通信行业2025年投资策略：迎接AI的大推理时代

Investment Rating - The industry rating for the communication sector is "Buy" [2]. Core Insights - The arrival of the AI reasoning era presents investment opportunities in cloud computing power and AI agents [2]. - The transition from training-driven AI to reasoning-driven AI is highlighted, with significant increases in reasoning power consumption due to advancements in large models [2][109]. - Major technology companies are increasing their self-developed hardware and decoupling supply chains to reduce costs and ensure supply chain security [2][109]. - The domestic AI market is expected to accelerate its catch-up with overseas markets, emphasizing investment opportunities in local computing power and applications [2][111]. - The three major telecom operators are seen as attractive investment opportunities due to their stable fundamentals and high dividend yields compared to long-term government bond yields [2][116]. - The satellite internet sector is poised for growth, with increasing user numbers and rapid deployment of new satellites [2][116]. Summary by Sections Investment Logic - The report emphasizes the potential of cloud computing power and AI agents in the new reasoning era, driven by the increasing demand for reasoning capabilities [2][109]. 6G Development - 6G is viewed as an upgrade of 5G capabilities, expanding the boundaries of communication manufacturers [2][121]. - The integration of air, land, and space communication systems is expected to benefit telecom operators [2][125]. AI Trends - The report notes that the AI agent industry is accelerating, leading to a new wave of demand for computing power [2][110]. - The growth of AI applications is expected to correlate strongly with the number of users and AI carriers [2][110]. Satellite Internet - 2025 is projected to be a significant year for satellite networking, with commercial cycles beginning [2][125]. - The report highlights the rapid increase in satellite internet user numbers and the development of new satellite technologies [2][116]. IoT and Related Technologies - The IoT sector, including connectors and smart controllers, is expected to see a recovery and growth in 2025, driven by applications in AI agents and data centers [2][117]. - Investment opportunities are identified in emerging technologies such as quantum communication and optical computing [2][118].