通信行业周观点：关注数据要素产业发展及算力需求的提振

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [30]. Core Viewpoints - The communication industry index rose by 11.13% from February 19 to February 23, outperforming the Shanghai and Shenzhen 300 index by 7.42 percentage points [1][12]. - Key investment opportunities are identified in 5G construction and applications, computing power, data centers, and satellite communication [1][27]. - The report highlights a significant increase in trading volume, with a total of 2350.37 billion yuan traded in the communication sector during the last week, marking a 26.71% increase from the previous week [1][18]. Summary by Sections Industry Dynamics - 5G: The Ministry of Industry and Information Technology issued guidelines to promote low-carbon technology innovation in the industrial sector, emphasizing the role of 5G and other information technologies [5]. - Mobile Networks: Nokia announced a partnership with NVIDIA to leverage Cloud RAN and AI technologies to transform mobile networks [6]. - Artificial Intelligence: The State-owned Assets Supervision and Administration Commission held a meeting to promote AI development among central enterprises, focusing on enhancing productivity and innovation [7]. - Data Elements: A nationwide survey on data resources was initiated to better utilize data elements and support policy-making [8][10]. - 5G RedCap: China Mobile completed the world's largest 5G RedCap field trial, achieving commercial readiness for the first batch of chips and terminals [11]. Market Review - The communication industry index outperformed the broader market, with a 3.71% increase in the Shanghai and Shenzhen 300 index compared to an 11.13% rise in the communication sector [12][15]. - The current price-to-earnings ratio (PE) for the communication industry is 19.49, significantly below the historical average of 35.42 [16]. - The report notes that 97.76% of stocks in the communication sector rose during the last week, indicating strong market performance [20]. Investment Recommendations - The report suggests focusing on the development of computing power driven by AI models, which will benefit sectors such as servers, data centers, and optical modules. It also highlights the growth potential in satellite communication, AI computing power, digital applications, and 5G construction [27].