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First, the transaction level: the computing power network and the digital economy continue to catalyze, and the ratio of turnover to market value has reached an all-time high level.GamblingnftgamesInstitutional positions fluctuate greatly, Q1 increases or decreases more, financial aspects: Capex turn, profitability differentiation, enterprises increase cash flow control, prudent management is affected by the macroeconomic environment, overall income growth slows down in 2023, and the focus of revenue growth moves down. At a time when domestic GDP growth is slowing and the global trade situation is still unstable, gross margins are still under relative pressure. The increasing differentiation of net profit growth and the decline of average net interest rate reflect the general trend that revenue growth rate is faster than net profit growth rate in the process of macroeconomic and downstream Capex turn, as well as different enterprises' operating pressure handling capacity leads to great differences in expense rate. From the perspective of cash flow, enterprises continue to operate conservatively, reduce inventory and increase repayment efforts. The overall cash flow of the industry continues to improve. Third, sub-sector situation: 1. Telecom operators: ballast stone with sound business, stable dividends and rotating market style; 2, main equipment: operator Capex turn influence, industry inventory level decline; 3, optical devices and optical fiber cables: AI demand to pull high-speed optical devices volume, performance into the verification period 4, base station antennas, RF devices, PCB, etc.: downstream demand is stable and shrinking, and the industry is in the adjustment stage; 5, Internet of things: income and inventory have stabilized and rebounded, and there is expected to be an inflection point; 6. IDC&CDN: benefiting from the outbreak of demand for arithmetic, the industry has stabilized and rebounded. Fourth, investment recommendations at the current time, we believe that the overall capital expenditure of operators began to shift, and actively carry out digital transformation, operators related upstream strip business under pressure. Segments of industries with relevant logic such as computing power, energy infrastructure (power grid, gas, etc.) and improvement of offshore inventory are expected to pick up more quickly. As the economy stabilizes in 2024, the overall profit side, especially the profits of the three major operators, accelerates the release. (1) for operators, business transformation takes effect step by step, and digital and cloud-related services have developed in high quality for a long time. Under the steadily improving dividend policy, the security margin of operator plate is significant, which is the ballast stone in the process of market style rotation. It is expected that under the catalysis of hot spots, it will continue to raise the overall valuation level of the industry. Continue to recommend China Mobile, China Telecom and China Unicom. (2) Computational network will be the hot spot and direction of long-term investment, and the related fields, especially the liquid-cooled plate, will benefit from strong certainty. At the same time, it is recommended to pay attention to the hot catalysis brought about by the evolution of computing network architecture driven by large model and AIGC, especially in the field of high-speed interconnection. Continue to recommend Ziguang shares (Huaxi Communications & computer Joint coverage), Invik, the related beneficiaries include Gaolan shares, Internet Technology and so on. The areas of high-speed interconnection include Super Ethernet Alliance and UCIe Alliance, and related beneficiaries include Ziguang (Xinhua 3), Ruijie Network, Optical Technology, Century Interconnection, Core, Canxin Semiconductor, and other high-speed interface IP companies. (3) 5GamblingnftgamesThe .5G network is commercial and is expected to be popularized in the fields of low-altitude economy, Internet of things and XR. RedCap module superimposed sea logic related benefits include mobile communications, Mega intelligence, etc.; synaesthesia integration related industry chain application extension, related benefit targets ZTE, Tongyu Communications; catalytic flow distribution in the field of XR, related benefit targets include network technology, etc. (4) low altitude-Beidou, trillions of industries are ready to fly, and communications technology support has landed. The related beneficiary targets of shortwave, ultrashort wave and wireless relay networking industry chain in low altitude include Hagrid Communications, FiberHome Electronics, 712, Hyunda and so on. As an important supplementary communication mode for low-altitude aircraft, with the gradual maturity of domestic Leo satellite launch and networking, low-altitude economy is expected to become an important landing application scene of Leo satellite communication. the beneficiaries include: Hagrid Communications, Shanghai Hanxun, Changchang Science and Technology and so on. Heterogeneous multi-sensors provide multi-dimensional environmental information to ensure flight safety. The beneficiaries include: Beidou industry chain: Huashan Navigation, Hagrid Communications, etc., IMU industry chain: Huayi Technology, Core Novast, Science and Technology Navigation, etc., lidar industry chain: Ju Guang Technology and so on. (5) Energy infrastructure: Golden Card Intelligence (Huaxi Communications & Machinery Joint coverage), Weisheng Information, etc. (6) LCD Panel: TCL Technology (Huaxi Communications & Electronic Joint coverage), etc. Fifth, the risk hints that the Capex of 5G operators is not as expected; the construction of computing network is not as expected; the expenditure of Internet companies is not as expected due to macroeconomic factors; and systemic risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.

[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.