Guoxin Securities·2025-10-26 09:41Investment 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 sector and the need for breakthroughs in private rocket technology [1][3]. - The report highlights the rapid growth of domestic optical module companies, with notable increases in net profits and gross margins, indicating a sustained high prosperity in the industry [3][22][26]. - The performance of the communication sector is strong, with the communication index rising by 11.55%, outperforming the Shanghai and Shenzhen 300 index [4][55]. Summary by Sections Industry News Tracking - The successful completion of the first phase of the Zhuque-3 rocket flight test marks a significant step in China's commercial aerospace development [2][13]. - The Chinese government emphasizes the importance of artificial intelligence and is committed to fostering a conducive innovation ecosystem [2][17]. - Domestic optical module companies report significant year-on-year growth in Q3 2025, validating the high prosperity of the sector [22]. - Q3 2025 data shows a 9.04% increase in optical cable exports, reflecting ongoing industry prosperity [30]. Market Performance Review - The communication index has outperformed other sectors, with a relative return of 8.30% [4][55]. - The optical module, industrial communication, and optical fiber cable sectors have shown strong performance, with respective increases of 16.53%, 7.53%, and 6.01% [58]. 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]. - The report specifically recommends Chinese Mobile and Zhongji Xuchuang as key investment targets for the upcoming week [5][65]. Key Company Earnings Forecasts and Investment Ratings - The report provides earnings forecasts and investment ratings for key companies, including China Mobile, Zhongji Xuchuang, and ZTE, all rated as "Outperform the Market" [6][62].