Ge Long Hui A P P·2025-08-14 00:25Core Insights - The SW communication equipment sector has seen a 31.4% increase in points since the beginning of the year, outperforming the broader market [1] - The computing power chain remains a key investment theme in the market, influenced by factors such as the release of DeepSeek R1, reciprocal tariffs, and North American AI expectations [1] - Since mid-April, capital expenditures from major overseas cloud service providers have exceeded expectations, leading to a recovery from the "computing power deflation" narrative, with core suppliers' stock prices reaching new highs [1] Industry Trends - There is an increasing certainty in the growth of domestic and international computing power chain demand [1] - The importance of networks in AIDC (Artificial Intelligence Data Center) is expected to rise [1] - The acceleration of AI applications, such as Agents, is anticipated [1] - The "14th Five-Year Plan" policy guidance highlights areas of interest including digital infrastructure, marine economy, and military communication [1]