62].