通信行业点评报告：小米搭建万卡集群，巨头相继发力，国产算力崛起

Investment Rating - The investment rating for the industry is "Positive" (Maintain) [1] Core Insights - The domestic AIDC (Artificial Intelligence Data Center) industry chain may experience a price surge due to the introduction of the O3 model [1] - ByteDance's AI model, Doubao, has seen a significant increase in daily token usage, exceeding 4 trillion, which is a growth of over 33 times since its launch in May [14] - Major internet companies are significantly increasing their capital expenditures on computing infrastructure, with BAT's total capital expenditure in the first three quarters of 2024 reaching 86.721 billion yuan, a year-on-year increase of 119.80% [2] Summary by Sections Industry Investment Rating - The report maintains a "Positive" investment rating for the communication industry [1] Industry Trends - Xiaomi is building a GPU cluster to enhance its AI model capabilities, with the second-generation model MiLM2 showing an average improvement of over 45% across ten capability dimensions compared to the first generation [2] - The demand for AI intelligent computing from end customers is robust, leading to increased procurement of AIDC and server infrastructure by internet companies [2] Capital Expenditure Insights - In 2024, global server capital expenditure is estimated to be approximately 229 billion USD, with ByteDance, Tencent, and Alibaba contributing 8 billion, 6 billion, and 3 billion USD respectively [2] - The report highlights the significant capital expenditure growth among major internet firms, indicating a strong trend towards investment in computing infrastructure [2] Investment Opportunities - The report identifies potential beneficiaries in the domestic computing power supply chain, including companies like Cambricon and Haiguang Information, as well as various AIDC suppliers and server-related firms [26]