通信行业周报：训练侧向推理侧转移，训练与推理共振

Investment Rating - The report maintains an "Outperform" rating for the communication sector [9]. Core Insights - The report highlights the rapid development of large models and their applications, with a focus on cost reduction and enhanced interaction capabilities. The shift from training to inference is noted as a significant trend [27][52]. - The successful launch of China's satellite internet project, involving the deployment of 12,992 satellites, marks a pivotal moment for the country's satellite internet capabilities [3][29]. - The demand for ASIC chips is expected to grow significantly due to the increasing need for specialized computing power in AI applications, with major companies reporting substantial revenue growth in this area [31][53]. Summary by Sections Investment Highlights - The report emphasizes the ongoing iteration and enhancement of large models, with significant updates from major players like ByteDance and Google, showcasing improved performance and reduced costs [27][54]. - The report suggests focusing on companies involved in satellite internet and commercial aerospace, as these sectors are poised for growth due to recent advancements and government support [3][29]. Industry News - The successful test of a 220-ton hydrogen-oxygen engine by the Aerospace Science and Technology Corporation signifies progress in heavy-lift rocket capabilities, which is crucial for future space missions [55]. - The report notes the increasing adoption of AI applications across various sectors, with significant growth in usage metrics for large models, indicating a trend towards widespread commercial deployment [30][54]. Market Performance - The communication sector outperformed the broader market, with a reported increase of 3.58% in the week, while major indices experienced declines [17][32]. - Specific companies within the sector, such as ZTE and Huayuan Communication, showed notable weekly gains, reflecting positive market sentiment [12][58].