通信行业2025年年度策略：AI变革新阶段

Investment Rating - The report maintains an "Overweight" rating for the communication industry, with specific companies recommended for investment including NewEase, Zhongji Xuchuang, Tianfu Communication, and others [1][6]. Core Insights - The report highlights that the AI transformation is entering a new phase, with significant growth in application and reasoning computing demand, driven by hardware advancements and model optimization [4][23]. - Key investment directions include AI computing, AI applications, and communication semiconductors, with a focus on domestic alternatives due to increasing demand for self-sufficiency [6][26]. Summary by Sections AI Transformation Phase - The communication sector has shown a year-to-date increase of 21.65%, outperforming the CSI 300 index by 8.79 percentage points, with notable performance in optical modules and copper connections [21][23]. AI Computing - The report emphasizes the explosive demand for reasoning capabilities, with the introduction of OpenAI's o1 model significantly enhancing reasoning performance and driving the need for computing power [5][23]. - Domestic computing capabilities are accelerating due to intensified AI strategic competition and regulatory policies, with a recommendation to focus on industries like copper cables and connectors [5][6]. AI Applications - The foundation for AI applications is solidifying, with hardware costs decreasing and model optimization driving down reasoning costs, leading to an expected surge in AI applications [24][6]. - Companies involved in AI toys and Wi-Fi technology are positioned to benefit from the growing penetration of intelligent and connected devices [24][6]. Communication Semiconductors - The demand for communication semiconductors is being driven by the need for self-sufficiency and the gradual release of domestic computing demand, particularly in optical modules and IoT chips [26][6]. - The report suggests that companies like NewEase, Zhongji Xuchuang, and Tianfu Communication are well-positioned to benefit from these trends [6][26]. Operators and Equipment Vendors - The report anticipates that 5G-A deployment will accelerate, with significant capital expenditure expected from major telecom operators [6][26]. - The three major telecom operators (China Mobile, China Telecom, China Unicom) are highlighted as undervalued assets with long-term investment potential [6][26].