20230827-天风证券-通信行业研究周报_我国已累计建成5G基站305.5万个；英伟达Q2净利润高速增长_12页_1mb

Communication Industry Research Summary: August 27, 2023

Key Trends

• China has cumulatively built 30.55 million 5G base stations, accounting for 26.9% of total mobile base stations. 5G subscribers reached 6.95 billion, with a penetration rate of 40.6%.
• Nvidia's Q2 revenue surged 101% year-on-year, driven by AI demand; profit growth outpaced expectations, with AI chip market expected to grow at over 20% annually.

Investment Viewpoints

• Short-term focus on AI + digital economy, emphasizing core beneficiaries in networks, optical components, and cloud infrastructure.
• Long-term themes include "天地一体化" for 6G, communication + new energy (e.g., offshore wind and储能), and AI applications.
• Recommendations include investing in companies like 中兴通讯, 紫光股份, 中际旭创, 亨通光电, and exploring sectors with high growth potential and undervalued stocks.

Market Analysis

• Communication sector underperformed in July-August 2023, declining 2.76%. Sub-sectors like equipment manufacturing faced steeper drops.
• Upcoming events: Key announcements on AI server procurement by China Telecom and other initiatives are expected to boost AI calcification investments.

Risks

• Potential slowdown in AI adoption, regulatory risks, and trade conflicts. Three main risk factors: AI progress lagging expectations, application delays, and geopolitical uncertainties.

Conclusions

• Strong long-term case for AI calcification and digital transformation, with communication infrastructure as a key enabler. Focus on core technologies and emerging applications for sustained growth opportunities.