20240102-万联证券-通信行业周观点_五部门联合印发实施意见_加快构建全国一体化算力网_9页_1mb

Summary

Industry Performance: The communication industry index surged 318% last week (December 25-29), outperforming the沪深300 index by 0.37 percentage points, ranking 8th among 31 sectors. Cumulatively from the start of the year, the index rose 25.75%, significantly beating the沪深300's -1.138%.

Key Developments:

• Policy: Five departments jointly issued an opinion to accelerate the national integrated compute network, aiming for 60% of new compute in hub regions by 2025.
• Cloud Computing: China's cloud infrastructure spending increased 18% year-over-year to $9.2 billion, with Alibaba Cloud, Huawei Cloud, and Tencent Cloud leading.
• Operators: China's广电 network achieved direct interconnection with major carriers, enhancing integrated services.
• Satellite & 5G: China Mobile successfully tested satellite communications and deployed 5G-A base stations for drone detection and sensing applications.

Market Valuation: The PE (TTM) for the communication industry is 18.8 times, below the historical average of 35.71 times since 2016, indicating attractive valuation levels.

Investment Recommendations: Focus on the AI compute chain, satellite communications, operators' digital and cloud services, and 5G infrastructure for long-term growth opportunities, driven by AI advancements and policy support.

Risks: Potential risks include U.S.-China tech tensions, delays in 5G deployment, AI development challenges, and broader digital infrastructure bottlenecks.