通信行业周报：算力国产化加速，5G-A正式进入建设周期

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the telecommunications sector [1]. Core Viewpoints - The telecommunications market experienced a decline of 3.43% this week, while the Shanghai Composite Index fell by 0.23% [7]. - China Mobile officially announced the commercial launch of 5G-A, marking the beginning of its construction phase [1][7]. - Guangdong Province aims to increase the proportion of domestic computing power to 70% by 2025, with a target of 38 EFLOPS in computing power [10][11]. - Shanghai's smart computing infrastructure plan aims for a sixfold increase in smart computing capacity by 2025, with a PUE value below 1.25 [11][10]. - The satellite sector is seeing advancements, including successful tests of liquid oxygen kerosene engines and the launch of quantum secure satellite data link projects by the European Space Agency [9][8]. Summary by Sections 1. Weekly Review - The telecommunications sector saw a decline of 3.43%, with the top-performing stocks being Shenyu Co. (20.41%), ST Luton (15.10%), and Sanwang Communication (13.95%) [7][18]. - The AI computing index fell by 7.36%, and the IDC index dropped by 6.29% [7]. 2. Quarterly Special (Satellite Internet) - Successful tests of liquid oxygen kerosene engines were reported, with a focus on the rocket industry chain companies [8]. - The European Space Agency initiated a project for quantum secure satellite data links, aiming to protect satellite communications from future encryption vulnerabilities [9]. - China successfully launched the Yunhai-3 satellite, which is intended for disaster prevention and scientific experiments [9]. 3. Industry Key News - Guangdong's action plan for high-quality development of computing power aims for a 70% domestic computing power share by 2025 [10]. - Shanghai's smart computing plan targets a smart computing capacity exceeding 30 EFLOPS by 2025, with a focus on energy efficiency [11]. - China Mobile's 5G-A commercial deployment will expand to over 300 cities within the year, establishing the largest 5G-A network globally [11][10].