通信行业周观点：2024世界电信和信息社会日大会召开

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry, indicating an expected relative increase of over 10% in the industry index compared to the broader market within the next six months [29]. Core Insights - The telecommunications industry index rose by 0.54% from May 13 to May 17, outperforming the Shanghai and Shenzhen 300 index by 0.22 percentage points [1][11]. - Key investment opportunities are identified in segments such as 5G construction and applications, computing power, data centers, and satellite communications [1][26]. - The report highlights a significant drop in the RAN market revenue, with a year-on-year decline of 15% to 30% in Q1 2024, marking the largest drop in the history of the sector [7][9]. - Global cloud infrastructure service spending increased by 21% year-on-year in Q1 2024, reaching $79.8 billion, with major cloud providers showing substantial growth [10]. Summary by Sections Industry Dynamics - 5G roaming services have been launched by major telecom operators in China, marking a new phase in 5G development [5]. - Beijing has deployed over 1,500 5G-A base stations, significantly enhancing network speeds [6]. - China Mobile's AI server procurement project has a total winning bid amount of approximately 19.104 billion yuan [6]. - The RAN market is experiencing significant revenue declines, with a forecasted annual revenue drop of 5% to 8% [7][9]. - Cloud service spending is accelerating, with Microsoft showing a growth rate nearly double that of AWS [10]. Market Performance - The telecommunications industry index has underperformed the broader market since the beginning of 2024, with a cumulative increase of 4.45% compared to a 7.19% increase in the Shanghai and Shenzhen 300 index [11][14]. - The average daily trading volume in the telecommunications sector decreased by 7.70% compared to the previous week [16]. - Among 134 stocks in the telecommunications sector, 81 stocks increased in value, indicating a positive trend [18]. Valuation - The current PE (TTM) ratio for the telecommunications industry is 18.81, significantly below the historical average of 34.98 [14][15]. Investment Recommendations - The report suggests focusing on the satellite communication industry chain, AI computing power industry chain, digital applications, and 5G construction for medium to long-term investment opportunities [26].