通信行业2026年年度策略：算力升维，星座织网推荐维持

Group 1 - The core viewpoint of the report highlights that the communication industry is expected to see significant growth in 2025, driven primarily by AI as a central theme, with the communication sector's revenue and net profit showing positive growth of 3.22% and 9.09% year-on-year respectively in the first three quarters of 2025 [1][11] - The report indicates that the communication sector ranked second among 31 primary industry indices as of December 31, 2025, with AI being the key direction, particularly in sub-sectors like optical modules, optical devices, and the Internet of Things [1][2] - The report notes that active equity public funds increased their holdings in the communication sector in Q3 2025, with a focus on computing-related network hardware as the main investment direction [1][25] Group 2 - The report emphasizes the trend of computing power expansion, which is evolving from vertical scaling (Scale Up) to distributed cluster horizontal scaling (Scale Out) and cross-domain collaboration (Scale Across), driven by the explosive demand for computing power to support large model training and inference [2][48] - Key hardware such as optical modules and switches are undergoing rapid innovation to meet the demands for "high speed, low power consumption, and low cost," with domestic optical module manufacturers gaining a leading position in the global market [2][65] - The report suggests that the evolution of optical communication and switching technologies, along with supply chain dynamics, will be critical variables determining the efficiency and cost of future AI infrastructure [2][65] Group 3 - The report highlights that China's low Earth orbit satellite internet constellation construction is accelerating, with significant advancements in manufacturing and launching capabilities, supported by both state-owned and private enterprises [3][72] - The report indicates that the three major telecom operators are transitioning from traditional communication service providers to providers of "new infrastructure and emerging digital services," with new business revenues from cloud computing and big data accounting for 25% of telecom business income [3][72] - The report recommends focusing on the front-end manufacturing and launching segments of satellite technology, as well as the ongoing strategic transformation of telecom operators to enhance shareholder returns [3][72]