通信行业周报（2024.05.20-2024.05.24）：英伟达财报业绩强劲，AI大模型降价推动算力需求

Investment Rating - The report gives an "Overweight" rating for the communication industry, indicating a positive outlook on the sector's performance in the context of AI development and related opportunities [2][8]. Core Insights - The strong performance of Nvidia, with a revenue of $26 billion and a year-over-year growth of 262%, continues to validate the robust demand for AI computing power, benefiting the domestic AI computing industry chain [7]. - The continuous decline in the prices of AI large models, driven by advancements in inference technology, is expected to stimulate demand for AI terminal applications and further promote the growth of the upstream computing infrastructure industry [7]. - The satellite internet sector is anticipated to experience significant development opportunities, with recent collaborations indicating a clear trend towards new communication models [7]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights the ongoing strong demand for AI computing power, supported by Nvidia's impressive financial results [7]. - It suggests focusing on the AI-driven computing industry chain and the long-term opportunities in satellite internet [8]. 2. Market Review 2.1. Sector Performance - The A-share communication index fell by 2.89%, underperforming the CSI 300 index by 0.81 percentage points [9]. - Within the communication sector, the communication services segment decreased by 1.75%, while the communication equipment segment saw a decline of 3.45% [9]. 2.2. Individual Stock Performance - The top-performing stocks included Yihua Co. (+24.63%) and Dingtong Technology (+16.27%), while the worst performers were ST Futong (-22.77%) and ST Tiexin (-22.71%) [13]. 3. Industry News (5.20-5.24) - As of April 2024, China has reached 889 million 5G users, with a penetration rate exceeding 50%, indicating significant growth in mobile internet traffic [15]. - The completion of a large-scale liquid-cooled intelligent computing center in the Guangdong-Hong Kong-Macao Greater Bay Area is expected to support cloud-network integration [16]. 4. Company Developments (5.20-5.24) - Tianfu Communication's factory in Thailand is set to begin trial production by the end of May 2024 [20]. - Bochuang Technology has announced that its 800G high-speed active copper cables are ready for mass production [21].