国泰海通证券研究·2025-10-31 10:39Core Viewpoint - The communication industry has seen a significant increase in fund holdings, with a market value share of 7.76% in Q3 2025, reflecting a quarter-on-quarter increase of 3.90 percentage points, ranking it among the top five sectors [1][2]. Summary by Sections Industry Valuation and Growth - The overall valuation of the communication sector is above the historical average, with a PE-TTM of 43x, placing it in the 67th percentile since 2016. The sector is expected to benefit from developments in AI infrastructure and new connectivity, allowing for continued performance growth and gradual valuation digestion [2]. Fund Holdings and Key Stocks - In Q3 2025, the communication sector's fund holdings saw a notable increase, with the top three stocks by fund holding market value being: - Zhongji Xuchuang: 111.446 billion (up 62.53% quarter-on-quarter) - Xinyi Sheng: 110.172 billion (up 60.81% quarter-on-quarter) - Tianfu Communication: 14.544 billion (up 14.90% quarter-on-quarter) - The AI industry chain remains a focal point for current investments, with Zhongji Xuchuang and Xinyi Sheng continuing to hold the top two positions in fund holdings [2].