通信周跟踪：Stargate和DeepSeek，大模型创新和工程优化的双向奔赴

Investment Rating - The report maintains an "A" rating for the communication industry, indicating a positive outlook for investment opportunities [1]. Core Insights - The communication industry is experiencing significant capital investment, particularly in AI and computing power, driven by major players like Meta and the U.S. government's "Stargate" supercomputing initiative, which plans to invest $500 billion over four years [4][12]. - Domestic innovations, such as DeepSeekv3, demonstrate cost-effective advancements in AI model training, achieving global leadership with significantly reduced computational costs [5][13]. - The report highlights a dual approach in the industry, with North America focusing on large-scale innovations while domestic efforts emphasize optimization and cost reduction, suggesting a collaborative global investment trend in AI [6][15]. Summary by Sections Industry Dynamics - The U.S. has announced the "Stargate" supercomputing plan, with an initial investment of $100 billion and contributions from major companies like OpenAI and Oracle [4][12]. - Meta plans to invest $60 to $65 billion in AI-related capital expenditures, significantly higher than previous estimates [4][12]. - The demand for AI computing power is unprecedented, driven by the proliferation of AI applications across various sectors [4][12]. Domestic Innovations - DeepSeekv3, developed by a domestic company, features a model with 671 billion parameters and achieved training at a cost of approximately $558 million, significantly lower than comparable models [5][13]. - Innovations in system architecture and algorithms, such as multi-head latent attention and mixed expert models, have contributed to this cost efficiency [5][13]. Market Overview - The overall market saw an increase during the week of January 20-24, 2025, with the communication sector rising by 5.24% [7][17]. - The top-performing segments included liquid cooling, submarine cables, and IDC, with respective increases of 15.8%, 14.2%, and 13.1% [7][17]. Investment Recommendations - The report suggests focusing on North American AI infrastructure opportunities, including fiber optics, power distribution, and IT equipment [6][15]. - It also recommends monitoring domestic investments in ASIC chips, HBM, and AI IoT applications as potential growth areas [6][15]. Notable Companies to Watch - Key companies highlighted for investment consideration include: - Optical modules: Zhongji Xuchuang, Xinyi Technology - Copper connections: Wolong Materials, Dingtong Technology - Domestic AI: Cambricon, Shengke Communication [16].