持续关注运营商，深海科技为海缆公司带来新发展机遇

Investment Rating - The report maintains a rating of "Outperform the Market" for the telecommunications sector [4]. Core Insights - The performance of telecommunications operators in 2024 has been stable, with positive guidance for 2025, suggesting continued attention to this sector [8]. - The 2025 government work report mentions "deep-sea technology" for the first time, which is viewed as an extension of the marine economy, potentially covering areas such as deep-sea exploration, resource development, equipment manufacturing, and ecological protection. The report emphasizes the importance of marine observation networks and marine optical communication [8]. Summary by Sections Investment Recommendations - The recommended investment portfolio includes China Mobile, China Telecom, China Unicom, Tongfang Co., and Hengtong Optic-Electric. The average performance of this portfolio showed a decline of 1.83%, outperforming the telecommunications index by 2.04 percentage points but underperforming the CSI 300 index by 1.84 percentage points [9][12]. Suggested Focus Areas - Areas of interest include smart controllers (Tongfang Co., Heertai, Zhenbang Intelligent), IoT modules (Guanghetong, Yiyuan Communication, Meige Intelligent), telecommunications operators (China Mobile, China Telecom, China Unicom), military communication and satellites, cable and deep-sea technology (Hengtong Optic-Electric, Zhongtian Technology, Fenghuo Communication), cloud computing, liquid cooling, industrial internet, and cloud communication [13][15]. Market Review - The telecommunications sector showed average performance, with the telecommunications index down by 3.87%, underperforming the CSI 300 index by 3.88 percentage points, ranking 29th among 31 primary industries [16]. Industry News - The report highlights significant advancements in 5G technology, including record-breaking uplink speeds achieved by Ericsson in collaboration with Telstra and Qualcomm, and the successful commercial deployment of a 5G network in Guangzhou's subway system [20].