Zheng Quan Shi Bao·2025-12-31 02:50Core Viewpoint - The report from Huatai Securities highlights the communication industry's performance in 2025 and outlines optimistic investment trends for 2026, emphasizing the significance of AI computing power and emerging sectors [1] Investment Outlook - The communication (Shenwan) index experienced significant fluctuations in 2025 due to skepticism surrounding AI computing narratives and geopolitical impacts, but later stabilized as it aligned with industry trend pricing logic [1] - For 2026, the report identifies three main investment lines: 1. Continued focus on AI computing power, with attention to domestic and international investment opportunities in the computing power supply chain [1] 2. The first secondary line is new productive forces, with the new cycle of the 14th Five-Year Plan expected to accelerate developments in commercial aerospace, satellite internet, low-altitude economy, and quantum communication and computing [1] 3. The second secondary line is core assets, where leading companies with long-term competitiveness and performance resilience, such as telecom operators, are anticipated to see valuation enhancement opportunities as market liquidity improves [1]