Workflow
通信行业周报：AI基础设施助推“玩具场景”，C端应用或将放量
德邦证券·2025-01-26 00:23

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [1] Core Insights - The report highlights that the infrastructure for edge computing is taking shape, leading to a potential surge in consumer applications [4][14] - It emphasizes the acceleration of GPU iteration cycles, which may shift the C-end market towards a growth-oriented trajectory [15][16] - Continuous investment in computing power infrastructure by both China and the US is noted as a significant trend [16][18] Summary by Sections Investment Strategy - The initial establishment of edge computing capabilities is expected to lead to a boom in consumer applications, with companies like移远通信 and广和通 launching AI solutions for smart toys [4][14] - The acceleration of GPU iteration cycles is anticipated to impact the industry positively, with a notable increase in demand for IoT solutions, as evidenced by a 25% year-on-year growth in China's cellular IoT module shipments [15] - The report forecasts a substantial growth in the AI Agent market in China, projecting a compound annual growth rate of 72.7% from 2023 to 2028 [15] Industry News - The establishment of the National Artificial Intelligence Industry Investment Fund with a capital of 60.06 billion RMB is expected to support the AI industry [18] - Major IoT module manufacturers are integrating large AI models into their solutions, indicating a shift towards AI-driven applications [19] - The monthly active users of AIGC apps in China have surpassed 100 million, reflecting strong demand for AI applications [20] - The successful launch of 18 satellites for the Qianfan constellation marks a significant advancement in satellite communication capabilities [23] Market Review and Focus - The telecommunications sector saw a 4.35% increase this week, outperforming major indices [24] - Key stocks to watch include those related to CPO and AI edge applications, such as中际旭创 and博创科技 [28] - Long-term focus includes major operators like中国移动 and equipment manufacturers like中兴通讯 [28]