Unlike the 2G/3G era, since the 4G era, driven by digitalization, informatization and intelligence, there have been qualitative changes in the downstream demand structure of the communications industry. From mainly traditional operators to new downstream applications such as cloud computing, new energy, AI, and satellites, all of which have more than 100 billion dollars of production space, communications have ushered in a big era as the strategic infrastructure of the information society, and the cyclical research perspective on capital expenditure of traditional operators is gradually failing. The business of many listed companies in the communications industry has broken away from the needs of operators, showing the growth of border expansion. Looking ahead to 2024, the communications industry may still have excess profits. Optimistic about the three investment directions of computing power, terminal recovery, and satellite communications, operators will still have good allocation value.