Zhongtai Securities recently released the communication industry Weekly: attach importance to the direction of independent controlling and satellite Internet industry.
The following is the research report Abstract:
This weeks Shanghai and Shenzhen 300 rose 5.5%, the GEM rose 9.32%, of which the communication sector rose 6.79%, The price of the sector is stronger than the large market; the 122 component stocks of the 122 component stocks of the exponential of communication () have a conversion rate of 4.73%during the week;The overall activity of the plate is stronger than the broader market.
In terms of the single stocks of the communication sector, the top five companies this week are: (+53%), Chunxing Seiko (+40.8888%),*ST Tongli (+27.73%), Xinwei Communication (+27.70%), Cambridge Technology (+27.22%);: Hai Nengda (-17.38%), Datang Telecom (-14.47%), (-5.72%), Huichang Communication (-1.96%), ST Zhongjia (-1.3666 (-1.3666)%).
The U.S. election is settled, and the opportunity for independent controlled domesticization.Recently, Trump won the US presidential election in 2024 and is about to begin his second term.We believe that Trumps election or tightening the policy for China has forced domestic science and technology to independently control the speed and speed up. The AI wave focuses on the core composition of domestic computing power such as GPU, exchange chips, and optical chips.Exchange chips are the key to support the large -scale transmission processing data of AI clusters. The technical barriers are high. It has long been led by overseas manufacturers such as Broadcom. The demand for domestic 400G switches is strong, driving the demand for high -speed switching chips, the expansion of AI computing power and network security.Domestic replacement is expected to accelerate, and the high -end capabilities of domestic exchange chip manufacturers continue to break through.The global leading share of domestic optical module has driven the optical communications industry chain to the country. With the narrowing of domestic and foreign technology gaps and new technologies such as silicon light, the process of autonomy of upstream optical chips is expected to accelerate.In addition, we believe that there is no need to worry too much about the impact of Trumps tariff policy on the optical module after being elected. Domestic optical module manufacturers occupy most of the global market share. In the 2023 TOP10 list, 7 are from China.The expansion cycle, the domestic optical module has become a key link in the global AI computing power industry chain. At the same time, the leading company has set up factories in Southeast Asia in recent years.
Brazil plans to introduce Yuanxin satellite services, and the global satellite Internet construction accelerates.According to local media news, Brazil hopes to introduce the satellite service. The two parties are negotiating on the memorandum of understanding. It is expected to be signed later this month.The "Thousand Sail Constellation" led by Yuanxin is planned to complete the network networking of over 15,000 low -orbit satellite Internet by the end of 2030. It has launched the second batch of 18 network satellites on October 15th, and completed 2 launch within 3 months.The number of rails reached 36, with 108 targets throughout the year.GW plans to launch the first time in the Hainan business development session. It will launch about 10%of satellites in the next 5 years, and will complete all satellite launch by 2035.Overseas, Globalstar recently announced that it has received $ 1.5 billion in Apple Investment, of which 1.1 billion U.S. dollars as the companys infrastructure of the companys expansion of satellite constellations, 400 million US dollars used to acquire 20%of the equity of the company.Service fee.In 2022, the iPhone14 started providing "emergency SOS" communication services based on Globalstars 31 L -band satellite networks. At present, Globalstar has ordered 26 new satellites. It is planned to launch a network in 2025. In the future, at least 85%of the companys satellite Internet transmission capacity will be available for Apple.Use mobile phone.Ast Spacemobile recently announced that the first 5 Bluebird commercial satellites have successfully launched a solar panel, and the space 5G service has entered a new stage.The rapid development of domestic satellite Internet networking to promote the rapid development of global mobile phones and other direct -connected satellites is expected to form dense catalytic. It is recommended to pay attention to core links such as satellite loads, ground stations and terminals.
The Ministry of Industry and Information Technology held a low -altitude group meeting, and the low -altitude economic policy was catalytic.On November 5, the Ministry of Industry and Information Technology held the first plenary meeting of the leading group of low -altitude industrial development to study and deploy the key tasks of promoting high -quality development of low -altitude industries, and proposed the construction of a low -altitude equipment innovation system, industrial system and low -altitude information infrastructure construction.Humanized, electrified, and intelligent low -altitude equipment.On the same day, the Shenzhen Municipal Transportation Bureau solicited opinions on the implementation rules of the "Shenzhen Municipal Municipal Municipal Municipalitys High -quality Development of the Low Economy" and put forward specific subsidy plans. The total funding of 2024 does not exceed 160 million yuan, and the 2025 will not exceed 220 million yuan.It does not exceed 1210 million yuan, and the amount of funding of each year does not adjust. The funding projects include the settlement of low -altitude economic enterprises, EVTOL aircraft and driverless aircraft availability.Multi-regions in China have accelerated low-altitude economic deployment. Since the Q4, Shandong has released the "Three-year Action Plan for the Development of Low Economy and High-quality Development (2025-2027)", Shanghai Yangpu District released "Several Measures to Promote the Development of Low Economic Development (Trial)", and Suzhou released a low altitude at a low altitudeThe trial method of flight service management is planned to be officially implemented from December 1, 2024.Wuxi, Maoming, Nanchang, Shaoxing and other low-altitude economic construction projects have passed the record. The Zhuhai Air Show will be held on November 12-17. According to the official website, the air show will set up a low-altitude Economic Museum for the first time to focus on displaying low-altitude operation monitoring platforms and monitoring platforms andInnovate application scenarios.With policy support and application scenarios, orders in low altitude are expected to usher in rapid improvement.
Investment suggestions: Follow ICT device vendors: Shengke Communication, Ruijie Network, Ziguang Co., Ltd. (Xinhua III), Beacon Communication, Philip Kosi, ZTE, etc.; Navigation: Shanghai Hanxun, Hagrid Communication, Zhenyou Technology, Hua Test Navigation, Laochang Technology, Xinke Mobile, Shenglu Communication, China Weong, etc.;Tianfu Communication, Yuanjie Technology, Dekeli, Taichen Guang, Guangxun Technology, Tengjing Technology, Huagong Technology, etc.; Telecom operators: China Mobile, China Telecom, China Unicom; Data Center: Yingvek, Gaolan Co., Ltd., Runze Technology, Netsu Technology, Baoxin Software, Halo New Network, Kehua Data, etc.; Optical cables and submarine cables: Zhongtian Technology, Hengtong Optoelectronics, Oriental Cable, Longfei Optical Fiber;Technology, Dingtong Technology, Rukeda, etc.
Risk reminder event: downstream demand is not as good as expected risk, technical iteration is not as good as expected risks, market competition intensifies risk, overseas trade disputes, marketing systemic risks, renewal information updates, etc.Essence( Chen Ningyu, Yang Lei)
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