通信行业周观点：关注算力及卫星互联网产业链

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected relative increase of over 10% compared to the broader market in the next six months [29]. Core Insights - The communication industry index underperformed the CSI 300 index by 2.30 percentage points, with a decline of 2.46% during the week of June 3-7 [1][12]. - Key investment opportunities are identified in segments such as artificial intelligence, optical modules, and satellite internet [1][26]. - The report highlights significant advancements in the industry, including the launch of the world's first 800G hollow-core fiber transmission technology by China Mobile, which demonstrates superior performance in various conditions [5]. - The dedicated cloud service market is projected to grow by 18.0% year-on-year, reaching a market size of 19.49 billion RMB in the second half of 2023, with the top three operators holding a combined market share of 43.6% [6]. - The global semiconductor market is expected to grow by 16% in 2024, reaching a total value of $611.2 billion, driven by strong demand in memory and logic integrated circuits [7]. - China Telecom has launched an integrated cloud-network scheduling product, enhancing digital transformation across industries [9]. - Chinese manufacturers dominate the global optical module market, with seven out of the top ten positions, reflecting their growing influence [10]. - SpaceX successfully conducted the fourth test flight of its Starship, marking a significant milestone in satellite internet development [11]. Summary by Sections Industry Dynamics - Operators: China Mobile has successfully launched the world's first 800G hollow-core fiber transmission technology trial network, achieving international leading performance metrics [5]. - Cloud Services: The dedicated cloud service market is experiencing robust growth, with the top three operators significantly increasing their market shares [6]. - Chips: The semiconductor market is forecasted to grow significantly, with strong performance expected in memory and logic sectors [7]. - Operators: China Telecom has introduced a new integrated cloud-network scheduling product, enhancing service delivery and operational efficiency [9]. - Optical Modules: Chinese companies have taken the lead in the global optical module market, reflecting a shift in market dynamics [10]. - Satellite Internet: SpaceX's successful test flight of the Starship represents a key advancement in satellite internet capabilities [11]. Market Review - The communication industry index fell by 2.46%, underperforming the broader market [12]. - The industry has seen a slight increase in trading volume, with a total of 148.08 billion RMB traded during the week [18]. - The average daily trading volume increased by 5.96% compared to the previous week [18]. Investment Recommendations - The report suggests focusing on investment opportunities in the satellite communication supply chain, AI computing power industry, digital applications, and 5G infrastructure development for medium to long-term growth [26].