证券研究报告行业周报：关税落地，算力依旧-20250413

Investment Rating - The report maintains a rating of "Buy" for the industry, specifically recommending the computing power sector and military communication [4][9]. Core Insights - The release of tariff exemptions is expected to alleviate concerns in the optical communication sector, leading to a potential recovery in valuations. Companies with overseas production capabilities will have a tax rate advantage, while those with international layouts will be less impacted by tariff uncertainties [2][21]. - Domestic demand for computing power continues to grow, driven by significant investments from major internet companies and telecom operators. The AI narrative remains strong, indicating explosive growth in computing power demand [3][22]. - Military communication companies are anticipated to benefit from geopolitical tensions and increased defense budgets, as national security strategies drive demand [23]. Summary by Sections Investment Strategy - Focus on the computing power and military communication sectors, recommending companies such as Jiaxun Feihong, China Communication Construction, China Satellite, and Haige Communication, along with optical module leaders like Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [4][12]. Market Review - The communication sector experienced a decline, with the operator index performing relatively better compared to other segments. The overall market sentiment improved following government announcements of stock buybacks and support measures [16][19]. Key Companies and Recommendations - Key companies recommended include Zhongji Xuchuang (300308.SZ), Xinyi Sheng (300502.SZ), Tianfu Communication (300394.SZ), and others in the computing power and optical communication sectors. The report suggests monitoring companies like Weiteng Electric, which have seen significant price drops but possess growth potential [4][9][12]. Future Outlook - The report emphasizes the ongoing investment in AI infrastructure, with major players like Alibaba and ByteDance planning substantial expenditures over the next few years. The anticipated growth in AI and computing power is expected to drive the market forward [3][22][39].