According to the CITIC Construction Investment Research Report, the overall performance of the communications sector maintained steady growth in 2023, and the profitability of the sector improved in the first quarter of 2024. Segments such as IDC, optical modules, and ICT equipment benefited from increased demand for AI, and all had good performance. 2024Q1, the proportion of public offering and capital holdings in the communications sector increased markedly from month to month. Optical modules, operators, etc. are still heavy stock sectors. Currently, the valuation of the communications sector is still at the bottom of history. The scale of holdings reduction has been reduced on a large scale due to the new regulations. The risk of majority shareholders' pledge is generally manageable. It is recommended to continue to pay attention.
中信建投：目前通信板块估值仍处历史底部区间 建议持续关注
CITIC Construction Investment: Currently, the telecommunications sector's valuation is still at the bottom of history, and suggestions continue to pay attention
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