通信行业2025年度投资策略：海外线把握算力前沿技术变革，国内线紧抓基建天地融合机遇

Investment Rating - The report suggests a positive investment outlook for the communication industry, particularly focusing on the integration of infrastructure and technology advancements in both domestic and international markets [1]. Core Insights - The report emphasizes the importance of capital expenditure from major overseas players, driven by AI advancements, which is expected to remain high in 2025. It highlights the need to focus on high-growth areas such as data center interconnects and short-distance optical modules [9][12]. - The report identifies key investment opportunities in the commercial aerospace sector, particularly in satellite, rocket, application, and ground infrastructure, suggesting that certain companies are currently undervalued [2]. - The report outlines a strategic focus on the "land-sea-air" infrastructure development in 2025, with specific attention to domestic chip supply capabilities and the enhancement of large model capabilities [21][22]. Summary by Sections Communication Industry - The report indicates that the demand for optical communication remains robust, with ongoing technological updates expected to sustain growth [11]. - It highlights the anticipated increase in capital expenditure from major tech companies, with Amazon, Google, and Microsoft showing significant year-on-year growth in their cloud services [7][24]. Data Center and AI - The report notes that the AI-driven demand is expected to significantly boost the revenue of cloud services from major companies, with projections indicating continued high growth rates [14][15]. - It suggests that the domestic market for data center switches is recovering, with a year-on-year growth of 16.78% anticipated in the first half of 2024 [30]. Investment Recommendations - The report recommends focusing on companies involved in the optical communication sector, such as Zhongji Xuchuang and New Yisheng, as well as those in the data center and AI infrastructure space [9][21]. - It also advises monitoring the developments in the low-altitude economy, particularly in cities like Shenzhen, which are leading in low-altitude deployment and regulation [85][86].