通信行业双周报（2026、2、27-2026、3、12）：LightCounting：光芯片和光模块产能正逐步赶上需求-20260313

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][40]. Core Insights - The communication industry index has seen a decline of 1.31% over the past two weeks, underperforming the CSI 300 index by 0.48 percentage points, ranking 13th among 31 primary industries [3][10]. - The report highlights that the operators are transitioning towards AI infrastructure, with computing networks becoming a core strategy. Huawei's launch of Wi-Fi 7 products is expected to benefit the optical module and terminal supply chain [3][37]. - Future investment themes in the communication industry are centered around three dimensions: upgrading Wi-Fi 7/FTTR connections, extending satellite internet networks, and reconstructing AI + computing network integration capabilities [3][37]. Industry Performance Review - The communication sector has shown varied performance across its sub-sectors over the past two weeks, with the highest gain in the communication cable and supporting sector (+7.13%) and the lowest in communication application value-added services (-6.32%) [3][17]. - The cumulative performance of the communication sector for the year stands at a 7.13% increase, outperforming the CSI 300 index by 5.89 percentage points [3][10]. Industry News - LightCounting reports that the production capacity of optical chips and modules is gradually catching up with demand, with total sales expected to reach $23.8 billion in 2025, a 55% increase from 2024 [15]. - China successfully launched 20 low-orbit satellites for its satellite internet project, marking a significant step in its 6G internet initiative [18]. - Huawei unveiled four new products at MWC2026, aimed at enhancing operators' bandwidth and smart home services [19]. - The Ministry of Industry and Information Technology has initiated a special action for "millisecond computing" in urban areas for 2026, aiming to enhance computing efficiency [20]. Company Announcements - ChaoXun Communication plans to invest in establishing a new company to expand its computing power business, aiming to enhance market share [22]. - ZTE Corporation reported a net profit of 5.618 billion yuan for 2025, with a revenue of 133.896 billion yuan, reflecting a 10.38% year-on-year growth [23]. - Meige Intelligent has been added to the Hong Kong Stock Connect list, enhancing its trading liquidity [24]. Industry Data Updates - As of December 2025, the mobile phone user base reached approximately 1.827 billion, a year-on-year increase of 2.04% [25]. - The internet broadband access user base was about 691 million, up 3.09% year-on-year [27]. - The length of optical cable lines reached approximately 74.99 million kilometers, a 2.89% increase year-on-year [28]. - By December 2025, the number of 5G base stations reached 4.838 million, with a net increase of 588,000 from the previous year [33].