通信行业周报：国产算力持续发展，液冷为伴生需求

Investment Rating - The report maintains an "Outperform" rating for the communication industry [2] Core Insights - The continuous development of domestic computing power is accompanied by the adoption of liquid cooling solutions, which are becoming essential for improving data center energy efficiency [3][26] - The demand for liquid cooling servers is entering a growth phase characterized by both volume and price increases, with a projected CAGR of 47.6% from 2023 to 2028 in China's liquid cooling server market [27][28] - Nvidia's recent financial performance indicates sustained demand for computing power, which is further supported by the ongoing US-China technological competition that opens up opportunities for domestic alternatives [28][30] Summary by Sections Investment Strategy - The quality and scale of computing power are growing in resonance, with policies improving data center energy efficiency. In 2023, China's data center electricity consumption reached 150 billion kWh, a 15.4% increase year-on-year, accounting for 1.63% of total national electricity consumption [3][26] - Liquid cooling solutions are effective in enhancing data center efficiency, with the Chinese liquid cooling server market reaching $1.26 billion in the first half of 2024, a 98.3% year-on-year increase [27][28] - Nvidia reported a record revenue of $35.1 billion for Q3 of the 2025 fiscal year, reflecting a 94% year-on-year growth, indicating strong and ongoing demand for computing power [30] Industry News - Nvidia's Q3 revenue highlights the robust demand for AI computing power, suggesting potential growth opportunities for domestic computing power alternatives due to import restrictions [30] - SpaceX's successful sixth test flight of the Starship and FAA's approval for increased launch frequency signal a competitive acceleration in global satellite internet deployment [31] - The successful completion of 6G integrated testing by China Telecom indicates advancements towards direct satellite communication capabilities [34] - The National Data Bureau's draft guidelines for national data infrastructure construction signify a shift in focus towards data infrastructure, presenting new opportunities for traditional communication equipment manufacturers [35][37] Weekly Review and Recommended Portfolio - The communication sector experienced a decline of 3.56% this week, with a focus on investment opportunities in domestic computing power, satellite internet, and digital infrastructure [38]