通信行业周报：DeepSeek加速基础设施和商业模式成熟

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2]. Core Insights - The AI sector is a core competitive arena between China and the US, with ongoing multi-dimensional competition in policy, technology, and funding. The US currently holds a first-mover advantage, but China is catching up, eliminating the technological gap [5][16]. - DeepSeek's deployment is driving significant demand for computing power across various industries, with a notable increase in commercial applications and cloud service integration [20][21]. Summary by Sections Investment Strategy - AI is a key competitive field between China and the US, with the US imposing restrictions on high-end chip purchases by China, while China is fostering open collaboration [5][16]. - DeepSeek's optimization reduces the need for high-end chips and promotes the development of smaller models, enhancing edge deployment [17][20]. - The deployment of DeepSeek has led to widespread cloud service integration, establishing a commercial charging model and increasing demand for computing power across various sectors [20][21]. Industry News - DeepSeek has become a focal point for multiple parties, with various cloud providers and government entities successfully deploying or integrating the model [21]. - The 2025 China Artificial Intelligence Computing Power Development Assessment Report predicts that the scale of intelligent computing power will double within two years, reaching 1,037.3 EFLOPS by 2025 [23]. - ByteDance's UltraMem sparse model architecture significantly reduces inference costs by up to 83%, enhancing the feasibility of large model applications [24]. - The successful launch of the low-orbit satellite group for the GW constellation marks a significant step in expanding satellite internet capabilities [25]. Market Review and Focus - The telecommunications sector has outperformed the broader market, with a 3.20% increase in the index, while the AI computing index rose by 12.24% [26][28]. - Key companies to watch include ZTE, Unisoc, and Meig Smart, among others, as they are positioned to benefit from advancements in AI and computing infrastructure [30].