AI+产业加速拓展，三大运营商算力投入持续加大，看好相关产业投资机会

Group 1 - The report highlights the acceleration of the AI+ industry, with NVIDIA's GTC2025 conference showcasing new high-performance computing products that enhance AI inference capabilities, including the Blackwell Ultra GPU, which achieves 15 PetaFLOPS and improves inference speed by 2.5 times compared to the previous generation [2][4][18] - The introduction of NVIDIA Halos, a comprehensive safety system for autonomous driving, and the Isaac GR00T N1 model for humanoid robots, indicates significant advancements in AI applications across various sectors [3][19][30] - The report emphasizes the ongoing demand for computing power driven by AI workloads, suggesting a robust investment opportunity in the AI supply chain and related industries [4][32] Group 2 - The performance reports from major telecom operators reveal a continued increase in computing power investments, with China Unicom reporting a 4.6% revenue increase to 389.59 billion yuan and a 10.5% rise in net profit to 9.03 billion yuan for 2024 [7][20][34] - China Mobile's 2024 report shows a revenue of 1,040.76 billion yuan, up 3.1%, and a net profit of 138.37 billion yuan, reflecting a 5.0% increase, with significant capital expenditures planned for infrastructure and computing upgrades [8][21][39] - The report indicates that telecom operators are enhancing their computing infrastructure to support national initiatives like "East Data West Computing," which is expected to drive growth in the computing market and accelerate the evolution of data centers [21][40] Group 3 - The report suggests a focus on investment opportunities in various sectors, including telecom operators, main equipment manufacturers, and cloud computing, highlighting specific companies such as China Mobile, China Telecom, and ZTE Corporation as key players [9][22] - The telecom sector's performance is analyzed, with the communication index declining by 3.85%, indicating a market underperformance compared to the broader indices [5][13] - The report notes the increasing importance of AI infrastructure and services, with a projected growth in computing investments by telecom operators, which will further enhance their service capabilities and market competitiveness [7][40]