通信设备及服务行业2024年第23周周报：时空信息集团成立，大厂布局数万卡超大集群

Investment Rating - The report maintains an "Overweight" rating for the communication equipment and services industry, consistent with the previous rating [1]. Core Insights - The establishment of China Space Information Group marks a new phase in domestic satellite internet development, aiming to enhance national information infrastructure and promote digital economy growth. The group will integrate resources to develop key technologies in satellite navigation, remote sensing, and geographic information systems, facilitating global satellite internet coverage, especially in remote areas [2][5]. - Tesla's announcement of a $6 billion Series B funding round for xAI, which includes major players like OpenAI and Google, indicates a significant shift towards Ethernet architecture for large-scale computing clusters. The planned "super computing factory" will utilize up to 100,000 GPUs, expected to be operational by fall 2025, highlighting the growing importance of Ethernet in supporting high data transfer rates and scalability [2][5]. Summary by Sections Investment Recommendations - Focus on the global AI industry's resonance, emphasizing the investment value in optical interconnects. Consider state-owned enterprises for stable growth and high dividends, while exploring new connection themes in low-altitude economy, satellite communication, and vehicle communication. Additionally, monitor leading companies in the IoT and submarine cable sectors amid economic recovery expectations [6]. Weekly Market Review - The communication sector underperformed the broader market, with the communication equipment index declining by 1.18%, while the communication services index saw a slight increase of 0.17%. The overall communication sector fell by 0.73%, compared to a 0.60% drop in the CSI 300 index [7][8]. Company Performance - Individual stock performance showed a mixed trend, with notable gainers including Oubit (+16.08%) and Hengshi Technology (+13.15%), while significant losers included ST Pengbo (-22.29%) and Gao Hong Co. (-22.26%) [10][11]. Upcoming Announcements - Key announcements in the communication sector for the week of June 3-9 include shareholder meetings and dividend declarations from various companies, such as Guangha Communication and Yilian Network [12]. Lock-up Expiration Reminders - Upcoming lock-up expirations include Huace Navigation on May 31, 2024, and Chaoxun Communication on June 6, 2024, with significant share quantities set to be released [13]. Major Company Earnings Forecasts - Companies such as Tianfu Communication and Xinyi Technology are projected to maintain an "Overweight" rating, with earnings per share (EPS) estimates showing growth for 2024 and 2025 [14][16].