通信行业周报2024年第52周：小米正搭建GPU万卡集群，展望英伟达下一代AI服务器

Investment Rating - The report maintains an "Outperform the Market" rating for the telecommunications industry [2][6][11]. Core Insights - The telecommunications sector is experiencing significant growth driven by increased investments in AI and cloud infrastructure, particularly from major players like Xiaomi, Alibaba, Tencent, and ByteDance [4][11][80]. - The upcoming release of NVIDIA's next-generation AI server, GB300, is expected to enhance performance and drive demand for advanced cooling solutions and high-bandwidth memory [3][90]. - The report highlights the strong performance of the telecommunications index, which rose by 2.47%, outperforming the broader market [26][44]. Summary by Sections Industry News Tracking - Xiaomi is building a GPU cluster to enhance its AI capabilities, with a current resource pool of 6,500 GPUs and a notable ranking for its MiLM-6B model [1][63][68]. - Major cloud providers in China have significantly increased their capital expenditures, with a total of 36.23 billion yuan in Q3 2024, marking a year-on-year increase of 117% [1][80]. - ByteDance's investment in AI data centers is now second only to the top four global cloud providers, indicating a competitive landscape in AI infrastructure [1][83]. Market Performance Review - The telecommunications index has shown strong performance, with a relative return of 1.72% compared to the broader market [26][44]. - Key sectors such as optical devices, data centers, and telecommunications operators have performed well, with respective increases of 3.6%, 3.2%, and 2.2% [35][44]. Investment Recommendations - The report suggests focusing on AI-driven opportunities and maintaining positions in core dividend-paying telecom assets, particularly recommending stocks like China Mobile, Zhongji Xuchuang, and Guangxun Technology for 2024 [4][45][39].