通信行业点评报告：对等关税落地，国产算力新时代大变革

Investment Rating - The report maintains a "Recommended" rating for the communication industry, indicating an expected relative performance increase of over 10% compared to the benchmark index [3]. Core Insights - The implementation of equal tariffs is expected to significantly impact the domestic computing power sector, marking a transformative era for domestic computing capabilities [1]. - Domestic telecom operators and related companies are well-positioned with technological and cost advantages, leading to an optimistic outlook for market share and profit growth as they expand into emerging markets [5]. - The report emphasizes the importance of domestic computing power as a core accelerator for China's AI economy, with long-term high growth trends anticipated [5]. Summary by Sections Industry Overview - The report highlights the increasing overseas business share of communication-related companies, which is expected to optimize their global layout [5]. - Major domestic manufacturers have shifted their focus from Europe and the U.S. to emerging markets, leveraging cost advantages for market expansion [5]. Technological Advancements - The report notes that domestic optical module manufacturers are enhancing their R&D capabilities, accelerating the process of achieving self-sufficiency in core components like optical chips [5]. - The integration of AI applications is expected to be driven by telecom operators, who possess significant data advantages and are actively promoting the development of domestic AI [5]. Investment Recommendations - The report suggests that the demand for domestic computing power will continue to grow, becoming a key driver for the transition from scale expansion to global competitiveness in the AI sector [5]. - The investment in computing infrastructure by domestic internet giants and telecom operators is anticipated to create a positive feedback loop, enhancing the scalability and profitability of AI applications [5].