通信周跟踪：字节跳动大幅催化算力产业链，O3推理表现震撼

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the communication industry [1]. Core Viewpoints - ByteDance has emerged as a top global CSP, driving the domestic computing power industry chain to benefit comprehensively from its "all in AI" strategy. The company's revenue for the first half of 2024 is projected to reach $73 billion, with an estimated annual revenue of around $150 billion, leading to a capital expenditure exceeding 110 billion RMB in 2024. This trend is expected to continue into 2025, with capital expenditures potentially reaching 160 billion RMB, nearing META's 2023 levels. The establishment of ByteDance's leading position in the domestic CSP market and its rapid enhancement of global competitiveness will significantly boost the development of the domestic computing power infrastructure chain [19][9][12]. Summary by Sections Weekly Viewpoints and Investment Suggestions - ByteDance's global expansion of data centers will benefit various infrastructure sectors, including IDC service providers and related infrastructure components such as power supply, distribution, and cooling systems. The AI computing power industry chain will also benefit from the increasing demand for top-tier model training and applications. Additionally, edge computing partners will play a crucial role in processing sensory information and connecting AI with computing power [19][12]. Market Overview - During the week of December 16-20, 2024, the Shenwan Communication Index rose by 4.27%, while the ChiNext Index increased by 2.17%. The top-performing sectors included the Internet of Things (+23.48%), equipment manufacturers (+16.83%), and IDC (+16.38%) [22][13]. Key Companies to Watch - The report suggests focusing on several companies across different sectors: - IDC Infrastructure: Runze Technology, Guanghuan New Network, Yingwei Technology, and others - Computing Power: Cambrian, Inspur Information, ZTE, and others - Edge Computing: Lexin Technology, Tailin Micro, and others - Overseas AEC: Xinyi Sheng, Ruikeda, and others [12][33].