AI上游业绩高兑现，美团AI需求渐起

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The AI computing industry chain continues to show strong performance, with significant year-on-year growth in Q1 2025 across various segments, indicating a high level of market demand and investment opportunities [5][6][13][14][15] - The report emphasizes the importance of domestic AI computing, satellite internet, and 6G as key investment directions, recommending specific companies within these sectors [7][25] Summary by Sections 1. Weekly Investment Insights - The AI computing industry chain has demonstrated impressive performance in Q1 2025, with notable revenue growth from companies like Haiguang Information and Huqin Technology [5][13][14] - Vertiv's data center orders remain strong, with an upward revision of revenue guidance for 2025, reflecting robust demand in North America and Asia-Pacific [16] - Google's cloud business has shown a revenue increase of 28% year-on-year, with improved profit margins, highlighting the growth of AI infrastructure [17][19] - ByteDance has launched several AI tools to facilitate application deployment, while Meituan is actively recruiting for AI roles, indicating a shift towards AI-native solutions [20][22] - The demand for AIDC (AI Data Center) continues to expand, with companies like Guanghui New Network and Baoxin Software announcing significant investment projects [24] 2. Communication Data Tracking - As of February 2025, China has established 4.325 million 5G base stations, with a year-on-year increase in mobile phone users reaching 1.051 billion [35][37] - The report tracks the growth of 5G users and the performance of major telecom operators, indicating a stable market environment [46][51] 3. Investment Recommendations - The report suggests focusing on seven major industry directions, including AIDC construction, IT equipment, network devices, cloud computing, AI applications, satellite internet, and 6G [25][26][27][28][30][31][32]