Everbright's research report points out that there are still structural opportunities in the communication industry in 2025. Long-term logic of operators remains unchanged and still valuable, with some segments of the growth track having good opportunities. 1) Operators: Still the most valuable investment sector in communications, with 5G construction nearing completion. Meanwhile, the investment in algorithm power has limited overall pressure on CAPEX. The turning point of CAPEX in 2024 has already appeared, with continuous improvement in free cash flow. Also, the reduction in depreciation and amortization expenses is expected to gradually show long-term impact on profits. Continued increase in cash dividends is a long-term trend for operators. Recommended to pay attention to: China Mobile, China Telecom, China Unicom, etc. 2) Sensors: With the continuous development of cutting-edge technologies such as the Internet of Things and 5G, the demand for sensors market is gradually increasing. Recommended to pay attention to: Sifang Optoelectronics, etc. 3) Internet of Things: RedCap boosts the development of 5G IoT, with continuous growth in long-term connections in the IoT. In the short term, waiting for demand to recover. Recommended to pay attention to: Quectel Wireless Solutions, Fibocom Wireless Inc., etc. 4) Optical modules: The prosperity in 2025 is expected to continue, with a more concentrated high-speed rate structure.