通信行业周报：AI 设施发展持续加码，重视相关配套设备

Investment Rating - The report maintains an "Overweight" rating for the communication industry [10] Core Views - The upcoming release of the NVIDIA B300 series processors is expected to provide long-term benefits to the AI equipment supply chain, with significant improvements in energy efficiency and performance [4][16] - The copper cable and connector markets are projected to benefit from structural changes, with DAC and AEC markets expected to grow at compound annual growth rates of 25% and 45% respectively from 2024 to 2028 [5][17] - The importance of liquid cooling solutions is increasing, driven by the need for better energy efficiency and heat dissipation in high-performance servers [5][18] Summary by Sections Market Performance - In the past week (December 30, 2024 - January 5, 2025), the Shanghai Composite Index and Shenzhen Component Index fell by 5.55% and 7.16% respectively, while the CITIC Communication Index decreased by 6.93%, ranking 26th among 30 primary industries [12][13] Key Developments - The B300 series processors will utilize TSMC's 4NP process, offering a 50% performance increase over the B200 series and a total design power (TDP) of 1400 watts [4][16] - The report highlights the potential for domestic manufacturers in the copper connector market to gain market share as they leverage local understanding and cost advantages [5][17] Investment Recommendations - The report suggests focusing on specific companies within the communication sector, including: - Copper/Cable Connectors: Wolong Materials, Shenyu Co., Zhaolong Interconnect, Huafeng Technology, Yihua Co. - Optical Chips: Yuanjie Technology, Guangxun Technology, Shijia Photonics, Changguang Huaxin - Optical Modules: Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, Cambridge Technology, Huagong Technology - Liquid Cooling: Invec, Highlan, Kexin Innovation Source, Ruixin Technology - AI Power Supply: Magmi, Oulu Tong, Feirongda [19]