Weekly view of the communication industry： The five departments jointly issued the implementation opinions to accelerate the construction of the national integrated computing power network
(The following contents from Wanlian Securities "Weekly Views of the Communication Industry: Five departments jointly issued implementation opinions to accelerate the establishment of the National Integrated Computing Power Network"
Industry core view:
Last week (12.25-12.29), the Shanghai and Shenzhen 300 Index rose 2.81%, and the Shenwan Communication Industry Index rose 3.18%, ranking 8th among the 31 Shenxin industries, and won the CSI 300 index of 0.37pct.It is recommended to focus on investment opportunities such as 5G construction and application, computing power, data centers, satellite communication and other sectors.
Industrial dynamics: (1) Computing Power Network: The five departments have recently issued the "Implementation Opinions of the Eastern Implementation of the" East Digital and West "project to accelerate the establishment of a national integrated computing power network", and proposed that by the end of 2025The computing power accounts for more than 60%of the new computing power nationwide, and the use rate of computing power resources of the national hub nodes exceeds the goal of the national average.(2) Cloud computing: According to Canalys data, in the third quarter of 2023, the service expenditure of cloud infrastructure in mainland China increased by 18%year -on -year to $ 9.2 billion, accounting for 12%of global cloud expenditures.The top three manufacturers in mainland China are Alibaba Cloud, Huawei Cloud and Tencent Cloud.(3) Operators: China Radio, Film and Television Network backbone network (CBNET) recently officially connected with China Telecom, China Mobile, China Unicom, and three major basic telecommunications operators in Shanghai.Essence(4) Satellite Communications: Recently, the China Mobile Research Institute jointly developed the star -based base station based on the 3GPP R17 NR NTN standard, and completed the ground communication test and the space environment adaptability test.The test performance is basically in line with expectations, and it will be further optimized in the future and conducts orbit verification, which can provide two -way broadband business for Volkswagen mobile phones and industry terminals.(5) Server: Recently, the Ministry of Finance and the Ministry of Industry and Information Technology jointly issued the "General Server Government Procurement Demand Standard (2023 Edition)", which involves product specifications, functional requirements, security requirements, performance requirements, compatibility requirements, reliability requirements, packaging and packaging requirements, packaging and packaging and packaging, packaging and packaging and packaging and packaging.Transportation requirements, service requirements and supply requirements.(6) 5G-A: Recently, the China Mobile Research Institute and Zhejiang Mobile United Huawei achieved the world's first 5G-A general-sense integrated base station low-altitude field scene in Hangzhou, Zhejiang Hangzhou. The effects are in line with expectations.
The industry valuation is lower than the historical center, and the industry's attention declines: Last week (12.25-12.29), the turnover of the Shenwan communications industry of Shenwan Communication was 13,123 billion yuan, with an average of 26.205 billion yuan per day.EssenceFrom the perspective of valuation, the SW communication industry PE (TTM) is currently 18.80 times, and the historical average below 2016 to the present is 35.71 times.
Differentiated by individual stocks in the communication sector in the previous transaction week: Among the 133 stocks, 118 stocks rose, 14 stocks fell, and the number of stocks accounted for 88.72%.
Investment recommendations: The computing power upgrade brought by the large artificial intelligence model has driven the development of industries such as servers, data centers, and optical modules; operators' digital business and cloud service business have become new growth drivers.In the middle and long term, it is recommended to pay attention to the satellite communication industry chain, artificial intelligence computing industry chain, digital application and 5G construction opportunities.
Risk factors: Sino -US scientific and technological friction caused by uncertainty risks caused by the industry; 5G construction is not as expected as expected; the artificial intelligence industry is not as good as expected; the digital industry construction is not as good as expected