通信行业投资策略周报：联想Tech World 2024举办，持续看好AI算力产业链投资机会

Investment Rating - The report rates the communication industry as "Buy" [2][47] Core Insights - The Lenovo Tech World 2024 event highlighted the strategic collaboration between NVIDIA and Lenovo in hybrid AI, aiming to reshape the computing industry and enhance AI performance [7][8] - AMD is focused on building an open software ecosystem and has formed the x86 Advisory Group with Intel and other tech giants to improve compatibility and collaboration in response to ARM chip challenges [8] - Lenovo introduced several AI products, including the AI Now personal assistant based on the Meta Llama 3 model, which operates without cloud dependency, enhancing user experience [9] - The overall impact of AI on cloud service providers is becoming evident, with North American cloud companies increasing capital expenditures in 2024, indicating a long-term demand for computing power [9] Summary by Sections 1. Core Insights - The Lenovo Tech World 2024 event emphasized the integration of AI into everyday life, with major industry leaders presenting their visions and solutions [7] - NVIDIA's CEO highlighted the importance of accelerating AI roadmaps to reduce costs and energy consumption while increasing revenue potential [7] - AMD's commitment to an open ecosystem aims to foster innovation on foundational hardware [8] 2. Market Performance Review - The communication sector outperformed the broader market, with a weekly increase of 5.20% compared to the 0.98% rise in the CSI 300 index [11] - Over the past 30 days, the communication sector rose by 30.2%, outperforming the CSI 300 index by 5.9 percentage points [11] 3. Industry Data Updates - As of the end of 2023, China had 3.377 million 5G base stations, a net increase of 1.065 million from the previous year, representing 29.1% of total mobile base stations [23] - In August 2024, domestic smartphone shipments reached 24.204 million units, with 19.754 million being 5G smartphones, marking a 26.3% year-on-year growth [24] 4. Recent News Highlights - The liquid cooling server market in China is projected to grow significantly, with a market size of $1.26 billion in the first half of 2024, reflecting a 98.3% year-on-year increase [33] - Gartner predicts that by 2025, AI PCs will account for 43% of total PC shipments, driven by the integration of embedded neural processing units [35]