通信行业周报：中国联通发布1Q25财报，看好运营商估值重塑

Investment Rating - The report suggests focusing on sectors driven by AI development, including servers, IDC, switches, switch chips, optical modules, and liquid cooling, as well as overseas markets for servers, switches, and optical modules [4]. Core Insights - China Unicom's Q1 2025 financial report shows growth driven by cloud and IDC data center businesses, with cloud revenue at 19.72 billion yuan, up 18.1% year-on-year, and IDC revenue at 7.22 billion yuan, up 8.8% year-on-year [1]. - Huawei's CloudMatrix 384 super node cluster, featuring 384 Ascend chips, is expected to accelerate domestic AI chip replacement and boost demand for optical modules [1]. - The demand for inference computing continues to grow as tech companies accelerate their investments in multimodal interaction and AI agents, exemplified by Tencent's AI assistant "Yuanbao" and OpenAI's new models [1][7]. - The three major telecom operators are steadily advancing cloud computing and computing power services, driving rapid growth in AI computing demand [3]. Summary by Sections Subsector Insights - Servers: 2025 is projected to be a year of significant growth in inference demand, with a shift from centralized cloud services to mass terminals requiring cost-effective dedicated chips. Domestic ASIC chip manufacturers like ZTE and Unisoc are expected to benefit [2][6]. - Optical Modules: The CloudMatrix system's architecture will significantly increase the demand for optical modules, with major domestic suppliers like LightSpeed Technology and Shijia Photonics poised for growth [2][10]. - IDC: The three major operators are increasing investments in computing power, with companies like DataPort and Runjian benefiting from the growing demand for data centers [3][13]. Key Data Updates - The telecom sector's main business revenue reached 295 billion yuan in the first two months of 2025, a year-on-year increase of 0.9% [17]. - The number of fixed broadband access users reached 675 million, with gigabit users accounting for 31.7% [18]. - The mobile internet traffic reached 55.39 billion GB, up 13.6% year-on-year [21]. Market Trends - The report indicates a steady upward trend in the telecom sector, with operators, optical modules, and servers showing robust growth [14][17]. - The IDC index has seen a decline of 2.17% this week, reflecting market fluctuations [13]. Company News - OpenAI has launched the GPT-4.1 series models, enhancing performance and cost efficiency, which is expected to drive demand for AI computing power [55]. - Major cloud providers like Microsoft, Google, and Amazon are significantly increasing their capital expenditures for AI and cloud services, indicating strong future demand for computing infrastructure [7].