甬兴证券2026年度通信策略：光互联 + 端侧 AI 双轮驱动

Core Insights - The communication industry is expected to see significant growth driven by advancements in optical interconnection technology and the increasing richness of edge AI applications [1][2] Group 1: Industry Trends - The global demand for computing power and technological iterations are favorable for the industry chain, with overseas cloud vendors rapidly increasing capital expenditures [1] - China's intelligent computing scale is growing rapidly, with a notable increase in demand for high-speed optical modules such as 800G and 1.6T [1] - The penetration of silicon photonics solutions is identified as a key development direction for optical modules [1] - The transition to liquid cooling solutions is anticipated due to the limitations of air cooling as chip power consumption rises [1] Group 2: Market Opportunities - The Internet of Things (IoT) market is experiencing steady growth, with edge AI becoming a new driving force [1] - AI toys are enhancing personalized experiences, and there is significant market potential for smart lawn mowers, which currently have low penetration rates [1] - The satellite internet industry is entering a phase of industrialization in China, with ongoing deployment of constellation plans and supportive domestic policies [1] Group 3: Investment Recommendations - Four main investment themes are identified: 1. Steady performance and increasing dividend rates in telecom operators such as China Mobile, China Telecom, and China Unicom [3] 2. Continued development of IoT and potential in edge AI, recommending companies like Xiaomi, Lenovo, ZTE, Suton, and Yujian [3] 3. Strong demand for AI computing power benefiting the communication industry chain, with recommendations for companies like Zhongji Xuchuang, Xinyisheng, Tianfu Communication, and Ruisheng Intelligent [3] 4. Accelerated satellite networking processes, recommending Huace Navigation [3]