TF Securities(SH:601162) 智通财经网·2025-11-26 03:35Group 1 - The core viewpoint of Tianfeng Securities is a strong outlook on investment opportunities in the AI computing power industry chain, particularly through 2026, with ongoing developments in both China and the US in AI and inference [1] - The report emphasizes the importance of monitoring AI industry dynamics and investment opportunities in AI applications, particularly in the "AI + overseas + satellite" sectors, highlighting key areas such as optical modules, liquid cooling, and domestic computing power lines [1] - The communication industry index has seen a significant increase of 55.58% as of November 14, 2025, ranking second among 31 industries, with institutional holdings in the communication sector rising to 7.14% in Q3 2025, an increase of 3.16 percentage points from Q2 2025 [1] Group 2 - The GB300 is expected to start significant volume production in the fourth quarter, which will drive the adoption of 1.6T optical modules, with silicon photonics expected to play a crucial role in the future development of optical modules due to its high integration, performance, and cost-effectiveness [2] - According to IDC, the data center switch market is the only product category in the global network market projected to experience positive growth in 2024, with China's switch market expected to grow by 5.9% year-on-year, and data center switches specifically projected to grow by 23.3% [3] - The revenue from 200G/400G devices in data center switches is expected to increase by 132.0% year-on-year, with port shipments rising by 166.5%, driven by AI-generated content (AIGC) [3]