通信行业双周报（2025、4、11-2025、4、24）：低轨卫星“千帆星座”完成五批次组网卫星发射-20250425

Investment Rating - The report suggests an "Overweight" rating for the communication industry, indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [44]. Core Viewpoints - The low-orbit satellite "Qianfan Constellation" has successfully completed five batches of network satellite launches, indicating a steady development in the commercial aerospace manufacturing cluster and a high-quality growth in the satellite communication industry [3][41]. - The communication industry is currently in a phase of technological iteration and policy dividends, with new productive forces such as AI, quantum communication, and low-altitude economy expected to continuously release growth momentum [3][41]. - The report emphasizes the importance of focusing on three main lines of opportunity: "technology commercialization + policy catalysis + performance certainty" for companies in the sector [3][41]. Summary by Sections 1. Industry Market Review - The communication sector has seen a cumulative increase of 1.48% from April 11 to April 24, outperforming the CSI 300 index by 0.16 percentage points, ranking 18th among 31 primary industries [11][12]. - The sector has experienced a decline of 8.30% in April, underperforming the CSI 300 index by 5.65 percentage points, and a year-to-date decline of 9.37%, also underperforming the index by 5.54 percentage points [11][12]. 2. Industry News - The Shanghai government aims for the commercial aerospace industry to reach a scale of approximately 100 billion yuan by 2027, with significant manufacturing capabilities for rockets and satellites [16]. - The International Star Alliance is promoting the integration of "embodied intelligent robots + star flash" for industrialization [18]. - The GSMA predicts that mobile technology will contribute $2 trillion to China's economy by 2030, with 5G technology expected to account for 40% of this contribution [20]. 3. Company Announcements - Yiyuan Communication reported a net profit growth of 548.49% year-on-year for 2024, with revenues of 18.594 billion yuan, a 34.14% increase [23]. - Guangxun Technology announced a revenue increase of 36.49% year-on-year for 2024, reaching 8.272 billion yuan [24]. 4. Industry Data Updates - As of March 2025, the mobile phone user base reached approximately 1.8 billion, a year-on-year increase of 3.07% [26]. - The length of optical cable lines reached approximately 72.88 million kilometers by Q4 2024, reflecting a year-on-year growth of 13.31% [30]. 5. Communication Sector Weekly View - The report recommends focusing on companies such as China Telecom, FiberHome, and Changfei Fiber, which are positioned to benefit from ongoing technological advancements and policy support [41][42].