通信周跟踪：DeepSeek发布推理系统概览，再论算力的上限和下限

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by over 10% [1]. Core Insights - Nvidia's FY25Q4 financial results met expectations, with data center revenue reaching $35.6 billion, a 93$43 billion, with a gross margin of 70.6% [2][12]. - DeepSeek's recent open-source projects aim to enhance AI infrastructure, showcasing a high return on investment (ROI) for its inference system, which generated $562,000 in a single day with a profit margin of 545% [3][13]. - The report discusses the upper and lower limits of computing power investments, emphasizing that while DeepSeek's infrastructure may not be universally replicable, there remains significant demand for high-capacity components like 800G optical modules and super-node copper connections [5][15]. Summary by Sections Industry Trends - Nvidia's strong performance in the data center segment and the robust demand for its Blackwell architecture are highlighted, with a notable 66% year-over-year revenue growth in China for FY25 [2][12]. - The report suggests that the computing power investment landscape is shifting towards larger firms due to economies of scale, with a focus on high-performance components [5][15]. Investment Recommendations - The report recommends monitoring specific companies within the IDC and optical module sectors, including Runze Technology, Guanghua Technology, and others, as potential investment opportunities [16]. Market Overview - The overall market experienced a decline during the week of February 24 to February 28, 2025, with the communication index dropping by 9.64%. However, certain segments like controllers and wireless RF showed positive performance [7][16]. Notable Developments - DeepSeek's introduction of five innovative projects during its open-source week is expected to drive further investment in computing power, despite concerns about its impact on Nvidia's GPU demand [3][13]. - The report also notes significant investments by Alibaba in cloud and AI infrastructure, totaling over 380 billion yuan, marking a historic investment in the sector [31].