天风证券：仍然看好AI行业作为年度投资主线

Core Viewpoint - Tianfeng Securities remains optimistic about the AI industry as a key investment theme for the year, predicting that 2025 may become a pivotal year for domestic AI infrastructure competition and application development [1] Group 1: AI Industry Outlook - Continuous progress is observed in both China and the US regarding AI, with advancements in inference capabilities [1] - The recommendation is to keep an eye on AI industry dynamics and investment opportunities in AI applications [1] Group 2: Investment Recommendations - Mid to long-term focus on "AI + overseas expansion + satellites" as core investment opportunities [1] - Key areas of interest include overseas AI sectors such as optical modules & devices and liquid cooling, which are recommended for continued attention [1] - Domestic computing power lines, including domestic servers, switches, AIDC, and liquid cooling, are also highlighted as important investment targets [1] Group 3: Industry Recovery and Opportunities - The offshore wind industry is experiencing a domestic recovery, with promising opportunities for overseas expansion, emphasizing the need to adapt to industry changes [1] - Core recommendations include leading companies in submarine cable manufacturing [1] - The satellite internet industry is showing positive domestic developments, with expectations for future catalytic growth [1]