通信行业周报：AI市场分化加剧，量子科技前景可期

Investment Rating - The report maintains an "Overweight" rating for the communication industry [6][27]. Core Insights - The capital expenditures of China Mobile and China Unicom remained stable in 2023, with accelerated construction of computing networks [7][21]. - China Unicom reported a revenue of 372.6 billion yuan in 2023, a year-on-year increase of 5.0%, and a net profit of 8.2 billion yuan, up 12.0% year-on-year [7][21]. - China Mobile achieved a revenue of 1,009.3 billion yuan, a 7.7% increase year-on-year, with a net profit of 131.8 billion yuan, up 5.0% year-on-year [21][23]. - The AI market is experiencing increased differentiation, with significant growth opportunities in quantum technology and computing power leasing [8][24][26]. Summary by Sections 1. Market Performance - The communication sector index increased by 0.96% from January 18 to January 24, 2024, ranking third among 30 primary industries [6][16]. - Top-performing stocks included Xinya Electronics (+43.94%) and Guodun Quantum (+26.16%) [18]. 2. Key Insights - China Unicom's cloud business saw a revenue increase of 41.6% year-on-year, reaching 51 billion yuan, with cloud resources covering over 230 cities [7][20]. - China Mobile's capital expenditure was approximately 180.3 billion yuan, accounting for 20.9% of its main revenue, with a focus on enhancing connectivity and computing capabilities [21][23]. 3. Industry News - The demand for Ethernet optical modules is recovering, with 800G module sales surpassing 400G for the first time in Q4 2023 [29][31]. - The 50G PON network is expected to see significant growth, with a projected compound annual growth rate of 90% from 2024 to 2029 in Asia [32]. 4. Important Announcements - The report suggests focusing on key players in the industry, including China Mobile, China Unicom, and companies in the optical module and computing power leasing sectors [27][33].