通信行业点评：2025年是国产AI一体机应用元年

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating an expected relative increase of over 15% compared to the benchmark index within the next 12 months [4][7]. Core Insights - 2025 is projected to be the year of application for domestic AI integrated machines, with significant developments in the deployment of DeepSeek solutions by China Mobile in the financial services sector [1]. - Multiple companies are developing DeepSeek integrated machines, enhancing the domestic AI ecosystem and breaking the reliance on NVIDIA's CUDA ecosystem through collaborations with various domestic chip manufacturers [2]. - The report outlines a comprehensive list of companies involved in the domestic AI integrated machine supply chain, highlighting potential investment opportunities [3]. Summary by Sections Industry Overview - China Mobile successfully deployed the first self-developed AI project using DeepSeek in the Asia-Pacific region, marking a significant milestone for domestic AI applications [1]. - The introduction of new DeepSeek integrated machines by companies like Shanghai Haixi Technology and Huawei emphasizes the growing competition and innovation in the market [2]. Market Dynamics - At least 20 domestic chip manufacturers have announced partnerships with DeepSeek, indicating a robust growth trajectory for the domestic AI integrated machine market [2]. - The report highlights the advantages of domestic AI models combined with local AI chips, fostering the development of a "domestic computing power + domestic large model" ecosystem [2]. Investment Opportunities - The report identifies key players in the domestic AI integrated machine industry, including He Sheng New Materials, Hengwei Technology, and others, suggesting a diversified investment landscape [3].