通信行业周报：AEC，铜连接之光

Investment Rating - The report maintains an "Overweight" investment rating for the industry [1] Core Viewpoints - The report highlights the emergence of AEC (Active Electrical Cable) technology as a significant advancement in the connectivity solutions for data centers, particularly in the context of increasing bandwidth demands [4][11] - AEC is expected to penetrate the market rapidly, especially in scenarios requiring low-cost, high-speed interconnections within a distance range of 2.5 to 7 meters [7][11] - The report emphasizes the long-term positive outlook for the computing power sector, driven by the growth of AEC and the rise of independent solutions from CSP (Cloud Service Provider) manufacturers [11][39] Summary by Sections Investment Strategy - The report recommends focusing on companies involved in the computing power sector, particularly those with comprehensive layouts in connectivity, such as Zhongji Xuchuang and Xinyi Sheng [12][22] - It also highlights key players in optical communication and copper connections, including Tianfu Communication and Walden Materials [12][22] Market Review - The communication sector has shown an upward trend, outperforming the Shanghai Composite Index, with the IoT segment leading the performance with an 8.1% increase [28][29] - The overall industry index rose by 2.0%, indicating a strong performance relative to broader market indices [28][29] Weekly Topic: AEC Technology - AEC technology is positioned as a key player in the evolution of data center connectivity, with its ability to support longer transmission distances and improved signal quality compared to traditional copper cables [6][37] - The report notes that AEC's market is expected to double in the future, particularly driven by the demand for 400G and above transmission rates [11][37] Key Recommendations - The report identifies several companies to watch, including Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Walden Materials, as they are well-positioned to benefit from the growth in the computing power and connectivity sectors [12][39]