年度策略报告姊妹篇：2026年通信行业风险排雷手册-20251203

Group 1 - The core logic of the report emphasizes optimism for the communication sector in 2026, focusing on opportunities in computing power, telecom operators, and satellite internet [10][11] - The report suggests a stock selection strategy that includes recommendations for companies in various segments such as networking, optical devices, liquid cooling, and copper connections [11] - The report highlights the expected dividend yields for major telecom operators, with China Mobile, China Telecom, and China Unicom projected to have dividend yields of approximately 6.3%, 5.5%, and 5.1% respectively for Hong Kong stocks [11] Group 2 - The report identifies operational risks related to AI demand growth not meeting expectations, which could slow down the conversion speed of enterprise-level AI solutions and affect infrastructure procurement [12][13] - It discusses the potential deterioration of the competitive landscape in AI hardware, as increased capital expenditure by global tech companies may lead to intensified competition [18][19] - The report notes risks associated with the satellite internet sector, particularly regarding the uncertainty of capital expenditure and the maturity of the industry [23][24] Group 3 - The report provides a risk assessment for recommended stocks, including major telecom operators, which are characterized by stable growth, high dividends, and technological growth [30] - It highlights specific risks for individual companies, such as the potential decline in gross margins for Zhongji Xuchuang due to increased competition in the 800G market [31][32] - The report also addresses the risks for companies like Yingwei and Kexin, focusing on market competition and the challenges of expanding into overseas markets [38][40]