On January 16, CITIC Securities highlighted that the communications industry is poised for substantial structural growth in 2024. Operators, alongside high-quality state-owned and central enterprises, are maintaining steady expansion. The global AI computing power chain continues to exhibit robust enthusiasm, with leading optical module enterprises experiencing rapid performance upticks. Concurrently, the domestic AI computing power chain is anticipated to gradually demonstrate its potential, marked by a notable surge in orders for frontrunners in sectors such as AIDC, switches, and liquid cooling. Additionally, leading IoT enterprises have also witnessed a substantial improvement in performance. Nonetheless, the 5G and traditional optical fiber sectors remain under pressure. CITIC Securities strongly endorses leading enterprises across various sub-sectors, including operators, optical modules, connectors, AIDC, liquid cooling, IoT, and switches.