AI算力设备：短期催化强劲，长期价值凸显！

Core Viewpoint - The communication equipment sector is poised for significant growth driven by the AI wave, which is reshaping production models across industries and creating a concentrated demand for communication infrastructure as a foundational element for AI applications [5][7]. Group 1: Long-term Outlook - The long-term optimism for the communication equipment sector is based on the clear framework that the comprehensive explosion and application penetration of AI will be a core theme in the capital markets for several quarters [5]. - Communication equipment is identified as the most critical hardware and power provider for AI, with demand expected to grow steadily as AI application scenarios expand [7]. - The investment strategy focuses on leading companies within the communication equipment sector that possess core technological barriers and strong earnings visibility, emphasizing long-term growth over short-term market fluctuations [11]. Group 2: Short-term Catalysts - The recent surge in the communication equipment sector has been driven by three main catalysts: 1. Continuous technological iterations that catalyze opportunities within the industry chain, particularly advancements in PCB technology that enhance integration and reduce costs, benefiting the entire communication equipment supply chain [8]. 2. An influx of new capital focusing on sectors with high earnings visibility, with the communication equipment sector meeting this criterion due to solid performance in core segments like optical modules and servers [9]. 3. A market style shift favoring growth sectors, with communication equipment benefiting from increased investor preference for high-growth areas amid a recovery in market risk appetite [10]. Group 3: Summary of Trends - The short-term strength of the communication equipment sector is attributed to a combination of technological catalysts, capital inflows, and market style shifts, all underpinned by the genuine explosion of industry demand driven by the AI wave [12].