【Huatai Securities: Embrace AI/Satellite Industry Trends and Allocate Core Assets】Jin10 Data December 12th, Huatai Securities outlook on the communications industry in 2025 stated that it is optimistic about three investment main lines: 1) Continue to embrace industry trends, as the advancement of AI computing power chain and the commercialization of satellite internet progresses, optimistic about related sub-sector investment opportunities; 2) New productive forces: the low-altitude industry may initiate provincial and municipal level infrastructure construction, the domestic quantum communication industry is expected to evolve from 0 to 1, and commercial aerospace scenarios are accelerating; 3) Core asset value reassessment: with the improvement of market liquidity, leading enterprises with long-term competitiveness and performance resilience are expected to encounter opportunities for valuation enhancement; in addition, mergers and reorganizations of central state-owned enterprises are expected to promote more quality enterprises to complete the assetization process, positively impacting sector valuations. (Source: Jin10 Data)